PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Sep 30, 2026. Filed Oct 30, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Oct 30, 2026

TXNM$58.10-0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Statements of Earnings

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
(In thousands)
Electric Operating Revenues	$205,462	$183,442	$567,871	$496,902
Operating Expenses:
Cost of energy	45,142	42,189	132,527	123,703
Administrative and general	12,792	13,858	41,660	40,893
Depreciation and amortization	36,215	34,956	114,351	105,095
Transmission and distribution costs	10,719	9,040	28,667	29,430
Taxes other than income taxes	14,011	12,659	39,861	35,607
Total operating expenses	118,879	112,702	357,066	334,728
Operating income	86,583	70,740	210,805	162,174
Other Income and Deductions:
Interest income	1,707	2,281	2,242	2,594
Other income	4,790	3,716	11,878	8,000
Other (deductions)	(2,099)	(374)	(2,134)	(871)
Net other income and deductions	4,398	5,623	11,986	9,723
Interest Charges	23,280	24,754	66,711	66,018
Earnings before Income Taxes	67,701	51,609	156,080	105,879
Income Taxes	13,672	10,479	31,427	21,498
Net Earnings	$54,029	$41,130	$124,653	$84,381

	Nine Months Ended September 30,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$124,653	$84,381
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	114,998	114,648
Deferred income tax expense	26,018	11,779
Allowance for equity funds used during construction and other, net	(9,202)	(5,539)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(26,378)	(23,284)
Materials and supplies	(21,977)	(6,239)
Other current assets	(54,350)	(10,908)
Other assets	(19,037)	(8,711)
Accounts payable	950	3,985
Accrued interest and taxes	4,533	5,757
Other current liabilities	7,432	13,330
Other liabilities	(878)	14,130
Net cash flows from operating activities	146,762	193,329
Cash Flows From Investing Activities:
Utility plant additions	(369,202)	(400,769)
Net cash flows used in investing activities	(369,202)	(400,769)
Cash Flows From Financing Activities:
Short-term borrowings	741,400	349,600
Repayments of short-term borrowings	(741,400)	(501,200)
Long-term borrowings	150,000	2,308,600
Repayment of long-term debt	—	(2,168,600)
Equity contribution from parent	—	250,000
Transmission interconnection and security deposit arrangements	124,061	22,450
Refunds paid under transmission interconnection and security deposit arrangements	(42,321)	(20,750)
Debt issuance costs and other, net	(2,351)	(11,141)
Net cash flows from financing activities	229,389	228,959
Change in Cash and Cash Equivalents	6,949	21,519
Cash and Cash Equivalents at Beginning of Period	15,251	233
Cash and Cash Equivalents at End of Period	$22,200	$21,752
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$60,766	$48,477
Income taxes paid, net	$2,048	$2,350
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$24,738	$38,519

	September 30,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$22,200	$15,251
Accounts receivable	55,835	35,894
Unbilled revenues	26,127	19,690
Other receivables	32,950	22,633
Affiliate receivables	—	565
Materials and supplies	57,630	35,653
Regulatory assets	86,645	33,286
Prepaid and other current assets	8,143	5,603
Total current assets	289,530	168,575
Other Property and Investments:
Non-utility property, net	26,005	21,153
Total other property and investments	26,005	21,153
Utility Plant:
Plant in service and plant held for future use	4,232,875	4,065,890
Less accumulated depreciation and amortization	742,128	679,035
	3,490,747	3,386,855
Construction work in progress	423,676	254,810
Net utility plant	3,914,423	3,641,665
Deferred Charges and Other Assets:
Regulatory assets	119,916	106,458
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	312	39
Other deferred charges	32,023	23,163
Total deferred charges and other assets	378,916	356,325
	$4,608,874	$4,187,718

	September 30,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$—	$—
Accounts payable	33,656	57,444
Affiliate payables	10,778	8,100
Accrued interest and taxes	76,662	72,129
Regulatory liabilities	2,917	2,592
Operating lease liabilities	76	15
Other current liabilities	66,604	14,618
Total current liabilities	190,693	154,898
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,821,527	1,672,267
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	257,961	229,375
Regulatory liabilities	301,511	268,913
Asset retirement obligations	791	744
Operating lease liabilities	239	24
Other deferred credits	172,020	122,018
Total deferred credits and other liabilities	732,522	621,074
Total liabilities	2,744,742	2,448,239
Commitments and Contingencies (Note 11)
Common Stockholder’s Equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	64	64
Paid-in-capital	1,120,066	1,120,066
Retained earnings	744,002	619,349
Total common stockholder’s equity	1,864,132	1,739,479
	$4,608,874	$4,187,718

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.