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TXNM Energy (TXNM) investor relations material
TXNM Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Announced a definitive merger agreement with Blackstone Infrastructure for $61.25 per share in cash, with closing expected in H2 2026, subject to regulatory and shareholder approvals.
PNM's 2025 rate case concluded with a $105M retail revenue increase, phased in July 2025 and April 2026, and an ROE of 9.45%.
Second quarter 2025 GAAP earnings were $0.22 per diluted share; ongoing earnings were $0.25 per diluted share, both down from Q2 2024.
Equity issuance of $600M, including $400M to Blackstone Infrastructure, and debt refinancing impacted results.
Focus remains on grid modernization, clean energy transition, and customer-centric investments.
Financial highlights
Net earnings attributable to TXNM for the six months ended June 30, 2025 were $30.5M ($0.32 per diluted share), down from $95.2M ($1.05 per share) in 2024.
Q2 2025 GAAP net earnings attributable to shareholders were $21.6M, down from $48.0M in Q2 2024.
Consolidated operating revenues for the six months were $985.2M, up from $924.9M year-over-year.
Q2 2025 revenues were $502.4M, up from $488.1M in Q2 2024.
Operating income for the six months was $144.6M, compared to $186.3M in the prior year.
Outlook and guidance
Capital requirements for 2025–2029 projected at $8.6B, including $1.3B in 2025, focused on grid modernization, resiliency, and clean energy.
No affirmation or update to 2025 earnings guidance due to the pending Blackstone transaction.
Management expects sufficient liquidity and access to capital markets to fund requirements over the next 12 months.
Dividend payout ratio targeted at 50–60% of ongoing earnings; regular quarterly dividends to continue through merger closing.
When is the Blackstone transaction expected to close?
What rate base recovery is TNMP seeking in July 2025?
Detail the drivers behind PNM's Q2 GAAP EPS change.
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Next TXNM Energy earnings date
Q3 202531 Oct, 2025
Next TXNM Energy earnings date
Q3 202531 Oct, 2025
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Frequently asked questions
PNM Resources Inc is an energy holding company engaged in the generation, transmission, and distribution of electricity. Through its regulated utility subsidiaries, the company provides electric services to residential, commercial, and industrial customers. PNM Resources operates power generation facilities and maintains a network of transmission and distribution infrastructure. Its operations are primarily located in New Mexico and Texas, and it is involved in both traditional and renewable energy sources to meet customer demand. The company is headquartered in Albuquerque, New Mexico, and its shares are listed on the NYSE.
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