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TXNM Energy (TXNM) investor relations material
TXNM Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
TXNM is a holding company for two regulated electric utilities, PNM and TNMP, serving about 839,000 customers in New Mexico and Texas, with a focus on clean, reliable, and affordable energy and sustainability initiatives.
On May 18, 2025, TXNM entered into a merger agreement with Blackstone Infrastructure, with shareholders approving the $61.25 per share cash offer on August 28, 2025; closing is expected in the second half of 2026, pending regulatory approvals.
Third quarter 2025 GAAP earnings were $1.22 per diluted share, with ongoing earnings at $1.33 per diluted share, reflecting regulatory rate implementations and new equity issuance.
The company continues to invest heavily in grid modernization, renewable energy, and system resiliency, with a goal of 100% carbon-free generation by 2040.
Financial highlights
Net earnings attributable to TXNM for the nine months ended September 30, 2025, were $161.2 million ($1.63 per diluted share), down from $226.4 million ($2.50 per diluted share) in 2024.
Electric operating revenues for the nine months ended September 30, 2025, were $1.63 billion, up from $1.49 billion in 2024.
Q3 2025 electric operating revenues rose to $647.2 million from $569.3 million in Q3 2024.
Operating cash flows for the nine months ended September 30, 2025, were $426.8 million, up from $349.5 million in 2024.
Capital expenditures for 2025-2029 are projected at $8.6 billion, including $1.3 billion in 2025.
Outlook and guidance
The merger with Blackstone Infrastructure is expected to provide $61.25 per share in cash to shareholders, subject to regulatory approval.
No earnings guidance for 2025 is being affirmed or updated due to the pending Blackstone transaction.
TXNM projects sufficient liquidity and access to capital to meet its capital requirements for at least the next twelve months.
PNM and TNMP will continue to pursue timely rate recovery for investments through general rate cases and various rate riders.
The company is committed to maintaining investment grade credit ratings and expects to fund future growth through a mix of debt and equity.
How are stakeholder concerns addressed in filings?
What is the strategic importance of PNM's 30MW storage?
Impact of equity issuance on Q3 2025 EPS?
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Next TXNM Energy earnings date
Q4 20256 Feb, 2026
Next TXNM Energy earnings date
Q4 20256 Feb, 2026
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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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