TXNM Energy (TXNM) Q3 2026 earnings summary

Executive summary

• Q3 electric operating revenue was $733.3M, operating income $271.1M, net earnings attributable to common stockholders $163.4M and GAAP diluted EPS $1.50; ongoing diluted EPS was $1.62.

• Nine-month attributable net earnings were $238.4M and GAAP diluted EPS $2.15, versus $161.2M and $1.63 in 2025; ongoing diluted EPS was $2.42 versus $1.87.

• PNM and TNMP earnings improved, supported by rate relief, load and warmer weather; record summer heat drove new system peaks at both utilities.

Financial highlights

• Q3 electric operating revenue was $733.3M versus $647.2M; operating income was $271.1M versus $202.9M.

• Q3 net earnings attributable to common stockholders were $163.4M versus $130.7M; ongoing net earnings were $184.8M versus $142.8M.

• Nine-month electric operating revenue was $1,786.8M versus $1,632.4M; operating income was $471.4M versus $347.5M.

• Operating cash flow was $452.5M for 9M; utility plant additions were $903.0M and investing cash outflow was $908.1M.

Outlook and guidance

• Earnings guidance is suspended during the proposed Blackstone Infrastructure transaction; closing is anticipated in H1 2027, subject to remaining conditions including NMPRC approval.

• NMPRC evidentiary hearings on the transaction are scheduled for Jan. 19–Feb. 1, 2027.

• Projected 2026–2030 capital requirements total $11.1B, including $10.2B of construction expenditures and $920.4M of common-stock dividends; additional long-term debt and/or equity financing is expected.

• PNM’s 2026–2045 IRP and Distribution System Plan address reliability, affordability, load growth, transmission and grid modernization; supplemental RFP bid evaluation is on hold.