TXNM Energy (TXNM) Q4 2025 earnings summary

Executive summary

• Reported 2025 GAAP earnings of $1.48 per diluted share and ongoing EPS of $2.33, both down from 2024 levels.

• Net earnings attributable to the company were $151.4 million in 2025, compared to $242.2 million in 2024.

• Ongoing net earnings were $238.9 million in 2025, down from $247.8 million in 2024.

• No 2026 earnings guidance issued due to the pending acquisition by Blackstone Infrastructure.

Financial highlights

• Electric operating revenues rose to $2.17 billion in 2025 from $1.97 billion in 2024.

• Operating income was $441.2 million in 2025, down from $453.5 million in 2024.

• Net earnings included $3.4 million of net unrealized losses on investment securities and a $58.8 million pension settlement charge.

• Shares issued in 2024 and 2025 for $950 million in proceeds reduced EPS.

Outlook and guidance

• No 2026 earnings guidance provided during the regulatory review of the Blackstone transaction.

• Anticipates closing the Blackstone acquisition in the second half of 2026, pending regulatory approvals.