Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Financial Information by Segment

The following tables present summarized financial information for TXNM by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP.

TXNM SEGMENT INFORMATION




























	PNM		TNMP		Corporate and Other		TXNM
	(In thousands)
Three Months Ended March 31, 2025
Electric operating revenues	$	333,380	$	149,412	$	—	$	482,792
Cost of energy
Fuel burn	26,541		—		—		26,541
Purchases for resale	97,235		—		—		97,235
Transmission by others	7,178		38,228		—		45,406
Significant segment expenses
Administrative and general - direct	17,866		(2,052)		36,570		52,384
Administrative and general - corporate allocation	32,087		13,376		(45,463)		—
Customer related expenses	7,657		717		11		8,385
Energy production costs	24,546		—		—		24,546

Depreciation and amortization	59,803		35,213		9,535		104,551
Transmission and distribution costs	15,826		9,679		—		25,505
Taxes other than income taxes	13,303		11,504		1,543		26,350
Total operating expenses	302,042		106,665		2,196		410,903

Net other income and (deductions)	3,260		2,406		(189)		5,477
Interest charges	(29,816)		(17,322)		(16,413)		(63,551)
Income taxes (benefit)	(37)		5,548		(4,493)		1,018
Valencia non-controlling interest	(3,742)		—		—		(3,742)
Subsidiary preferred stock dividends	(132)		—		—		(132)

Segment earnings (loss) attributable to TXNM	$	945	$	22,283	$	(14,305)	$	8,923

At March 31, 2025:
Total Assets	$	7,471,816	$	3,760,714	$	158,090	$	11,390,620
Goodwill	$	51,632	$	226,665	$	—	$	278,297




























	PNM		TNMP		Corporate and Other		TXNM
	(In thousands)
Three Months Ended March 31, 2024
Electric operating revenues	$	308,115	$	128,762	$	—	$	436,877
Cost of energy
Fuel burn	36,682		—		—		36,682
Purchases for resale	54,468		—		—		54,468
Transmission by others	6,262		34,892		—		41,154
Significant segment expenses
Administrative and general - direct	9,039		(1,284)		39,640		47,395
Administrative and general - corporate allocation	35,407		14,236		(49,643)		—
Customer related expenses	7,290		717		25		8,032
Energy production costs	22,212		—		—		22,212
Regulatory disallowances	4,459		—		—		4,459
Depreciation and amortization	53,287		30,382		9,518		93,187
Transmission and distribution costs	14,350		8,414		—		22,764
Taxes other than income taxes	13,709		10,667		1,558		25,934
Total operating expenses	257,165		98,024		1,098		356,287

Net other income and (deductions)	25,073		1,045		(15,151)		10,967
Interest charges	(25,116)		(13,336)		(15,310)		(53,762)
Income taxes (benefit)	5,811		3,864		(22,246)		(12,571)
Valencia non-controlling interest	(3,044)		—		—		(3,044)
Subsidiary preferred stock dividends	(132)		—		—		(132)
Segment earnings (loss) attributable to TXNM	$	41,920	$	14,583	$	(9,313)	$	47,190

At March 31, 2024:
Total Assets	$	6,878,575	$	3,204,936	$	174,142	$	10,257,653
Goodwill	$	51,632	$	226,665	$	—	$	278,297

Significant Segment Expenses

Reflected above are certain additional categories of operating expenses that are regularly provided to the CODM. Cost of energy consists primarily of fuel and purchase power costs for PNM and costs charged by third-party transmission providers for TNMP. Administrative and general - direct expenses are those that are incurred directly by the segment while Administrative and general - corporate allocation are those costs that are incurred by the Corporate and Other segment and allocated to the utilities based on the nature of the cost incurred. Administrative and general - corporate allocation is eliminated in the Corporate and Other segment. Customer related expenses include meter reading, customer service, and bad debt expenses.