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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
TXNM has three reportable segments, namely PNM, TNMP, and Corporate and Other. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The measure of profitability used by the CODM is Segment earnings (loss) attributable to TXNM, as presented below. The CODM uses this measure of profitability to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM
considers budget to actual variances on a regular basis when making decisions about allocating capital and operational expense funding to the segments. TXNM’s CODM is its current President and Chief Executive Officer (“CEO”) who is also the President and CEO of the PNM segment and the CEO of the TNMP segment.

PNM

PNM includes the retail electric utility operations of PNM that are subject to traditional rate regulation by the NMPRC. PNM provides integrated electricity services that include the generation, transmission, and distribution of electricity for retail electric customers in New Mexico. PNM also includes the generation and sale of electricity into the wholesale market, which includes the asset optimization of PNM’s jurisdictional capacity as well as providing transmission services to third parties. FERC has jurisdiction over wholesale power and transmission rates. PNM includes the results of ETBC I since its formation in 2023.

TNMP

TNMP is an electric utility providing services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service area. TNMP also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities.

Corporate and Other

The Corporate and Other segment includes TXNM holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development and the equity method investment in NMRD were also included in Corporate and Other until the close of the sale of NMRD on February 27, 2024. Eliminations of intercompany transactions are reflected in the Corporate and Other 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
PNMTNMPCorporate
and Other
TXNM
(In thousands)
Three Months Ended June 30, 2025
Electric operating revenues$338,372 $164,048 $— $502,420 
Cost of energy
Fuel burn29,927 — — 29,927 
Purchases for resale88,870 — — 88,870 
Transmission by others5,539 43,286 — 48,825 
Significant segment expenses
Administrative and general - direct16,603 134 50,910 67,647 
Administrative and general - corporate allocation35,317 14,110 (49,427)— 
Customer related expenses7,606 750 (12)8,344 
Energy production costs26,081 — — 26,081 
Depreciation and amortization60,778 34,926 9,531 105,235 
Transmission and distribution costs15,750 10,711 — 26,461 
Taxes other than income taxes15,262 11,444 1,623 28,329 
Total operating expenses301,733 115,361 12,625 429,719 
Net other income and (deductions)26,545 1,694 (1,588)26,651 
Interest charges(31,975)(23,942)(16,096)(72,013)
Income taxes (benefit)2,410 5,471 (6,555)1,326 
Valencia non-controlling interest(4,305)— — (4,305)
Subsidiary preferred stock dividends(132)— — (132)
Segment earnings (loss) attributable to TXNM$24,362 $20,968 $(23,754)$21,576 
PNMTNMPCorporate
and Other
TXNM
(In thousands)
Six Months Ended June 30, 2025
Electric operating revenues$671,752 $313,460 $— $985,212 
Cost of energy
Fuel burn56,468 — — 56,468 
Purchases for resale186,105 — — 186,105 
Transmission by others12,717 81,514 — 94,231 
Significant segment expenses
Administrative and general - direct34,469 (1,918)87,480 120,031 
Administrative and general - corporate allocation67,405 27,486 (94,891)— 
Customer related expenses15,262 1,467 — 16,729 
Energy production costs50,627 — — 50,627 
Depreciation and amortization120,581 70,139 19,066 209,786 
Transmission and distribution costs31,576 20,390 — 51,966 
Taxes other than income taxes28,565 22,948 3,166 54,679 
Total operating expenses603,775 222,026 14,821 840,622 
Net other income and (deductions)29,805 4,100 (1,777)32,128 
Interest charges(61,791)(41,264)(32,509)(135,564)
Income taxes (benefit)2,373 11,019 (11,048)2,344 
Valencia non-controlling interest(8,047)— — (8,047)
Subsidiary preferred stock dividends(264)— — (264)
Segment earnings (loss) attributable to TXNM$25,307 $43,251 $(38,059)$30,499 
At June 30, 2025:
Total Assets$7,593,440 $3,923,342 $158,482 $11,675,264 
Goodwill$51,632 $226,665 $— $278,297 
Three Months Ended June 30, 2024
Electric operating revenues$333,671 $154,431 $— $488,102 
Cost of energy
Fuel burn41,821 — — 41,821 
Purchases for resale68,047 — — 68,047 
Transmission by others4,904 39,934 — 44,838 
Significant segment expenses
Administrative and general - direct16,111 45 34,854 51,010 
Administrative and general - corporate allocation31,023 12,885 (43,908)— 
Customer related expenses7,742 775 54 8,571 
Energy production costs24,584 — — 24,584 
Depreciation and amortization54,230 31,033 9,150 94,413 
Transmission and distribution costs15,350 9,701 — 25,051 
Taxes other than income taxes11,768 10,743 1,573 24,084 
Total operating expenses275,580 105,116 1,723 382,419 
Net other income and (deductions)8,312 2,832 (64)11,080 
Interest charges(25,880)(14,451)(15,497)(55,828)
Income taxes (benefit)5,821 7,771 (4,621)8,971 
Valencia non-controlling interest(3,783)— — (3,783)
Subsidiary preferred stock dividends(132)— — (132)
Segment earnings (loss) attributable to TXNM$30,787 $29,925 $(12,663)$48,049 
PNMTNMPCorporate
and Other
TXNM
(In thousands)
Six Months Ended June 30, 2024
Electric operating revenues$641,786 $283,193 $— $924,979 
Cost of energy
Fuel burn78,502 — — 78,502 
Purchases for resale122,516 — — 122,516 
Transmission by others11,166 74,826 — 85,992 
Significant segment expenses
Administrative and general - direct25,150 (1,239)74,494 98,405 
Administrative and general - corporate allocation66,430 27,121 (93,551)— 
Customer related expenses15,032 1,492 79 16,603 
Energy production costs46,796 — — 46,796 
Regulatory disallowances4,459 — — 4,459 
Depreciation and amortization107,517 61,415 18,668 187,600 
Transmission and distribution costs29,700 18,115 — 47,815 
Taxes other than income taxes25,477 21,410 3,131 50,018 
Total operating expenses532,745 203,140 2,821 738,706 
Net other income and (deductions)33,385 3,877 (15,215)22,047 
Interest charges(50,996)(27,787)(30,807)(109,590)
Income taxes (benefit)11,632 11,635 (26,867)(3,600)
Valencia non-controlling interest(6,827)— — (6,827)
Subsidiary preferred stock dividends(264)— — (264)
Segment earnings (loss) attributable to TXNM$72,707 $44,508 $(21,976)$95,239 
At June 30, 2024:
Total Assets$7,060,151 $3,354,923 $168,336 $10,583,410 
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.