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Electric Operating Revenues
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Electric Operating Revenues Electric Operating Revenues
TXNM is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. TXNM’s electric utilities are PNM and TNMP. Additional information concerning electric operating revenue is contained in Note 4 of the Notes to Consolidated Financial Statements in the 2024 Annual Reports on Form 10-K.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable consists primarily of trade receivables from customers. In the normal course of business, credit is extended to customers on a short-term basis. The Company estimates the allowance for credit losses on trade receivables based on historical experience and estimated default rates. Accounts receivable balances are reviewed monthly, adjustments to the allowance for credit losses are made as necessary and amounts that are deemed uncollectible are written off. In addition to the allowance for credit losses on trade receivables, the Company has evaluated other receivables for potential credit related losses. These balances include potential exposures for other non-retail utility services. In the three and six months ended June 30, 2025 and 2024, there were no estimated credit losses related to these transactions.

Contract Balances

Performance obligations related to contracts with customers are typically satisfied when the energy is delivered and the customer or end-user utilizes the energy. Accounts receivable from customers represent amounts billed, including amounts under ARPs. For PNM, accounts receivable reflected on the Condensed Consolidated Balance Sheets, net of allowance for credit losses, includes $106.7 million at June 30, 2025 and $94.3 million at December 31, 2024 resulting from contracts with customers. All of TNMP’s accounts receivable result from contracts with customers.

Contract assets are an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). Upon the completion of the Western Spirit Line, PNM entered into a TSA with Pattern Wind under an incremental tariff rate approved by FERC. The terms of the agreement provide for a financing component that benefits the customer. As such, the revenue that PNM recognizes will be in excess of the consideration received at the beginning of the service term resulting in a contract asset. The balance of the contract asset is $36.8 million at June 30, 2025 and $32.0 million at December 31, 2024. This contract asset is presented in Other deferred charges on the Condensed Consolidated Balance Sheets.
Disaggregation of Revenues

A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below.
PNMTNMP
TXNM
Three Months Ended June 30, 2025(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$120,009 $54,176 $174,185 
Commercial111,840 44,459 156,299 
Industrial34,659 14,305 48,964 
Public authority5,694 1,988 7,682 
Economy energy service6,762 — 6,762 
Transmission36,352 41,279 77,631 
Wholesale energy sales
19,895 — 19,895 
Miscellaneous1,448 952 2,400 
Total revenues from contracts with customers
336,659 157,159 493,818 
Alternative revenue programs245 6,889 7,134 
Other electric operating revenues 1,468 — 1,468 
Total Electric Operating Revenues
$338,372 $164,048 $502,420 
Six Months Ended June 30, 2025
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$244,563 $102,957 $347,520 
Commercial213,999 91,421 305,420 
Industrial68,291 25,851 94,142 
Public authority10,712 3,982 14,694 
Economy energy service17,998 — 17,998 
Transmission71,369 81,498 152,867 
Wholesale energy sales
36,824 — 36,824 
Miscellaneous2,860 1,906 4,766 
Total revenues from contracts with customers
666,616 307,615 974,231 
Alternative revenue programs2,391 5,845 8,236 
Other electric operating revenues2,745 — 2,745 
Total Electric Operating Revenues
$671,752 $313,460 $985,212 
PNMTNMPTXNM
Three Months Ended June 30, 2024(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$121,065 $47,313 $168,378 
Commercial109,929 40,499 150,428 
Industrial34,201 7,917 42,118 
Public authority5,216 1,740 6,956 
Economy energy service4,033 — 4,033 
Transmission33,333 42,116 75,449 
Wholesale energy sales
23,507 — 23,507 
Miscellaneous1,389 962 2,351 
Total revenues from contracts with customers
332,673 140,547 473,220 
Alternative revenue programs830 13,884 14,714 
Other electric operating revenues168 — 168 
Total Electric Operating Revenues
$333,671 $154,431 $488,102 
Six Months Ended June 30, 2024
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$241,450 $88,808 $330,258 
Commercial209,266 76,043 285,309 
Industrial58,970 17,773 76,743 
Public authority9,614 3,456 13,070 
Economy energy service11,595 — 11,595 
Transmission69,482 77,925 147,407 
Wholesale energy sales
35,197 — 35,197 
Miscellaneous2,814 1,917 4,731 
Total revenues from contracts with customers
638,388 265,922 904,310 
Alternative revenue programs2,736 17,271 20,007 
Other electric operating revenues662 — 662 
Total Electric Operating Revenues
$641,786 $283,193 $924,979