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Segment Information
 9 Months Ended
Sep. 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’s electric utility operations 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; 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’s operations also include 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 September 30, 2025
Electric operating revenues$463,720 $183,442 $— $647,162 
Cost of energy
Fuel burn26,312 — — 26,312 
Purchases for resale119,834 — — 119,834 
Transmission by others6,707 42,189 — 48,896 
Significant segment expenses
Administrative and general - direct22,764 969 36,167 59,900 
Administrative and general - corporate allocation30,865 12,136 (43,001)— 
Customer related expenses7,792 753 — 8,545 
Energy production costs21,172 — — 21,172 
Regulatory disallowances(731)— — (731)
Depreciation and amortization61,366 34,956 8,690 105,012 
Transmission and distribution costs18,127 9,040 — 27,167 
Taxes other than income taxes14,111 12,659 1,415 28,185 
Total operating expenses328,319 112,702 3,271 444,292 
Net other income and (deductions)17,334 5,623 (425)22,532 
Interest charges(33,805)(24,754)(11,590)(70,149)
Income taxes (benefit)10,907 10,479 (2,437)18,949 
Valencia non-controlling interest(5,462)— — (5,462)
Subsidiary preferred stock dividends(132)— — (132)
Segment earnings (loss) attributable to TXNM$102,429 $41,130 $(12,849)$130,710 
Nine Months Ended September 30, 2025
Electric operating revenues$1,135,472 $496,902 $— $1,632,374 
Cost of energy
Fuel burn82,780 — — 82,780 
Purchases for resale305,939 — — 305,939 
Transmission by others19,424 123,703 — 143,127 
Significant segment expenses
Administrative and general - direct57,233 (948)123,646 179,931 
Administrative and general - corporate allocation98,270 39,621 (137,891)— 
Customer related expenses23,054 2,220 — 25,274 
Energy production costs71,799 — — 71,799 
Regulatory disallowances(731)— — (731)
Depreciation and amortization181,947 105,095 27,756 314,798 
Transmission and distribution costs49,703 29,430 — 79,133 
Taxes other than income taxes42,676 35,607 4,581 82,864 
Total operating expenses932,094 334,728 18,092 1,284,914 
Net other income and (deductions)47,139 9,723 (2,202)54,660 
Interest charges(95,596)(66,018)(44,099)(205,713)
Income taxes (benefit)13,280 21,498 (13,485)21,293 
Valencia non-controlling interest(13,509)— — (13,509)
Subsidiary preferred stock dividends(396)— — (396)
Segment earnings (loss) attributable to TXNM$127,736 $84,381 $(50,908)$161,209 
At September 30, 2025:
Total Assets$7,793,306 $4,013,441 $164,787 $11,971,534 
Goodwill$51,632 $226,665 $— $278,297 
PNMTNMPCorporate
and Other
TXNM
(In thousands)
Three Months Ended September 30, 2024
Electric operating revenues$406,519 $162,737 $— $569,256 
Cost of energy
Fuel burn28,659 — — 28,659 
Purchases for resale66,396 — — 66,396 
Transmission by others6,440 37,414 — 43,854 
Significant segment expenses
Administrative and general - direct18,683 462 36,880 56,025 
Administrative and general - corporate allocation33,095 13,192 (46,287)— 
Customer related expenses8,031 769 15 8,815 
Energy production costs21,259 — — 21,259 
Regulatory disallowances6,142 — — 6,142 
Depreciation and amortization56,424 31,732 9,244 97,400 
Transmission and distribution costs15,123 8,537 — 23,660 
Taxes other than income taxes12,258 12,161 1,547 25,966 
Total operating expenses272,510 104,267 1,399 378,176 
Net other income
25,970 2,415 19 28,404 
Interest charges(27,852)(15,924)(15,888)(59,664)
Income taxes (benefit)18,265 9,266 (4,109)23,422 
Valencia non-controlling interest(5,064)— — (5,064)
Subsidiary preferred stock dividends(132)— — (132)
Segment earnings (loss) attributable to TXNM$108,666 $35,695 $(13,159)$131,202 
Nine Months Ended September 30, 2024
Electric operating revenues$1,048,305 $445,930 $— $1,494,235 
Cost of energy
Fuel burn107,161 — — 107,161 
Purchases for resale188,912 — — 188,912 
Transmission by others17,606 112,240 — 129,846 
Significant segment expenses
Administrative and general - direct43,833 (777)111,374 154,430 
Administrative and general - corporate allocation99,525 40,314 (139,839)— 
Customer related expenses23,063 2,260 95 25,418 
Energy production costs68,055 — — 68,055 
Regulatory disallowances10,601 — — 10,601 
Depreciation and amortization163,941 93,147 27,912 285,000 
Transmission and distribution costs44,823 26,652 — 71,475 
Taxes other than income taxes37,735 33,571 4,678 75,984 
Total operating expenses805,255 307,407 4,220 1,116,882 
Net other income and (deductions)59,355 6,292 (15,196)50,451 
Interest charges(78,848)(43,711)(46,695)(169,254)
Income taxes (benefit)29,897 20,901 (30,976)19,822 
Valencia non-controlling interest(11,891)— — (11,891)
Subsidiary preferred stock dividends(396)— — (396)
Segment earnings (loss) attributable to TXNM$181,373 $80,203 $(35,135)$226,441 
At September 30, 2024:
Total Assets$7,164,439 $3,505,709 $173,333 $10,843,481 
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.