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Electric Operating Revenues
 9 Months Ended
Sep. 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 nine months ended September 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 represents amounts billed, including amounts under Alternative Revenue Programs (“ARP”). For PNM, accounts receivable reflected on the Condensed Consolidated Balance Sheets, net of allowance for credit losses, includes $139.9 million at September 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 $39.1 million at September 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 September 30, 2025(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$187,307 $77,362 $264,669 
Commercial149,470 51,458 200,928 
Industrial38,725 17,812 56,537 
Public authority7,789 2,212 10,001 
Economy energy service5,772 — 5,772 
Transmission37,874 43,021 80,895 
Wholesale energy sales
34,774 — 34,774 
Miscellaneous1,739 973 2,712 
Total revenues from contracts with customers
463,450 192,838 656,288 
Alternative revenue programs(2,236)(9,396)(11,632)
Other electric operating revenues 2,506 — 2,506 
Total Electric Operating Revenues
$463,720 $183,442 $647,162 
Nine Months Ended September 30, 2025
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$431,870 $180,319 $612,189 
Commercial363,468 142,879 506,347 
Industrial107,016 43,663 150,679 
Public authority18,502 6,194 24,696 
Economy energy service23,770 — 23,770 
Transmission109,243 124,519 233,762 
Wholesale energy sales
71,598 — 71,598 
Miscellaneous4,600 2,878 7,478 
Total revenues from contracts with customers
1,130,067 500,452 1,630,519 
Alternative revenue programs154 (3,550)(3,396)
Other electric operating revenues5,251 — 5,251 
Total Electric Operating Revenues
$1,135,472 $496,902 $1,632,374 
PNMTNMPTXNM
Three Months Ended September 30, 2024(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$174,765 $67,004 $241,769 
Commercial149,245 45,735 194,980 
Industrial31,841 7,106 38,947 
Public authority7,433 1,920 9,353 
Economy energy service3,662 — 3,662 
Transmission35,671 39,195 74,866 
Wholesale energy sales
8,311 — 8,311 
Miscellaneous1,511 916 2,427 
Total revenues from contracts with customers
412,439 161,876 574,315 
Alternative revenue programs(7,864)861 (7,003)
Other electric operating revenues1,944 — 1,944 
Total Electric Operating Revenues
$406,519 $162,737 $569,256 
Nine Months Ended September 30, 2024
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$416,216 $155,812 $572,028 
Commercial358,511 121,777 480,288 
Industrial90,811 24,878 115,689 
Public authority17,047 5,376 22,423 
Economy energy service15,257 — 15,257 
Transmission105,153 117,120 222,273 
Wholesale energy sales
43,508 — 43,508 
Miscellaneous4,324 2,835 7,159 
Total revenues from contracts with customers
1,050,827 427,798 1,478,625 
Alternative revenue programs(5,128)18,132 13,004 
Other electric operating revenues2,606 — 2,606 
Total Electric Operating Revenues
$1,048,305 $445,930 $1,494,235