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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule 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 September 30, 2025
Electric operating revenues			$	463,720					$	183,442											$	—					$	647,162
Cost of energy
Fuel burn			26,312						—												—						26,312
Purchases for resale			119,834						—												—						119,834
Transmission by others			6,707						42,189												—						48,896
Significant segment expenses
Administrative and general - direct			22,764						969												36,167						59,900
Administrative and general - corporate allocation			30,865						12,136												(43,001)						—
Customer related expenses			7,792						753												—						8,545
Energy production costs			21,172						—												—						21,172
Regulatory disallowances			(731)						—												—						(731)
Depreciation and amortization			61,366						34,956												8,690						105,012
Transmission and distribution costs			18,127						9,040												—						27,167
Taxes other than income taxes			14,111						12,659												1,415						28,185
Total operating expenses			328,319						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 burn			82,780						—												—						82,780
Purchases for resale			305,939						—												—						305,939
Transmission by others			19,424						123,703												—						143,127
Significant segment expenses
Administrative and general - direct			57,233						(948)												123,646						179,931
Administrative and general - corporate allocation			98,270						39,621												(137,891)						—
Customer related expenses			23,054						2,220												—						25,274
Energy production costs			71,799						—												—						71,799
Regulatory disallowances			(731)						—												—						(731)
Depreciation and amortization			181,947						105,095												27,756						314,798
Transmission and distribution costs			49,703						29,430												—						79,133
Taxes other than income taxes			42,676						35,607												4,581						82,864
Total operating expenses			932,094						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

			PNM						TNMP												Corporate and Other						TXNM
			(In thousands)
Three Months Ended September 30, 2024
Electric operating revenues			$	406,519					$	162,737											$	—					$	569,256
Cost of energy
Fuel burn			28,659						—												—						28,659
Purchases for resale			66,396						—												—						66,396
Transmission by others			6,440						37,414												—						43,854
Significant segment expenses
Administrative and general - direct			18,683						462												36,880						56,025
Administrative and general - corporate allocation			33,095						13,192												(46,287)						—
Customer related expenses			8,031						769												15						8,815
Energy production costs			21,259						—												—						21,259
Regulatory disallowances			6,142						—												—						6,142
Depreciation and amortization			56,424						31,732												9,244						97,400
Transmission and distribution costs			15,123						8,537												—						23,660
Taxes other than income taxes			12,258						12,161												1,547						25,966
Total operating expenses			272,510						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 burn			107,161						—												—						107,161
Purchases for resale			188,912						—												—						188,912
Transmission by others			17,606						112,240												—						129,846
Significant segment expenses
Administrative and general - direct			43,833						(777)												111,374						154,430
Administrative and general - corporate allocation			99,525						40,314												(139,839)						—
Customer related expenses			23,063						2,260												95						25,418
Energy production costs			68,055						—												—						68,055
Regulatory disallowances			10,601						—												—						10,601
Depreciation and amortization			163,941						93,147												27,912						285,000
Transmission and distribution costs			44,823						26,652												—						71,475
Taxes other than income taxes			37,735						33,571												4,678						75,984
Total operating expenses			805,255						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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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