TXNM earnings analysis
What we found in TXNM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
TXNM reported disappointing Q1 2026 results with actual EPS of $0.21 falling short of the $0.36 estimate, and revenue of $504.98 million compared to an expectation of $531.78 million. This marks a significant decline in EPS from the prior year of $0.10, attributed to higher operating expenses, including increased depreciation and interest expenses. Notably, TNMP's revenue grew due to rate relief despite overall downtrend in load, whereas PNM experienced a decline in earnings driven by operational challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline vs Estimates
- Actual revenue was $504.98 million, missing the estimate of $531.78 million by 5.04%.
- EPS Miss
- Reported EPS was $0.21, significantly lower than the estimated $0.36 and prior year EPS of $0.10.
- TNMP Revenue Growth
- TNMP's electric operating revenues increased to $175 million from $149.4 million, marking a $25.6 million increase.
- Operating Cash Flow Improvement
- Operating cash flow improved to $153.2 million from $141.3 million year-over-year, an increase of $11.9 million.
- Increased Capex Plans
- Total capital requirements projected at $11.1 billion for 2026-2030, signaling ongoing investment in growth.
- Dividends Maintained
- TXNM plans continued quarterly dividends for 2026, not exceeding $0.4275 per share, ensuring shareholder returns.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Load
- TNMP saw a 2% decrease in weather normalized retail load compared to the previous year.
- Higher Operating Expenses
- Operating expenses increased by $9.4 million at PNM, impacting net earnings negatively.
- Earnings Decline
- Net earnings dropped to $3.7 million from $8.9 million year-over-year, indicating operational struggles.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.21
- Segment
- TNMP ($175M)
- Segment
- PNM ($330M)
What they said about what is next.
Management has not provided specific numeric guidance within the 10-Q.
The filing reads worse than the one before it.
What came before.
- 10-K · February 27, 2026
- TXNM’s 10-K emphasizes a regulated-utility strategy driven by PNM and TNMP, continued investment in grid modernization and rate-recovery mechanisms, and a pending cash merger valued at $61.25 per share. Operational…
- 10-Q · August 1, 2025
- TXNM reported Q2 electric operating revenue of $502.42M (up $14.32M vs Q2 2024) but operating income and EPS fell sharply. Operating income declined to $72.70M from $105.68M a year earlier and diluted EPS declined to…
- 10-Q · May 9, 2025
- TXNM reported quarter-over-quarter and year-over-year revenue growth but a sharp drop in net earnings and EPS driven by higher operating expenses, higher interest charges, and the absence of prior-period investment…
- 10-K · February 28, 2025
- TXNM Energy (formerly PNM Resources) is a vertically integrated, regulated utility holding company with two reportable utilities: PNM (New Mexico) and TNMP (Texas). The 2024 10-K emphasizes a transition to cleaner…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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