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…
Earnings analysis · 10-Q
TXNM earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.21
What stood out
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Revenue Decline vs Estimates
Actual revenue was $504.98 million, missing the estimate of $531.78 million by 5.04%.
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EPS Miss
Reported EPS was $0.21, significantly lower than the estimated $0.36 and prior year EPS of $0.10.
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TNMP Revenue Growth
TNMP's electric operating revenues increased to $175 million from $149.4 million, marking a $25.6 million increase.
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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.
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Increased Capex Plans
Total capital requirements projected at $11.1 billion for 2026-2030, signaling ongoing investment in growth.
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Dividends Maintained
TXNM plans continued quarterly dividends for 2026, not exceeding $0.4275 per share, ensuring shareholder returns.
What to watch
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Decreased Load
TNMP saw a 2% decrease in weather normalized retail load compared to the previous year.
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Higher Operating Expenses
Operating expenses increased by $9.4 million at PNM, impacting net earnings negatively.
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Earnings Decline
Net earnings dropped to $3.7 million from $8.9 million year-over-year, indicating operational struggles.
Management's outlook
Management has not provided specific numeric guidance within the 10-Q.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.