TXNM Energy Reports First Quarter 2026 Results

Rhea-AI Summary

TXNM Energy (NYSE: TXNM) reported Q1 2026 GAAP diluted EPS of $0.03 and ongoing diluted EPS of $0.21. Consolidated GAAP net earnings were $3.7M; ongoing net earnings were $23.8M. TXNM updated its 2026–2030 capital investment plan to $10.215B and rolled forward rate base forecasts to $7.6B (2026) and $13.6B (2030). The company reiterated it will not issue 2026 earnings guidance during the pendency of the proposed Blackstone Infrastructure transaction, which TXNM expects to close in H2 2026 subject to remaining approvals.

Positive

• Ongoing diluted EPS rose to $0.21 in Q1 2026 from $0.19
• Updated capital investment plan: $10,215 million for 2026–2030
• Average total rate base forecast increases to $13.6 billion by 2030
• PNM rider year-one revenue requirement of $7 million effective April 15, 2026
• FERC and Texas PUC approvals received for the Blackstone transaction

Negative

• GAAP diluted EPS declined to $0.03 in Q1 2026 from $0.10 year-ago
• GAAP net earnings fell to $3.7 million in Q1 2026 from $8.9 million
• Shares issued in 2025 and March 2026 reduced EPS due to dilution
• Q1 2026 included $16.9 million net unrealized losses on investments

News Market Reaction – TXNM

+0.24%

+0.24% Session close to close

In the May 1 session, TXNM gained 0.24%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement detailed Q1 2026 results, with GAAP EPS of $0.03 and ongoing EPS of $0.21, alongsi...

Analysis

This announcement detailed Q1 2026 results, with GAAP EPS of $0.03 and ongoing EPS of $0.21, alongside an expanded $10.2B 2026–2030 capital investment plan and updated rate base outlook. It also highlighted multiple New Mexico regulatory approvals, grid modernization initiatives, and added storage projects. The update reaffirmed progress toward the proposed $61.25-per-share Blackstone acquisition. Investors may watch future filings, regulatory milestones, and execution on planned investments.

Key Figures

GAAP diluted EPS: $0.03 Ongoing diluted EPS: $0.21 Updated capex plan: $10.2 billion +5 more

8 metrics

GAAP diluted EPS $0.03 Q1 2026; prior-year Q1 2025 was $0.10

Ongoing diluted EPS $0.21 Q1 2026; prior-year Q1 2025 was $0.19

Updated capex plan $10.2 billion Capital investment plan for 2026–2030

GAAP net earnings $3.7 million Q1 2026; prior-year Q1 2025 was $8.9 million

Ongoing net earnings $23.8 million Q1 2026; prior-year Q1 2025 was $18.1 million

Grid mod revenue rider $7 million Year one revenue requirement effective April 15, 2026

Economic dev projects $165 million PNM investment approved by NMPRC on March 12, 2026

Unrealized investment losses $16.9 million GAAP net unrealized losses in Q1 2026; $8.2M in Q1 2025

Previous Earnings Reports

5 past events · Latest: Oct 31 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Oct 31	Q3 2025 earnings	Neutral	-0.0%	Q3 2025 EPS and acquisition progress, with equity issuance diluting results.
Aug 01	Q2 2025 earnings	Negative	-0.2%	Q2 2025 EPS down year over year and impacted by $600M equity issuance.
May 09	Q1 2025 earnings	Neutral	+0.4%	Q1 2025 EPS decline versus 2024 but guidance and growth target reaffirmed.
Feb 21	2024 earnings	Positive	+3.5%	2024 EPS met guidance, with higher 5‑year capex plan and 7–9% growth target.
Nov 01	Q3 2024 earnings	Positive	-2.9%	Q3 2024 EPS strength and narrowed guidance despite later negative price reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings headlines have produced relatively small moves, with a mix of aligned and divergent reactions and no consistent post-earnings trend.

Recent Company History

Recent TXNM earnings releases show modest stock reactions. Q1 2025, Q2 2025 and Q3 2025 featured lower GAAP and ongoing EPS versus prior years and highlighted equity issuance and weather impacts, while 2024 results met guidance and supported higher long‑term growth targets and an expanded $7.8B plan. Across these events, the pending $61.25 per‑share Blackstone transaction and growing regulated investment needs remained central themes, as with today’s Q1 2026 update and capital plan roll‑forward.

Key Terms

GAAP, ongoing earnings, Hart-Scott-Rodino Act, rate base, +4 more

8 terms

GAAP financial

"2026 first quarter GAAP earnings of $0.03 per diluted share"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

ongoing earnings financial

"2026 first quarter ongoing earnings of $0.21 per diluted share"

Ongoing earnings are the portion of a company's profit that comes from its regular, repeatable business activities, excluding one-time gains or losses, restructuring charges, and discontinued operations. Investors use this as a clearer picture of the company's steady cash-generating ability and future prospects—like judging a household by its steady paycheck instead of a single bonus—so it helps with forecasting, valuation, and comparing companies.

Hart-Scott-Rodino Act regulatory

"the waiting period under the Hart-Scott-Rodino Act has expired"

A U.S. antitrust law that requires parties to large mergers and acquisitions to notify federal regulators and wait a set period before closing the deal, so authorities can check whether the transaction would unfairly reduce competition. For investors, the process is like notifying a referee before a major team trade: it can reveal objections, trigger investigations, delay or block a deal, and therefore affect transaction timing, value and deal risk.

rate base financial

"TXNM Energy has also rolled forward and updated its rate base forecast"

Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.

megawatts technical

"an additional 30 megawatts of distribution battery storage projects"

A megawatt is a measure of electrical power equal to one million watts, describing how much electricity a plant or device can generate or use at a single moment. Investors use megawatts to compare the size and earning potential of energy projects—larger capacity usually means more electricity to sell—much like comparing the horsepower of engines to judge how much work they can do. Knowing megawatts helps assess scale, revenue potential, and grid impact of energy assets.

Distribution Cost Recovery Factor regulatory

"Rate recovery through the Distribution Cost Recovery Factor and Transmission"

A distribution cost recovery factor is a charge built into regulated utility rates that lets a company recoup the ongoing expenses of delivering electricity, gas or water from customers rather than from one-time refunds or corporate profits. Think of it as a delivery fee on a bill that covers upkeep of pipes, wires and local service; for investors it matters because it influences a utility’s predictable revenue, profit stability and exposure to regulatory decisions about what costs are allowed.

Transmission Cost of Service regulatory

"Distribution Cost Recovery Factor and Transmission Cost of Service rate"

Transmission cost of service is the amount a utility charges or is allowed to recover for moving electricity or gas across high-voltage lines and pipelines, covering upkeep, operations and the cost of the physical network. Investors care because these costs affect how much revenue a utility can earn and how much customers pay; think of it like the tolls and maintenance fees on a highway that determine both traffic flow and the road owner’s income.

grid modernization plan technical

"filed its first annual grid modernization plan reconciliation filing"

A grid modernization plan is a utility’s roadmap for upgrading the electric system—wires, substations, control software and sensors—to improve reliability, integrate renewable power and electric vehicles, and reduce outage risks. For investors it signals future capital spending, potential changes in operating costs and revenue (through rate cases or efficiency gains), and how well a utility is positioned to meet regulations and customer demand, much like a city renovating roads to handle new kinds of traffic.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• 2026 first quarter GAAP earnings of $0.03 per diluted share
• 2026 first quarter ongoing earnings of $0.21 per diluted share
• Updated 2026 - 2030 capital investment plan of $10.2 billion

TXNM Energy (In millions, except EPS)
	Q1 2026	Q1 2025
GAAP net earnings attributable to TXNM Energy	$3.7	$8.9
GAAP diluted EPS	$0.03	$0.10
Ongoing net earnings	$23.8	$18.1
Ongoing diluted EPS	$0.21	$0.19

ALBUQUERQUE, N.M., May 1, 2026 /PRNewswire/ -- TXNM Energy (NYSE: TXNM) today reported 2026 first quarter results. As previously announced, TXNM Energy does not plan to issue 2026 earnings guidance during pendency of the proposed transaction with Blackstone Infrastructure.

"During the first quarter, customers continued to benefit from our phased-in rate approach at PNM," said Don Tarry, President and CEO of TXNM Energy. "Our growing capital plan focuses on delivering the technology and solutions to provide customers with reliable, affordable energy and achieve New Mexico's clean energy future. As we move forward, our proposed transaction with Blackstone Infrastructure will secure the capital to implement these solutions and bring benefits to our customers and communities."

TRANSACTION UPDATE
On May 19, 2025, TXNM Energy announced an agreement under which affiliates of Blackstone Infrastructure will acquire the outstanding common stock of TXNM Energy for $61.25 per share.

Shareholders approved the proposed transaction on August 28, 2025. In February 2026, approval was received from the Federal Energy Regulatory Commission and the Public Utility Commission of Texas approved a unanimous settlement agreement on the proposed transaction. Clearance has been received from the Federal Communications Commission and the waiting period under the Hart-Scott-Rodino Act has expired without any objections or concerns having been raised. Approvals continue to be pursued from the Nuclear Regulatory Commission and New Mexico Public Regulation Commission ("NMPRC").

TXNM Energy continues to anticipate that the closing of the acquisition will occur in the second half of 2026, subject to the satisfaction or waiver of the remaining customary closing conditions, including among other things, receipt of other required state and federal regulatory approvals.

REGULATORY UPDATE
On March 2, 2026, Public Service Company of New Mexico ("PNM") filed its first annual grid modernization plan reconciliation filing to begin recovery under the program designed to enhance service to customers through new tools, including smart meters, and enable New Mexico's clean energy transition. This plan enables two-way communication on the grid, allowing customers to gain insights over their energy usage and allowing PNM visibility into the real-time status of the distribution grid to reduce outages or eliminate problems before they occur. The rider to collect the year one revenue requirement of $7 million became effective April 15, 2026.

On March 12, 2026, the NMPRC approved PNM's application for the $165 million investment in two economic development projects. Under New Mexico legislation, customer costs for these projects are deferred until the project becomes beneficial to new or existing customers.

The second phase of PNM's previously approved $105 million rate increase under an unopposed settlement was implemented April 1, 2026. The updated rates help ensure New Mexico's electric system remains safe, reliable and ready for future energy needs, including support for wildfire prevention, grid upgrades and energy storage.

On April 7, 2026, the NMPRC approved PNM's application for an additional 30 megawatts of distribution battery storage projects. The projects reflect $78 million of investment to support increasing customer demand on feeders that are at or near hosting-capacity limits at five existing PNM-owned solar facilities and appear among the most cost-effective for storage deployment.

At Texas New Mexico Power ("TNMP"), hearings were canceled for TNMP's base rate review filed on November 14, 2025, at the parties' request to pursue a final settlement.

INVESTMENT PLAN UPDATE
As part of its normal forecasting process, TXNM Energy has rolled forward and updated its five-year capital investment plan for 2026 through 2030. The forecasted expenditures include TNMP's investments to support continued high growth in system demand across TNMP's service territories and growing infrastructure investments from the Texas legislature to support grid reliability and resilience. PNM's capital initiatives include investments in generation, transmission, and distribution infrastructure to deliver clean energy, support customer growth, enhance customer satisfaction, and increase grid resilience. Capital expenditures also include investments in PNM's Grid Modernization Plan and TNMP's SRP. These investments provide for a more resilient, reliable, efficient, and decarbonized electric system.

	Capital Investment Plan (In millions)
	2026	2027	2028	2029	2030	2026-2030
PNM	$     725	$  1,049	$  1,011	$  1,500	$     655	$       4,940
TNMP	762	995	1,098	1,058	1,013	4,926
Corporate and Other	79	59	85	63	62	349
Consolidated TXNM Energy	$  1,567	$  2,103	$  2,194	$  2,621	$  1,730	$      10,215

TXNM Energy has also rolled forward and updated its rate base forecast to reflect its updated capital investment plan.

	Average Rate Base (In billions)
	2026	2027	2028	2029	2030
PNM Retail	$    3.4	$    3.8	$    4.2	$    5.3	$    6.2
PNM FERC	1.0	1.0	1.0	1.4	1.3
TNMP	3.3	3.9	4.9	5.7	6.2
Total Rate Base	$    7.6	$    8.7	$  10.1	$  12.3	$  13.6

SEGMENT REPORTING OF 2026 FIRST QUARTER EARNINGS

• PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.

• TNMP – an electric transmission and distribution utility in Texas.

• Corporate and Other – reflects the TXNM Energy holding company and other subsidiaries.

EPS Results by Segment

	GAAP Diluted EPS			Ongoing Diluted EPS
	Q1 2026	Q1 2025		Q1 2026	Q1 2025
PNM	($0.14)	$0.01		$0.01	$0.09
TNMP	$0.27	$0.24		$0.30	$0.24
Corporate and Other	($0.10)	($0.15)		($0.10)	($0.14)
Consolidated TXNM Energy	$0.03	$0.10		$0.21	$0.19

Net changes to GAAP and ongoing earnings in the first quarter of 2026 compared to the first quarter of 2025 include:

• PNM: Rate relief from the implementation of the first phase of the approved 2025 Rate Request, higher transmission revenues and the timing of plant outages were offset by lower retail load, primarily due to milder than normal temperatures, increased O&M, higher depreciation, property tax and interest expense associated with new capital investments and increased demand charges from energy storage agreements added in late 2025.

• TNMP: Rate recovery through the Distribution Cost Recovery Factor and Transmission Cost of Service rate mechanisms and revenues recorded under Texas House Bill 5247 were partially offset by lower retail load, primarily due to milder than normal temperatures, and higher depreciation and property tax expense associated with new capital investments.

• Corporate and Other: Lower interest expense due to lower debt balances increased earnings.

GAAP and ongoing earnings per share were reduced in the first quarter of 2026 by shares issued in June and August 2025 for proceeds of $800 million and shares issued in March 2026 for proceeds of $105 million.

In addition, GAAP earnings in the first quarter of 2026 included $16.9 million of net unrealized losses on investment securities compared to $8.2 million in the first quarter of 2025. GAAP earnings in the first quarter of 2026 also included $5.6 million of costs related to the planned acquisition.

Background:
TXNM Energy (NYSE: TXNM), an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM. For more information, visit the company's website at www.TXNMEnergy.com.

CONTACTS:
Analysts	Media
Lisa Goodman	Corporate Communications
(505) 241-2160	(505) 241-2743

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for TXNM Energy, PNM, or TNMP (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results, earnings guidance, statements regarding the potential transaction between TXNM Energy and Blackstone Infrastructure, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction and the expected benefits of the potential transaction, rate proceeding outcomes, anticipated benefits of the new transmission line project, and the expected timing of the IRP filing, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report. TXNM, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, TXNM, PNM, and TNMP caution readers not to place undue reliance on these statements. TXNM's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Form 8-K's with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein and the risks and uncertainties related to the proposed transaction with Blackstone Infrastructure, including, but not limited to: the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement, including in circumstances requiring TXNM Energy to pay a termination fee, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, the outcome of legal proceedings that may be instituted against TXNM Energy, its directors and others related to the proposed transaction, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of TXNM Energy to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally, the amount of costs, fees, charges or expenses resulting from the proposed transaction, and the risk that the price of TXNM Energy's common stock may fluctuate during the pendency of the proposed transaction and may decline significantly if the proposed transaction is not completed. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements.

Non-GAAP Financial Measures
GAAP refers to generally accepted accounting principles in the U.S. Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items that are not indicative of fundamental changes in the earnings capacity of the Company's operations. The Company uses ongoing earnings and ongoing earnings per diluted share to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with GAAP. The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company's calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP net earnings and ongoing earnings guidance, nor their probable impact on GAAP net earnings without unreasonable effort, therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance. Reconciliations between GAAP and ongoing earnings are contained in schedules 1-2.

TXNM Energy, Inc. and Subsidiaries Schedule 1 Reconciliation of GAAP to Ongoing Earnings (Unaudited)
		PNM		TNMP		Corporate and Other		TXNM Consolidated
		(in thousands)
Three Months Ended March 31, 2026
GAAP Net Earnings (Loss) Attributable to TXNM		$  (15,882)		$   30,690		$  (11,071)		$       3,737
Adjusting items before income tax effects:
Net change in unrealized (gains) losses on investment securities2a		16,889		—		—		16,889
Pension expense related to previously disposed of gas distribution business2b		715		—		—		715
Process improvement initiatives2c		1,001		—		—		1,001
Merger related costs2d		1,010		3,795		829		5,634
Total adjustments before income tax effects		19,615		3,795		829		24,239
Income tax impact of above adjustments1		(4,982)		(797)		(210)		(5,989)
Timing of statutory and effective tax rates on non-recurring items4		2,250		(153)		(245)		1,852
Total income tax impacts3		(2,732)		(950)		(455)		(4,137)
Adjusting items, net of income taxes		16,883		2,845		374		20,102
Ongoing Earnings (Loss)		$    1,001		$   33,535		$  (10,697)		$      23,839
Three Months Ended March 31, 2025
GAAP Net Earnings (Loss) Attributable to TXNM		$      945		$   22,283		$  (14,305)		$       8,923
Adjusting items before income tax effects:
Net change in unrealized (gains) losses on investment securities2a		8,233		—		—		8,233
Pension expense related to previously disposed of gas distribution business2b		784		—		—		784
Process improvement initiatives2c		216		—		1,474		1,690
Merger related costs2d		—		—		140		140
Total adjustments before income tax effects		9,233		—		1,614		10,847
Income tax impact of above adjustments1		(2,345)		—		(410)		(2,755)
Timing of statutory and effective tax rates on non-recurring items5		1,085		(59)		85		1,111
Total income tax impacts3		(1,260)		(59)		(325)		(1,644)
Adjusting items, net of income taxes		7,973		(59)		1,289		9,203
Ongoing Earnings (Loss)		$    8,918		$   22,224		$  (13,016)		$      18,126
1 Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows:
a Changes in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements
b Increases in "Other (deductions)"
c Increases in "Administrative and general" of $1.0 million and increases in "Transmission and distribution costs" of less than $0.1 million at PNM for the three months ended March 31 2026; Increases in "Administrative and general" of $1.5 million at Corporate and Other and less than $0.1 million at PNM, increases in "Energy production costs" of $0.1 million at PNM, and increases in "Transmission and Distribution costs" of less than $0.1 million at PNM for the three months ended March 31, 2025
d Increases in "Administrative and general" of $1.0 million at PNM, less than $0.1 million at TNMP, and $0.8 million for Corporate and Other and increases in "Interest charges" of $3.7 million at TNMP for the three months ended March 31, 2026; Increases in "Administrative and general" of $0.1 million at Corporate for the three months ended March 31, 2025
3 Increases (decreases) in "Income Taxes (Benefits)"
4 Income tax timing impacts resulting from differences between the statutory rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 22.8% for TXNM, and the GAAP anticipated effective tax rates of 11.9% for PNM, 20.4% for TNMP, and 14.6% for TXNM, which will reverse by year end
5 Income tax timing impacts resulting from differences between the statutory rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 22.7% for TXNM, and the GAAP anticipated effective tax rates of 10.4% for PNM, 20.2% for TNMP, and 12.3% for TXNM, which will reverse by year end

 

TXNM Energy, Inc. and Subsidiaries Schedule 2 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Unaudited)
		PNM		TNMP		Corporate and Other		TXNM Consolidated
		(per diluted share)
Three Months Ended March 31, 2026
GAAP Net Earnings (Loss) Attributable to TXNM		$    (0.14)		$     0.27		$    (0.10)		$         0.03
Adjusting items, net of income tax effects:
Net change in unrealized (gains) losses on investment securities		0.11		—		—		0.11
Process improvement initiatives		0.01		—		—		0.01
Merger related costs		0.01		0.03		—		0.04
Timing of statutory and effective tax rates on non-recurring items		0.02		—		—		0.02
Total Adjustments		0.15		0.03		—		0.18
Ongoing Earnings (Loss)		$     0.01		$     0.30		$    (0.10)		$         0.21
Average Diluted Shares Outstanding: 112,860,245
Three Months Ended March 31, 2025
GAAP Net Earnings (Loss) Attributable to TXNM		$     0.01		$     0.24		$    (0.15)		$         0.10
Adjusting items, net of income tax effects:
Net change in unrealized (gains) losses on investment securities		0.07		—		—		0.07
Process improvement initiatives		—		—		0.01		0.01
Timing of statutory and effective tax rates on non-recurring items		0.01		—		—		0.01
Total Adjustments		0.08		—		0.01		0.09
Ongoing Earnings (Loss)		$     0.09		$     0.24		$    (0.14)		$         0.19
Average Diluted Shares Outstanding: 93,179,447

 

TXNM Energy, Inc. and Subsidiaries Schedule 3 Condensed Consolidated Statements of Earnings (Unaudited)
	Three Months Ended March 31,
	2026		2025
	(In thousands, except per share amounts)
Electric Operating Revenues	$  504,982		$  482,792
Operating Expenses:
Cost of energy	166,492		169,182
Administrative and general	66,913		60,769
Energy production costs	24,403		24,546
Depreciation and amortization	112,323		104,551
Transmission and distribution costs	25,887		25,505
Taxes other than income taxes	31,953		26,350
Total operating expenses	427,971		410,903
Operating income	77,011		71,889
Other Income and Deductions:
Interest income	3,567		4,247
(Losses) on investment securities	(8,944)		(1,241)
Other income	6,857		4,729
Other (deductions)	(1,900)		(2,258)
Net other income and deductions	(420)		5,477
Interest Charges	68,595		63,551
Earnings before Income Taxes	7,996		13,815
Income Taxes (Benefits)	(9)		1,018
Net Earnings	8,005		12,797
(Earnings) Attributable to Valencia Non-controlling Interest	(4,136)		(3,742)
Preferred Stock Dividend Requirements of Subsidiary	(132)		(132)
Net Earnings Attributable to TXNM	$     3,737		$     8,923
Net Earnings Attributable to TXNM per Common Share:
Basic	$      0.03		$      0.10
Diluted	$      0.03		$      0.10
Dividends Declared per Common Share	$   0.4225		$   0.4075

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SOURCE TXNM Energy, Inc.

FAQ

What were TXNM (NYSE: TXNM) Q1 2026 GAAP and ongoing EPS?

GAAP diluted EPS was $0.03 and ongoing diluted EPS was $0.21. According to TXNM, GAAP included net unrealized investment losses and acquisition-related costs while ongoing measures exclude those items.

How large is TXNM's updated 2026–2030 capital investment plan (TXNM)?

The updated five-year capital plan totals $10.215 billion for 2026–2030. According to TXNM, the plan funds PNM and TNMP grid, generation, transmission, distribution, and storage investments.

When does TXNM expect the Blackstone Infrastructure acquisition to close (TXNM)?

TXNM continues to anticipate closing in the second half of 2026, subject to remaining regulatory approvals. According to TXNM, NRC and New Mexico PRC approvals remain pending.

What regulatory actions affected PNM in Q1 2026 for TXNM shareholders?

PNM implemented a rider collecting a $7 million year-one revenue requirement effective April 15, 2026. According to TXNM, NMPRC also approved economic development investments and additional battery storage projects.

How did share issuances affect TXNM's EPS in Q1 2026?

Shares issued for proceeds of $800M in 2025 and $105M in March 2026 reduced GAAP and ongoing EPS in Q1 2026. According to TXNM, the share issuances increased common shares outstanding and diluted per-share metrics.