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TXNM Energy, Inc. reported mixed first quarter 2026 results. GAAP net earnings attributable to TXNM fell to $3.7 million, or $0.03 per diluted share, compared with $8.9 million and $0.10 a year earlier, mainly reflecting higher unrealized investment losses and merger-related costs.
On a non-GAAP basis, ongoing net earnings rose to $23.8 million, or $0.21 per diluted share, up from $18.1 million and $0.19. TNMP drove most of the improvement, while PNM faced milder weather, higher operating costs and expenses tied to new capital investments.
The company updated its 2026–2030 capital investment plan to $10.2 billion, focused on grid modernization, battery storage, and growth in both New Mexico and Texas. TXNM also reiterated progress on its proposed acquisition by Blackstone Infrastructure at $61.25 per share, noting key federal and Texas approvals and ongoing review by remaining regulators.
TXNM Energy, Inc. reported mixed first quarter 2026 results. GAAP net earnings attributable to TXNM fell to $3.7 million, or $0.03 per diluted share, compared with $8.9 million and $0.10 a year earlier, mainly reflecting higher unrealized investment losses and merger-related costs.
On a non-GAAP basis, ongoing net earnings rose to $23.8 million, or $0.21 per diluted share, up from $18.1 million and $0.19. TNMP drove most of the improvement, while PNM faced milder weather, higher operating costs and expenses tied to new capital investments.
The company updated its 2026–2030 capital investment plan to $10.2 billion, focused on grid modernization, battery storage, and growth in both New Mexico and Texas. TXNM also reiterated progress on its proposed acquisition by Blackstone Infrastructure at $61.25 per share, noting key federal and Texas approvals and ongoing review by remaining regulators.
TXNM Energy, parent of New Mexico and Texas electric utilities PNM and TNMP, outlines a strategy built on regulated growth, grid upgrades, and cleaner power. The company serves about 842,000 customers and plans substantial investment in transmission, distribution, and renewables, supported by rate mechanisms in New Mexico and Texas.
TXNM has agreed to be acquired by a Blackstone Infrastructure affiliate for $61.25 per share in cash, with shareholder approval already obtained and several key regulatory approvals granted, while others remain pending before closing, which is targeted for the second half of 2026. PNM’s portfolio is shifting toward renewables, storage, and nuclear with limited coal, and management highlights both the growth opportunity from rising data-center and load demand and significant risks from regulation, environmental rules, technology change, cybersecurity, and a projected $10.2 billion construction program for 2026–2030.
TXNM Energy reported 2025 GAAP diluted earnings per share of $1.48, down from $2.67 in 2024, mainly reflecting a $58.8 million pension settlement charge, $43.1 million of merger-related costs and $3.4 million of net unrealized losses on investment securities. Ongoing diluted EPS, which excludes these and other specified items, was $2.33 versus $2.74 in 2024. PNM benefited from rate relief and higher load but faced higher costs and lower weather-driven usage, while TNMP saw stronger revenues offset by higher depreciation, taxes and interest from new investments. The company highlighted significant equity issuance in 2024–2025 that increased diluted share count and reduced EPS.
TXNM reaffirmed its proposed sale to affiliates of Blackstone Infrastructure for $61.25 per share. Shareholders have approved the deal, and approvals have been obtained from the Federal Energy Regulatory Commission, the Public Utility Commission of Texas, the Federal Communications Commission and under the Hart-Scott-Rodino Act, with Nuclear Regulatory Commission and New Mexico Public Regulation Commission approvals still pending. TXNM continues to anticipate closing in the second half of 2026, subject to remaining conditions.
Regulatory initiatives include TNMP’s November 2025 Texas rate filing seeking recovery of $2.8 billion of rate base as of June 30, 2025 and $20.5 million of Hurricane Beryl restoration costs over five years, and PNM applications in New Mexico for two economic development projects costing $165.5 million and a $247 million 345 kV transmission project to support reliability, renewable integration and growth.
TXNM Energy reported 2025 GAAP diluted earnings per share of $1.48, down from $2.67 in 2024, mainly reflecting a $58.8 million pension settlement charge, $43.1 million of merger-related costs and $3.4 million of net unrealized losses on investment securities. Ongoing diluted EPS, which excludes these and other specified items, was $2.33 versus $2.74 in 2024. PNM benefited from rate relief and higher load but faced higher costs and lower weather-driven usage, while TNMP saw stronger revenues offset by higher depreciation, taxes and interest from new investments. The company highlighted significant equity issuance in 2024–2025 that increased diluted share count and reduced EPS.
TXNM reaffirmed its proposed sale to affiliates of Blackstone Infrastructure for $61.25 per share. Shareholders have approved the deal, and approvals have been obtained from the Federal Energy Regulatory Commission, the Public Utility Commission of Texas, the Federal Communications Commission and under the Hart-Scott-Rodino Act, with Nuclear Regulatory Commission and New Mexico Public Regulation Commission approvals still pending. TXNM continues to anticipate closing in the second half of 2026, subject to remaining conditions.
Regulatory initiatives include TNMP’s November 2025 Texas rate filing seeking recovery of $2.8 billion of rate base as of June 30, 2025 and $20.5 million of Hurricane Beryl restoration costs over five years, and PNM applications in New Mexico for two economic development projects costing $165.5 million and a $247 million 345 kV transmission project to support reliability, renewable integration and growth.