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MARKETS / NYSE / Utilities / Electric utilities / TXNM
NYSE · ELECTRIC SERVICES · LARGE CAP

Txnm Energy Inc. TXNM

18 fiscal years on record · USD · FY2025 reported · SEC filings only
14 YEARS OF DIVIDEND GROWTH
$2.2B
▲ 9.9% YoY
$169.8M
▼ 34.4% YoY
$-611.4M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

TXNM Energy, Inc. serves approximately 842,000 residential, commercial, and industrial customers in New Mexico and Texas through its two regulated electric utilities, PNM and TNMP. As of December 31, 2025, TXNM had 1,755 employees in total, including 870 at PNM and 445 at TNMP. PNM provides electric generation, transmission, and distribution service to its rate-regulated customers. TNMP provides transmission and distribution services at regulated rates to REPs that in turn provide retail electric service to consumers within its service area. PNM was incorporated in the State of New Mexico in 1917. TNMP's predecessor was organized in 1925. TXNM was incorporated in the State of New Mexico in 2000.

Written from the business description in TXNM ENERGY INC's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 2.2B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 2.2 · Net income 0.2
1B2B
2008201120142017202020232025
Compound annual growth
−1.3%
+7.3%
−2.8%
−1.9%
−9.1%
−7.2%
+22.2%
+5.4%
+5.7%
+7.2%
+8.3%
+8.5%
+10.6%
+29.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.3% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

8 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 20.4% · Net 7.8%
10%20%
200820162025
ROE
FY2017 · ROE 4.7%
5%10%-1%-2%
200820162025
Three returns, three denominators.
Return on equityNot available: we don't have a clean profit figure for this period.
Gross margin·
Operating margin20.4%
Net margin7.8%
EBITDAUSD 924.6M

Return on equity has no reading this year — return on capital employed, just below, still does: 4%.

Cash & shareholders

USD 163.4M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -611.4
-300M-600M
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends 163.4 · Net buybacks -830.8
100M200M-300M-600MDividendsNet buybacks
2008201120142017202020232025
Dividends paidUSD 163.4M
Net buybacksUSD -830.8M
Share of profit·
Consecutive raises14 years

USD 163.4M in dividends — Not available: we don't have a clean profit figure for this period.

Total assetsUSD 12.1B
EquityUSD 3.4B
CashUSD 18.3M
Gross debtUSD 5.4B
Net debtUSD 5.4B
Current ratio0.55×

Net debt stands at 159% of equity.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
TXNM, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B2.22.01.92.31.81.51.51.41.41.4◌◌◌◌◌◌◌◌
Operating income $B0.40.50.20.40.30.30.10.20.30.30.10.30.30.30.30.20.2−0.2
EBITDA $B0.90.90.60.70.60.60.40.50.60.50.30.50.50.50.50.40.4−0.1
Income tax $B0.00.0−0.00.00.00.0−0.00.00.10.10.00.10.10.10.1−0.00.0−0.1
Net income $B0.20.30.10.20.20.20.10.10.10.10.00.10.10.10.2−0.00.1−0.3
Free cash flow $B−0.6−0.7−0.5−0.3−0.4−0.2−0.1−0.10.0−0.2−0.2−0.00.0−0.0−0.00.0−0.2−0.3
EPS, diluted $1.482.671.021.972.272.150.971.071.001.460.201.451.251.311.96−0.491.36−3.24
Dividend / sh $1.651.571.491.411.331.251.181.080.990.900.820.760.680.580.500.500.500.60
Payout %◌◌◌◌◌◌◌◌97—————————
ROE %◌◌◌◌◌◌◌◌4.77.00.96.86.16.611.3−2.87.5◌
Shares out B0.110.090.090.090.090.090.080.080.080.080.080.080.080.080.080.090.09◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 69 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Four checks were skipped: the balance sheet is not tagged before 2009. Two checks were skipped: the share count is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityElectric Services
Listed onNYSE
Incorporated inNew Mexico
Fiscal year endsDecember 31
Data on record since2008

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