TXNM Energy | 8-K: FY2026 Q2 Revenue: USD 548.55 M

Revenue: As of FY2026 Q2, the actual value is USD 548.55 M.

EPS: As of FY2026 Q2, the actual value is USD 0.64.

EBIT: As of FY2026 Q2, the actual value is USD 188.47 M.

Financial Metrics Overview

TXNM Energy, Inc. announced its results of operations for the three and six months ended June 30, 2026, on July 31, 2026. The company uses non-GAAP financial measures, such as ongoing earnings and ongoing earnings per diluted share, which exclude items like net unrealized mark-to-market gains and losses on economic hedges, net changes in unrealized gains and losses on investment securities, pension expense from a previously disposed gas distribution business, and other non-recurring or infrequent items.

GAAP Net Earnings Attributable to TXNM Energy

• For Q2 2026, GAAP Net Earnings were $71.3 million, compared to $21.6 million for Q2 2025.
• Year-to-date 2026, GAAP Net Earnings were $75.0 million, up from $30.5 million for year-to-date 2025.

Ongoing Net Earnings

• Ongoing Net Earnings for Q2 2026 were $64.1 million, compared to $24.5 million for Q2 2025.
• Year-to-date 2026, Ongoing Net Earnings reached $88.0 million, an increase from $42.6 million for year-to-date 2025.

Segment GAAP Net Earnings (Loss) Attributable to TXNM Energy (in thousands)

• Three Months Ended June 30, 2026: PNM reported $45,766; TNMP reported $39,934; Corporate and Other reported -$14,436; resulting in a TXNM Consolidated total of $71,264.
• Six Months Ended June 30, 2026: PNM reported $29,884; TNMP reported $70,624; Corporate and Other reported -$25,507; resulting in a TXNM Consolidated total of $75,001.
• Three Months Ended June 30, 2025: PNM reported $24,362; TNMP reported $20,968; Corporate and Other reported -$23,754; resulting in a TXNM Consolidated total of $21,576.
• Six Months Ended June 30, 2025: PNM reported $25,307; TNMP reported $43,251; Corporate and Other reported -$38,059; resulting in a TXNM Consolidated total of $30,499.

Segment Ongoing Earnings (Loss) (in thousands)

• Three Months Ended June 30, 2026: PNM reported $33,302; TNMP reported $42,848; Corporate and Other reported -$12,029; resulting in a TXNM Consolidated total of $64,121.
• Six Months Ended June 30, 2026: PNM reported $34,303; TNMP reported $76,383; Corporate and Other reported -$22,726; resulting in a TXNM Consolidated total of $87,960.
• Three Months Ended June 30, 2025: PNM reported $11,098; TNMP reported $26,401; Corporate and Other reported -$12,997; resulting in a TXNM Consolidated total of $24,502.
• Six Months Ended June 30, 2025: PNM reported $20,017; TNMP reported $48,625; Corporate and Other reported -$26,014; resulting in a TXNM Consolidated total of $42,628.

Electric Operating Revenues (in thousands)

• Electric Operating Revenues for the three months ended June 30, 2026, were $548,554, up from $502,420 for the same period in 2025.
• For the six months ended June 30, 2026, Electric Operating Revenues totaled $1,053,536, compared to $985,212 for the six months ended June 30, 2025.

Total Operating Expenses (in thousands)

• Total Operating Expenses for the three months ended June 30, 2026, were $425,252, a decrease from $429,719 in the prior year period.
• For the six months ended June 30, 2026, Total Operating Expenses were $853,223, compared to $840,622 for the six months ended June 30, 2025.

Operating Income (in thousands)

• Operating Income for the three months ended June 30, 2026, was $123,302, significantly higher than $72,701 for the same period in 2025.
• For the six months ended June 30, 2026, Operating Income was $200,313, an increase from $144,590 for the six months ended June 30, 2025.

Net Other Income and Deductions (in thousands)

• Net Other Income and Deductions for the three months ended June 30, 2026, amounted to $33,707, up from $26,651 in the prior year period.
• For the six months ended June 30, 2026, this figure was $33,287, compared to $32,128 for the six months ended June 30, 2025.

Interest Charges (in thousands)

• Interest Charges for the three months ended June 30, 2026, were $69,343, a slight decrease from $72,013 in the prior year period.
• For the six months ended June 30, 2026, Interest Charges totaled $137,938, compared to $135,564 for the six months ended June 30, 2025.

Earnings before Income Taxes (in thousands)

• Earnings before Income Taxes for the three months ended June 30, 2026, were $87,666, up from $27,339 in the prior year period.
• For the six months ended June 30, 2026, this figure was $95,662, compared to $41,154 for the six months ended June 30, 2025.

Income Taxes (in thousands)

• Income Taxes for the three months ended June 30, 2026, were $12,276, an increase from $1,326 in the prior year period.
• For the six months ended June 30, 2026, Income Taxes totaled $12,267, compared to $2,344 for the six months ended June 30, 2025.

Net Earnings (in thousands)

• Net Earnings for the three months ended June 30, 2026, were $75,390, up from $26,013 in the prior year period.
• For the six months ended June 30, 2026, Net Earnings were $83,395, an increase from $38,810 for the six months ended June 30, 2025.

Unique Metrics / Adjusting Items (before income tax effects, in thousands)

• Net change in unrealized gains (losses) on investment securities (Consolidated): -$16,094 for Q2 2026 versus -$16,617 for Q2 2025, and $795 year-to-date 2026 versus -$8,383 year-to-date 2025.
• Pension expense related to previously disposed of gas distribution business (Consolidated): $405 for Q2 2026 versus $784 for Q2 2025, and $1,120 year-to-date 2026 versus $1,568 year-to-date 2025.
• Process improvement initiatives (Consolidated): $237 for Q2 2026 versus $382 for Q2 2025, and $1,238 year-to-date 2026 versus $598 year-to-date 2025.
• Merger related costs (Consolidated): $7,216 for Q2 2026 versus $19,539 for Q2 2025, and $12,850 year-to-date 2026 versus $21,152 year-to-date 2025.

Operational Metrics and Regulatory Updates

• Retail load increased at both PNM and TNMP, leading to new all-time system peaks during the summer.
• Public Service Company of New Mexico (PNM) filed its 2029-2032 Resource Portfolio Application, seeking approval for a balanced portfolio including 800 MW of wind, 240 MW of solar, 610 MW of battery storage, and a 40 MW expansion of PNM-owned natural gas generation. The application also includes the abandonment of PNM’s interest in the Four Corners Power Plant in 2031 and an intent to extend operations of the Reeves Generating Station through 2044.
• Texas New Mexico Power (TNMP) reached a settlement for its base rate review, which was approved by the Public Utility Commission of Texas (PUCT) on July 30, 2026. The settlement includes recovery of $2.8 billion of rate base, a 9.65% return on equity, and a 45% equity ratio, with final approved rates to be implemented on September 13, 2026.

Outlook / Guidance

TXNM Energy does not plan to issue earnings guidance while its proposed transaction with Blackstone Infrastructure is pending. The company expects the acquisition to close in the first half of 2027, subject to remaining regulatory approvals from the Nuclear Regulatory Commission and New Mexico Public Regulation Commission. The termination date for the acquisition agreement has been extended to May 31, 2027, to allow more time for these regulatory approvals.