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Sep 30, 2025
PNM Resources Q3 2025 Earnings Report
TXNM Energy reported solid third quarter 2025 results, with ongoing earnings rising despite merger-related costs and share dilution.
Key Takeaways
TXNM Energy delivered third quarter 2025 results marked by steady operational performance and continued rate recovery across its service areas. GAAP diluted EPS was $1.22, with ongoing diluted EPS of $1.33. The company reported consolidated net earnings of $130.7 million, supported by higher transmission and distribution revenues and rate adjustments in New Mexico and Texas. Merger-related costs and additional share issuances modestly impacted results.
GAAP diluted EPS was $1.22, while ongoing diluted EPS was $1.33.
Net earnings attributable to TXNM Energy totaled $130.7 million.
Operating income increased to $202.9 million from $191.1 million in Q3 2024.
Electric operating revenues grew 14% year-over-year to $647.2 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TXNM Energy did not reaffirm or update 2025 guidance due to its pending merger with Blackstone Infrastructure. The company continues regulatory filings and expects transaction closure in the second half of 2026.
Positive Outlook
- Regulatory filings for Blackstone acquisition progressing as planned.
- PNM received approval for rate adjustments in New Mexico.
- TNMP implemented its second 2025 TCOS filing, recovering $87 million in rate base.
- Distribution investments in Texas continue through DCRF mechanisms.
- Strong operational performance and stable cash flow.
Challenges Ahead
- Merger-related costs reduced GAAP earnings.
- Equity issuances diluted EPS in Q3 2025.
- Lower weather-related usage impacted demand.
- Higher O&M, depreciation, and property taxes pressured margins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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