TXNM

MKT CAP:$6B

TXNM Energy, Inc.

Market Cap

$6B

Utilities·Regulated Electric·🇺🇸 United States·NYSE

Utilities·Regulated Electric·🇺🇸·NYSE

Stock Price

$58.98-$0.07 (-0.13%)

Apr 24, 2026

Company Details

TXNM Energy, Inc., through its subsidiaries, provides electricity and electric services in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment...

CEO

Joseph D. Tarry

IPO Date

Feb 21, 1973

Website

www.txnmenergy.com

Key Metrics TTM

Revenue

$2.1B

+10.4% YoY

Net Income

$358M

EPS (Diluted)

$3.72

Free Cash Flow

-$551M

Revenue / Share

$22.98

Gross Margin

44.0%

Operating Margin

27.6%

Net Margin

16.7%

FCF Margin

-25.7%

P/S

3.0x

P/E

18.0x

Earnings Reports

Q4 2025

May 8, 2026

PENDING

Q3 2025

Oct 31, 2025

$647M+13.7%EPS $1.22

FY 2024

Feb 28, 2025

$2.0BEPS $2.67

Q3 2024

Nov 1, 2024

$569M+12.5%EPS $1.45

Q2 2024

Aug 2, 2024

$488M+2.3%EPS $0.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$576M	$140M	$57M
Q1 23	$544M	$180M	$99M
Q2 23	$477M	$175M	$96M
Q3 23	$506M	$170M	$89M
Q4 23	$412M	$103M	$19M
Q1 24	$437M	$166M	$85M
Q2 24	$488M	$189M	$106M
Q3 24	$569M	$288M	$197M
Q3 25	$647M	$299M	$202M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	1.8x	25.0x
Q4 23	1.8x	40.2x
Q1 24	1.8x	42.1x
Q2 24	1.8x	39.4x
Q3 24	2.1x	22.8x
Q3 25	2.5x	14.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$140M	-$70M
Q1 23	$132M	-$133M
Q2 23	$111M	-$162M
Q3 23	$170M	-$101M
Q4 23	$139M	-$129M
Q1 24	$93M	-$196M
Q2 24	$77M	-$216M
Q3 24	$180M	-$144M
Q3 25	$282M	$5M

Capital Expenditures

Quarter	CapEx
Q4 22	$210M
Q1 23	$264M
Q2 23	$273M
Q3 23	$271M
Q4 23	$268M
Q1 24	$289M
Q2 24	$293M
Q3 24	$324M
Q3 25	$277M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	-28.4%	-24.3%
Q1 24	-19.7%	-20.9%
Q2 24	+2.3%	+0.3%
Q3 24	+12.5%	-10.8%
Q3 25	+57.0%	+13.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$0	0.0%
Q1 23	$3M	0.6%
Q2 23	$853.0K	0.2%
Q3 23	$2M	0.3%
Q4 23	$1M	0.3%
Q1 24	$5M	1.1%
Q2 24	$2M	0.4%
Q3 24	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 22	—	$62M
Q1 23	—	$55M
Q2 23	—	$54M
Q3 23	—	$58M
Q4 23	—	$60M
Q1 24	—	$55M
Q2 24	—	$60M
Q3 24	—	$65M
Q3 25	$68M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$4M	$0	$4M
Q1 23	$4M	$0	$4M
Q2 23	$8M	$0	$8M
Q3 23	$8M	$0	$8M
Q4 23	$2M	$0	$2M
Q1 24	$3M	$0	$3M
Q2 24	$3M	$0	$3M
Q3 24	$7M	$0	$7M
Q4 24	$4M	$0	$4M
Q1 25	$14M	$0	$14M
Q2 25	$36M	$0	$36M
Q3 25	$32M	$0	$32M
Q4 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	86M	—	—
Q1 23	86M	+0.4%	—
Q2 23	86M	-0.0%	—
Q3 23	86M	0.0%	—
Q4 23	88M	+2.7%	+3.0%
Q1 24	91M	+2.3%	+5.1%
Q2 24	91M	+0.2%	+5.3%
Q3 24	91M	-0.1%	+5.2%
Q3 25	93M	+2.8%	+5.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$374.6K	2K
Q1 23	$354.0K	2K
Q2 23	$310.4K	2K
Q3 23	$329.1K	2K
Q4 23	$252.1K	2K
Q1 24	$267.2K	2K
Q2 24	$298.5K	2K
Q3 24	$348.2K	2K
Q3 25	$381.8K	2K

Revenue / Employee