What is TXNM Energy's operating income?

TXNM Energy's total operating income in 2025 was $441.18 million, based on the following breakdown: Total Gross Profit: $1.14 billion Total Operating Expenses: $700.09 million

TXNM Energy (TXNM) Financials

$58.75 -0.08 (-0.14%)

As of 12:40 PM Eastern

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Annual Income Statements for TXNM Energy

This table shows TXNM Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	16	117	80	86	77	173	196	170	88	242	151
Consolidated Net Income / (Loss)	31	132	95	101	92	187	212	185	107	259	170
Net Income / (Loss) Continuing Operations	31	502	95	101	92	187	212	185	107	259	170
Total Pre-Tax Income	46	195	226	109	67	208	244	211	91	280	180
Total Operating Income	124	285	315	236	144	285	308	394	231	453	441
Total Gross Profit	489	1,049	725	731	601	777	823	927	779	1,086	1,141
Total Revenue	1,439	1,363	1,445	1,437	1,458	1,523	1,780	2,250	1,939	1,971	2,166
Operating Revenue	1,439	1,363	1,445	1,437	1,458	1,523	1,780	-	1,939	1,971	2,166
Total Cost of Revenue	950	314	720	705	856	746	957	1,323	1,160	886	1,024
Operating Cost of Revenue	878	238	644	626	776	664	871	1,230	1,065	785	914
Other Cost of Revenue	72	76	77	80	80	82	86	93	96	101	110
Total Operating Expenses	365	394	410	495	457	492	514	532	547	632	700
Selling, General & Admin Expense	179	185	178	188	189	216	230	227	228	247	274
Depreciation Expense	186	209	232	241	268	276	284	305	320	385	426
Total Other Income / (Expense), net	-78	-90	-89	-127	-77	-77	-64	-182	-141	-173	-261
Interest Expense	115	129	128	127	121	114	97	128	190	228	272
Interest & Investment Income	23	42	43	-1.64	44	36	32	-62	41	50	55
Other Income / (Expense), net	14	-2.73	-4.73	1.89	0.05	1.24	1.64	7.72	8.34	4.43	-44
Income Tax Expense	15	63	130	7.78	-25	21	33	26	-16	22	10
Net Income / (Loss) Attributable to Noncontrolling Interest	15	15	15	15	14	14	15	15	19	16	18
Basic Earnings per Share	$0.20	$1.47	$1.00	$1.07	$0.97	$2.16	$2.28	$1.97	$1.02	$2.67	$1.49
Weighted Average Basic Shares Outstanding	79.76M	79.76M	79.89M	118.78M	118.78B	124.96M	124.96M	124.96M	129.32M	131.78M	148.05M
Diluted Earnings per Share	$0.20	$1.46	$1.00	$1.07	$0.97	$2.15	$2.27	$1.97	$1.02	$2.67	$1.48
Weighted Average Diluted Shares Outstanding	79.76M	79.76M	79.89M	118.78M	118.78B	124.96M	124.96M	124.96M	129.32M	131.78M	148.05M
Weighted Average Basic & Diluted Shares Outstanding	79.76M	79.76M	79.89M	118.78M	118.78B	124.96M	124.96M	124.96M	129.32M	131.78M	148.05M
Cash Dividends to Common per Share	$0.82	$0.90	$0.99	$1.09	$1.18	$1.25	$1.33	$1.41	$1.49	$1.57	$1.65

This table shows TXNM Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	47	48	131	16	8.92	22	131	-9.85	3.74	71	163
Consolidated Net Income / (Loss)	50	52	136	20	13	26	136	-5.29	8.01	75	168
Net Income / (Loss) Continuing Operations	50	52	136	20	13	26	136	-5.29	8.01	75	168
Total Pre-Tax Income	38	61	160	22	14	27	155	-16	8.00	88	195
Total Operating Income	81	106	191	76	72	73	203	94	77	123	271
Total Gross Profit	229	260	359	242	237	254	376	275	256	303	452
Total Revenue	437	488	569	477	483	502	647	533	505	549	733
Total Cost of Revenue	208	228	210	235	246	248	271	259	249	246	281
Operating Cost of Revenue	182	204	184	211	219	220	243	232	217	215	250
Other Cost of Revenue	26	24	26	25	26	28	28	27	32	31	31
Total Operating Expenses	149	154	168	166	165	181	173	181	179	179	181
Selling, General & Admin Expense	55	60	65	67	61	76	68	69	67	65	69
Depreciation Expense	93	94	97	100	105	105	105	111	112	115	112
Total Other Income / (Expense), net	-43	-45	-31	-54	-58	-45	-48	-110	-69	-36	-76
Interest Expense	54	56	60	59	64	72	70	66	69	69	76
Interest & Investment Income	23	5.03	22	0.34	3.01	27	18	6.51	-5.38	29	-3.78
Other Income / (Expense), net	-12	6.05	5.97	4.03	2.47	-0.78	4.66	-51	4.96	5.11	4.12
Income Tax Expense	-13	8.97	23	1.70	1.02	1.33	19	-11	-0.01	12	27
Preferred Stock Dividends Declared	0.13	0.13	0.13	0.13	0.13	0.13	0.13	-	0.13	0.13	0.13
Net Income / (Loss) Attributable to Noncontrolling Interest	3.04	3.78	5.06	4.15	3.74	4.31	5.46	4.43	4.14	3.99	4.44
Basic Earnings per Share	$0.52	$0.53	$1.45	$0.17	$0.10	$0.22	$1.22	($0.05)	$0.03	$0.64	$1.55
Weighted Average Basic Shares Outstanding	129.32M	129.32M	129.32M	131.78M	131.78M	144.50M	148.05M	148.05M	149.83M	142.17M	149.25M
Diluted Earnings per Share	$0.52	$0.53	$1.45	$0.17	$0.10	$0.22	$1.22	($0.06)	$0.03	$0.64	$1.50
Weighted Average Diluted Shares Outstanding	129.32M	129.32M	129.32M	131.78M	131.78M	144.50M	148.05M	148.05M	149.83M	142.17M	149.25M
Weighted Average Basic & Diluted Shares Outstanding	129.32M	129.32M	129.32M	131.78M	131.78M	144.50M	148.05M	148.05M	149.83M	142.17M	149.25M
Cash Dividends to Common per Share	$0.39	$0.39	$0.39	-	$0.41	$0.41	$0.41	-	$0.42	$0.42	$0.42

This table details how cash moves in and out of TXNM Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-150	-49	23	-1.85	1.71	44	-47	2.97	-0.14	18	9.87
Net Cash From Operating Activities	387	408	523	428	503	486	548	567	551	508	584
Net Cash From Continuing Operating Activities	219	408	522	426	503	486	547	567	551	508	584
Net Income / (Loss) Continuing Operations	31	132	95	101	92	187	212	185	107	259	170
Consolidated Net Income / (Loss)	31	132	95	101	92	187	212	185	107	259	170
Depreciation Expense	223	242	268	276	301	315	320	341	354	423	483
Non-Cash Adjustments To Reconcile Net Income	-18	-0.76	0.64	81	121	-20	-1.95	89	61	-8.68	35
Changes in Operating Assets and Liabilities, net	-17	35	158	-32	-11	3.83	17	-48	30	-165	-104
Net Cash From Investing Activities	-545	-699	-466	-476	-674	-734	-952	-950	-1,088	-1,174	-1,217
Net Cash From Continuing Investing Activities	-545	-699	-466	-476	-674	-734	-952	-950	-1,088	-1,174	-1,217
Purchase of Property, Plant & Equipment	-559	-600	-500	-501	-616	-679	-935	-913	-1,076	-1,247	-1,196
Acquisitions	0.00	0.00	-4.08	-9.00	-38	-23	0.00	0.00	-26	-13	0.00
Purchase of Investments	-263	-661	-650	-1,007	-514	-608	-478	-565	-593	-757	-714
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	33	2.84	0.00
Divestitures	-	-	-	-	-	-	-	0.00	0.00	117	0.00
Sale and/or Maturity of Investments	252	553	637	1,041	495	591	460	526	574	707	693
Other Investing Activities, net	24	8.73	51	0.34	-0.04	-15	-0.01	0.67	0.04	15	-0.11
Net Cash From Financing Activities	175	242	-59	46	172	292	358	386	537	684	643
Net Cash From Continuing Financing Activities	175	242	-35	46	172	292	358	386	537	684	643
Repayment of Debt	-340	-459	-306	-829	-465	-1,142	-1,397	-1,845	-3,249	-3,385	-6,143
Repurchase of Common Equity	-18	-15	-14	-13	-9.92	-12	-10	-7.98	-9.65	-8.46	-12
Payment of Dividends	-81	-88	-96	-102	-108	-117	-132	-137	-148	-159	-184
Issuance of Debt	609	790	317	985	745	1,268	1,816	2,388	3,717	4,125	6,193
Issuance of Common Equity	-	-	-	0.00	0.00	283	0.00	0.00	198	99	843
Other Financing Activities, net	5.65	14	64	5.02	11	11	81	-11	29	13	-54
Cash Interest Paid	103	115	121	119	115	107	91	118	155	208	234
Cash Income Taxes Paid	-1.89	-0.31	0.63	0.84	-2.93	0.97	1.04	-1.01	1.51	-1.00	2.35

This table details how cash moves in and out of TXNM Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	7.97	8.41	-3.88	5.65	-6.19	22	2.46	-8.03	-20	15	7.70
Net Cash From Operating Activities	93	77	180	159	141	3.54	282	158	153	70	230
Net Cash From Continuing Operating Activities	93	77	180	159	141	3.54	282	158	153	70	230
Net Income / (Loss) Continuing Operations	50	52	136	20	13	26	136	-5.29	8.01	75	168
Consolidated Net Income / (Loss)	50	52	136	20	13	26	136	-5.29	8.01	75	168
Depreciation Expense	103	103	108	109	114	121	126	122	125	128	127
Non-Cash Adjustments To Reconcile Net Income	-12	2.52	-5.47	6.63	5.07	-20	-9.72	60	15	-24	12
Changes in Operating Assets and Liabilities, net	-48	-81	-58	23	9.09	-123	30	-19	4.50	-109	-77
Net Cash From Investing Activities	-184	-295	-326	-369	-345	-266	-279	-327	-315	-266	-327
Net Cash From Continuing Investing Activities	-184	-295	-326	-369	-345	-266	-279	-327	-315	-266	-327
Purchase of Property, Plant & Equipment	-289	-293	-324	-342	-343	-266	-277	-310	-313	-265	-325
Purchase of Investments	-305	-113	-339	-0.21	-92	-109	-244	-269	-113	-220	-97
Sale and/or Maturity of Investments	303	110	333	-38	90	109	242	253	110	220	95
Other Investing Activities, net	-0.02	-0.03	3.43	12	-0.03	-0.02	-0.02	-0.03	0.04	0.04	0.04
Net Cash From Financing Activities	100	227	142	216	198	284	-0.31	161	142	211	105
Net Cash From Continuing Financing Activities	100	227	142	216	198	284	-0.31	161	142	211	105
Repayment of Debt	-678	-1,597	-549	-561	-534	-2,581	-2,099	-929	-591	-970	-1,905
Repurchase of Common Equity	-5.44	-0.81	-1.74	-0.48	-6.31	-1.94	-0.18	-3.54	-5.39	-0.98	-0.10
Payment of Dividends	-39	-39	-41	-40	-38	-43	-49	-50	-46	-47	-30
Issuance of Debt	776	1,874	766	710	848	2,270	1,946	1,129	668	1,188	2,001
Issuance of Common Equity	-	-	-	-	0.00	-	198	-0.15	104	20	-4.61
Other Financing Activities, net	46	-9.82	-31	8.21	-72	-5.70	4.94	14	14	21	45
Cash Interest Paid	49	49	50	61	52	81	29	72	46	74	70

This table presents TXNM Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,009	6,471	6,646	6,866	7,299	7,940	8,667	9,257	10,253	11,212	12,059
Total Current Assets	386	378	294	303	294	377	325	411	476	499	565
Cash & Equivalents	46	4.52	3.97	2.12	3.83	48	1.10	4.08	2.22	4.50	18
Short-Term Investments	-	-	-	-	-	-	-	-	444	476	506
Accounts Receivable	179	174	162	161	155	193	209	267	267	237	274
Inventories, net	67	73	67	72	78	66	65	67	98	167	181
Prepaid Expenses	-	-	-	-	-	42	37	18	20	25	29
Current Deferred & Refundable Income Taxes	5.85	6.07	6.88	7.97	4.93	5.67	4.88	2.35	6.70	7.68	8.32
Other Current Assets	87	83	51	59	52	23	16	52	82	58	54
Plant, Property, & Equipment, net	4,535	4,905	4,984	5,235	5,466	11,930	6,778	7,000	7,639	8,466	9,352
Plant, Property & Equipment, gross	6,594	7,240	7,573	7,839	8,180	14,765	16,111	9,633	10,366	11,266	12,322
Accumulated Depreciation	2,059	2,335	2,593	2,604	2,714	2,835	2,953	2,660	2,756	2,829	3,011
Total Noncurrent Assets	1,088	1,188	1,368	1,328	1,526	1,482	1,475	3,095	1,693	1,772	1,637
Long-Term Investments	260	274	341	355	454	440	463	418	120	0.26	0.30
Goodwill	278	278	278	278	278	278	278	278	278	278	278
Intangible Assets	-	-	-	0.00	131	105	-	-	182	273	109
Other Noncurrent Operating Assets	550	580	696	695	662	659	733	2,399	1,113	1,220	1,250
Total Liabilities & Shareholders' Equity	6,009	6,471	6,646	6,866	7,299	7,940	8,667	9,257	10,253	11,212	12,059
Total Liabilities	4,272	4,715	4,873	5,101	5,545	5,820	6,432	7,001	7,842	8,617	8,600
Total Current Liabilities	629	794	836	512	967	978	664	890	1,231	1,775	1,018
Short-Term Debt	376	560	562	236	675	635	242	417	542	1,221	484
Accounts Payable	100	87	121	112	103	169	188	216	205	204	243
Customer Deposits	-	-	11	11	11	6.61	5.10	6.12	6.24	6.53	6.89
Dividends Payable	18	19	21	23	25	28	0.13	32	35	37	46
Other Taxes Payable	58	62	62	65	77	68	70	77	99	105	124
Other Current Liabilities	77	65	57	65	77	63	174	143	344	202	113
Total Noncurrent Liabilities	3,630	3,910	4,049	4,589	4,578	4,842	5,768	6,122	6,611	6,853	7,582
Long-Term Debt	1,967	2,119	2,181	2,670	2,517	2,720	3,520	3,893	4,242	4,312	5,116
Asset Retirement Reserve & Litigation Obligation	579	583	1,080	1,050	1,048	1,034	1,076	979	1,017	993	1,012
Noncurrent Deferred Revenue	134	141	132	168	186	255	333	342	319	359	389
Noncurrent Deferred & Payable Income Tax Liabilities	877	941	547	601	626	695	765	823	845	899	961
Noncurrent Employee Benefit Liabilities	73	126	94	100	95	58	19	33	21	23	6.74
Other Noncurrent Operating Liabilities	-	0.00	15	0.00	106	-	56	53	167	267	97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	12	12	-	12	12	12	12	-	12	-	12
Total Equity & Noncontrolling Interests	1,726	1,745	1,761	1,753	1,742	2,108	2,223	2,245	2,399	2,583	3,448
Total Preferred & Common Equity	1,655	1,676	1,695	1,688	1,679	2,049	2,168	2,192	2,349	2,536	3,404
Total Common Equity	1,655	1,676	1,695	1,688	1,679	2,049	2,168	2,192	2,349	2,536	3,404
Common Stock	1,166	1,164	1,158	1,153	1,151	1,430	1,429	1,429	1,625	1,724	2,564
Retained Earnings	560	605	634	644	628	699	810	829	787	888	867
Accumulated Other Comprehensive Income / (Loss)	-71	-92	-96	-109	-99	-79	-72	-66	-63	-76	-27
Noncontrolling Interest	71	69	66	64	63	59	55	53	50	47	44

This table presents TXNM Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	9,627	10,051	10,258	10,583	10,843	11,391	11,675	11,972	12,138	12,508	12,824
Total Current Assets	405	489	408	538	496	489	574	595	562	660	759
Cash & Equivalents	7.64	7.77	2.99	3.24	7.24	6.05	22	32	5.62	15	29
Short-Term Investments	-	-	-	-	454	470	487	494	495	514	500
Accounts Receivable	220	269	200	302	275	232	275	316	268	303	370
Inventories, net	81	83	104	115	121	168	171	173	190	194	201
Prepaid Expenses	-	-	0.00	0.00	34	26	40	31	25	33	35
Current Deferred & Refundable Income Taxes	-	-	-	-	5.32	7.28	9.49	8.64	7.78	9.23	8.07
Other Current Assets	60	99	61	59	53	49	56	35	66	107	115
Plant, Property, & Equipment, net	7,244	7,440	7,760	7,975	8,238	8,652	8,848	9,047	9,486	9,681	9,929
Plant, Property & Equipment, gross	9,818	10,062	10,501	10,755	11,122	11,512	11,720	11,977	12,528	12,768	13,085
Accumulated Depreciation	2,680	2,729	2,813	2,855	2,910	2,889	2,905	2,967	3,083	3,132	3,200
Total Noncurrent Assets	1,438	1,581	1,641	1,630	1,656	1,779	1,767	1,835	1,596	1,653	1,635
Long-Term Investments	0.18	0.17	0.19	0.23	0.26	0.29	0.25	0.27	0.26	0.23	0.19
Goodwill	278	278	278	278	278	278	278	278	278	278	278
Intangible Assets	50	186	179	177	175	269	266	320	50	48	46
Other Noncurrent Operating Assets	1,110	1,117	1,183	1,174	1,203	1,231	1,222	1,237	1,267	1,327	1,311
Total Liabilities & Shareholders' Equity	9,627	10,051	10,258	10,583	10,843	11,391	11,675	11,972	12,138	12,508	12,824
Total Liabilities	7,302	7,753	7,841	8,120	8,324	8,828	8,447	8,499	8,613	8,894	9,127
Total Current Liabilities	1,108	1,479	942	1,000	1,370	1,694	1,120	1,176	1,023	1,185	941
Short-Term Debt	327	908	528	567	871	1,266	762	716	566	711	364
Accounts Payable	148	157	133	140	136	163	148	154	157	195	192
Customer Deposits	-	-	-	-	6.53	6.56	6.51	6.69	7.03	7.03	7.15
Dividends Payable	-	-	-	-	35	38	0.13	43	47	0.13	47
Other Taxes Payable	69	86	88	91	116	103	87	134	135	133	156
Other Current Liabilities	108	225	191	201	205	118	117	121	111	139	176
Total Noncurrent Liabilities	6,194	6,274	6,734	6,982	6,954	7,134	7,327	7,322	7,590	7,709	8,185
Long-Term Debt	3,928	3,903	4,355	4,597	4,511	4,583	4,783	4,680	5,112	5,188	5,633
Asset Retirement Reserve & Litigation Obligation	994	993	1,025	1,024	1,022	999	998	1,009	1,030	1,040	1,041
Noncurrent Deferred Revenue	346	323	334	331	363	369	364	371	430	450	444
Noncurrent Deferred & Payable Income Tax Liabilities	861	859	836	854	886	910	918	946	970	991	1,027
Noncurrent Employee Benefit Liabilities	29	28	19	16	13	21	18	16	6.74	6.65	6.41
Other Noncurrent Operating Liabilities	35	169	166	160	158	253	246	300	41	35	35
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	12	12	12	12	12	12	12
Total Equity & Noncontrolling Interests	2,321	2,298	2,423	2,473	2,508	2,551	3,217	3,461	3,514	3,602	3,686
Total Preferred & Common Equity	2,262	2,235	2,356	2,403	2,460	2,504	3,171	3,416	3,465	3,554	3,638
Total Common Equity	2,321	2,298	2,423	2,473	2,460	2,504	3,171	3,416	3,465	3,554	3,638
Common Stock	1,424	1,425	1,624	1,625	1,625	1,721	2,367	2,566	2,667	2,685	2,682
Retained Earnings	898	872	799	847	909	858	879	924	824	895	982
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-73	-75	-75	-74	-26	-26	-26
Noncontrolling Interest	-	-	-	-	48	46	46	45	49	48	48

This table displays calculated financial ratios and metrics derived from TXNM Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	148,045,513.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	148,045,513.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	84	192	133	219	199	257	267	345	273	419	416
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.26%	3.80%	5.16%	4.60%
Earnings before Interest and Taxes (EBIT)	138	282	310	238	144	287	310	401	240	458	397
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	361	524	579	514	445	601	630	743	593	881	880
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-107	-192	141	64	35	-6,196	5,784	-1,631	1,022	-602	-481
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,804	4,189	4,181	4,336	4,500	10,953	5,436	7,412	6,663	7,684	8,570
Increase / (Decrease) in Invested Capital	191	385	-7.77	155	164	6,453	-5,517	1,976	-749	1,021	897
Book Value per Share	$13.93	$14.11	$21.22	$14.21	$0.01	$17.25	$17.35	$17.54	$18.80	$19.61	$22.99
Tangible Book Value per Share	$11.59	$11.77	$17.74	$11.87	$0.01	$14.03	$15.12	$15.31	$15.11	$15.35	$20.38
Total Capital	4,080	4,436	4,504	4,670	4,946	5,556	5,996	6,554	7,194	8,127	9,048
Total Debt	2,343	2,680	2,743	2,906	3,193	3,436	3,762	4,309	4,784	5,533	5,600
Total Long-Term Debt	1,967	2,119	2,181	2,670	2,517	2,801	3,520	3,893	4,242	4,312	5,116
Net Debt	2,037	2,402	2,399	2,549	2,735	2,947	3,297	3,888	4,217	5,052	5,076
Capital Expenditures (CapEx)	559	600	500	501	616	679	935	913	1,043	1,244	1,196
Debt-free, Cash-free Net Working Capital (DFCFNWC)	86	140	17	24	-1.94	-13	-99	-67	-660	-535	-493
Debt-free Net Working Capital (DFNWC)	132	145	21	26	1.90	35	-98	-63	-213	-55	31
Net Working Capital (NWC)	-243	-416	-541	-210	-673	-600	-340	-479	-755	-1,276	-453
Net Nonoperating Expense (NNE)	53	61	38	118	107	70	55	160	166	160	246
Net Nonoperating Obligations (NNO)	2,067	2,433	2,420	2,572	2,747	8,833	3,202	5,167	4,252	5,089	5,122
Total Depreciation and Amortization (D&A)	223	242	268	276	301	315	320	341	354	423	483
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.20	$1.47	$1.00	$1.07	$0.97	$2.16	$2.28	$1.97	$1.02	$2.67	$1.49
Adjusted Weighted Average Basic Shares Outstanding	118.78M	118.78M	118.78M	118.78M	118.78B	124.96M	124.96M	124.96M	129.32M	131.78M	148.05M
Adjusted Diluted Earnings per Share	$0.20	$1.46	$1.00	$1.07	$0.97	$2.15	$2.27	$1.97	$1.02	$2.67	$1.48
Adjusted Weighted Average Diluted Shares Outstanding	118.78M	118.78M	118.78M	118.78M	118.78B	124.96M	124.96M	124.96M	129.32M	131.78M	148.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	118.78M	118.78M	118.78M	118.78M	118.78B	124.96M	124.96M	124.96M	129.32M	131.78M	148.05M
Normalized Net Operating Profit after Tax (NOPAT)	84	192	221	280	101	257	267	345	162	419	416
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from TXNM Energy's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	148,045,513.00	148,045,513.00	149,831,414.00	142,170,268.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	148,045,513.00	148,045,513.00	149,831,414.00	142,170,268.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-0.07	0.03	0.48	1.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.70%	2.29%	12.53%	15.74%	10.51%	2.93%	13.69%	-	4.60%	9.18%	13.31%
EBITDA Growth	-7.94%	18.75%	69.95%	309.82%	9.70%	-10.33%	9.45%	-	9.93%	32.75%	20.59%
EBIT Growth	-30.81%	18.34%	117.67%	278.31%	7.80%	-35.63%	5.32%	-	10.23%	78.54%	32.61%
NOPAT Growth	25.97%	13.86%	65.10%	314.53%	-37.99%	-23.24%	9.22%	-	15.78%	53.29%	30.88%
Net Income Growth	-16.44%	5.14%	217.83%	143.72%	-74.59%	-49.94%	-0.07%	-	-37.45%	189.82%	23.25%
EPS Growth	-18.75%	0.00%	229.55%	128.81%	-80.77%	-58.49%	-15.86%	-	-70.00%	190.91%	22.95%
Operating Cash Flow Growth	-29.42%	-30.86%	5.78%	14.49%	52.19%	-95.39%	56.67%	-	8.45%	1,873.74%	-18.61%
Free Cash Flow Firm Growth	-213.69%	88.69%	-19.19%	-232.74%	88.28%	-29.05%	-8.03%	-	24.66%	33.98%	19.17%
Invested Capital Growth	750.96%	12.57%	12.68%	15.32%	14.29%	13.76%	12.18%	-	9.76%	8.72%	9.84%
Revenue Q/Q Growth	6.01%	11.73%	16.63%	-16.21%	1.22%	4.07%	28.81%	-	-5.30%	8.63%	33.68%
EBITDA Q/Q Growth	272.43%	25.07%	41.61%	-37.87%	-0.31%	2.23%	72.85%	-	25.55%	23.45%	57.02%
EBIT Q/Q Growth	253.44%	61.98%	76.35%	-59.32%	-7.23%	-3.28%	188.54%	-	91.04%	56.67%	114.31%
NOPAT Q/Q Growth	428.29%	-16.08%	80.95%	-56.97%	-5.11%	3.88%	157.48%	-	17.52%	37.53%	119.83%
Net Income Q/Q Growth	210.13%	3.17%	162.49%	-85.34%	-36.00%	103.27%	423.98%	-	251.38%	841.79%	122.84%
EPS Q/Q Growth	188.14%	1.92%	173.58%	-88.28%	-41.18%	120.00%	454.55%	-	150.00%	2,033.33%	134.38%
Operating Cash Flow Q/Q Growth	-33.02%	-17.35%	134.65%	-11.87%	-10.96%	-97.50%	7,870.46%	-	-2.86%	-54.41%	228.67%
Free Cash Flow Firm Q/Q Growth	-838.65%	90.92%	5.96%	-40.21%	2.15%	-0.02%	21.27%	-	16.87%	12.36%	3.60%
Invested Capital Q/Q Growth	-15.20%	4.15%	2.91%	2.79%	3.75%	3.66%	1.48%	-	1.96%	2.68%	2.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.48%	53.20%	63.15%	50.68%	49.13%	50.54%	58.04%	-	50.74%	55.20%	61.68%
EBITDA Margin	39.37%	44.07%	53.51%	39.68%	39.08%	38.39%	51.51%	-	41.07%	46.67%	54.82%
Operating Margin	18.45%	21.65%	33.57%	15.96%	14.89%	14.47%	31.35%	-	15.25%	22.48%	36.97%
EBIT Margin	15.79%	22.89%	34.61%	16.81%	15.40%	14.32%	32.07%	-	16.23%	23.41%	37.53%
Profit (Net Income) Margin	11.53%	10.65%	23.96%	4.19%	2.65%	5.18%	21.06%	-	1.59%	13.74%	22.91%
Tax Burden Percent	133.26%	85.28%	85.34%	92.18%	92.63%	95.15%	87.79%	-	100.11%	86.00%	85.99%
Interest Burden Percent	54.79%	54.54%	81.11%	27.06%	18.58%	38.01%	74.81%	-	9.76%	68.27%	70.99%
Effective Tax Rate	-33.26%	14.72%	14.66%	7.82%	7.37%	4.85%	12.21%	-	-0.11%	14.00%	14.01%
Return on Invested Capital (ROIC)	15.26%	4.96%	7.74%	4.04%	3.72%	3.60%	7.32%	-	4.00%	5.01%	8.38%
ROIC Less NNEP Spread (ROIC-NNEP)	7.73%	4.11%	7.17%	2.97%	2.64%	2.72%	6.47%	-	2.70%	4.42%	7.13%
Return on Net Nonoperating Assets (RNNOA)	2.67%	7.64%	13.82%	5.54%	5.28%	4.70%	10.66%	-	4.71%	6.72%	10.37%
Return on Equity (ROE)	17.93%	12.60%	21.57%	9.58%	9.00%	8.30%	17.98%	-	8.70%	11.73%	18.76%
Cash Return on Invested Capital (CROIC)	-110.28%	-6.50%	-7.00%	-8.40%	-8.20%	-8.23%	-6.71%	-	-4.25%	-3.09%	-3.62%
Operating Return on Assets (OROA)	5.60%	4.17%	6.32%	3.09%	2.87%	2.61%	5.93%	-	3.02%	4.33%	7.02%
Return on Assets (ROA)	4.09%	1.94%	4.37%	0.77%	0.49%	0.95%	3.89%	-	0.29%	2.54%	4.29%
Return on Common Equity (ROCE)	17.93%	12.60%	21.30%	9.35%	8.90%	8.21%	17.63%	-	8.54%	11.53%	18.45%
Return on Equity Simple (ROE_SIMPLE)	4.12%	4.14%	7.85%	0.00%	8.83%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	107	90	163	70	67	69	178	66	77	106	233
NOPAT Margin	24.58%	18.46%	28.65%	14.71%	13.79%	13.77%	27.52%	-	15.27%	19.33%	31.79%
Net Nonoperating Expense Percent (NNEP)	7.52%	0.86%	0.57%	1.07%	1.08%	0.88%	0.85%	-	1.30%	0.59%	1.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	0.86%	0.79%	0.79%	2.01%	0.73%	0.84%	1.12%	2.41%
Cost of Revenue to Revenue	46.52%	46.80%	36.85%	49.32%	50.87%	49.46%	41.96%	-	49.26%	44.80%	38.32%
SG&A Expenses to Revenue	12.69%	12.21%	11.39%	14.10%	12.59%	15.13%	10.58%	-	13.25%	11.83%	9.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.04%	31.55%	29.58%	34.71%	34.24%	36.07%	26.69%	-	35.49%	32.72%	24.71%
Earnings before Interest and Taxes (EBIT)	69	112	197	80	74	72	208	43	82	128	275
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	172	215	305	189	189	193	333	165	207	256	402
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.32	1.27	1.51	1.65	1.82	1.52	1.41	-	1.44	1.37	1.37
Price to Tangible Book Value (P/TBV)	1.63	1.56	1.86	2.11	2.33	1.84	1.71	-	1.59	1.51	1.50
Price to Revenue (P/Rev)	1.74	1.71	1.95	2.12	2.26	2.38	2.28	-	2.28	2.18	2.14
Price to Earnings (P/E)	39.96	37.98	21.13	17.28	22.34	27.25	27.24	-	34.08	24.88	21.74
Dividend Yield	4.00%	4.12%	4.37%	3.18%	2.96%	2.82%	2.87%	-	2.83%	2.92%	2.89%
Earnings Yield	2.50%	2.63%	4.73%	5.79%	4.48%	3.67%	3.67%	-	2.93%	4.02%	4.60%
Enterprise Value to Invested Capital (EV/IC)	1.16	1.14	1.16	1.21	1.25	1.20	1.16	-	1.17	1.15	1.14
Enterprise Value to Revenue (EV/Rev)	4.41	4.51	4.57	4.72	4.95	4.89	4.62	-	4.67	4.61	4.52
Enterprise Value to EBITDA (EV/EBITDA)	13.96	13.56	11.80	10.55	11.12	11.34	10.78	-	11.37	10.71	10.19
Enterprise Value to EBIT (EV/EBIT)	38.65	36.69	26.15	20.30	21.55	23.44	22.46	-	25.28	22.36	19.86
Enterprise Value to NOPAT (EV/NOPAT)	22.80	22.71	25.06	22.20	26.01	27.50	25.72	-	24.17	22.68	20.73
Enterprise Value to Operating Cash Flow (EV/OCF)	15.76	17.36	17.83	18.29	17.94	20.54	16.65	-	17.14	15.55	17.20
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.02	2.09	2.14	2.13	2.28	1.72	1.55	-	1.61	1.63	1.62
Long-Term Debt to Equity	1.80	1.86	1.79	1.66	1.79	1.48	1.35	-	1.45	1.44	1.52
Financial Leverage	0.35	1.86	1.93	1.87	2.00	1.72	1.65	-	1.75	1.52	1.45
Leverage Ratio	2.36	4.22	4.34	4.29	4.34	3.90	3.81	-	3.87	3.53	3.46
Compound Leverage Factor	1.29	2.30	3.52	1.16	0.81	1.48	2.85	-	0.38	2.41	2.45
Debt to Total Capital	66.83%	67.62%	68.11%	68.07%	69.54%	63.20%	60.84%	-	61.70%	62.01%	61.86%
Short-Term Debt to Total Capital	7.23%	7.43%	11.02%	15.02%	15.05%	8.69%	8.07%	-	6.15%	7.47%	3.75%
Long-Term Debt to Total Capital	59.60%	60.20%	57.09%	53.05%	54.49%	54.51%	52.77%	-	55.55%	54.54%	58.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.75%	0.72%	0.69%	0.66%	0.64%	-	0.65%	0.63%	0.62%
Common Equity to Total Capital	33.17%	32.38%	31.13%	31.21%	29.78%	36.14%	38.52%	-	37.65%	37.37%	37.53%
Debt to EBITDA	8.44	8.43	7.29	6.28	6.52	6.33	5.97	-	6.32	6.13	5.82
Net Debt to EBITDA	8.44	8.43	6.67	5.74	5.98	5.75	5.39	-	5.76	5.58	5.30
Long-Term Debt to EBITDA	7.53	7.51	6.11	4.89	5.11	5.46	5.18	-	5.69	5.39	5.47
Debt to NOPAT	13.79	14.12	15.50	13.22	15.24	15.36	14.24	-	13.43	12.98	11.84
Net Debt to NOPAT	13.78	14.11	14.17	12.07	13.99	13.95	12.85	-	12.25	11.82	10.80
Long-Term Debt to NOPAT	12.30	12.57	12.99	10.30	11.94	13.25	12.35	-	12.09	11.42	11.12
Altman Z-Score	0.49	0.50	0.52	0.47	0.49	0.59	0.62	-	0.60	0.59	0.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	1.24%	2.40%	1.16%	1.01%	1.94%	-	1.94%	1.71%	1.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.43	0.54	0.36	0.28	0.29	0.51	0.51	-	0.55	0.56	0.81
Quick Ratio	0.22	0.31	0.54	0.40	0.42	0.70	0.72	-	0.75	0.70	0.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7,939	-721	-678	-951	-930	-931	-733	-832	-701	-614	-592
Operating Cash Flow to CapEx	32.42%	26.21%	55.61%	46.45%	41.23%	1.33%	101.69%	-	48.99%	26.37%	70.52%
Free Cash Flow to Firm to Interest Expense	-147.67	-12.92	-11.37	-16.17	-14.64	-12.92	-10.44	-	-10.22	-8.86	-7.79
Operating Cash Flow to Interest Expense	1.73	1.37	3.02	2.70	2.22	0.05	4.02	-	2.23	1.01	3.02
Operating Cash Flow Less CapEx to Interest Expense	-3.60	-3.87	-2.41	-3.11	-3.17	-3.65	0.07	-	-2.33	-2.81	-1.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.18	0.18	0.18	0.19	0.18	0.18	-	0.19	0.18	0.19
Accounts Receivable Turnover	0.00	7.06	7.01	7.83	9.33	7.03	7.14	-	8.74	7.73	6.76
Inventory Turnover	11.68	10.53	9.45	6.62	6.71	6.53	6.79	-	5.74	5.62	5.53
Fixed Asset Turnover	0.00	0.24	0.24	0.24	0.25	0.24	0.24	-	0.24	0.24	0.24
Accounts Payable Turnover	7.63	7.17	6.57	4.28	6.17	6.49	6.85	-	6.41	5.99	5.98
Days Sales Outstanding (DSO)	0.00	51.70	52.09	46.63	39.12	51.90	51.09	-	41.74	47.24	53.97
Days Inventory Outstanding (DIO)	31.25	34.68	38.61	55.14	54.42	55.91	53.76	-	63.54	65.00	66.02
Days Payable Outstanding (DPO)	47.83	50.89	55.56	85.27	59.18	56.22	53.27	-	56.94	60.95	61.06
Cash Conversion Cycle (CCC)	-16.58	35.49	35.13	16.50	34.36	51.58	51.58	-	48.35	51.28	58.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,975	7,264	7,475	7,684	7,972	8,264	8,386	8,570	8,750	8,984	9,212
Invested Capital Turnover	0.62	0.27	0.27	0.27	0.27	0.26	0.27	-	0.26	0.26	0.26
Increase / (Decrease) in Invested Capital	8,046	811	841	1,021	997	1,000	911	897	778	720	825
Enterprise Value (EV)	8,077	8,303	8,704	9,296	9,985	9,927	9,746	-	10,220	10,303	10,497
Market Capitalization	3,197	3,142	3,724	4,185	4,556	4,834	4,819	-	4,982	4,874	4,970
Book Value per Share	$18.74	$19.12	$19.02	$19.61	$19.00	$24.06	$23.64	$22.99	$23.40	$23.72	$25.59
Tangible Book Value per Share	$15.20	$15.60	$15.52	$15.35	$14.85	$19.93	$19.50	$20.38	$21.19	$21.55	$23.31
Total Capital	7,307	7,637	7,901	8,127	8,411	8,773	8,869	9,048	9,203	9,513	9,694
Total Debt	4,883	5,164	5,382	5,533	5,848	5,545	5,396	5,600	5,678	5,899	5,997
Total Long-Term Debt	4,355	4,597	4,511	4,312	4,583	4,783	4,680	5,116	5,112	5,188	5,633
Net Debt	4,880	5,161	4,921	5,052	5,372	5,035	4,870	5,076	5,178	5,370	5,467
Capital Expenditures (CapEx)	286	293	324	342	343	266	277	310	313	265	325
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.41	102	-464	-535	-415	-293	-391	-493	-395	-342	-347
Debt-free Net Working Capital (DFNWC)	-5.42	105	-3.41	-55	61	216	135	31	105	187	182
Net Working Capital (NWC)	-534	-462	-874	-1,276	-1,205	-547	-581	-453	-461	-524	-182
Net Nonoperating Expense (NNE)	57	38	27	50	54	43	42	71	69	31	65
Net Nonoperating Obligations (NNO)	4,552	4,792	4,956	5,089	5,410	5,036	4,913	5,122	5,225	5,370	5,514
Total Depreciation and Amortization (D&A)	103	103	108	109	114	121	126	122	125	128	127
Debt-free, Cash-free Net Working Capital to Revenue	-0.46%	5.54%	-24.35%	-27.16%	-20.60%	-14.45%	-18.52%	-	-18.05%	-15.30%	-14.96%
Debt-free Net Working Capital to Revenue	-0.30%	5.71%	-0.18%	-2.81%	3.01%	10.62%	6.42%	-	4.81%	8.35%	7.84%
Net Working Capital to Revenue	-29.13%	-25.06%	-45.84%	-64.75%	-59.73%	-26.91%	-27.53%	-	-21.06%	-23.47%	-7.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.52	$0.53	$1.45	$0.17	$0.10	$0.22	$1.22	($0.05)	$0.03	$0.64	$1.55
Adjusted Weighted Average Basic Shares Outstanding	129.32M	129.32M	129.32M	131.78M	131.78M	144.50M	148.05M	148.05M	149.83M	142.17M	149.25M
Adjusted Diluted Earnings per Share	$0.52	$0.53	$1.45	$0.17	$0.10	$0.22	$1.22	($0.06)	$0.03	$0.64	$1.50
Adjusted Weighted Average Diluted Shares Outstanding	129.32M	129.32M	129.32M	131.78M	131.78M	144.50M	148.05M	148.05M	149.83M	142.17M	149.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	129.32M	129.32M	129.32M	131.78M	131.78M	144.50M	148.05M	148.05M	149.83M	142.17M	149.25M
Normalized Net Operating Profit after Tax (NOPAT)	56	90	163	70	67	69	178	66	54	106	233
Normalized NOPAT Margin	12.91%	18.46%	28.65%	14.71%	13.79%	13.77%	27.52%	-	10.68%	19.33%	31.79%
Pre Tax Income Margin	8.65%	12.48%	28.08%	4.55%	2.86%	5.44%	23.99%	-	1.58%	15.98%	26.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.28	2.00	3.30	1.36	1.17	1.00	2.96	-	1.20	1.85	3.62
NOPAT to Interest Expense	2.00	1.61	2.73	1.19	1.05	0.96	2.54	-	1.12	1.53	3.06
EBIT Less CapEx to Interest Expense	-4.04	-3.24	-2.12	-4.44	-4.22	-2.70	-0.99	-	-3.36	-1.97	-0.66
NOPAT Less CapEx to Interest Expense	-3.33	-3.63	-2.69	-4.61	-4.34	-2.74	-1.41	-	-3.43	-2.29	-1.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	154.86%	152.93%	80.98%	61.62%	73.48%	85.10%	89.37%	-	116.63%	93.98%	76.72%
Augmented Payout Ratio	161.77%	159.24%	85.12%	64.89%	77.70%	90.46%	93.93%	-	123.33%	98.68%	80.79%

Financials Breakdown Chart

Key Financial Trends

TXNM Energy’s latest quarter showed a meaningful earnings rebound, although the company remains highly capital-intensive and dependent on debt financing. In Q2 2026, revenue increased to $548.6 million from $502.4 million in the restated year-ago quarter, while gross profit rose 19.2% to $302.8 million. Operating income grew to $123.3 million from $72.7 million, and net income attributable to common shareholders more than tripled to $71.3 million, or $0.64 per diluted share, from $21.6 million, or $0.22 per share.

Over the available quarterly history, revenue has been volatile and seasonal, ranging from $412.1 million in Q4 2023 to $729.9 million in Q3 2022. However, the recent trend has improved from the weak Q4 2025 and Q1 2026 periods. The Q2 2026 gross margin was approximately 55.2%, up from 50.5% in Q2 2025, helped by lower cost of revenue relative to sales and stronger operating leverage.

Cash generation also improved year over year, with operating cash flow rising to $69.8 million from just $3.5 million in Q2 2025. Nevertheless, capital expenditures remained substantial at $264.8 million, producing negative quarterly free cash flow of approximately $195.0 million. The balance sheet shows growing assets and equity, but total debt and current obligations have also increased materially over the longer-term period.

Strong Q2 earnings recovery: Net income attributable to common shareholders increased to $71.3 million from $21.6 million year over year, while diluted EPS rose to $0.64 from $0.22.
Improved operating profitability: Gross profit increased to $302.8 million and operating income expanded to $123.3 million, lifting the operating margin to roughly 22.5% from 14.4% in the restated Q2 2025 period.
Better operating cash flow: Cash generated from operations improved sharply to $69.8 million in Q2 2026 from $3.5 million in the comparable quarter.
Growing asset and equity base: Since Q3 2022, total assets have risen from $9.0 billion to $12.5 billion, while total equity and noncontrolling interests increased from $2.3 billion to $3.6 billion.
Dividend growth: The quarterly common dividend increased to $0.4225 per share in Q2 2026 from $0.3675 in Q2 2023, supporting the stock’s income appeal if cash generation remains adequate.
Significant liquidity in short-term investments: TXNM reported $513.6 million of short-term investments in Q2 2026, partially offsetting its low $14.6 million cash balance. Investors should assess the liquidity and intended use of these investments.
Free cash flow remains deeply negative: Q2 capital spending of $264.8 million was nearly four times operating cash flow, leaving the company with approximately negative $195.0 million of free cash flow for the quarter.
High and rising leverage: Total short- and long-term debt was approximately $5.9 billion in Q2 2026, up from about $5.5 billion in Q2 2025 and $4.0 billion in Q3 2022. Interest expense was $69.3 million in Q2 2026, consuming more than half of operating income.
Weak current-liability coverage: Current assets of $660.4 million were below current liabilities of $1.18 billion, implying a current ratio of approximately 0.56. The company therefore relies on investment liquidity, operating cash flow and refinancing access to meet near-term obligations.
Financing-dependent capital program: TXNM issued $1.19 billion of debt in Q2 2026 while repaying $970.0 million, and issued additional common equity. This funding pattern has appeared repeatedly in recent quarters and could pressure future earnings through interest expense and shareholder dilution.

Bottom line: The latest income statement is encouraging, with stronger revenue, margins, earnings and operating cash flow. However, investors should balance that improvement against persistent negative free cash flow, heavy capital requirements, elevated interest costs and a balance sheet that depends on continued access to financing. The durability of the Q2 2026 earnings improvement and TXNM’s ability to fund capital spending without continually increasing leverage will be important indicators for the stock.

11/12/26 10:27 AM ETAI Generated. May Contain Errors.

TXNM Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TXNM Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

TXNM Energy's net income appears to be on an upward trend, with a most recent value of $169.83 million in 2025, rising from $31.08 million in 2015. The previous period was $258.72 million in 2024. Find out what analysts predict for TXNM Energy in the coming months.

TXNM Energy's total operating income in 2025 was $441.18 million, based on the following breakdown:

Total Gross Profit: $1.14 billion
Total Operating Expenses: $700.09 million

Over the last 10 years, TXNM Energy's total revenue changed from $1.44 billion in 2015 to $2.17 billion in 2025, a change of 50.5%.

In the past 13 quarters, TXNM Energy's cash and equivalents has ranged from $2.99 million in Q1 2024 to $32.07 million in Q3 2025, and is currently $28.73 million as of their latest financial filing in Q3 2026.

TXNM Energy had total debt of $5.60 billion at the end of 2025, a 1.2% increase from 2024, and a 139.1% increase since 2015.

Over the last 10 years, TXNM Energy's book value per share changed from 13.93 in 2015 to 22.99 in 2025, a change of 65.0%.

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Financial statements for NYSE:TXNM last updated on 10/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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TXNM Energy (TXNM) Financials

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TXNM Energy (TXNM) Financials

Annual Income Statements for TXNM Energy

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TXNM Energy Financials - Frequently Asked Questions

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How has TXNM Energy's net income changed over the last 10 years?

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How has TXNM Energy's revenue changed over the last 10 years?

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How has TXNM Energy's book value per share changed over the last 10 years?

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