# TXNM ENERGY INC

Summary updated: 2026-10-03T22:13:58.79745Z
Canonical: https://finbar.com/research/companies/txnm-energy-inc

## Overview

TXNM Energy Inc. is a U.S. energy holding company whose principal businesses are regulated electric utilities PNM and TNMP. PNM generates, transmits, and distributes electricity in New Mexico; TNMP provides electric transmission and distribution service in Texas. Together, the utilities serve approximately 842,000 customers across the two states. [1](https://app.finbar.com/go?id=P14359219)

The company’s stated vision is to “create a clean and bright energy future,” while working with customers and communities to meet their energy needs. For the fiscal year ended December 31, 2025, electric operating revenues were approximately $2.17 billion; TXNM reported 1,755 employees at year-end. [2](https://app.finbar.com/go?id=P2155056)[3](https://app.finbar.com/go?id=T12354120)[4](https://app.finbar.com/go?id=T10860226)
[1](https://app.finbar.com/go?id=P14359219)[2](https://app.finbar.com/go?id=P2155056)[3](https://app.finbar.com/go?id=T12354120)[4](https://app.finbar.com/go?id=T10860226)

## Products & services

TXNM’s principal customer-facing offering is regulated electric service through its utilities. PNM provides retail electricity generation, transmission, and distribution, as well as wholesale transmission services. TNMP provides regulated transmission and distribution in Texas but does not sell electricity to end users; retail electric providers sell that power. [5](https://www.txnmenergy.com/about-us/our-businesses.aspx) [6](https://www.txnmenergy.com/investors/financial-information/annual-reports.aspx)

PNM’s generation portfolio includes solar, wind, geothermal, battery storage, natural gas, nuclear, and coal resources. At year-end 2025, PNM reported 4,733 MW of generation capacity in commercial operation: 2,412 MW renewable resources (51.0%), 832 MW battery storage (17.6%), 1,001 MW gas-fired generation (21.1%), 288 MW nuclear, and 200 MW coal. Named solar facilities include Arroyo (300 MW), Atrisco (300 MW), and San Juan (200 MW); PNM also reported 334.1 MW in its customer distributed-solar program. Wind and solar supplied 57% of PNM generation in 2025, including power purchase agreements. [6](https://www.txnmenergy.com/investors/financial-information/annual-reports.aspx) [7](https://www.txnmenergy.com/sustainability/reporting-and-disclosures/data-and-policy-download.aspx)

The utilities’ grid services include delivery over their transmission and distribution networks. PNM reported 3,450 miles of transmission lines; TNMP reported 1,049 miles of transmission lines and an ERCOT network serving 125 active retail electric providers. The 2025 annual report describes utility services and resource capacity rather than a separate product-by-product revenue mix. [6](https://www.txnmenergy.com/investors/financial-information/annual-reports.aspx)
[5](https://www.txnmenergy.com/about-us/our-businesses.aspx)[6](https://www.txnmenergy.com/investors/financial-information/annual-reports.aspx)[7](https://www.txnmenergy.com/sustainability/reporting-and-disclosures/data-and-policy-download.aspx)

## Geographic presence

TXNM Energy’s regulated utility operations are concentrated in New Mexico and Texas. PNM serves New Mexico, with named service areas including Albuquerque, Rio Rancho, Los Lunas, Belen, Santa Fe, Las Vegas, Alamogordo, Ruidoso, Silver City, Deming, Bayard, Lordsburg and Clayton, as well as several Pueblo communities. [5](https://www.txnmenergy.com/about-us/our-businesses.aspx)[8](https://www.pnm.com/about-pnm)

TNMP provides electric transmission and distribution service in Texas, with company materials describing operations in North, Central and West Texas and along the Gulf Coast. [9](https://tnmp.com/about-us)[10](https://tnmp.com/about-us/service-areas)[11](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/rates-and-filings/TNMP%202025%20General%20Rate%20Review/Application/Nix.pdf) TXNM reports its utility businesses as PNM and TNMP, principally corresponding to New Mexico and Texas; its 2025 annual report does not provide a finer geographic revenue breakdown. [12](https://www.sec.gov/Archives/edgar/data/1108426/000110842626000048/R25.htm)

TXNM lists its principal executive office in Albuquerque, New Mexico, and TNMP identifies its headquarters as Lewisville, Texas. The company describes a workforce of approximately 1,700 people in New Mexico and Texas, without a location-by-location employee breakdown. [13](https://app.finbar.com/go?id=P113818244)[14](https://app.finbar.com/go?id=P115845010)[9](https://tnmp.com/about-us)[15](https://www.txnmenergy.com/careers-about.aspx)
[13](https://app.finbar.com/go?id=P113818244)[14](https://app.finbar.com/go?id=P115845010)[5](https://www.txnmenergy.com/about-us/our-businesses.aspx)[8](https://www.pnm.com/about-pnm)[9](https://tnmp.com/about-us)[10](https://tnmp.com/about-us/service-areas)[11](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/rates-and-filings/TNMP%202025%20General%20Rate%20Review/Application/Nix.pdf)[12](https://www.sec.gov/Archives/edgar/data/1108426/000110842626000048/R25.htm)[15](https://www.txnmenergy.com/careers-about.aspx)

## Business segments

TXNM Energy reports three segments: PNM, TNMP, and Corporate and Other. PNM is the New Mexico electric utility, with generation, transmission, and distribution operations; TNMP is a Texas transmission-and-distribution utility. Corporate and Other primarily comprises TXNM holding-company activities, including corporate-level debt, and PNMR Services Company; intercompany eliminations are also reflected there. PNM and TNMP each operate in one segment. [16](https://app.finbar.com/go?id=P145417428)[17](https://app.finbar.com/go?id=P145418417)

For the six months ended June 30, 2025, PNM contributed approximately 68% of consolidated electric operating revenues and 83% of segment earnings attributable to TXNM; TNMP contributed approximately 32% of revenues and 142% of earnings. Corporate and Other had no electric operating revenues and a loss equal to approximately 125% of consolidated segment earnings, which explains why the utilities’ earnings shares sum to more than 100%. By assets at June 30, 2025, PNM represented about 65%, TNMP 34%, and Corporate and Other 1%. [18](https://app.finbar.com/go?id=T16634593)
[16](https://app.finbar.com/go?id=P145417428)[17](https://app.finbar.com/go?id=P145418417)[18](https://app.finbar.com/go?id=T16634593)

## Company history

TXNM Energy traces its roots to Albuquerque’s early gas and electric utilities, established in the late 19th century. In 1917, predecessor utilities were consolidated as Albuquerque Gas & Electric Company. The company adopted the name Public Service Company of New Mexico (PNM) in 1946 and became publicly traded in 1948. [19](https://www.txnmenergy.com/about-us/history/the-early-years-1879-1917/1882.aspx)[20](https://www.txnmenergy.com/about-us/history/the-early-years-1879-1917/1917.aspx)[21](https://www.txnmenergy.com/about-us/history/becoming-public-service-company-of-new-mexico-1946-1959.aspx)

PNM acquired the Gas Company of New Mexico in 1985 and consolidated its gas and electric operations under the PNM name in 1994. In 2001, PNM Resources was formed as a holding company; in 2005 it expanded into Texas by acquiring TNP Enterprises, parent of Texas-New Mexico Power Company. [22](https://www.txnmenergy.com/about-us/history/end-of-the-20th-century-1985-2000.aspx)[23](https://www.txnmenergy.com/about-us/history.aspx)[24](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/quarterly-results/10-Q/2005-10-Q2.pdf)

A proposed merger with Avangrid, announced in 2020, was terminated in 2023 after it did not close. In 2024, PNM Resources changed its holding-company name to TXNM Energy, while its utility subsidiaries retained their operating names. Don Tarry became president and CEO in July 2025, succeeding Pat Collawn in that role. [25](https://www.txnmenergy.com/investors/strategic-merger-transaction.aspx)[26](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/events-and-presentations/2024/q2-2024-earnings-results.pdf)[27](https://www.sec.gov/Archives/edgar/data/1108426/000110842625000038/txnm05142025ex991.htm)
[19](https://www.txnmenergy.com/about-us/history/the-early-years-1879-1917/1882.aspx)[20](https://www.txnmenergy.com/about-us/history/the-early-years-1879-1917/1917.aspx)[21](https://www.txnmenergy.com/about-us/history/becoming-public-service-company-of-new-mexico-1946-1959.aspx)[22](https://www.txnmenergy.com/about-us/history/end-of-the-20th-century-1985-2000.aspx)[23](https://www.txnmenergy.com/about-us/history.aspx)[24](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/quarterly-results/10-Q/2005-10-Q2.pdf)[25](https://www.txnmenergy.com/investors/strategic-merger-transaction.aspx)[26](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/events-and-presentations/2024/q2-2024-earnings-results.pdf)[27](https://www.sec.gov/Archives/edgar/data/1108426/000110842625000038/txnm05142025ex991.htm)

## Sources

1. [TXNM ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P14359219)
2. [TXNM ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P2155056)
3. [TXNM ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T12354120)
4. [TXNM ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T10860226)
5. [www.txnmenergy.com](https://www.txnmenergy.com/about-us/our-businesses.aspx)
6. [www.txnmenergy.com](https://www.txnmenergy.com/investors/financial-information/annual-reports.aspx)
7. [www.txnmenergy.com](https://www.txnmenergy.com/sustainability/reporting-and-disclosures/data-and-policy-download.aspx)
8. [www.pnm.com](https://www.pnm.com/about-pnm)
9. [tnmp.com](https://tnmp.com/about-us)
10. [tnmp.com](https://tnmp.com/about-us/service-areas)
11. [www.txnmenergy.com](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/rates-and-filings/TNMP%202025%20General%20Rate%20Review/Application/Nix.pdf)
12. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1108426/000110842626000048/R25.htm)
13. [TXNM ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P113818244)
14. [TXNM ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P115845010)
15. [www.txnmenergy.com](https://www.txnmenergy.com/careers-about.aspx)
16. [TXNM ENERGY INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145417428)
17. [TXNM ENERGY INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145418417)
18. [TXNM ENERGY INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16634593)
19. [www.txnmenergy.com](https://www.txnmenergy.com/about-us/history/the-early-years-1879-1917/1882.aspx)
20. [www.txnmenergy.com](https://www.txnmenergy.com/about-us/history/the-early-years-1879-1917/1917.aspx)
21. [www.txnmenergy.com](https://www.txnmenergy.com/about-us/history/becoming-public-service-company-of-new-mexico-1946-1959.aspx)
22. [www.txnmenergy.com](https://www.txnmenergy.com/about-us/history/end-of-the-20th-century-1985-2000.aspx)
23. [www.txnmenergy.com](https://www.txnmenergy.com/about-us/history.aspx)
24. [www.txnmenergy.com](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/quarterly-results/10-Q/2005-10-Q2.pdf)
25. [www.txnmenergy.com](https://www.txnmenergy.com/investors/strategic-merger-transaction.aspx)
26. [www.txnmenergy.com](https://www.txnmenergy.com/~/media/Files/P/PNM-Resources/events-and-presentations/2024/q2-2024-earnings-results.pdf)
27. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1108426/000110842625000038/txnm05142025ex991.htm)

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