v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 28,730 $ 18,256
Accounts receivable, net of allowance for credit losses of $1,616 and $1,394 219,248 151,804
Unbilled revenues 90,961 68,214
Other receivables 60,237 53,875
Materials, supplies, and fuel stock 201,416 181,316
Regulatory assets 109,835 41,785
Prepaid assets 35,487 28,946
Income taxes receivable 8,072 8,322
Other current assets 5,505 12,144
Total current assets 759,491 564,662
Other Property and Investments:    
Investment securities 500,225 505,655
Other investments 191 302
Non-utility property, net 43,745 40,729
Total other property and investments 544,161 546,686
Utility Plant:    
Plant in service and plant held for future use 12,071,216 11,592,121
Less accumulated depreciation and amortization 3,199,975 3,010,588
Net plant in service and plant held for future use 8,871,241 8,581,533
Construction work in progress 938,624 653,206
Nuclear fuel, net of accumulated amortization of $29,647 and $27,953 75,642 76,696
Net utility plant 9,885,507 9,311,435
Deferred Charges and Other Assets:    
Regulatory assets 928,553 939,249
Goodwill 278,297 278,297
Operating lease right-of-use assets, net of accumulated amortization 46,123 108,517
Other deferred charges 381,978 310,439
Total deferred charges and other assets 1,634,951 1,636,502
Total assets 12,824,110 12,059,285
Current Liabilities:    
Short-term debt 236,000 181,400
Current installments of long-term debt (includes $7,721 and $7,303 related to ETBC I) 127,721 302,538
Payable 191,816 243,062
Customer deposits 7,149 6,893
Accrued interest and taxes 155,842 124,014
Regulatory liabilities 12,993 11,022
Operating lease liabilities 7,324 8,969
Dividends declared 46,660 46,151
Transmission interconnection arrangement liabilities 9,445 15,878
Other current liabilities 146,471 77,610
Total current liabilities 941,421 1,017,537
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $316,892 and $324,531 related to ETBC I) 5,632,794 5,116,026
Deferred Credits and Other Liabilities:    
Accumulated deferred income taxes 1,026,848 961,230
Regulatory liabilities 780,321 757,319
Asset retirement obligations 260,545 255,097
Accrued pension liability and postretirement benefit cost 6,408 6,736
Operating lease liabilities 34,572 96,735
Other deferred credits 443,689 389,070
Total deferred credits and other liabilities 2,552,383 2,466,187
Total liabilities 9,126,598 8,599,750
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares) 11,529 11,529
PNM common stockholder’s equity:    
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares) 2,681,880 2,563,930
Accumulated other comprehensive income (loss), net of income taxes (25,789) (26,816)
Retained earnings 981,775 866,904
Total common stockholder’s equity 3,637,866 3,404,018
Non-controlling interest in Valencia 48,117 43,988
Total equity 3,685,983 3,448,006
Total liabilities and stockholders' equity 12,824,110 12,059,285
PNM    
Current Assets:    
Cash and cash equivalents 5,027 19
Accounts receivable, net of allowance for credit losses of $1,616 and $1,394 163,413 115,910
Unbilled revenues 64,834 48,524
Materials, supplies, and fuel stock 143,786 145,663
Regulatory assets 23,190 8,499
Prepaid assets 22,354 18,502
Income taxes receivable 13,132 13,132
Other current assets 5,342 12,109
Total current assets 482,426 413,140
Other Property and Investments:    
Investment securities 500,225 505,655
Other investments 191 302
Non-utility property, net 15,960 17,572
Total other property and investments 516,376 523,529
Utility Plant:    
Plant in service and plant held for future use 7,560,895 7,260,670
Less accumulated depreciation and amortization 2,314,747 2,201,687
Net plant in service and plant held for future use 5,246,148 5,058,983
Construction work in progress 479,083 371,119
Nuclear fuel, net of accumulated amortization of $29,647 and $27,953 75,642 76,696
Net utility plant 5,800,873 5,506,798
Deferred Charges and Other Assets:    
Regulatory assets 808,637 832,791
Goodwill 51,632 51,632
Operating lease right-of-use assets, net of accumulated amortization 45,355 107,986
Other deferred charges 317,282 252,256
Total deferred charges and other assets 1,222,906 1,244,665
Total assets 8,022,581 7,688,132
Current Liabilities:    
Short-term debt 48,900 178,800
Current installments of long-term debt (includes $7,721 and $7,303 related to ETBC I) 127,721 302,538
Customer deposits 7,149 6,893
Accrued interest and taxes 75,298 56,211
Regulatory liabilities 10,076 8,430
Operating lease liabilities 7,203 8,913
Dividends declared 132 132
Transmission interconnection arrangement liabilities 9,445 15,878
Other current liabilities 51,861 41,737
Total current liabilities 506,432 788,309
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $316,892 and $324,531 related to ETBC I) 2,927,096 2,559,359
Deferred Credits and Other Liabilities:    
Accumulated deferred income taxes 860,444 813,528
Regulatory liabilities 478,810 488,406
Asset retirement obligations 259,754 254,353
Accrued pension liability and postretirement benefit cost 6,408 6,736
Operating lease liabilities 33,903 96,246
Other deferred credits 229,663 227,998
Total deferred credits and other liabilities 1,868,982 1,887,267
Total liabilities 5,302,510 5,234,935
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares) 11,529 11,529
PNM common stockholder’s equity:    
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares) 1,831,218 1,726,218
Accumulated other comprehensive income (loss), net of income taxes (24,781) (25,703)
Retained earnings 853,988 697,165
Total common stockholder’s equity 2,660,425 2,397,680
Non-controlling interest in Valencia 48,117 43,988
Total equity 2,708,542 2,441,668
Total liabilities and stockholders' equity 8,022,581 7,688,132
PNM | Nonrelated Party    
Current Assets:    
Other receivables 29,185 33,422
Current Liabilities:    
Short-term debt 48,900 178,800
Payable 147,137 150,411
PNM | Related Party    
Current Assets:    
Other receivables 12,163 17,360
Current Liabilities:    
Payable $ 21,510 $ 18,366