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Electric Operating Revenues
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Electric Operating Revenues Electric Operating Revenues
TXNM is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. TXNM’s electric utilities are PNM and TNMP. Additional information concerning electric operating revenue is contained in Note 4 of the Notes to Consolidated Financial Statements in the 2025 Annual Reports on Form 10-K.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable consists primarily of trade receivables from customers. In the normal course of business, credit is extended to customers on a short-term basis. The Company estimates the allowance for credit losses on trade receivables based on historical experience and estimated default rates. Accounts receivable balances are reviewed monthly, adjustments to the allowance for credit losses are made as necessary and amounts that are deemed uncollectible are written off. In addition to the allowance for credit losses on trade receivables, the Company has evaluated other receivables for potential credit related losses. These balances include potential exposures for other non-retail utility services. In both the three and nine months ended September 30, 2026 and 2025, there were no estimated credit losses related to these transactions.

Contract Balances

Performance obligations related to contracts with customers are typically satisfied when the energy is delivered, and the customer or end-user utilizes the energy. Accounts receivable from customers represents amounts billed, including amounts under Alternative Revenue Programs (“ARP”). For PNM, accounts receivable reflected on the Condensed Consolidated Balance Sheets, net of allowance for credit losses, includes $163.0 million at September 30, 2026, and $115.9 million at December 31, 2025, resulting from contracts with customers. All of TNMP’s accounts receivable result from contracts with customers.

Contract assets are an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). Upon the completion of the Western Spirit Line, PNM entered into a transmission service agreement with Pattern Wind under an incremental tariff rate approved by FERC. The terms of the agreement provide for a financing component that benefits the customer. As such, the revenue that PNM recognizes will be in excess of the consideration received at the beginning of the service term resulting in a contract asset. The balance of the contract asset is $48.3 million at September 30, 2026, and $41.3 million at December 31, 2025. This contract asset is presented in Other deferred charges on the Condensed Consolidated Balance Sheets.
Disaggregation of Revenues

A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below.

PNMTNMP
TXNM
Three Months Ended September 30, 2026(In thousands)
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$218,299 $89,015 $307,314 
Commercial149,843 49,626 199,469 
Industrial41,575 15,012 56,587 
Public authority7,864 1,268 9,132 
Economy energy service3,904 — 3,904 
Transmission (1)
57,433 44,027 101,460 
Wholesale energy sales
50,702 — 50,702 
Miscellaneous1,666 1,102 2,768 
Total revenues from contracts with customers
531,286 200,050 731,336 
Alternative revenue programs(5,216)5,412 196 
Other electric operating revenues 1,758 — 1,758 
Total Electric Operating Revenues
$527,828 $205,462 $733,290 
Nine Months Ended September 30, 2026
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$468,757 $205,011 $673,768 
Commercial356,049 141,716 497,765 
Industrial123,646 46,147 169,793 
Public authority17,528 5,750 23,278 
Economy energy service10,425 — 10,425 
Transmission (1)
137,547 133,908 271,455 
Wholesale energy sales
82,085 — 82,085 
Miscellaneous5,661 3,404 9,065 
Total revenues from contracts with customers
1,201,698 535,936 1,737,634 
Alternative revenue programs6,966 31,935 38,901 
Other electric operating revenues10,291 — 10,291 
Total Electric Operating Revenues
$1,218,955 $567,871 $1,786,826 


(1) Includes PNM interconnection withdrawal penalty billings of $12.5 million in accordance with FERC Order No. 2023 for the three and nine months ended September 30, 2026.
PNMTNMPTXNM
Three Months Ended September 30, 2025
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$187,307 $77,362 $264,669 
Commercial149,470 51,458 200,928 
Industrial38,725 17,812 56,537 
Public authority7,789 2,212 10,001 
Economy energy service5,772 — 5,772 
Transmission37,874 43,021 80,895 
Wholesale energy sales
34,774 — 34,774 
Miscellaneous1,739 973 2,712 
Total revenues from contracts with customers
463,450 192,838 656,288 
Alternative revenue programs(2,236)(9,396)(11,632)
Other electric operating revenues2,506 — 2,506 
Total Electric Operating Revenues
$463,720 $183,442 $647,162 
Nine Months Ended September 30, 2025
Electric Operating Revenues:
Contracts with customers:
Retail electric revenue
Residential$431,870 $180,319 $612,189 
Commercial363,468 142,879 506,347 
Industrial107,016 43,663 150,679 
Public authority18,502 6,194 24,696 
Economy energy service23,770 — 23,770 
Transmission109,243 124,519 233,762 
Wholesale energy sales
71,598 — 71,598 
Miscellaneous4,600 2,878 7,478 
Total revenues from contracts with customers
1,130,067 500,452 1,630,519 
Alternative revenue programs154 (3,550)(3,396)
Other electric operating revenues5,251 — 5,251 
Total Electric Operating Revenues
$1,135,472 $496,902 $1,632,374