NYSE: TXNM TXNM ENERGY INC 8-K

TXNM Energy reports Q2 2026 earnings, extends Blackstone deal deadline to May 2027

Filed July 31, 2026 · Period ending July 31, 2026 · ~1 min read

Key Changes

high

Blackstone acquisition deadline extended to May 31, 2027; closing now expected in first half of 2027 pending New Mexico and federal regulatory approvals.

Exhibit 99.1 view on EDGAR →
high

TNMP rate case approved with $2.8B rate base, 9.65% ROE, and 45% equity ratio; interim rates effective May 22, 2026, final rates September 13, 2026.

Exhibit 99.1 view on EDGAR →
high

Q2 2026 GAAP earnings of $0.64 per diluted share and ongoing earnings of $0.58 per diluted share; retail load increased at both PNM and TNMP with new all-time system peaks.

Exhibit 99.1 view on EDGAR →
medium

PNM filed 2029-2032 resource portfolio seeking 800 MW wind PPAs, 240 MW solar PPAs, 610 MW battery storage, and exit from Four Corners Power Plant in 2031.

Exhibit 99.1 view on EDGAR →
medium

Company uses non-GAAP ongoing earnings metrics to evaluate operations and set management compensation, excluding mark-to-market hedge volatility and non-recurring items.

Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →

Summary

TXNM Energy disclosed second quarter 2026 results with GAAP earnings of $0.64 per diluted share and ongoing earnings of $0.58 per diluted share. The company reported increased retail load at both PNM and TNMP utilities, with new all-time system peaks this summer.

The filing also announced two significant regulatory developments: the Public Utility Commission of Texas approved TNMP's rate case settlement on July 30, 2026, allowing recovery of a $2.8 billion rate base with a 9.65% return on equity, and the company extended its Blackstone Infrastructure acquisition agreement termination date to May 31, 2027, with closing now anticipated in the first half of 2027 pending remaining regulatory approvals from New Mexico and federal agencies.

The TNMP rate approval provides immediate earnings support through interim rates effective May 22, 2026, with final rates implementing September 13, 2026. The Blackstone deal extension reflects ongoing regulatory review timelines rather than deal stress—shareholder approval was secured in August 2025 and several federal approvals are already in hand. PNM's resource portfolio filing addresses projected capacity shortfalls beginning in 2029 with a balanced mix of renewable PPAs, battery storage, and natural gas expansion while planning exit from the Four Corners coal plant in 2031. The company suspended earnings guidance during the pending Blackstone transaction, limiting forward visibility until the deal closes or terminates.

Section-by-Section Diff

Event · Item 2.02 — Results of Operations and Financial Condition

~800 words

TXNM Energy announced Q2 2026 earnings results via press release, using non-GAAP ongoing earnings metrics to evaluate operations.

2 Added

Added Q2 2026 earnings announcement medium

Added in current filing · verify on EDGAR →

On July 31, 2026, TXNM Energy, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing results of operations for the three and six months ended June 30, 2026.

TXNM Energy disclosed its second quarter 2026 financial results through a press release. The 8-K itself does not contain specific financial figures; those are in the attached Exhibit 99.1 press release. This is a routine quarterly earnings disclosure required under Item 2.02.

Added Non-GAAP financial measures medium

Added in current filing · verify on EDGAR →

Non-GAAP financial measures utilized by the Company include presentations, on an ongoing basis, of revenues, operating expenses, operating income, other income and deductions, earnings, and earnings per share. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees.

The company uses non-GAAP ongoing earnings metrics to evaluate performance and set management compensation goals. These measures exclude mark-to-market gains/losses on economic hedges, unrealized investment security changes, pension expenses from a disposed gas distribution business, and certain non-recurring items. This disclosure explains how management assesses operational performance separate from GAAP volatility.

Event · Exhibit 99.1

~4,900 words View exhibit on EDGAR ↗

TXNM Energy reports Q2 2026 earnings, extends Blackstone acquisition deadline to May 2027, and receives TNMP rate increase approval.

4 Added

Added Q2 2026 earnings results high

Added in current filing · view on EDGAR →

2026 second quarter GAAP earnings of $0.64 per diluted share

•2026 second quarter ongoing earnings of $0.58 per diluted share

TXNM Energy reported second quarter 2026 GAAP earnings of $0.64 per diluted share and ongoing earnings of $0.58 per diluted share. Year-to-date GAAP earnings were $0.67 per diluted share and ongoing earnings were $0.79 per diluted share. The company noted increased retail load at both PNM and TNMP, including new all-time system peaks this summer.

Added Blackstone acquisition extension high

Added in current filing · view on EDGAR →

On July 17, 2026, TXNM Energy and Blackstone Infrastructure extended the termination date under the agreement to May 31, 2027, to allow for further time to obtain regulatory approvals. TXNM Energy anticipates that the closing of the acquisition will occur in the first half of 2027, subject to the satisfaction or waiver of the remaining customary closing conditions, including among other things, receipt of approval from the NMPRC and federal regulatory approvals.

The termination date for the Blackstone Infrastructure acquisition agreement was extended to May 31, 2027, from an earlier deadline. The company now anticipates closing in the first half of 2027, pending approval from the New Mexico Public Regulation Commission and federal regulatory approvals. Shareholder approval was received in August 2025, and approvals from FERC, PUCT, FCC, and under Hart-Scott-Rodino have been obtained.

Added PNM 2029-2032 Resource Portfolio Application medium

Added in current filing · view on EDGAR →

On May 29, 2026, Public Service Company of New Mexico ("PNM") filed its 2029-2032 Resource Portfolio Application with the NMPRC seeking approval of a balanced portfolio including 800 MW of wind power purchase agreements ("PPAs"), 240 MW of solar PPAs, 610 MW of battery storage agreements, 40 MW expansion of PNM-owned natural gas generation and abandonment and exit of PNM’s interest in the Four Corners Power Plant ("Four Corners") in 2031.

PNM filed a resource portfolio application seeking approval for 800 MW of wind PPAs, 240 MW of solar PPAs, 610 MW of battery storage, 40 MW of natural gas expansion, and exit from the Four Corners Power Plant in 2031. The portfolio addresses projected resource shortfalls beginning in 2029 driven by load growth and the need to replace capacity as PNM exits Four Corners. PNM also intends to extend operations of the Reeves Generating Station through the end of 2044.

Added Suspension of earnings guidance medium

Added in current filing · view on EDGAR →

As previously announced, TXNM Energy does not plan to issue earnings guidance during pendency of the proposed transaction with Blackstone Infrastructure.

TXNM Energy is not issuing earnings guidance while the Blackstone Infrastructure acquisition is pending. This limits forward-looking financial visibility for investors until the transaction closes or is terminated.