TXNM Energy Financials
This page shows TXNM Energy (TXNM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Heavy asset reinvestment is the core mechanic here: positive earnings coexist with persistently negative free cash flow and rising external financing needs.
Across FY2023-FY2025, operating cash flow stayed near$0.6B while capital spending remained above$1.0B , so the asset base was expanding faster than internal cash could fund. That funding gap helps explain why long-term debt reached$5.1B even though net income stayed positive at$170M .
Profitability is now more interest-sensitive than sales-sensitive in this period: FY2025 net margin fell to
Liquidity is managed through the balance sheet, not a cash hoard: year-end cash was only
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of TXNM Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
TXNM Energy scores 0.81, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.5B) relative to total liabilities ($8.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
TXNM Energy passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, TXNM Energy generates $3.44 in operating cash flow ($584.5M OCF vs $169.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
TXNM Energy earns $1.6 in operating income for every $1 of interest expense ($441.2M vs $271.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
TXNM Energy generated $2.2B in revenue in fiscal year 2025. This represents an increase of 9.9% from the prior year.
TXNM Energy's EBITDA was $924.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.5% from the prior year.
TXNM Energy reported $169.8M in net income in fiscal year 2025. This represents a decrease of 34.4% from the prior year.
Cash & Balance Sheet
TXNM Energy generated -$611.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.2% from the prior year.
TXNM Energy held $18.3M in cash against $5.1B in long-term debt as of fiscal year 2025.
TXNM Energy paid $1.65 per share in dividends in fiscal year 2025. This represents an increase of 5.1% from the prior year.
TXNM Energy had 109M shares outstanding in fiscal year 2025. This represents an increase of 17.6% from the prior year.
Margins & Returns
TXNM Energy's operating margin was 20.4% in fiscal year 2025, reflecting core business profitability. This is down 2.6 percentage points from the prior year.
TXNM Energy's net profit margin was 7.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.3 percentage points from the prior year.
TXNM Energy's ROE was 5.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.2 percentage points from the prior year.
Capital Allocation
TXNM Energy spent $12.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 41.5% from the prior year.
TXNM Energy invested $1.2B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.1% from the prior year.
TXNM Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $505.0M-5.3% | $533.2M-17.6% | $647.2M+28.8% | $502.4M+4.1% | $482.8M+1.2% | $477.0M-16.2% | $569.3M+16.6% | $488.1M |
| Cost of Revenue | $166.5M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $338.5M | N/A | N/A | N/A | N/A | N/A | $297.3M+49.8% | $198.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $66.9M-3.4% | $69.2M+1.2% | $68.4M-9.9% | $76.0M+25.0% | $60.8M-9.7% | $67.3M+3.7% | $64.8M+8.8% | $59.6M |
| Operating Income | $77.0M-17.8% | $93.7M-53.8% | $202.9M+179.0% | $72.7M+1.1% | $71.9M-5.6% | $76.1M-60.2% | $191.1M+80.8% | $105.7M |
| Interest Expense | $68.6M+4.2% | $65.8M-6.2% | $70.1M-2.6% | $72.0M+13.3% | $63.6M+8.1% | $58.8M-1.4% | $59.7M+6.9% | $55.8M |
| Income Tax | -$9K+99.9% | -$11.1M-158.6% | $18.9M+1329.0% | $1.3M+30.3% | $1.0M-40.0% | $1.7M-92.8% | $23.4M+161.1% | $9.0M |
| Net Income | $8.0M+251.4% | -$5.3M-103.9% | $136.3M+424.0% | $26.0M+103.3% | $12.8M-36.0% | $20.0M-85.3% | $136.4M+162.5% | $52.0M |
| EPS (Diluted) | $0.03 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TXNM Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.1B+0.7% | $12.1B+0.7% | $12.0B+2.5% | $11.7B+2.5% | $11.4B+1.6% | $11.2B+3.4% | $10.8B+2.5% | $10.6B |
| Current Assets | $562.2M-0.4% | $564.7M-5.2% | $595.4M+3.8% | $573.7M+17.2% | $489.4M-1.9% | $498.8M+0.6% | $495.7M-7.8% | $537.7M |
| Cash & Equivalents | $5.6M-69.2% | $18.3M-43.1% | $32.1M+44.6% | $22.2M+266.3% | $6.1M+34.6% | $4.5M-37.8% | $7.2M+123.6% | $3.2M |
| Inventory | $189.5M+4.5% | $181.3M+4.8% | $173.0M+1.1% | $171.2M+1.7% | $168.2M+0.8% | $166.9M+38.5% | $120.5M+4.7% | $115.1M |
| Accounts Receivable | $135.9M-10.5% | $151.8M-20.5% | $190.9M+30.4% | $146.4M+10.6% | $132.4M+1.6% | $130.4M-13.0% | $149.8M+23.1% | $121.8M |
| Goodwill | $278.3M0.0% | $278.3M0.0% | $278.3M0.0% | $278.3M0.0% | $278.3M0.0% | $278.3M0.0% | $278.3M0.0% | $278.3M |
| Total Liabilities | $8.6B+0.2% | $8.6B+1.2% | $8.5B+0.6% | $8.4B-4.3% | $8.8B+2.5% | $8.6B+3.5% | $8.3B+2.5% | $8.1B |
| Current Liabilities | $1.0B+0.5% | $1.0B-13.5% | $1.2B+5.0% | $1.1B-33.9% | $1.7B-4.6% | $1.8B+29.6% | $1.4B+20.3% | $1.1B |
| Long-Term Debt | $5.1B-0.1% | $5.1B+9.3% | $4.7B-2.1% | $4.8B+4.4% | $4.6B+6.3% | $4.3B-4.4% | $4.5B-1.9% | $4.6B |
| Total Equity | $3.5B+1.8% | $3.4B-0.4% | $3.4B+7.7% | $3.2B+26.6% | $2.5B-1.3% | $2.5B+3.1% | $2.5B+2.4% | $2.4B |
| Retained Earnings | $823.9M-5.0% | $866.9M-6.2% | $924.2M+5.1% | $879.4M+2.5% | $857.8M-3.4% | $887.6M-2.3% | $908.7M+7.2% | $847.4M |
TXNM Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $153.2M-2.9% | $157.7M-44.1% | $282.0M+7870.5% | $3.5M-97.5% | $141.3M-11.0% | $158.6M-11.9% | $180.0M+134.7% | $76.7M |
| Capital Expenditures | $312.7M+0.9% | $309.8M+11.7% | $277.3M+4.2% | $266.2M-22.3% | $342.6M+0.3% | $341.5M+5.5% | $323.7M+10.6% | $292.7M |
| Free Cash Flow | -$159.5M-4.9% | -$152.1M-3347.5% | $4.7M+101.8% | -$262.6M-30.4% | -$201.4M-10.1% | -$182.9M-27.3% | -$143.7M+33.5% | -$216.0M |
| Investing Cash Flow | -$315.4M+3.5% | -$326.6M-17.0% | -$279.2M-4.9% | -$266.3M+22.8% | -$345.0M+6.4% | -$368.5M-12.9% | -$326.4M-10.6% | -$295.1M |
| Financing Cash Flow | $142.0M-11.7% | $160.9M+51340.8% | -$314K-100.1% | $284.4M+43.9% | $197.6M-8.3% | $215.5M+51.3% | $142.5M-37.2% | $226.8M |
| Dividends Paid | $46.2M+3.7% | $44.5M+3.4% | $43.1M+13.7% | $37.9M0.0% | $37.9M+8.0% | $35.1M0.0% | $35.1M0.0% | $35.1M |
| Share Buybacks | $5.4M+52.2% | $3.5M+1823.4% | $184K-90.5% | $1.9M-69.2% | $6.3M+1222.2% | $477K-72.5% | $1.7M+114.7% | $808K |
TXNM Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.0% | N/A | N/A | N/A | N/A | N/A | 52.2%+11.5pp | 40.7% |
| Operating Margin | 15.3%-2.3pp | 17.6%-13.8pp | 31.4%+16.9pp | 14.5%-0.4pp | 14.9%-1.1pp | 16.0%-17.6pp | 33.6%+11.9pp | 21.6% |
| Net Margin | 1.6%+2.6pp | -1.0%-22.1pp | 21.1%+15.9pp | 5.2%+2.5pp | 2.6%-1.5pp | 4.2%-19.8pp | 24.0%+13.3pp | 10.7% |
| Return on Equity | 0.2%+0.4pp | -0.2%-4.1pp | 4.0%+3.2pp | 0.8%+0.3pp | 0.5%-0.3pp | 0.8%-4.8pp | 5.5%+3.4pp | 2.2% |
| Return on Assets | 0.1%+0.1pp | -0.0%-1.2pp | 1.1%+0.9pp | 0.2%+0.1pp | 0.1%-0.1pp | 0.2%-1.1pp | 1.3%+0.8pp | 0.5% |
| Current Ratio | 0.550.0 | 0.55+0.0 | 0.510.0 | 0.51+0.2 | 0.290.0 | 0.28-0.1 | 0.36-0.1 | 0.47 |
| Debt-to-Equity | 1.48-0.0 | 1.50+0.1 | 1.37-0.1 | 1.51-0.3 | 1.83+0.1 | 1.70-0.1 | 1.83-0.1 | 1.91 |
| FCF Margin | -31.6%-3.1pp | -28.5%-29.3pp | 0.7%+53.0pp | -52.3%-10.6pp | -41.7%-3.4pp | -38.3%-13.1pp | -25.2%+19.0pp | -44.3% |
Note: The current ratio is below 1.0 (0.55), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is TXNM Energy's annual revenue?
TXNM Energy (TXNM) reported $2.2B in total revenue for fiscal year 2025. This represents a 9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TXNM Energy's revenue growing?
TXNM Energy (TXNM) revenue grew by 9.9% year-over-year, from $2.0B to $2.2B in fiscal year 2025.
Is TXNM Energy profitable?
Yes, TXNM Energy (TXNM) reported a net income of $169.8M in fiscal year 2025, with a net profit margin of 7.8%.
What is TXNM Energy's EBITDA?
TXNM Energy (TXNM) had EBITDA of $924.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does TXNM Energy have?
As of fiscal year 2025, TXNM Energy (TXNM) had $18.3M in cash and equivalents against $5.1B in long-term debt.
What is TXNM Energy's operating margin?
TXNM Energy (TXNM) had an operating margin of 20.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is TXNM Energy's net profit margin?
TXNM Energy (TXNM) had a net profit margin of 7.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does TXNM Energy pay dividends?
Yes, TXNM Energy (TXNM) paid $1.65 per share in dividends during fiscal year 2025.
What is TXNM Energy's return on equity (ROE)?
TXNM Energy (TXNM) has a return on equity of 5.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is TXNM Energy's free cash flow?
TXNM Energy (TXNM) generated -$611.4M in free cash flow during fiscal year 2025. This represents a 17.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is TXNM Energy's operating cash flow?
TXNM Energy (TXNM) generated $584.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are TXNM Energy's total assets?
TXNM Energy (TXNM) had $12.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are TXNM Energy's capital expenditures?
TXNM Energy (TXNM) invested $1.2B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is TXNM Energy's current ratio?
TXNM Energy (TXNM) had a current ratio of 0.55 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is TXNM Energy's debt-to-equity ratio?
TXNM Energy (TXNM) had a debt-to-equity ratio of 1.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is TXNM Energy's return on assets (ROA)?
TXNM Energy (TXNM) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is TXNM Energy's Altman Z-Score?
TXNM Energy (TXNM) has an Altman Z-Score of 0.81, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is TXNM Energy's Piotroski F-Score?
TXNM Energy (TXNM) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are TXNM Energy's earnings high quality?
TXNM Energy (TXNM) has an earnings quality ratio of 3.44x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can TXNM Energy cover its interest payments?
TXNM Energy (TXNM) has an interest coverage ratio of 1.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is TXNM Energy?
TXNM Energy (TXNM) scores 31 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.