TXNM Energy (NYSE:TXNM) reported its third-quarter 2026 earnings results on October 30, 2026, disclosing GAAP diluted earnings per share of $1.50 and ongoing diluted EPS of $1.62, alongside updates on its pending acquisition by Blackstone Infrastructure affiliates and several regulatory filings.

Key Highlights

  • GAAP diluted EPS: $1.50 in Q3 2026, up from $1.22 in Q3 2025.
  • Ongoing diluted EPS: $1.62 in Q3 2026, compared to $1.33 in Q3 2025.
  • GAAP net earnings attributable to TXNM Energy: $163.4 million in Q3 2026, versus $130.7 million in Q3 2025.
  • Acquisition price: Blackstone Infrastructure affiliates agreed to acquire TXNM Energy common stock at $61.25 per share; NMPRC approval remains pending, with evidentiary hearings scheduled for January 19 through February 1, 2027.
  • TNMP regulatory filing: On September 1, 2026, TNMP filed its first Unified Tracker Mechanism application with the PUCT, requesting total incremental increases of $77.9 million and $27.0 million in DCRF and TCOS revenue requirements.
  • PNM transmission project: PNM expects to file an application for a new 345 kV transmission line and related infrastructure at an estimated cost of $595 million.
  • Acquisition-related costs: GAAP earnings in Q3 2026 included $9.3 million of costs related to the planned acquisition, compared to $14.0 million in Q3 2025.

TXNM Energy Third-Quarter 2026 Financial Results and Segment Performance

According to the filing, TXNM Energy, an energy holding company based in Albuquerque, New Mexico, delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, PNM and TNMP. PNM is described as a vertically integrated electric utility in New Mexico with distribution, transmission, and generation assets, while TNMP operates as an electric transmission and distribution utility in Texas. The company reported year-to-date 2026 GAAP diluted EPS of $2.15, compared to $1.63 for the same period in 2025, and year-to-date ongoing diluted EPS of $2.42, versus $1.87 in 2025.

By segment, the filing reported PNM GAAP diluted EPS of $1.17 in Q3 2026, up from $0.95 in Q3 2025, and PNM ongoing diluted EPS of $1.24 versus $0.98. TNMP contributed GAAP diluted EPS of $0.50 in Q3 2026, compared to $0.38 in Q3 2025, with ongoing diluted EPS of $0.50 versus $0.46. The Corporate and Other segment recorded a GAAP diluted EPS loss of ($0.17) in Q3 2026 versus ($0.11) in Q3 2025. The filing attributed PNM's improvement primarily to rate relief from the approved 2025 Rate Request, higher retail load, and higher transmission revenues, partially offset by higher operations and maintenance expense, depreciation, and property tax. TNMP's gains were attributed to rate relief from its approved base rate review and recovery through DCRF and TCOS mechanisms, partially offset by higher depreciation, property tax, and interest expense.

The filing also noted that GAAP earnings in Q3 2026 included $14.7 million of net unrealized losses on investment securities, compared to $2.1 million in Q3 2025. The company disclosed that GAAP and ongoing EPS were reduced in Q3 2026 by shares issued in August 2025 and in March and May 2026. As previously announced, the filing states that TXNM Energy does not plan to issue earnings guidance during the pendency of the proposed transaction with Blackstone Infrastructure.

What Was Disclosed

TXNM Energy disclosed Q3 2026 and year-to-date financial results, segment-level EPS data, the current status of its pending acquisition by Blackstone Infrastructure affiliates at $61.25 per share, and multiple regulatory filings by PNM and TNMP including a $595 million transmission project application.