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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
TXNM Energy reported revenue of $2.1B in the fiscal year ended Dec 2025, up 9.0% from the year before. Operating income was $441M, an operating margin of 20.6%, and net income was $170M. Operating cash flow of $584M less capital expenditure of $1.2B left free cash flow of −$611M. Net debt was $5.4B.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,745 | 2,250 | 1,915 | 1,960 | 2,137 |
| Gross profit | 649 | 740 | 656 | – | – |
| Operating income | 308 | 394 | 231 | 453 | 441 |
| Interest expense | 96.9 | 128 | 190 | 228 | 272 |
| Pre-tax income | 244 | 211 | 90.5 | 280 | 180 |
| Income tax | 32.6 | 26.1 | −16.4 | 21.5 | 10.2 |
| Net income | 212 | 185 | 107 | 259 | 170 |
| Diluted EPS | 2.27 | 1.97 | 1.02 | 2.67 | 1.48 |
| Diluted shares | 86.1 | 86.2 | 86.4 | 90.6 | 102 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1.1 | 4.1 | 2.2 | 4.5 | 18.3 |
| Receivables | 123 | 184 | 126 | 130 | 152 |
| Inventory | 65.1 | 66.7 | 98.0 | 167 | 181 |
| Current assets | 325 | 411 | 476 | 499 | 565 |
| Net PP&E | 25.4 | 26.8 | 29.4 | – | – |
| Goodwill | 278 | 278 | 278 | 278 | 278 |
| Total assets | 8,667 | 9,257 | 10,253 | 11,212 | 12,059 |
| Payables | 173 | 216 | 205 | 204 | 243 |
| Deferred revenue | 5.1 | 6.1 | 6.2 | 6.5 | 6.9 |
| Current liabilities | 664 | 890 | 1,231 | 1,775 | 1,018 |
| Short-term debt | 179 | 185 | 280 | 612 | 303 |
| Long-term debt | 3,520 | 3,893 | 4,242 | 4,312 | 5,116 |
| Total liabilities | 6,432 | 7,001 | 7,842 | 8,617 | 8,600 |
| Shareholders' equity | 2,168 | 2,192 | 2,349 | 2,536 | 3,404 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 548 | 567 | 551 | 508 | 584 |
| Capital expenditure | 935 | 913 | 1,076 | 1,247 | 1,196 |
| Free cash flow | −387 | −345 | −525 | −739 | −611 |
| Depreciation & amortisation | 320 | 341 | 354 | 423 | 483 |
| Stock-based compensation | 9.4 | 7.8 | 7.2 | 9.5 | 8.7 |
| Share buybacks | 10.1 | 8.0 | 9.6 | 8.5 | 12.0 |
| Dividends paid | 113 | 120 | 127 | 140 | 163 |
| Dividend per share | 1.33 | 1.41 | 1.49 | 1.57 | 1.65 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 29.0% | −14.9% | 2.3% | 9.0% |
| Operating income growth (YoY) | – | 27.8% | −41.2% | 96.0% | −2.7% |
| EPS growth (YoY) | – | −13.2% | −48.2% | 161.8% | −44.6% |
| Gross margin | 37.2% | 32.9% | 34.2% | – | – |
| Operating margin | 17.7% | 17.5% | 12.1% | 23.1% | 20.6% |
| Net margin | 12.1% | 8.2% | 5.6% | 13.2% | 7.9% |
| Return on equityBlank when equity is negative | 9.8% | 8.4% | 4.5% | 10.2% | 5.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.9% | 4.7% | 2.6% | 4.8% | 4.0% |
| Free cash flow margin | −22.2% | −15.3% | −27.4% | −37.7% | −28.6% |
| Cash conversion (CFO ÷ net income) | 2.59x | 3.06x | 5.16x | 1.96x | 3.44x |
| Receivable days | 26 | 30 | 24 | 24 | 26 |
| Inventory days | 22 | 16 | 28 | – | – |
| Payable days | 57 | 52 | 59 | – | – |
| Interest cover | 3.18x | 3.08x | 1.22x | 1.99x | 1.62x |
| Debt ÷ equity | 1.71x | 1.86x | 1.92x | 1.94x | 1.59x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,698 | 4,073 | 4,520 | 4,919 | 5,400 |
| Current ratio | 0.49x | 0.46x | 0.39x | 0.28x | 0.55x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.