TXNM Energy Earnings Rise on Record Heat as Blackstone Deal Awaits New Mexico Approval

Published October 30, 2026 at 9:20 AM EDT

TXNM Energy's third-quarter earnings rose 25.0% as record summer heat pushed both of its utilities to new demand peaks, while its sale to Blackstone Infrastructure awaits one last state approval, the company said Friday.

GAAP net earnings attributable to TXNM rose to $163.4 million, or $1.50 a diluted share, from $130.7 million, or $1.22, a year earlier, according to the earnings release filed with an 8-K. Ongoing earnings, the company's adjusted measure, increased to $184.8 million, or $1.62 a share, from $142.8 million, or $1.33.

For the first nine months, ongoing EPS was $2.42, up from $1.87.

Record heat, record peaks

"During a prolonged summer of record-breaking heat, both PNM and TNMP reached new system peaks," President and CEO Don Tarry said, referring to its New Mexico and Texas utilities. "We are acutely aware of the impact of higher energy use on our customers."

TXNM does not issue earnings guidance while the Blackstone transaction is pending.

Blackstone deal update

Blackstone Infrastructure agreed in May 2025 to buy TXNM's common stock for $61.25 a share, and shareholders approved the deal in August 2025. The company has received approvals from the Federal Energy Regulatory Commission, the Public Utility Commission of Texas, the Federal Communications Commission and the Nuclear Regulatory Commission, and the federal antitrust waiting period has expired.

The remaining approval is from the New Mexico Public Regulation Commission. On Oct. 16, the commission accepted an amended application that adds customer benefits, including rate credits and more money for community and workforce programs, according to the release.

By the numbers

$1.62: third-quarter ongoing EPS, up from $1.33
$1.50: GAAP diluted EPS, up from $1.22
$163.4 million: GAAP net earnings
$61.25: per-share price in the Blackstone deal
1: regulatory approval still pending, in New Mexico

Sources

TXNM Energy Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 30, 2026 (accession 0001108426-26-000068)

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