TXNM Energy (NYSE:TXNM), the holding company for Public Service Company of New Mexico (PNM) and Texas-New Mexico Power (TNMP), on Friday reported GAAP diluted earnings per share of $1.48 for the full year 2025, down from $2.67 in 2024.
Ongoing diluted EPS, which excludes certain non-recurring items, was $2.33 compared with $2.74 in the prior year.
The year-over-year decline in both GAAP and ongoing measures primarily reflected higher interest expense, increased depreciation and amortization associated with capital investments, and other operating cost pressures, partially offset by rate recovery mechanisms and modest customer growth.
The company continued to advance its proposed acquisition by an affiliate of Blackstone Infrastructure Partners, announced in 2025, under which Blackstone would acquire all outstanding shares of TXNM common stock for $61.25 per share in cash.
The transaction remains subject to remaining regulatory approvals and other customary closing conditions, with an expected closing in the second half of 2026.
Key regulatory developments during 2025 included TNMP’s filing of a comprehensive base rate request seeking approximately $2.8 billion in invested capital recovery, as well as PNM’s submission of multiple applications totaling roughly $412.5 million related to renewable energy projects, grid modernization, and other infrastructure investments.
These filings are intended to support continued reliability enhancements, integration of clean energy resources, and recovery of prudent capital expenditures in New Mexico and Texas service territories.