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Txnm Energy cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$160M in Q1 2026 · −$570M over twelve months

Operating cash flow$153M
Capital spending−$313M
Free cash flow−$160M
Cash / net income19.1×

Analysis

In Q1 2026, Txnm Energy generated $153M of operating cash flow and spent $313M on capital projects, leaving free cash flow of −$160M. That is $41.8M more than in Q1 2025 (−$201M).

Over the twelve months to Mar 31, 2026, operating cash flow was $596M; the largest uses were capital spending ($1.2B), dividends ($172M), net borrowing (+) / repaid (−) ($166M); besides operations, cash came from shares issued ($946M); the cash balance fell by $4.1M.

Operating cash flow was $153M against net income of $8.0M — 19.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$125M, prepaid and other assets −$17.9M, gains on investments +$8.9M.

Free cash flow

Txnm Energy: free cash flow by quarterTxnm Energy: free cash flow by quarter−$216MQ2 2024−$144MQ3 2024−$183MQ4 2024−$201MQ1 2025−$263MQ2 2025$4.7MQ3 2025−$152MQ4 2025−$160MQ1 2026
Operating cash flow less capital spending.
Txnm Energy: operating cash flow against capital spendingTxnm Energy: operating cash flow against capital spendingOperating cash flowCapital spending$76.7M$293MQ2 2024$180M$324MQ3 2024$159M$342MQ4 2024$141M$343MQ1 2025$3.5M$266MQ2 2025$282M$277MQ3 2025$158M$310MQ4 2025$153M$313MQ1 2026
Latest (Q1 2026): Operating cash flow $153M, Capital spending $313M.

Capital allocation, year by year

Txnm Energy: where the cash came from (up) and went (down), by fiscal yearTxnm Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $548MFY2021: Net borrowing $434MFY2021: Capital spending −$935MFY2021: Buybacks −$10.1MFY2021: Dividends −$113M$982MFY2021FY2022: Operating cash flow $567MFY2022: Net borrowing $715MFY2022: Capital spending −$913MFY2022: Buybacks −$8.0MFY2022: Dividends −$120M$1.3BFY2022FY2023: Operating cash flow $551MFY2023: Net borrowing $505MFY2023: Shares issued $198MFY2023: Asset sales $32.7MFY2023: Capital spending −$1.1BFY2023: Buybacks −$9.6MFY2023: Dividends −$127M$1.3BFY2023FY2024: Operating cash flow $508MFY2024: Net borrowing $758MFY2024: Shares issued $98.6MFY2024: Asset sales $2.8MFY2024: Capital spending −$1.2BFY2024: Buybacks −$8.5MFY2024: Dividends −$140M$1.4BFY2024FY2025: Operating cash flow $584MFY2025: Net borrowing $72.1MFY2025: Shares issued $843MFY2025: Capital spending −$1.2BFY2025: Buybacks −$12.0MFY2025: Dividends −$163M$1.5BFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were capital spending ($5.4B) and dividends ($663M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.6M
Debt$5.7B
Net debt$5.7B
Due within a year$303M

Txnm Energy's operations bring cash in ($596M over twelve months), and it spends more than that on capital projects: a gap of $570M funded from its $5.6M of cash and investments and from borrowing ($5.7B of debt, $303M due within a year). That is a choice to invest, not a cash runway running down.

Txnm Energy: debt maturities by year (FY2025)Txnm Energy: debt maturities by year (FY2025)$303MYear 1$128MYear 2$241MYear 3$240MYear 4$406MYear 5$4.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $5.6M of cash and investments now.

Where the cash came from and went

Txnm Energy: sources (+) and uses (−) of cash, Q1 2026Txnm Energy: sources (+) and uses (−) of cash, Q1 2026Capital spending−$313MOperating cash flow$153MShares issued$104MNet borrowing (+) / repaid (−)$77.3MDividends−$46.2MCash drawn (+) / kept (−)$20.1MOther financing$12.6MBuybacks−$5.4MOther investing−$2.6M
Txnm Energy: sources (+) and uses (−) of cash, TTM to Q1 2026Txnm Energy: sources (+) and uses (−) of cash, TTM to Q1 2026Capital spending−$1.2BShares issued$946MOperating cash flow$596MDividends−$172MNet borrowing (+) / repaid (−)−$166MOther investing−$21.5MBuybacks−$11.1MOther financing−$10.8MCash drawn (+) / kept (−)$4.1M

From profit to cash

Txnm Energy: net income to operating cash flow, Q1 2026Txnm Energy: net income to operating cash flow, Q1 2026Net income$8.0MDepreciation & amortization$125MStock-based pay$5.1MDeferred taxes−$547KGains on investments$8.9MOther non-cash$1.2MInventory−$8.2MPayables−$4.2MPrepaid and other assets−$17.9MOther liabilities$1.6MOperating cash flow$153M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$153M−$313M−$5.4M−$46.2M$77.3M$104M$20.1M−$160M
Q4 2025$158M−$310M−$3.5M−$44.5M$207M−$152K$8.0M−$152M
Q3 2025$282M−$277M−$184K−$43.1M−$146M$198M−$2.5M$4.7M
Q2 2025$3.5M−$266M−$1.9M−$37.9M−$304M$645M−$21.6M−$263M
Q1 2025$141M−$343M−$6.3M−$37.9M$315M—$6.2M−$201M
Q4 2024$159M−$342M−$477K−$35.1M$150M$98.6M−$5.6M−$183M
Q3 2024$180M−$324M−$1.7M−$35.1M$217M—$3.9M−$144M
Q2 2024$76.7M−$293M−$808K−$35.1M$292M—−$8.4M−$216M

Txnm Energy: income statement and cash flow

Txnm Energy, Q3 2026: revenue $733M (+13% year over year), operating margin 37.0%. The chart follows the revenue to costs, profit and cash.

Txnm Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.