TXNM Energy, Inc. (TXNM) Cash Flow Statement
Where TXNM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $584.5M +15.0% vs 2024
- Capital expenditures
- $1.20B 55.2% of revenue
- Free cash flow
- −$611.4M −28.2% margin
- Returned to shareholders
- $175.3M
- Change in cash
- $9.9M cash at year-end $32.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TXNM operating cash flow, capex and free cash flow
TXNM cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $503.2M2019 | $584.5M2025 | +2.5%/yr | |
| Capital expenditures | $616.3M2019 | $1.20B2025 | +11.7%/yr | |
| Free cash flow | −$113.1M2019 | −$611.4M2025 | — | |
| Free cash flow margin | −7.8%2019 | −28.2%2025 | −20.5 pts | |
| Operating cash flow / net income | 5.462019 | 3.442025 | −2.02 | |
| Stock-based compensation | $6.4M2019 | $8.7M2025 | +5.3%/yr | |
| Dividends paid | $92.9M2019 | $163.4M2025 | +9.9%/yr | |
| Share buybacks (net) | $9.9M2019 | $12.0M2025 | +3.2%/yr | |
| Capex / revenue | 42.3%2019 | 55.2%2025 | +12.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TXNM cash flow by activity
TXNM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TXNM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $169.8M | $258.7M | $106.9M | $185.2M | $211.8M | $187.3M | $92.1M |
| Depreciation & amortization | $483.4M | $423.0M | $353.7M | $341.1M | $320.2M | $314.7M | $301.1M |
| Stock-based compensation | $8.7M | $9.5M | $7.2M | $7.8M | $9.4M | $8.1M | $6.4M |
| Change in working capital | −$93.6M | −$190.1M | $58.4M | −$59.1M | −$961,000 | −$16.6M | $14.5M |
| Other non-cash items | $16.1M | $7.0M | $25.0M | $92.3M | $7.3M | −$7.9M | $89.0M |
| Cash from operating activities | $584.5M | $508.2M | $551.2M | $567.3M | $547.9M | $485.7M | $503.2M |
| Investing activities | |||||||
| Capital expenditures | −$1.20B | −$1.25B | −$1.08B | −$912.6M | −$935.0M | −$679.0M | −$616.3M |
| Investments (net) | −$21.1M | −$1.17B | −$1.09B | −$950.3M | −$952.3M | −$733.8M | — |
| Acquisitions & other investing | −$109,000 | $1.25B | $1.08B | $912.6M | $935.0M | $679.0M | −$57.6M |
| Cash from investing activities | −$1.22B | −$1.17B | −$1.09B | −$950.3M | −$952.3M | −$733.8M | −$673.9M |
| Financing activities | |||||||
| Dividends paid | −$163.4M | −$140.3M | −$126.7M | −$119.8M | −$113.0M | −$98.5M | −$92.9M |
| Share repurchases & issuance (net) | −$12.0M | −$8.5M | −$9.6M | −$8.0M | −$10.1M | −$12.0M | −$9.9M |
| Net borrowing (repayment) | $75.2M | $760.9M | $478.0M | $547.8M | $435.7M | — | — |
| Shares issued | $842.7M | $98.6M | $198.2M | $0 | $0 | $283.2M | $0 |
| Other financing | −$100.1M | −$26.3M | −$2.7M | −$33.9M | $45.0M | $119.5M | $275.3M |
| Cash from financing activities | $642.5M | $684.4M | $537.1M | $386.0M | $357.6M | $292.2M | $172.4M |
| Summary | |||||||
| Net change in cash | $9.9M | $18.1M | −$135,000 | $3.0M | −$46.8M | $44.1M | $1.7M |
| Cash at end of period | $32.0M | $22.1M | $3.9M | $4.1M | $1.1M | $47.9M | $3.8M |
| Free cash flow | −$611.4M | −$738.9M | −$524.6M | −$345.3M | −$387.1M | −$193.3M | −$113.1M |
| Free cash flow margin | −28.2% | −37.5% | −27.1% | −15.3% | −21.8% | −12.7% | −7.8% |
| Capex / revenue | 55.2% | 63.3% | 55.5% | 40.6% | 52.5% | 44.6% | 42.3% |
| Operating cash flow / net income | 3.44 | 1.96 | 5.16 | 3.06 | 2.59 | 2.59 | 5.46 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $71.4M | $8.0M | −$5.3M | $136.3M | $26.0M | $12.8M | $20.0M | $136.4M | $52.0M | $50.4M | −$45.7M | $42.9M |
| Depreciation & amortization | $127.6M | $125.4M | $122.3M | $125.8M | $120.9M | $114.3M | $109.1M | $107.6M | $103.4M | $103.0M | $91.1M | $88.7M |
| Stock-based compensation | −$832,000 | $5.1M | $2.0M | $1.4M | $2.3M | $3.0M | $1.6M | $1.2M | $2.1M | $4.6M | $1.3M | $1.5M |
| Change in working capital | −$114.8M | $10.1M | −$565,000 | $17.5M | −$120.5M | $10.0M | $22.2M | −$75.7M | −$84.7M | −$51.8M | $72.4M | $37.6M |
| Other non-cash items | −$13.5M | $4.6M | $39.2M | $927,000 | −$25.2M | $1.2M | $5.7M | $10.6M | $4.1M | −$13.3M | $19.5M | −$571,000 |
| Cash from operating activities | $69.8M | $153.2M | $157.7M | $282.0M | $3.5M | $141.3M | $158.6M | $180.0M | $76.7M | $92.8M | $138.6M | $170.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$264.8M | −$312.7M | −$309.8M | −$277.3M | −$266.2M | −$342.6M | −$341.5M | −$323.7M | −$292.7M | −$289.1M | −$267.9M | −$270.9M |
| Investments (net) | −$869,000 | −$2.7M | −$16.8M | −$279.2M | −$266.3M | −$345.0M | −$368.5M | −$326.4M | −$295.1M | −$184.4M | −$276.5M | −$281.6M |
| Acquisitions & other investing | $37,000 | $38,000 | −$34,000 | $277.3M | $266.2M | $342.6M | $341.5M | $323.7M | $292.7M | $289.1M | $267.9M | $270.9M |
| Cash from investing activities | −$265.7M | −$315.4M | −$326.6M | −$279.2M | −$266.3M | −$345.0M | −$368.5M | −$326.4M | −$295.1M | −$184.4M | −$276.5M | −$281.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$46.9M | −$46.2M | −$44.5M | −$43.1M | −$37.9M | −$37.9M | −$35.1M | −$35.1M | −$35.1M | −$35.1M | −$31.7M | −$31.7M |
| Share repurchases & issuance (net) | −$980,000 | −$5.4M | −$3.5M | −$184,000 | −$1.9M | −$6.3M | −$477,000 | −$1.7M | −$808,000 | −$5.4M | −$15,000 | −$13,000 |
| Net borrowing (repayment) | $219.8M | $78.2M | $207.6M | −$145.4M | −$303.0M | $316.0M | $150.3M | $218.1M | — | — | — | — |
| Shares issued | $19.6M | $103.7M | $0 | $197.6M | $645.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $19.5M | $11.7M | $1.4M | −$9.2M | −$18.1M | −$74.2M | $100.8M | −$38.8M | $262.7M | $140.0M | $165.8M | $143.3M |
| Cash from financing activities | $211.0M | $142.0M | $160.9M | −$314,000 | $284.4M | $197.6M | $215.5M | $142.5M | $226.8M | $99.5M | $134.1M | $111.6M |
| Summary | ||||||||||||
| Net change in cash | $9.0M | −$12.6M | −$8.0M | $2.5M | $21.6M | −$6.2M | $5.6M | −$3.9M | $8.4M | $8.0M | −$3.8M | $128,000 |
| Cash at end of period | $14.6M | $5.6M | $32.0M | $40.0M | $37.5M | $15.9M | $22.1M | $16.4M | $20.3M | $11.9M | $3.9M | $7.8M |
| Free cash flow | −$195.0M | −$159.5M | −$152.1M | $4.7M | −$262.6M | −$201.4M | −$182.9M | −$143.7M | −$216.0M | −$196.3M | −$129.3M | −$100.8M |
| Free cash flow margin | −35.6% | −31.6% | −28.5% | 0.7% | −52.3% | −41.7% | −38.3% | −25.2% | −44.3% | −44.9% | −31.4% | −19.9% |
| Capex / revenue | 48.3% | 61.9% | 58.1% | 42.9% | 53.0% | 71.0% | 71.6% | 56.9% | 60.0% | 66.2% | 65.0% | 53.6% |
| Operating cash flow / net income | 0.98 | 19.14 | — | 2.07 | 0.14 | 11.04 | 7.93 | 1.32 | 1.48 | 1.84 | — | 3.96 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TXNM cash generation
In fiscal 2025 (ended December 31, 2025), TXNM Energy generated $584.5 million of cash from operations (up 15.0%) and spent $1.2 billion on capital expenditures, leaving free cash flow of -$611.4 million, −28.2% of revenue. It returned $175.3 million to shareholders through dividends ($163.4 million) and net share buybacks ($12.0 million). Cash and equivalents rose by $9.9 million over the year.
Related: TXNM income statement, TXNM balance sheet, TXNM dividend history. See the TXNM stock overview for the latest quote and news.
TXNM cash flow FAQ
What is TXNM Energy's free cash flow?
TXNM Energy's free cash flow was -$611.4 million in fiscal 2025: $584.5 million of operating cash flow minus $1.2 billion of capital expenditures It was -$738.9 million a year earlier..
How much cash does TXNM Energy generate from operations?
TXNM Energy generated $584.5 million of cash from operating activities in fiscal 2025, 3.44 times its net income of $169.8 million.
How much does TXNM Energy spend on capital expenditures?
TXNM Energy spent $1.2 billion on capital expenditures in fiscal 2025, 55.2% of revenue, compared with $1.2 billion the year before.
How much stock does TXNM Energy buy back?
TXNM Energy spent $12.0 million on net share repurchases in fiscal 2025.
How much does TXNM Energy pay in dividends?
TXNM Energy paid $163.4 million in dividends in fiscal 2025.
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