# TXNM ENERGY INC (TXNM) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from TXNM ENERGY INC's 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/TXNM/mda/fy2025/): filed 2026-02-27; accession 0001108426-26-000006 (https://www.sec.gov/Archives/edgar/data/1108426/000110842626000006/pnm-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/TXNM/mda/fy2024/): filed 2025-02-28; accession 0001108426-25-000014 (https://www.sec.gov/Archives/edgar/data/1108426/000110842625000014/pnm-20241231.htm)
- [FY 2023 MD&A](/company/TXNM/mda/fy2023/): filed 2024-02-29; accession 0001108426-24-000008 (https://www.sec.gov/Archives/edgar/data/1108426/000110842624000008/pnm-20231231.htm)
- [FY 2022 MD&A](/company/TXNM/mda/fy2022/): filed 2023-02-28; accession 0001108426-23-000006 (https://www.sec.gov/Archives/edgar/data/1108426/000110842623000006/pnm-20221231.htm)
- [FY 2021 MD&A](/company/TXNM/mda/fy2021/): filed 2022-03-01; accession 0001108426-22-000010 (https://www.sec.gov/Archives/edgar/data/1108426/000110842622000010/pnm-20211231.htm)

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