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TXNM Energy Executive Compensation (FY25)

TXNM · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Joseph Tarry
Median of the other named officers
$1,015,765
5 officers, excluding the chief executive
Latest say-on-pay support
=
June 10, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 18, 2026Latest filing (8-K): June 11, 2026
15 filings cited on this page
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337 figures on this page: 326 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on TXNM Energy

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Joseph Tarry: $2,904,377 → $3,903,948 (34.4% higher)
Say-on-pay support: 98.2% → 98.7% (0.5 points higher)
CEO pay ratio: 39:1 → 35:1 (10.3% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is TXNM Energy's chief executive and what were they paid?
Total compensation for Joseph Tarry, President and CEO, came to $3,903,948 in fiscal 2025. Tarry's total was 34.4% higher than the $2,904,377 reported for fiscal 2024.
What was TXNM Energy's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 98.7% of votes cast for or against in favor at the meeting held June 10, 2026.
Which companies are in TXNM Energy's peer group?
The disclosed peer group names ALLETE, Inc., Alliant Energy Corporation, Avista Corporation, Black Hills Corporation and Hawaiian Electric Industries, Inc., among others.
What is TXNM Energy's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 35:1, against median employee compensation of $148,703.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Patricia Collawn
Chair and CEO
◇—◇—◇—◇◇
Charles Eldred
EVP, Corp Dev & Finance
◇—◇—◇—◇◇
Joseph Tarry
President and COO
◇—◇—◇—◇◇
Patrick Apodaca
SVP, General Counsel and Secretary
◇—◇—◇—◇◇
Elisabeth Eden
SVP, CFO and Treasurer
◇—◇—◇—◇◇
Ronald Darnell
SVP, Public Policy
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Patricia Collawn
Executive Chairman
◇◇◇—◇—◇◇
Joseph Tarry
President and CEO
◇◇◇—◇◇◇◇
Elisabeth Eden
former SVP & Chief Financial Officer
◇◇◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Patricia Collawn
Chair and CEO
◇—◇—◇—◇◇
Joseph Tarry
President and COO
◇—◇—◇◇◇◇
Elisabeth Eden
SVP & Chief Financial Officer
◇◇◇—◇—◇◇
Brian Iverson
General Counsel, SVP, Regulatory & Public Policy
◇◇◇—◇—◇◇
Patrick Apodaca
SVP, General Counsel and Secretary
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Patricia Collawn
Executive Chairman
◇—◇—◇—◇◇
Joseph Tarry
President and CEO
◇—◇—◇◇◇◇
Brian Iverson
General Counsel, SVP, Regulatory & Public Policy
◇◇◇—◇—◇◇
Elisabeth Eden
Former SVP & Chief Financial Officer
Departed during or after this year
◇◇◇—◇—◇◇
Henry Monroy
SVP & Chief Financial Officer
◇◇◇—◇—◇◇
Monique Jacobson
SVP, Corporate Services
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian IversonRSU◇——◇——◇
Brian IversonPSU◇◇◇—◇—◇
Elisabeth EdenPSU◇◇◇—◇—◇
Elisabeth EdenRSU◇——◇——◇
Henry MonroyPSU◇◇◇—◇—◇
Henry MonroyPSU◇◇◇—◇—◇
Henry MonroyPSU◇◇◇—◇—◇
Henry MonroyRSU◇——◇——◇
Joseph TarryPSU◇◇◇—◇—◇
Joseph TarryPSU◇◇◇—◇—◇
Joseph TarryRSU◇——◇——◇
Joseph TarryPSU◇◇◇—◇—◇
Monique JacobsonPSU◇◇◇—◇—◇
Monique JacobsonPSU◇◇◇—◇—◇
Monique JacobsonPSU◇◇◇—◇—◇
Patricia CollawnRSU◇——◇——◇
Patricia CollawnPSU◇◇◇—◇—◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Henry MonroyRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Patricia CollawnPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Joseph TarryPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Monique JacobsonRSU◇◇——
PSU◇◇——
Brian IversonPSU◇◇——
PSU◇◇——
RSU◇◇——
Elisabeth EdenPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
N. P. Becker
◇◇————◇
Norman P. Becker
Lead independent director
◇◇————◇
Maureen T. Mullarkey
◇◇————◇
James A. Hughes
◇◇————◇
J. A. Hughes
◇◇————◇
E. Renae Conley
◇◇————◇
Vicky A. Bailey
◇◇————◇
V. A. Bailey
◇◇————◇
Sidney M. Gutierrez
◇◇————◇
Steven C. Maestas
◇◇————◇
L. J. Montoya
◇◇————◇
S. M. Gutierrez
◇◇————◇
Lillian J. Montoya
◇◇————◇
S. C. Maestas
◇◇————◇
A. J. Fohrer
◇◇————◇
Patricia K. Collawn and Joseph D. Tarry served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as Restricted Stock Rights.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • ALLETE, Inc. ALE
  • Alliant Energy Corporation LNT
  • Avista Corporation AVA
  • Black Hills Corporation BKH
  • Hawaiian Electric Industries, Inc. HE
  • IDACORP, Inc. IDA
  • MDU Resources Group, Inc. MDU
  • New Jersey Resources Corporation NJR
  • NorthWestern Energy Group, Inc. NWE
  • OGE Energy Corporation OGE
  • ONE Gas, Inc. OGS
  • Pinnacle West Capital Corporation PNW
  • Portland General Electric Company POR
  • Southwest Gas Holdings, Inc. SWX

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 10, 2026=◇◇◇
2024May 13, 2025=◇◇◇
2023June 4, 2024=◇◇◇
2022May 9, 2023=◇◇◇
2021May 10, 2022=◇◇◇
2020May 11, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 21, 2019=◇◇◇
2017May 22, 2018=◇◇◇
2016May 16, 2017=◇◇◇
2015May 17, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Joseph Tarry (President and CEO), FY2025 total compensation $3,903,948 (base salary $839,462) [exec_comp, SEC accession 0001108426-26-000020, filed 2026-04-28]

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What this page does not include

Everything above is a fact TXNM Energy disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where TXNM Energy sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
337 figures on this page: 326 cited to the filing that reported them, 11 calculated from figures it prints.
326 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001108426-26-000033
  2. 0001108426-26-000020
    CEO Pay Ratio · Director Compensation · Summary of Non-Employee Director Compensation in 2025
  3. 0001108426-25-000038
  4. 0001108426-25-000022
  5. 0001108426-24-000056
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001108426-24-000023
    SUMMARY COMPENSATION TABLE
  7. 0001108426-23-000028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001108426-23-000014
  9. 0001108426-22-000029
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001108426-21-000026
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001108426-20-000045
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001108426-19-000038
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001108426-18-000032
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001108426-17-000022
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001108426-16-000185
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
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Velarion, “TXNM Energy executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/TXNM (accessed 2026).
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15 filings cited on this page
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers TXNM Energy discloses

The companies named in TXNM's own disclosed peer group.

ALLETE, Inc.Alliant Energy CorporationAvista CorporationBlack Hills CorporationHawaiian Electric Industries, Inc.IDACORP, Inc.MDU Resources Group, Inc.New Jersey Resources CorporationNorthWestern Energy Group, Inc.OGE Energy CorporationONE Gas, Inc.Pinnacle West Capital CorporationPortland General Electric CompanySouthwest Gas Holdings, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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