Tennessee Valley Authority

Listed Company

TVECIK 0001376986NYSENon-AcceleratedElectric ServicesFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$1.36B

Total Assets

$60.88B

Equity

—

Shares Out

Op. Cash Flow

$3.32B

Business

Tennessee Valley Authority provides electricity generation, transmission, and river management services for the Tennessee Valley region while operating and maintaining multipurpose river system infrastructure. It offers power from nuclear, coal-fired, natural gas-fired, hydroelectric, and renewable sources, along with transmission and distribution services, flood control and navigation management, environmental remediation, and decommissioning activities. Key business segments include power generation (including seven nuclear units), transmission and distribution, river and dam operations, and environmental and regulatory compliance. TVA distributes power through partnerships with local power companies and directly served customers within its legally defined service territory.

Summary from filing dated 2025-11-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Regulated Operating Revenue	13,500	12,128	11,899	12,371	—
Revenue from sales of electricity	13,672	12,314	12,054	12,540	—
Fuel	2,376	2,169	2,549	2,567	1,737
Purchased power	2,106	1,581	1,633	1,921	984
Operating and maintenance	3,717	3,641	3,372	2,986	—
Depreciation and amortization	2,271	2,138	2,213	2,054	1,533
Tax equivalents	633	557	593	601	514
Total operating expenses	11,103	10,086	10,360	10,129	7,658
Operating income	2,569	2,228	1,694	2,411	2,845
Other income (expense), net	92	71	61	7	13
Defined Benefit Plan, Other Cost (Credit)	105	98	199	258	258
Interest expense	1,196	1,066	1,056	1,052	1,088
Net income (loss)	1,360	1,135	500	1,108	1,512

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-09-30	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30
Cash and Cash Equivalent	—	1,576	502	501	500
Accounts receivable, net	—	2,119	1,801	1,745	2,007
Inventories, net	—	1,193	1,155	1,108	1,072
Regulatory assets	—	127	191	178	138
Other current assets	—	162	120	134	257
Total current assets	—	5,177	3,769	3,666	3,974
Property, Plant and Equipment, Gross	—	71,574	70,989	68,199	—
Less accumulated depreciation	—	−38,716	−38,793	−35,871	−34,239
Net completed plant	—	32,858	32,196	32,328	32,203
Construction in progress	—	6,760	4,879	3,238	2,535
Nuclear fuel	—	1,185	1,261	1,344	1,492
Finance Lease, Right-of-Use-Asset, after Accumulated Amortization	—	663	729	572	630
Total property, plant, and equipment, net	—	41,466	39,065	37,482	36,860
Long-term Investments	—	5,600	4,968	4,123	3,671
Regulatory assets	—	8,047	9,408	5,566	6,134
Operating Lease, Right-of-Use Asset	—	113	149	177	155
Other long-term assets	—	506	344	330	394
Investments and Other Noncurrent Assets	—	8,666	9,901	6,073	—
Total assets	—	60,882	57,703	51,344	51,188
Accounts payable and accrued liabilities	—	3,299	2,910	2,618	2,466
Accrued interest	—	348	280	272	273
Asset Retirement Obligation, Current	—	313	283	272	275
Regulatory liabilities	—	228	174	222	391
Short-term debt, net of discounts	0	0	1,167	432	1,172
Total Current maturities of power bonds issued at par	—	1,370	1,022	1,022	29
Current maturities of long-term debt of variable interest entities issued at par	—	49	37	35	39
Total current liabilities	—	5,607	5,873	4,873	4,645
Post-retirement and post-employment benefit obligations	—	2,183	2,887	2,527	3,072
Asset retirement obligations	—	10,101	10,523	7,217	6,887
Finance Lease, Liability, Noncurrent	—	640	700	576	628
Other long-term liabilities	—	1,606	1,712	1,211	1,485
Non-current regulatory liabilities	—	141	83	107	172
Noncurrent Liabilities Other than Long-Term Debt	—	14,671	15,905	11,638	—
Long-term power bonds, net	—	20,461	17,867	17,844	17,826
Long-term debt of variable interest entities, net	—	1,632	897	933	968
Total long-term debt, net	—	22,093	18,764	18,777	18,794
Total liabilities	—	42,371	40,542	35,288	35,683
Power program appropriation investment	—	258	258	258	258
Power program retained earnings	—	17,797	16,437	15,302	14,800
Total power program proprietary capital	—	18,055	16,695	15,560	15,058
Nonpower programs appropriation investment, net	—	510	518	525	533
Accumulated other comprehensive income (loss)	—	−54	−52	−29	−86
Total proprietary capital	—	18,511	17,161	16,056	15,505
Liabilities and Equity	—	60,882	57,703	51,344	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization (including amortization of debt issuance costs and premiums/discounts)	2,293	2,160	2,235	2,076	1,555
Amortization of nuclear fuel cost	308	364	371	347	383
Non-cash retirement benefit expense	148	138	241	328	333
Amortization of Regulatory Asset	63	71	31	70	72
Accounts receivable, net	−209	−16	301	−412	−18
Inventories and other current assets, net	−56	−70	−83	−163	42
Accounts payable and accrued liabilities	61	44	−1	282	178
Accrued interest	67	8	−1	−7	−18
Pension contributions	−310	−304	−306	−308	−306
Asset Retirement Obligation, Cash Paid to Settle	−258	−283	−327	−291	—
Other, net	−143	−102	−89	−82	−91
Net cash provided by operating activities	3,324	3,003	2,872	2,948	3,256
Construction expenditures	−4,457	−3,281	−2,526	−2,361	−1,963
Nuclear fuel expenditures	−224	−294	−273	−283	−354
Acquisition of leasehold interests in combustion turbine assets	0	0	155	0	0
Purchases of investments	−48	−52	−51	−51	—
Payments to Acquire Loans Receivable	0	4	7	9	—
Repayments	12	6	8	15	9
Other, net	56	34	10	26	27
Net cash used in investing activities	−4,661	−3,591	−2,994	−2,663	−2,338
Issues of power bonds	3,967	991	992	484	500
Redemptions and repurchases of power bonds	−1,022	−1,022	−29	−1,028	−1,860
Payments on debt of variable interest entities	−41	−35	−39	−43	−41
Short-term debt issues (redemptions), net	−1,166	734	−740	392	723
Finance Lease, Principal Payments	82	76	56	85	250
Financing costs, net	−30	−5	−4	−3	−2
Other, net	−15	3	−1	0	9
Net cash (used in) provided by financing activities	2,411	590	123	−283	−921
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	—	2	1	2	−3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	1,074	2	1	2	−3
Proceeds from Issuance of Debt	800	0	0	—	—

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