TVE · CIK 0001376986

TENNESSEE VALLEY AUTHORITY

Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.

Revenue

$12.1B

▼ −3.9% vs FY2022

Net income

$1.4B

▲ +19.8% vs FY2024

Free cash flow

−$1.1B

▼ −307.6% vs FY2024

Total assets

$60.9B

▲ +5.5% vs FY2024

Revenue

Annual, as reported

Net income

Annual, as reported

Recent quarters

momentum · last 12 quarters

Net income — Mar ’26 quarter

$392.0M

▼ −3.9% vs Mar ’25

Quarterly net income

Losses shown in terracotta

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’26	—	—	—	$392.0M	—	—
Dec ’25	—	—	—	$266.0M	—	—
Sep ’25	—	—	—	$615.0M	—	—
Jun ’25	—	—	—	$212.0M	—	—
Mar ’25	—	—	—	$408.0M	—	—
Dec ’24	—	—	—	$125.0M	—	—
Sep ’24	—	—	—	$520.0M	—	—
Jun ’24	—	—	—	$181.0M	—	—

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Operating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Balance sheet

financial position

Net debt

Long-term debt less cash — negative means net cash

Growth rates

compounding, annualized

Revenue CAGR

+5.6%

+1.4%

Net income CAGR

+7.1%

+0.1%

+2.0%

10y

Key ratios

derived per fiscal year

Fiscal year	Op. margin	Net margin	FCF margin	ROA	Current ratio
FY2025	—	—	—	2.2%	0.92×
FY2024	—	—	—	2.0%	0.64×
FY2023	14.1%	4.1%	2.9%	1.0%	0.75×
FY2022	19.2%	8.8%	4.7%	2.2%	0.86×
FY2021	27.1%	14.4%	12.3%	2.9%	0.70×
FY2020	26.5%	13.2%	19.4%	2.6%	0.69×
FY2019	24.8%	12.5%	17.8%	2.8%	0.76×
FY2018	22.9%	10.0%	19.4%	2.3%	0.70×
FY2017	25.4%	6.4%	5.4%	1.4%	0.54×
FY2016	21.9%	11.6%	3.1%	2.4%	0.62×
FY2015	20.1%	10.1%	4.2%	2.3%	0.89×
FY2014	14.3%	4.2%	5.4%	1.0%	0.85×

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	—	—	$2.6B	$1.4B	—	$3.3B	$4.5B	$60.9B	—	—	$1.6B	$22.1B
FY2024	—	—	$2.2B	$1.1B	—	$3.0B	$3.3B	$57.7B	—	—	$502.0M	$19.1B
FY2023	$12.1B	—	$1.7B	$500.0M	—	$2.9B	$2.5B	$51.3B	—	—	$501.0M	$19.1B
FY2022	$12.5B	—	$2.4B	$1.1B	—	$2.9B	$2.4B	$51.2B	—	—	$500.0M	$18.1B
FY2021	$10.5B	—	$2.8B	$1.5B	—	$3.3B	$2.0B	$52.5B	—	—	$499.0M	$18.7B
FY2020	$10.2B	—	$2.7B	$1.4B	—	$3.6B	$1.6B	$52.8B	—	—	$500.0M	$21.1B
FY2019	$11.3B	—	$2.8B	$1.4B	—	$3.7B	$1.7B	$50.5B	—	—	$299.0M	$21.6B
FY2018	$11.2B	—	$2.6B	$1.1B	—	$3.9B	$1.8B	$48.7B	—	—	$299.0M	$22.7B
FY2017	$10.7B	—	$2.7B	$685.0M	—	$2.7B	$2.2B	$50.0B	—	—	$311.0M	$23.5B
FY2016	$10.6B	—	$2.3B	$1.2B	—	$3.0B	$2.7B	$50.5B	—	—	$310.0M	$24.1B
FY2015	$11.0B	—	$2.2B	$1.1B	—	$3.3B	$2.9B	$48.7B	—	—	$300.0M	$24.1B
FY2014	$11.1B	—	$1.6B	$469.0M	—	$3.0B	$2.4B	$45.6B	—	—	$500.0M	$24.3B

Latest filings

the most recent regulatory filings

8-KCurrent report — material event2026-05-28 ↗10-QQuarterly report2026-05-05 ↗8-KCurrent report — material event2026-04-24 ↗8-KCurrent report — material event2026-04-13 ↗8-KCurrent report — material event2026-04-06 ↗8-KCurrent report — material event2026-03-05 ↗8-KCurrent report — material event2026-03-02 ↗8-KCurrent report — material event2026-02-12 ↗10-QQuarterly report2026-02-03 ↗8-K/ACurrent report — material event2026-01-20 ↗

Company logos by Elbstream and unavatar.

All third-party trademarks, service marks, logos, and brand names used on this site are the property of their respective owners. The use of these logos is for identification and illustrative purposes only and does not imply any affiliation, sponsorship, or endorsement by the respective owners.

Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’26

—

$392.0M

—

Dec ’25

—

$266.0M

—

Sep ’25

—

$615.0M

—

Jun ’25

—

$212.0M

—

Mar ’25

—

$408.0M

—

Dec ’24

—

$125.0M

—

Sep ’24

—

$520.0M

—

Jun ’24

—

$181.0M

—

Fiscal year

Op. margin

Net margin

FCF margin

ROA

Current ratio

FY2025

—

2.2%

0.92×

FY2024

—

2.0%

0.64×

FY2023

14.1%

4.1%

2.9%

1.0%

0.75×

FY2022

19.2%

8.8%

4.7%

2.2%

0.86×

FY2021

27.1%

14.4%

12.3%

2.9%

0.70×

FY2020

26.5%

13.2%

19.4%

2.6%

0.69×

FY2019

24.8%

12.5%

17.8%

2.8%

0.76×

FY2018

22.9%

10.0%

19.4%

2.3%

0.70×

FY2017

25.4%

6.4%

5.4%

1.4%

0.54×

FY2016

21.9%

11.6%

3.1%

2.4%

0.62×

FY2015

20.1%

10.1%

4.2%

2.3%

0.89×

FY2014

14.3%

4.2%

5.4%

1.0%

0.85×

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

—

$2.6B

$1.4B

—

$3.3B

$4.5B

$60.9B

—

$1.6B

$22.1B

FY2024

—

$2.2B

$1.1B

—

$3.0B

$3.3B

$57.7B

—

$502.0M

$19.1B

FY2023

$12.1B

—

$1.7B

$500.0M

—

$2.9B

$2.5B

$51.3B

—

$501.0M

$19.1B

FY2022

$12.5B

—

$2.4B

$1.1B

—

$2.9B

$2.4B

$51.2B

—

$500.0M

$18.1B

FY2021

$10.5B

—

$2.8B

$1.5B

—

$3.3B

$2.0B

$52.5B

—

$499.0M

$18.7B

FY2020

$10.2B

—

$2.7B

$1.4B

—

$3.6B

$1.6B

$52.8B

—

$500.0M

$21.1B

FY2019

$11.3B

—

$2.8B

$1.4B

—

$3.7B

$1.7B

$50.5B

—

$299.0M

$21.6B

FY2018

$11.2B

—

$2.6B

$1.1B

—

$3.9B

$1.8B

$48.7B

—

$299.0M

$22.7B

FY2017

$10.7B

—

$2.7B

$685.0M

—

$2.7B

$2.2B

$50.0B

—

$311.0M

$23.5B

FY2016

$10.6B

—

$2.3B

$1.2B

—

$3.0B

$2.7B

$50.5B

—

$310.0M

$24.1B

FY2015

$11.0B

—

$2.2B

$1.1B

—

$3.3B

$2.9B

$48.7B

—

$300.0M

$24.1B

FY2014

$11.1B

—

$1.6B

$469.0M

—

$3.0B

$2.4B

$45.6B

—

$500.0M

$24.3B