Tennessee Valley Authority financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Tennessee Valley Authority files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,616	10,739	11,233	11,318	10,249	10,503	12,540	12,054	12,314	13,672
Operating expenses	8,290	8,006	8,665	8,507	7,538	7,658	10,129	10,360	10,086	11,103
Operating income	2,326	2,733	2,568	2,811	2,711	2,845	2,411	1,694	2,228	2,569
Interest expense	1,136	1,346	1,243	1,198	1,142	1,088	1,052	1,056	1,066	1,196
Other non-operating income	43	56	50	62	36	13	7	61	71	92
Net income	1,233	685	1,119	1,417	1,352	1,512	1,108	500	1,135	1,360
EBITDA	4,208	4,496	5,122	4,804	4,559	4,400	4,487	3,929	4,388	4,862

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	310	311	299	299	500	499	500	501	502	1,576
Receivables	1,747	1,569	1,657	1,739	1,529	1,566	2,007	1,745	1,801	2,119
Inventory	993	1,065	961	999	1,003	950	1,072	1,108	1,155	1,193
Other current assets	68	65	86	85	84	287	257	134	120	162
Total current assets	3,644	3,446	3,417	3,278	3,246	3,498	3,974	3,666	3,769	5,177
Property, plant and equipment	34,043	34,947	35,414	35,133	35,579	36,464	36,860	37,482	39,065	41,466
Lease right-of-use assets				0	232	165	155	177	149	113
Long-term investments	2,257	2,603	2,862	2,968	3,198	4,053	3,671	4,123	4,968	5,573
Other non-current assets	386	323	362	325	325	320	394	330	344	506
Total assets	50,494	50,017	48,667	50,467	52,825	52,456	51,188	51,344	57,703	60,882
Accounts payable	2,163	1,940	1,982	1,649	1,844	2,215	2,466	2,618	2,910	3,299
Deferred revenue	100	100	10	0	11	17	16	21	28	25
Short-term debt	1,555	1,728	1,032	1,030	1,787	1,028	29	1,489	2,226	1,419
Total current liabilities	5,862	6,401	4,854	4,312	4,711	4,979	4,645	4,873	5,873	5,607
Long-term debt	22,148	21,438	21,307	20,183	19,004	18,463	18,794	18,777	18,764	22,093
Lease liabilities					171	122	93	93	88	63
Other non-current liabilities	2,773	3,055	2,715	2,308	2,548	2,041	1,485	1,211	1,712	1,606
Total liabilities	42,074	40,884	38,384	38,842	39,893
Total debt	24,089	23,543	22,724	21,605	21,115	18,658	18,129	19,101	19,079	22,057
Other comprehensive income	-12	21	57	-12	-51	-22	-86	-29	-52	-54
Total liabilities and equity								51,344	57,703	60,882

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,233	685	1,119	1,417	1,352	1,512	1,108	500	1,135	1,360
Depreciation and amortization	1,882	1,763	2,554	1,993	1,848	1,555	2,076	2,235	2,160	2,293
Change in receivables	-83	230	-68	-40	259	-18	-412	301	-16	-209
Change in inventory	50	1	65	-87	-12	42	-163	-83	-70	-56
Change in payables	-4	-109	143	-155	-38	178	282	-1	44	61
Cash from operations	3,042	2,728	3,938	3,720	3,636	3,256	2,948	2,872	3,003	3,324
Capital expenditures	-2,710	-2,153	-1,759	-1,700	-1,643	-1,963	-2,361	-2,526	-3,281	-4,457
Acquisitions	0	0	-36	-36
Purchases of investments	-50	-49	-49	-48	-49	-50	-51	-51
Cash from investing	-3,113	-2,536	-2,269	-2,243	-2,015	-2,338	-2,663	-2,994	-3,591	-4,661
Debt issued								0	0	800
Cash from financing	71	-191	-1,658	-1,477	-1,422	-921	-283	123	590	2,411
Net change in cash	0	1	11	0	199	-3	2	1	2	1,074
Free cash flow	332	575	2,179	2,020	1,993	1,293	587	346	-278	-1,133
Interest paid	1,300	1,300	1,200	1,200	1,100	1,100	1,100	1,100	1,100	1,100

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.1%	Operating income / revenue.
EBITDA margin	34.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	11.3%	Net income / revenue.
FCF margin	-5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.4%	Cash from operations / revenue.
Return on assets (ROA)	2.6%	Net income / average total assets.
Capex / revenue	27.7%	Capital expenditures / revenue.
D&A / revenue	14.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-1.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	0.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.97x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / assets	37.3%	Total debt / total assets.
Net debt	$21.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.54x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.24x	Operating income / interest expense.
Working capital	-$169.0M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Receivables turnover	6.42x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
FCF conversion	-46.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	123.6%	Capital expenditures / cash from operations, when that is positive.

What was Tennessee Valley Authority's revenue in fiscal 2025?

Tennessee Valley Authority reported revenue of $13.67B for fiscal 2025, 11% higher than the year before.

Was Tennessee Valley Authority profitable in fiscal 2025?

Yes. Net income was $1.36B, a net margin of 9.9%.

How much free cash flow did Tennessee Valley Authority generate in fiscal 2025?

Cash from operations of $3.32B minus capital expenditures of $4.46B left free cash flow of -$1.13B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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