Tennessee Valley Authority

For the period ended Sep 30, 2025. Filed Nov 13, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Nov 13, 2025

TVE$23.24+0.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

At September 30

ASSETS
	2025	2024
Current assets
Cash and cash equivalents	$1,576	$502
Accounts receivable, net	2,119	1,801
Inventories, net	1,193	1,155
Regulatory assets	127	191
Other current assets	162	120
Total current assets	5,177	3,769
Property, plant, and equipment
Completed plant	71,574	70,989
Less accumulated depreciation	(38,716)	(38,793)
Net completed plant	32,858	32,196
Construction in progress	6,760	4,879
Nuclear fuel	1,185	1,261
Finance leases	663	729
Total property, plant, and equipment, net	41,466	39,065
Investment funds	5,573	4,968
Regulatory and other long-term assets
Regulatory assets	8,047	9,408
Operating lease assets, net of amortization	113	149
Other long-term assets	506	344
Total regulatory and other long-term assets	8,666	9,901
Total assets	$60,882	$57,703
The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED BALANCE SHEETS

At September 30

LIABILITIES AND PROPRIETARY CAPITAL
	2025	2024
Current liabilities
Accounts payable and accrued liabilities	$3,299	$2,910
Accrued interest	348	280
Asset retirement obligations	313	283
Regulatory liabilities	228	174
Short-term debt, net	—	1,167
Current maturities of power bonds	1,370	1,022
Current maturities of long-term debt of variable interest entities	49	37
Total current liabilities	5,607	5,873
Other liabilities
Post-retirement and post-employment benefit obligations	2,183	2,887
Asset retirement obligations	10,101	10,523
Finance lease liabilities	640	700
Other long-term liabilities	1,606	1,712
Regulatory liabilities	141	83
Total other liabilities	14,671	15,905
Long-term debt, net
Long-term power bonds, net	20,461	17,867
Long-term debt of variable interest entities, net	1,632	897
Total long-term debt, net	22,093	18,764
Total liabilities	42,371	40,542
Commitments and contingencies (Note 23)
Proprietary capital
Power program appropriation investment	258	258
Power program retained earnings	17,797	16,437
Total power program proprietary capital	18,055	16,695
Nonpower programs appropriation investment, net	510	518
Accumulated other comprehensive loss	(54)	(52)
Total proprietary capital	18,511	17,161
Total liabilities and proprietary capital	$60,882	$57,703
The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	2025	2024	2023
Net income	$1,360	$1,135	$500
Other comprehensive income (loss)
Net unrealized gain on cash flow hedges	1	25	99
Net unrealized (gain) reclassified to earnings from cash flow hedges	(3)	(48)	(42)
Total other comprehensive income (loss)	(2)	(23)	57
Total comprehensive income	$1,358	$1,112	$557
The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	2025	2024	2023
Cash flows from operating activities
Net income	$1,360	$1,135	$500
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization(1)	2,293	2,160	2,235
Amortization of nuclear fuel cost	308	364	371
Non-cash retirement benefit expense	148	138	241
Other regulatory amortization and deferrals	63	(71)	31
Changes in current assets and liabilities
Accounts receivable, net	(209)	(16)	301
Inventories and other current assets, net	(56)	(70)	(83)
Accounts payable and accrued liabilities	61	44	(1)
Accrued interest	67	8	(1)
Pension contributions	(310)	(304)	(306)
Settlements of asset retirement obligations	(258)	(283)	(327)
Other, net	(143)	(102)	(89)
Net cash provided by operating activities	3,324	3,003	2,872
Cash flows from investing activities
Construction expenditures	(4,457)	(3,281)	(2,526)
Nuclear fuel expenditures	(224)	(294)	(273)
Acquisition of leasehold interests in combustion turbine assets	—	—	(155)
Purchases of investments	(48)	(52)	(51)
Loans and other receivables
Advances	—	(4)	(7)
Repayments	12	6	8
Other, net	56	34	10
Net cash used in investing activities	(4,661)	(3,591)	(2,994)
Cash flows from financing activities
Long-term debt
Issues of power bonds	3,967	991	992
Proceeds from variable interest entities	800	—	—
Redemptions and repurchases of power bonds	(1,022)	(1,022)	(29)
Redemptions of debt of variable interest entities	(41)	(35)	(39)
Short-term debt issues (redemptions), net	(1,166)	734	(740)
Payments on leases and leasebacks	(82)	(76)	(56)
Financing costs, net	(30)	(5)	(4)
Other, net	(15)	3	(1)
Net cash provided by financing activities	2,411	590	123
Net change in cash, cash equivalents, and restricted cash	1,074	2	1
Cash, cash equivalents, and restricted cash at beginning of year	523	521	520
Cash, cash equivalents, and restricted cash at end of year	$1,597	$523	$521
Note(1) Including amortization of debt issuance costs and premiums/discounts.
The accompanying notes are an integral part of these consolidated financial statements.

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