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Midas Edge

Tennessee Valley Authority

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

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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.

See the whole filing, with its images and exhibits
Contents

Table of Contents

Table of Contents
GLOSSARY OF COMMON ACRONYMS.......................................................................................................................................................................................................4
FORWARD-LOOKING INFORMATION.........................................................................................................................................................................................................6
GENERAL INFORMATION............................................................................................................................................................................................................................7
PART I
ITEM 1. BUSINESS..........................................................................................................................................................................................................................................8
The Corporation.................................................................................................................................................................................................................................8
Service Area.......................................................................................................................................................................................................................................9
Customers..........................................................................................................................................................................................................................................10
Rates..................................................................................................................................................................................................................................................11
Power Supply and Load Management Resources.............................................................................................................................................................................11
Fuel Supply.........................................................................................................................................................................................................................................19
Transmission......................................................................................................................................................................................................................................21
Weather and Seasonality....................................................................................................................................................................................................................22
Competition........................................................................................................................................................................................................................................22
Research and Development...............................................................................................................................................................................................................22
Flood Control Activities.......................................................................................................................................................................................................................23
Environmental Stewardship Activities.................................................................................................................................................................................................24
Economic Development Activities......................................................................................................................................................................................................24
Regulation..........................................................................................................................................................................................................................................25
Taxation and Tax Equivalents.............................................................................................................................................................................................................26
Environmental Matters.......................................................................................................................................................................................................................26
Human Capital Management..............................................................................................................................................................................................................34
ITEM 1A. RISK FACTORS............................................................................................................................................................................................................................36
ITEM 1B. UNRESOLVED STAFF COMMENTS............................................................................................................................................................................................49
ITEM 1C. CYBERSECURITY.........................................................................................................................................................................................................................49
ITEM 2. PROPERTIES..................................................................................................................................................................................................................................50
Generating Properties........................................................................................................................................................................................................................50
Transmission Properties.....................................................................................................................................................................................................................53
Public Land Management Reservoir Properties.................................................................................................................................................................................53
Buildings.............................................................................................................................................................................................................................................53
Disposal of Property...........................................................................................................................................................................................................................53
ITEM 3. LEGAL PROCEEDINGS..................................................................................................................................................................................................................53
ITEM 4. MINE SAFETY DISCLOSURES......................................................................................................................................................................................................53
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES............54
ITEM 6. RESERVED......................................................................................................................................................................................................................................54
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS...................................................................54
Business and Mission.........................................................................................................................................................................................................................54
Executive Overview............................................................................................................................................................................................................................56
Results of Operations.........................................................................................................................................................................................................................57
Liquidity and Capital Resources.........................................................................................................................................................................................................63
Key Initiatives and Challenges...........................................................................................................................................................................................................67
Critical Accounting Estimates..............................................................................................................................................................................................................73
New Accounting Standards and Interpretations.................................................................................................................................................................................79
Legislative and Regulatory Matters....................................................................................................................................................................................................79
Environmental Matters.......................................................................................................................................................................................................................79
Legal Proceedings..............................................................................................................................................................................................................................79
Risk Management Activities...............................................................................................................................................................................................................79
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK...........................................................................................................................82
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA..........................................................................................................................................................83
Consolidated Statements of Operations.............................................................................................................................................................................................83
Consolidated Balance Sheets............................................................................................................................................................................................................84
Consolidated Statements of Comprehensive Income (Loss).............................................................................................................................................................86
Consolidated Statements of Cash Flows...........................................................................................................................................................................................87
Consolidated Statements of Changes in Proprietary Capital.............................................................................................................................................................88
Notes to Consolidated Financial Statements.....................................................................................................................................................................................89
Report of Independent Registered Public Accounting Firm (PCAOB ID 42) ......................................................................................................................................150
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE...............................................................153
ITEM 9A. CONTROLS AND PROCEDURES...............................................................................................................................................................................................153
Disclosure Controls and Procedures..................................................................................................................................................................................................153
Internal Control over Financial Reporting...........................................................................................................................................................................................153
Report of Independent Registered Public Accounting Firm................................................................................................................................................................154
ITEM 9B. OTHER INFORMATION................................................................................................................................................................................................................155
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.....................................................................................................156
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.............................................................................................................................157
Directors..............................................................................................................................................................................................................................................157
Executive Officers...............................................................................................................................................................................................................................158
Disclosure and Financial Code of Ethics............................................................................................................................................................................................159
Insider Trading Policy.........................................................................................................................................................................................................................159
Committees of the TVA Board............................................................................................................................................................................................................159
ITEM 11. EXECUTIVE COMPENSATION.....................................................................................................................................................................................................161
Compensation Discussion and Analysis.............................................................................................................................................................................................161
Total Direct Compensation.................................................................................................................................................................................................................165
Non-Direct Compensation Elements..................................................................................................................................................................................................173
Assessment of Risk............................................................................................................................................................................................................................173
Executive Compensation Tables and Narrative Disclosures..............................................................................................................................................................174
Retirement and Pension Plans............................................................................................................................................................................................................178
Nonqualified Deferred Compensation.................................................................................................................................................................................................180
Executive Severance Plan..................................................................................................................................................................................................................181
Potential Payments on Account of Retirement/Resignation, Termination without Cause, Termination with Cause, Death, or Disability...........................................182
CEO Pay Ratio Disclosure.................................................................................................................................................................................................................186
Other Agreements...............................................................................................................................................................................................................................186
Director Compensation.......................................................................................................................................................................................................................187
Compensation Committee Interlocks and Insider Participation..........................................................................................................................................................188
Compensation Committee Report......................................................................................................................................................................................................188
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS......................................189
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.........................................................................................189
Director Independence.......................................................................................................................................................................................................................189
Related Party Transactions................................................................................................................................................................................................................189
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES......................................................................................................................................................................191
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.....................................................................................................................................................................192
ITEM 16. FORM 10-K SUMMARY.................................................................................................................................................................................................................196
SIGNATURES................................................................................................................................................................................................................................................197
ContentsView on SEC.gov

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