Tennessee Valley Authority
For the period ended Dec 31, 2025. Filed Feb 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 3, 2026
TVE$23.13-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended December 31
| 2025 | 2024 | |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | $266 | $125 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Depreciation and amortization(1) | 577 | 563 |
| Amortization of nuclear fuel cost | 90 | 75 |
| Non-cash retirement benefit expense | 31 | 36 |
| Other regulatory amortization and deferrals | (59) | 22 |
| Changes in current assets and liabilities | ||
| Accounts receivable, net | 211 | 116 |
| Inventories and other current assets, net | (69) | (68) |
| Accounts payable and accrued liabilities | (424) | (234) |
| Accrued interest | (13) | 12 |
| Pension contributions | (75) | (75) |
| Settlements of asset retirement obligation | (84) | (73) |
| Other, net | (121) | (49) |
| Net cash provided by operating activities | 330 | 450 |
| Cash flows from investing activities | ||
| Construction expenditures | (1,144) | (1,209) |
| Nuclear fuel expenditures | (141) | (159) |
| Purchases of investments | (4) | (4) |
| Loans and other receivables | ||
| Repayments | 1 | 1 |
| Other, net | 80 | (7) |
| Net cash used in investing activities | (1,208) | (1,378) |
| Cash flows from financing activities | ||
| Long-term debt | ||
| Proceeds from variable interest entities | — | 800 |
| Redemptions and repurchases of power bonds | (1,350) | (1) |
| Redemptions of debt of variable interest entities | (5) | — |
| Short-term debt issuance (redemptions), net | 1,171 | 189 |
| Payments on leases and leasebacks | (13) | (12) |
| Financing costs, net | — | (12) |
| Other, net | — | (6) |
| Net cash provided by (used in) financing activities | (197) | 958 |
| Net change in cash, cash equivalents, and restricted cash | (1,075) | 30 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,597 | 523 |
| Cash, cash equivalents, and restricted cash at end of period | $522 | $553 |
| Note(1) Includes amortization of debt issuance costs and premiums/discounts. | ||
| The accompanying notes are an integral part of these consolidated financial statements. | ||
CONSOLIDATED STATEMENTS OF CHANGES IN PROPRIETARY CAPITAL (Unaudited)
For the Three Months Ended December 31, 2025 and 2024
| Power Program Appropriation Investment | Power Program Retained Earnings | Nonpower Programs Appropriation Investment, Net | AccumulatedOtherComprehensiveIncome (Loss) | Total | |
|---|---|---|---|---|---|
| Balance at September 30, 2024 | $258 | $16,437 | $518 | $(52) | $17,161 |
| Net income (loss) | — | 127 | (2) | — | 125 |
| Total other comprehensive income | — | — | — | 18 | 18 |
| Return on power program appropriation investment | — | (2) | — | — | (2) |
| Balance at December 31, 2024 | $258 | $16,562 | $516 | $(34) | $17,302 |
| Balance at September 30, 2025 | $258 | $17,797 | $510 | $(54) | $18,511 |
| Net income (loss) | — | 268 | (2) | — | 266 |
| Total other comprehensive income | — | — | — | 14 | 14 |
| Return on power program appropriation investment | — | (2) | — | — | (2) |
| Balance at December 31, 2025 | $258 | $18,063 | $508 | $(40) | $18,789 |
| The accompanying notes are an integral part of these consolidated financial statements. | |||||
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