Tennessee Valley Authority
For the period ended Mar 31, 2026. Filed May 5, 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.
Mar 31, 2026 · Filed May 5, 2026
What changed in Risk Factors?
Read the current filingThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 4 previous paragraphs and 14 current paragraphs.
3 unchanged; 1 reworded; 3 added; 0 removed; 0 previous and 7 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Failure to attract and retain an appropriately qualified workforce may negatively affect TVA's results of operations.
Current report
TVA's business depends on its ability to recruit and retain key executive officers as well as skilled professional and technical employees. Labor is subject to external factors that are beyond TVA's control, including the highly competitive market for skilled workers and leaders, inflation, regional health emergencies, and workforce participation rates. In addition, the ability to attract and retain an appropriately qualified workforce may be negatively impacted by changes to TVA's compensation policies or practices that disincentivize superior performance, limit total compensation, or otherwise make such policies or practices less competitive. Such changes to TVA’s compensation policies and practices may result from, among other things, presidential memoranda regarding compensation practices at TVA. The inability to attract and retain an appropriately qualified workforce could adversely affect TVA's ability to, among other things, operate and maintain generation and transmission facilities, complete large construction projects, and successfully implement its continuous improvement initiatives.
Reworded paragraphs (1)
Previous wording
Under the TVA Act, a quorum of the TVA Board is five members. In January 2026, the TVA Board regained a quorum, and it currently has seven members. Becoming a member of the TVA Board requires confirmation by the U.S. Senate following appointment by the President, and this process may be lengthy. In addition, the President may remove TVA Board members, and TVA Board members may resign or otherwise leave office before a successor is commissioned. Without a quorum, the TVA Board may not have authority to direct TVA into new areas of activity, to embark on new programs, or to change TVA's existing direction. As such, the loss of a quorum for an extended period of time may have a negative impact on TVA's ability to change the rates TVA charges for power, change long-term objectives, plans, and policies, and respond to significant changes in technology, the regulatory environment, or the industry overall and, in turn, negatively affect TVA's cash flows, results of operations, financial condition, and reputation.
Current wording
Under the TVA Act, a quorum of the TVA Board is five members. In January 2026, the TVA Board regained a quorum,
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
and it currently has six members. Becoming a member of the TVA Board requires confirmation by the U.S. Senate following
Current report — wording carried from elsewhere
appointment by the President, and this process may be lengthy. In addition, the President may remove TVA Board members,
Current report — wording carried from elsewhere
and TVA Board members may resign or otherwise leave office before a successor is commissioned. Without a quorum, the TVA
Current report — wording carried from elsewhere
Board may not have authority to direct TVA into new areas of activity, to embark on new programs, or to change TVA's existing
Current report — wording carried from elsewhere
direction. As such, the loss of a quorum for an extended period of time may have a negative impact on TVA's ability to change
Current report — wording carried from elsewhere
the rates TVA charges for power, change long-term objectives, plans, and policies, and respond to significant changes in
Current report — wording carried from elsewhere
technology, the regulatory environment, or the industry overall and, in turn, negatively affect TVA's cash flows, results of