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Tennessee Valley Authority (TVE) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 4, 2026 · Tennessee Valley Authority (TVE) Q3 FY26 earnings results →

Q3 FY26 Revenue up 4% year over year to $3.4B · 9¢ of every $1 of revenue kept as net profit · operating margin 17.8%

Tennessee Valley Authority made $3.4B in Q3 FY26 (+4% Y/Y). Operating margin 17.8%, net earnings $307M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 4, 2026.

Revenue$3.4B
Year over year+4%
Operating margin17.8%
Net earnings$307M
Operating cash flow$777M

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Tennessee Valley Authority Q3 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $3.4B in Q3 FY26, up 4% year over year and down 3% from the previous quarter.

Operating profit was $0.61B, a 17.8% margin (up 2.1 points year over year). Of the extra revenue versus Q3 FY25, 69% reached operating profit, above the 16% margin then. Total costs grew 2% against revenue growth of 4%. Net earnings were $0.31B, up 45% year over year. The effective tax rate was 0.0%.

Operating cash flow was $0.78B (up 26% year over year), 253% of net earnings. Non-cash charges added back $0.46B of depreciation and amortization. Capital expenditures of $0.88B exceeded it, leaving free cash flow of −$0.10B.

Quarterly history

Tennessee Valley Authority revenue by quarterTennessee Valley Authority revenue by quarter$3.5BQ4 FY24$3.5BQ2 FY25$3.3BQ3 FY25$3.9BQ4 FY25$3.0BQ1 FY26$3.5BQ2 FY26$3.4BQ3 FY26
Tennessee Valley Authority net earnings by quarterTennessee Valley Authority net earnings by quarter$520MQ4 FY24$408MQ2 FY25$212MQ3 FY25$615MQ4 FY25$266MQ1 FY26$392MQ2 FY26$307MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 4, 2026$3.4B+4%17.8%$307M$777M
Q2 FY2610-QMay 5, 2026$3.5B+0.4%20.1%$392M$776M
Q1 FY2610-QFeb 3, 2026$3.0B+4%18.1%$266M$330M
Q4 FY2510-KNov 13, 2025$3.9B+11%23.6%$615M$1.2B
Q3 FY2510-QJul 29, 2025$3.3B+15%15.6%$212M$615M
Q2 FY2510-QMay 1, 2025$3.5B+12%20.3%$408M$1.0B
Q4 FY2410-KNov 14, 2024$3.5B+4%22.7%$520M$1.1B

Charts

Tennessee Valley Authority: revenue growth, year over year and quarter over quarterTennessee Valley Authority: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q4 FY24+12%+0%Q2 FY25+15%-6%Q3 FY25+11%+18%Q4 FY25+4%-22%Q1 FY26+0%+16%Q2 FY26+4%-3%Q3 FY26
Latest (Q3 FY26): Y/Y +4%, Q/Q -3%.
Tennessee Valley Authority: where the cash came from (+) and went (−), TTM to Q3 FY26Tennessee Valley Authority: where the cash came from (+) and went (−), TTM to Q3 FY26Capital spending−$3.9BOperating cash flow$3.1BOther financing$1.2BCash drawn (+) / kept (−)−$983MNet borrowing (+) / repaid (−)$724MOther investing−$162M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Tennessee Valley Authority: profit against cash, quarter by quarterTennessee Valley Authority: profit against cash, quarter by quarterNet incomeOperating cash flow$520M$1.1BQ4 FY24$125M$450MQ1 FY25$408M$1.0BQ2 FY25$212M$615MQ3 FY25$615M$1.2BQ4 FY25$266M$330MQ1 FY26$392M$776MQ2 FY26$307M$777MQ3 FY26
Latest (Q3 FY26): Net income $307M, Operating cash flow $777M.
Tennessee Valley Authority: long-term debt falling due (FY25)Tennessee Valley Authority: long-term debt falling due (FY25)$1.4B2026$1.0B2027$1.3B2028$220M2029$2.3B2030$15.9BLater
Cash $1.6B, short-term investments —, long-term debt $22.1B at 2025-09-30.
Tennessee Valley Authority in its industry: growth against margin (53 companies, SIC 4911)Tennessee Valley Authority in its industry: growth against margin (53 companies, SIC 4911)revenue growth, year over year →↑ operating marginmedian +10%median 24%Southern Power CoSONEEFlorida Power & Light CoCEGNRGAEP Texas Inc.VSTDAEPEIXFirstEnergy Pennsylvania Electric CoETI-PDTEFEEAIETRPublic Service Co of New HampshirePPLOncor Electric Delivery Co LLCCNPPNWWELPPTLNPuget Energy IncOGEHEPORHawaiian Electric Co IncTampa Electric CoBasin Electric Power CooperativeTXNMIDAOglethorpe Power CorpIpalco Enterprises, Inc.Tucson Electric Power CoClearway Energy LLCCWENFirstEnergy Transmission, LLCTri-State Generation & Transmission Association, Inc.ITC Holdings Corp.BKHCleco Corporate Holdings LLCOld Dominion Electric CooperativeCleco Power LLCXIFROTTRORAHNRGGreenbacker Renewable Energy Co LLCSPRUOPTTTVE (+4%, 18%)
Electric Services; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Tennessee Valley Authority

The Tennessee Valley Authority ("TVA") is a corporate agency and instrumentality of the United States ("U.S.") that was created in 1933 by federal legislation in response to a proposal by President Franklin D. Roosevelt. TVA was created to, among other things, improve navigation on the Tennessee River, reduce the damage from destructive flood waters within the Tennessee River system and downstream on the lower Ohio and Mississippi Rivers, further the economic development of TVA's service area in the southeastern U.S., and sell the electricity generated at the facilities TVA operates. Today, TVA operates the nation's largest public power system and supplies power to a population of approximately 10 million people.

In its own words, from its 10-K, filed Nov 13, 2025.

Tennessee Valley Authority against its Electric Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +13%. Operating margin: 17.8% against the peers' median 26.9%.

CompanyQuarterRevenueY/YOp. margin
TVE Tennessee Valley AuthorityQ3 FY26$3.4B+4%17.8%
Southern PowerQ3 2026$8.8B+13%33.9%
NEE NextEra EnergyQ3 2026$8.1B+2%32.4%
Florida Power & LightQ2 2026$7.5B+12%29.7%
CEG Constellation EnergyQ2 2026$7.5B+23%7.7%
NRG NRG EnergyQ2 2026$7.5B+11%13.0%
AEP TexasQ3 2026$6.8B+14%26.5%
VST VistraQ3 2026$6.3B+28%26.9%
D Dominion EnergyQ3 2026$5.6B+24%32.8%

Source: Tennessee Valley Authority 10-Q on SEC EDGAR · CIK 1376986 · Electric Services

More on TVE

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：Tennessee Valley Authority（TVE）财报

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