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Tennessee Valley Authority cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$101M in Q3 FY26 · −$739M over twelve months

Operating cash flow$777M
Capital spending−$878M
Free cash flow−$101M
Cash / net income2.5×

Analysis

In Q3 FY26, Tennessee Valley Authority generated $777M of operating cash flow and spent $878M on capital projects, leaving free cash flow of −$101M. That is $349M more than in Q3 FY25 (−$450M).

Over the twelve months to Jun 30, 2026, operating cash flow was $3.1B; the largest uses were capital spending ($3.9B), other investing ($162M); besides operations, cash came from other financing ($1.2B), net borrowing (+) / repaid (−) ($724M); the cash balance rose by $983M.

Operating cash flow was $777M against net income of $307M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$455M, receivables −$182M, payables +$94.0M.

Free cash flow

Tennessee Valley Authority: free cash flow by quarterTennessee Valley Authority: free cash flow by quarter$164MQ4 FY24−$759MQ1 FY25−$176MQ2 FY25−$450MQ3 FY25$252MQ4 FY25−$814MQ1 FY26−$76.0MQ2 FY26−$101MQ3 FY26
Operating cash flow less capital spending.
Tennessee Valley Authority: operating cash flow against capital spendingTennessee Valley Authority: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$900MQ4 FY24$450M$1.2BQ1 FY25$1.0B$1.2BQ2 FY25$615M$1.1BQ3 FY25$1.2B$996MQ4 FY25$330M$1.1BQ1 FY26$776M$852MQ2 FY26$777M$878MQ3 FY26
Latest (Q3 FY26): Operating cash flow $777M, Capital spending $878M.

Capital allocation, year by year

Tennessee Valley Authority: where the cash came from (up) and went (down), by fiscal yearTennessee Valley Authority: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingFY21: Operating cash flow $3.3BFY21: Net borrowing −$887MFY21: Capital spending −$2.0B$3.3BFY21FY22: Operating cash flow $2.9BFY22: Net borrowing −$237MFY22: Capital spending −$2.4B$2.9BFY22FY23: Operating cash flow $2.9BFY23: Net borrowing −$825MFY23: Capital spending −$2.5B$2.9BFY23FY24: Operating cash flow $3.0BFY24: Net borrowing −$364MFY24: Capital spending −$3.3B$3.0BFY24FY25: Operating cash flow $3.3BFY25: Net borrowing −$1.5BFY25: Capital spending −$4.5B$3.3BFY25
Over these 5 years operating cash flow totalled $15.4B; the largest uses were capital spending ($14.6B) and net borrowing ($3.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debt$22.6B
Net debt$21.1B
Due within a year$1.4B

Tennessee Valley Authority's operations bring cash in ($3.1B over twelve months), and it spends more than that on capital projects: a gap of $739M funded from its $1.4B of cash and investments and from borrowing ($22.6B of debt, $1.4B due within a year). That is a choice to invest, not a cash runway running down.

Tennessee Valley Authority: debt maturities by year (FY25)Tennessee Valley Authority: debt maturities by year (FY25)$1.4BYear 1$1.0BYear 2$1.3BYear 3$220MYear 4$2.3BYear 5$15.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.4B of cash and investments now.

Where the cash came from and went

Tennessee Valley Authority: sources (+) and uses (−) of cash, Q3 FY26Tennessee Valley Authority: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)$1.1BCash drawn (+) / kept (−)−$983MCapital spending−$878MOperating cash flow$777MOther financing−$29.0MOther investing−$2.0M
Tennessee Valley Authority: sources (+) and uses (−) of cash, TTM to Q3 FY26Tennessee Valley Authority: sources (+) and uses (−) of cash, TTM to Q3 FY26Capital spending−$3.9BOperating cash flow$3.1BOther financing$1.2BCash drawn (+) / kept (−)−$983MNet borrowing (+) / repaid (−)$724MOther investing−$162M

From profit to cash

Tennessee Valley Authority: net income to operating cash flow, Q3 FY26Tennessee Valley Authority: net income to operating cash flow, Q3 FY26Net income$307MDepreciation & amortization$455MGains on investments−$12.0MReceivables−$182MInventory−$80.0MPayables$94.0MOther operating capital−$17.0MOperating cash flow$777M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$777M−$878M$1.1B−$983M−$101M
Q2 FY26$776M−$852M$152M—−$76.0M
Q1 FY26$330M−$1.1B−$192M$1.1B−$814M
Q4 FY25$1.2B−$996M−$351M−$1.1B$252M
Q3 FY25$615M−$1.1B−$1.1B$25.0M−$450M
Q2 FY25$1.0B−$1.2B−$1.0B$6.0M−$176M
Q1 FY25$450M−$1.2B$976M−$30.0M−$759M
Q4 FY24$1.1B−$900M−$974M−$2.0M$164M

Tennessee Valley Authority: income statement and cash flow

Tennessee Valley Authority, Q3 FY26: revenue $3.4B (+4% year over year), operating margin 17.8%. The chart follows the revenue to costs, profit and cash.

Tennessee Valley Authority: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.