Filing Flows › Tennessee Valley Authority (TVE) › Q2 FY26
Tennessee Valley Authority (TVE) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 5, 2026
Tennessee Valley Authority (TVE) reported revenue of $3.5B for the second quarter fiscal 2026 (Q2 FY26), +0.4% from a year earlier and +16% from the quarter before. Operating margin was 20.1%, net earnings $392M (11.1% of revenue).
Tennessee Valley Authority, Q2 FY26: revenue $3.5B (+0.4% year over year), operating margin 20.1%, net earnings $392M, operating cash flow $776M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.5B | +16% | +0.4% |
| Operating profit | $714M | +29% | -0.3% |
| Net earnings | $392M | +47% | -4% |
| Operating cash flow | $776M | +135% | -23% |
What changed
Revenue was $3.5B in Q2 FY26, roughly flat year over year and up 16% from the previous quarter.
Operating profit was $0.71B, a 20.1% margin (down 0.1 points year over year). Operating profit fell $2.0M even though revenue rose $0.01B versus Q2 FY25, so costs grew faster than sales. Total costs grew 1% against flat revenue. Net earnings were $0.39B, down 4% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.78B (down 23% year over year), 198% of net earnings. Non-cash charges added back $0.52B of depreciation and amortization. Working capital and other items used $0.13B. Capital expenditures of $0.85B exceeded it, leaving free cash flow of −$0.08B.
Questions
What was Tennessee Valley Authority's revenue in the second quarter fiscal 2026?
Tennessee Valley Authority (TVE) reported revenue of $3.5B for the second quarter fiscal 2026 (Q2 FY26), +0.4% from a year earlier and +16% from the quarter before.
Was Tennessee Valley Authority profitable in the second quarter fiscal 2026?
Operating profit was $714M (20.1% of revenue) and net earnings $392M.