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Tennessee Valley Authority (TVE) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 13, 2025
Tennessee Valley Authority (TVE) reported revenue of $3.9B for the fourth quarter fiscal 2025 (Q4 FY25), +11% from a year earlier and +18% from the quarter before. Operating margin was 23.6%, net earnings $615M (15.7% of revenue).
Tennessee Valley Authority, Q4 FY25: revenue $3.9B (+11% year over year), operating margin 23.6%, net earnings $615M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +18% | +11% |
| Operating profit | $923M | +79% | +16% |
| Net earnings | $615M | +190% | +18% |
| Operating cash flow | $1.2B | +103% | +17% |
| Free cash flow | $252M | — | +54% |
What changed
Revenue was $3.9B in Q4 FY25, up 11% year over year and up 18% from the previous quarter.
Operating profit was $0.92B, a 23.6% margin (up 0.9 points year over year). Of the extra revenue versus Q4 FY24, 31% reached operating profit, above the 23% margin then. Total costs grew 10% against revenue growth of 11%. Net earnings were $0.61B, up 18% year over year. The effective tax rate was 0.0%.
Operating cash flow was $1.2B (up 17% year over year), 203% of net earnings. Non-cash charges added back $0.59B of depreciation and amortization. Capital expenditures of $1.0B left free cash flow of $0.25B.
Questions
What was Tennessee Valley Authority's revenue in the fourth quarter fiscal 2025?
Tennessee Valley Authority (TVE) reported revenue of $3.9B for the fourth quarter fiscal 2025 (Q4 FY25), +11% from a year earlier and +18% from the quarter before.
Was Tennessee Valley Authority profitable in the fourth quarter fiscal 2025?
Operating profit was $923M (23.6% of revenue) and net earnings $615M.