T

TENNESSEE VALLEY AUTHORITY

TVC · CIK 0001376986

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$12.05B3.9%
FY2023
Net income (FY)
$1.36B19.8%
FY2025
Free cash flow (FY)
−$1.13B307.6%
FY2025
The story, charted

The shape of the business

FY2009–FY2023 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10BFY2009 · Revenue $11.26B · Net income $726.0M · 0001376986-11-000074 · filed 2011-11-18FY09Revenue $11.26BNet income $726.0M0001376986-11-000074 · filed 2011-11-18FY2010 · Revenue $10.87B · Net income $972.0M · 0001376986-12-000043 · filed 2012-11-16FY10Revenue $10.87BNet income $972.0M0001376986-12-000043 · filed 2012-11-16FY2011 · Revenue $11.84B · Net income $162.0M · 0001376986-13-000056 · filed 2013-11-18FY11Revenue $11.84BNet income $162.0M0001376986-13-000056 · filed 2013-11-18FY2012 · Revenue $11.22B · Net income $60.0M · 0001376986-14-000041 · filed 2014-11-17FY12Revenue $11.22BNet income $60.0M0001376986-14-000041 · filed 2014-11-17FY2013 · Revenue $10.96B · Net income $271.0M · 0001376986-15-000047 · filed 2015-11-20FY13Revenue $10.96BNet income $271.0M0001376986-15-000047 · filed 2015-11-20FY2014 · Revenue $11.14B · Net income $469.0M · 0001376986-16-000080 · filed 2016-11-15FY14Revenue $11.14BNet income $469.0M0001376986-16-000080 · filed 2016-11-15FY2015 · Revenue $11.00B · Net income $1.11B · 0001376986-17-000031 · filed 2017-11-15FY15Revenue $11.00BNet income $1.11B0001376986-17-000031 · filed 2017-11-15FY2016 · Revenue $10.62B · Net income $1.23B · 0001376986-18-000046 · filed 2018-11-15FY16Revenue $10.62BNet income $1.23B0001376986-18-000046 · filed 2018-11-15FY2017 · Revenue $10.74B · Net income $685.0M · 0001376986-19-000037 · filed 2019-11-15FY17Revenue $10.74BNet income $685.0M0001376986-19-000037 · filed 2019-11-15FY2018 · Revenue $11.23B · Net income $1.12B · 0001376986-20-000030 · filed 2020-11-17FY18Revenue $11.23BNet income $1.12B0001376986-20-000030 · filed 2020-11-17FY2019 · Revenue $11.32B · Net income $1.42B · 0001376986-21-000028 · filed 2021-11-15FY19Revenue $11.32BNet income $1.42B0001376986-21-000028 · filed 2021-11-15FY2020 · Revenue $10.25B · Net income $1.35B · 0001376986-22-000023 · filed 2022-11-15FY20Revenue $10.25BNet income $1.35B0001376986-22-000023 · filed 2022-11-15FY2021 · Revenue $10.50B · Net income $1.51B · 0001376986-23-000022 · filed 2023-11-14FY21Revenue $10.50BNet income $1.51B0001376986-23-000022 · filed 2023-11-14FY2022 · Revenue $12.54B · Net income $1.11B · 0001376986-23-000022 · filed 2023-11-14 · 0001376986-24-000029 · filed 2024-11-14FY22Revenue $12.54BNet income $1.11B0001376986-23-000022 · filed 2023-11-14 · 0001376986-24-000029 · filed 2024-11-14FY2023 · Revenue $12.05B · Net income $500.0M · 0001376986-23-000022 · filed 2023-11-14 · 0001376986-25-000056 · filed 2025-11-13FY23Revenue $12.05BNet income $500.0M0001376986-23-000022 · filed 2023-11-14 · 0001376986-25-000056 · filed 2025-11-13FY23Revenue $12.05BNet income $500.0M0001376986-23-000022 · filed 2023-11-14 · 0001376986-25-000056 · filed 2025-11-13FY09FY11FY13FY15FY17FY19FY21FY23

revenue 1.1× since FY2009 · net margin 6.5% → 4.1%

MarginsNet marginFCF margin
0%10%20%FY2009 · Net margin 6.5% · FCF margin 3.3%FY09Net margin 6.5%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 8.9% · FCF margin -1.0%FY10Net margin 8.9%FCF margin -1.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 1.4% · FCF margin 0.2%FY11Net margin 1.4%FCF margin 0.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 0.5% · FCF margin 4.1%FY12Net margin 0.5%FCF margin 4.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 2.5% · FCF margin 5.0%FY13Net margin 2.5%FCF margin 5.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 4.2% · FCF margin 5.4%FY14Net margin 4.2%FCF margin 5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 10.1% · FCF margin 4.2%FY15Net margin 10.1%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 11.6% · FCF margin 3.1%FY16Net margin 11.6%FCF margin 3.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 6.4% · FCF margin 5.4%FY17Net margin 6.4%FCF margin 5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 10.0% · FCF margin 19.4%FY18Net margin 10.0%FCF margin 19.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 12.5% · FCF margin 17.8%FY19Net margin 12.5%FCF margin 17.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 13.2% · FCF margin 19.4%FY20Net margin 13.2%FCF margin 19.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 14.4% · FCF margin 12.3%FY21Net margin 14.4%FCF margin 12.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 8.8% · FCF margin 4.7%FY22Net margin 8.8%FCF margin 4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 4.1% · FCF margin 2.9%FY23Net margin 4.1%FCF margin 2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY23Net margin 4.1%FCF margin 2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’11’14’17’20’23

FY2023: net 4.1% · free cash flow 2.9% of revenue

Cash engineOperating cash flowFree cash flow
$0$2B$4BFY2009 · OCF $2.16B · FCF $370.0M · 0001376986-11-000074 · filed 2011-11-18FY09OCF $2.16BFCF $370.0M0001376986-11-000074 · filed 2011-11-18FY2010 · OCF $1.90B · FCF −$114.0M · 0001376986-12-000043 · filed 2012-11-16FY10OCF $1.90BFCF −$114.0M0001376986-12-000043 · filed 2012-11-16FY2011 · OCF $2.44B · FCF $20.0M · 0001376986-13-000056 · filed 2013-11-18FY11OCF $2.44BFCF $20.0M0001376986-13-000056 · filed 2013-11-18FY2012 · OCF $2.57B · FCF $455.0M · 0001376986-14-000041 · filed 2014-11-17FY12OCF $2.57BFCF $455.0M0001376986-14-000041 · filed 2014-11-17FY2013 · OCF $2.60B · FCF $546.0M · 0001376986-15-000047 · filed 2015-11-20FY13OCF $2.60BFCF $546.0M0001376986-15-000047 · filed 2015-11-20FY2014 · OCF $2.98B · FCF $596.0M · 0001376986-16-000080 · filed 2016-11-15FY14OCF $2.98BFCF $596.0M0001376986-16-000080 · filed 2016-11-15FY2015 · OCF $3.31B · FCF $465.0M · 0001376986-17-000031 · filed 2017-11-15FY15OCF $3.31BFCF $465.0M0001376986-17-000031 · filed 2017-11-15FY2016 · OCF $3.04B · FCF $332.0M · 0001376986-18-000046 · filed 2018-11-15FY16OCF $3.04BFCF $332.0M0001376986-18-000046 · filed 2018-11-15FY2017 · OCF $2.73B · FCF $575.0M · 0001376986-19-000037 · filed 2019-11-15FY17OCF $2.73BFCF $575.0M0001376986-19-000037 · filed 2019-11-15FY2018 · OCF $3.94B · FCF $2.18B · 0001376986-20-000030 · filed 2020-11-17FY18OCF $3.94BFCF $2.18B0001376986-20-000030 · filed 2020-11-17FY2019 · OCF $3.72B · FCF $2.02B · 0001376986-21-000028 · filed 2021-11-15FY19OCF $3.72BFCF $2.02B0001376986-21-000028 · filed 2021-11-15FY2020 · OCF $3.64B · FCF $1.99B · 0001376986-22-000023 · filed 2022-11-15FY20OCF $3.64BFCF $1.99B0001376986-22-000023 · filed 2022-11-15FY2021 · OCF $3.26B · FCF $1.29B · 0001376986-23-000022 · filed 2023-11-14FY21OCF $3.26BFCF $1.29B0001376986-23-000022 · filed 2023-11-14FY2022 · OCF $2.95B · FCF $587.0M · 0001376986-24-000029 · filed 2024-11-14FY22OCF $2.95BFCF $587.0M0001376986-24-000029 · filed 2024-11-14FY2023 · OCF $2.87B · FCF $346.0M · 0001376986-25-000056 · filed 2025-11-13FY23OCF $2.87BFCF $346.0M0001376986-25-000056 · filed 2025-11-13FY2024 · OCF $3.00B · FCF −$278.0M · 0001376986-25-000056 · filed 2025-11-13FY24OCF $3.00BFCF −$278.0M0001376986-25-000056 · filed 2025-11-13FY2025 · OCF $3.32B · FCF −$1.13B · 0001376986-25-000056 · filed 2025-11-13FY25OCF $3.32BFCF −$1.13B0001376986-25-000056 · filed 2025-11-13FY25OCF $3.32BFCF −$1.13B0001376986-25-000056 · filed 2025-11-13’09’13’17’21’25

FY2025: $3.32B operating cash − $4.46B capex = −$1.13B free cash flow

The receipts