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USD millions

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

Revenue

—

12,054

12,540

10,503

10,249

11,318

11,233

10,739

10,616

11,003

11,137

Net income

1,360

1,135

500

1,108

1,512

1,352

1,417

1,119

685

1,233

1,111

469

Operating cash flow

3,324

3,003

2,872

2,948

3,256

3,636

3,720

3,938

2,728

3,042

3,315

2,980

Capital expenditures

4,457

3,281

2,526

2,361

1,963

1,643

1,700

1,759

2,153

2,710

2,850

2,384

Free cash flow

(1,133)

(278)

346

587

1,293

1,993

2,020

2,179

575

332

465

596

Cash & equivalents

1,576

502

501

500

499

500

299

300

500

Total assets

60,882

57,703

51,344

51,188

52,456

52,825

50,467

48,667

50,017

50,494

48,745

45,596

Total liabilities

—

39,893

38,842

38,384

40,884

42,074

41,542

39,492

TENNESSEE VALLEY AUTHORITY

TVECIK 000137698617 fiscal years

RevenueFY2023

$12.05B3.9%

Net incomeFY2025

$1.36B19.8%

Free cash flowFY2025

−$1.13B307.6%

Trends

FY2009–FY2023 · hover a year for its filing

Revenue & net incomeRevenueNet income

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

MarginsNet marginFCF margin

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

Cash flowOperating cash flowFree cash flow

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

Financial statements

Annual Quarterly

USD millions, except per-share values; share counts in millions. Hover a value for its XBRL tag and filing accession.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Revenue	—	—	12,054	12,540	10,503	10,249	11,318	11,233	10,739	10,616	11,003	11,137
Net income	1,360	1,135	500	1,108	1,512	1,352	1,417	1,119	685	1,233	1,111	469
Operating cash flow	3,324	3,003	2,872	2,948	3,256	3,636	3,720	3,938	2,728	3,042	3,315	2,980
Capital expenditures	4,457	3,281	2,526	2,361	1,963	1,643	1,700	1,759	2,153	2,710	2,850	2,384
Free cash flow	(1,133)	(278)	346	587	1,293	1,993	2,020	2,179	575	332	465	596
Cash & equivalents	1,576	502	501	500	499	500	299	299	300	300	300	500
Total assets	60,882	57,703	51,344	51,188	52,456	52,825	50,467	48,667	50,017	50,494	48,745	45,596
Total liabilities	—	—	—	—	—	39,893	38,842	38,384	40,884	42,074	41,542	39,492

As reported in SEC filings; a missing tag shows “—”, never zero. Free cash flow is operating cash flow − capex. Methodology