Tennessee Valley Authority

Name: Tennessee Valley Authority financial statements and ratios
Creator: Annalist

NYSE · Utilities, electricity · United States · US GAAP · Fiscal year ends September

Latest report: Q4 FY2026, the quarter ended 30 September 2026, released 13 November 2026. Snapshot FY2026Q4_939d8983.

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Overview

Revenue, quarter

+6.8% year on year

Operating income, quarter

+53.3% year on year

Net income, quarter

+88.0% year on year

Diluted EPS, quarter

n/aThe annual report gives the fiscal year only

Operating margin, last 4 quarters

+4.4pp year on year

Return on equity, last 4 quarters

+3.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$4.2 billion, 6.8% higher than in the same quarter a year earlier.
Strengthenedin Q4 FY2026 · stated since Q4 FY20246.8% from 4.1% in Q3 FY2026
Rule: Revenue against a year earlier · Sources 10-K 2026-09, 10-Q 2026-06
History of this finding, 9 records
1. Q4 FY2026 StrengthenedRevenue for the quarter ended 30 September 2026 was US$4.2 billion, 6.8% higher than in the same quarter a year earlier.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$3.4 billion, 4.1% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q2 FY2026 WeakenedRevenue for the quarter ended 31 March 2026 was US$3.5 billion, 0.4% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q1 FY2026 WeakenedRevenue for the quarter ended 31 December 2025 was US$3.0 billion, 4.4% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedRevenue for the quarter ended 30 September 2025 was US$3.9 billion, 11.3% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$3.3 billion, 14.8% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 StrengthenedRevenue for the quarter ended 31 March 2025 was US$3.5 billion, 12.0% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 StrengthenedRevenue for the quarter ended 31 December 2024 was US$2.9 billion, 5.6% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q4 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$3.5 billion, 4.0% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$1.2 billion, 88.0% higher than in the same quarter a year earlier.
Strengthenedin Q4 FY2026 · stated since Q3 FY202688.0% from 44.8% in Q3 FY2026
Rule: Net income against a year earlier · Sources 10-K 2026-09, 10-Q 2026-06
History of this finding, 13 records
1. Q4 FY2026 StrengthenedNet income attributable to the company was US$1.2 billion, 88.0% higher than in the same quarter a year earlier.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 NewNet income attributable to the company was US$307 million, 44.8% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q3 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q2 FY2026 NewNet income attributable to the company was US$392 million, 3.9% lower than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
6. Q1 FY2026 StrengthenedNet income attributable to the company was US$266 million, 112.8% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2025 StrengthenedNet income attributable to the company was US$615 million, 18.3% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2025 WeakenedNet income attributable to the company was US$212 million, 17.1% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2025 NewNet income attributable to the company was US$408 million, 32.9% higher than in the same quarter a year earlier.Reconstructed · data update
10. Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
11. Q1 FY2025 NewNet income attributable to the company was US$125 million, 1.6% lower than in the same quarter a year earlier.Reconstructed · data update
12. Q1 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
13. Q4 FY2024 NewNet income attributable to the company was US$520 million, 27.1% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 23.2%, 4.4 percentage points higher than a year earlier.
Strengthenedin Q4 FY2026 · stated since Q4 FY2024
Rule: Operating margin against a year earlier · Sources 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06 and 1 more
History of this finding, 9 records
1. Q4 FY2026 StrengthenedThe operating margin over the last 4 quarters was 23.2%, 4.4 percentage points higher than a year earlier.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was 20.1%, 1.7 percentage points higher than a year earlier.Reconstructed · data update
3. Q2 FY2026 WeakenedThe operating margin over the last 4 quarters was 19.6%, 1.0 percentage points higher than a year earlier.Reconstructed · data update
4. Q1 FY2026 StrengthenedThe operating margin over the last 4 quarters was 19.6%, 1.6 percentage points higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 ConfirmedThe operating margin over the last 4 quarters was 18.8%, 0.7 percentage points higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was 18.4%, 0.8 percentage points higher than a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 18.6%, 2.6 percentage points higher than a year earlier.Reconstructed · data update
8. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 18.1%, 3.8 percentage points higher than a year earlier.Reconstructed · data update
9. Q4 FY2024 NewThe operating margin over the last 4 quarters was 18.1%, 4.0 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 10.8%, against 7.6% a year earlier.
Strengthenedin Q4 FY2026 · stated since Q4 FY2024
Rule: Return on equity against a year earlier · Sources 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03 and 2 more
History of this finding, 9 records
1. Q4 FY2026 StrengthenedReturn on equity over the last 4 quarters was 10.8%, against 7.6% a year earlier.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 ConfirmedReturn on equity over the last 4 quarters was 8.5%, against 7.3% a year earlier.Reconstructed · data update
3. Q2 FY2026 WeakenedReturn on equity over the last 4 quarters was 8.1%, against 7.2% a year earlier.Reconstructed · data update
4. Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was 8.3%, against 6.8% a year earlier.Reconstructed · data update
5. Q4 FY2025 ConfirmedReturn on equity over the last 4 quarters was 7.6%, against 6.8% a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedReturn on equity over the last 4 quarters was 7.3%, against 6.3% a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 7.2%, against 4.9% a year earlier.Reconstructed · data update
8. Q1 FY2025 ConfirmedReturn on equity over the last 4 quarters was 6.8%, against 3.3% a year earlier.Reconstructed · data update
9. Q4 FY2024 NewReturn on equity over the last 4 quarters was 6.8%, against 3.2% a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by US$217 million over the last 4 quarters.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Weakenedin Q4 FY2026 · stated since Q4 FY2024
Rule: Free cash flow · Sources 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06 and 1 more
History of this finding, 9 records
1. Q4 FY2026 WeakenedPurchases of property, plant and equipment exceeded operating cash flow by US$217 million over the last 4 quarters.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 WeakenedPurchases of property, plant and equipment exceeded operating cash flow by US$779 million over the last 4 quarters.Reconstructed · data update
3. Q2 FY2026 WeakenedPurchases of property, plant and equipment exceeded operating cash flow by US$1.1 billion over the last 4 quarters.Reconstructed · data update
4. Q1 FY2026 ConfirmedPurchases of property, plant and equipment exceeded operating cash flow by US$1.2 billion over the last 4 quarters.Reconstructed · data update
5. Q4 FY2025 ConfirmedPurchases of property, plant and equipment exceeded operating cash flow by US$1.2 billion over the last 4 quarters.Reconstructed · data update
6. Q3 FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$1.2 billion over the last 4 quarters.Reconstructed · data update
7. Q2 FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$1.0 billion over the last 4 quarters.Reconstructed · data update
8. Q1 FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$567 million over the last 4 quarters.Reconstructed · data update
9. Q4 FY2024 NewPurchases of property, plant and equipment exceeded operating cash flow by US$278 million over the last 4 quarters.Reconstructed · initial
Net debt was US$22.4 billion at 30 September 2026, 4.2 times EBITDA over the last 4 quarters.
Confirmedin Q4 FY2026 · stated since Q4 FY2024
Rule: Net debt or net cash · Sources 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 9 records
1. Q4 FY2026 ConfirmedNet debt was US$22.4 billion at 30 September 2026, 4.2 times EBITDA over the last 4 quarters.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 ConfirmedNet debt was US$23.2 billion at 30 June 2026, 4.7 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q2 FY2026 ConfirmedNet debt was US$23.0 billion at 31 March 2026, 4.6 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q1 FY2026 ConfirmedNet debt was US$22.8 billion at 31 December 2025, 4.6 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q4 FY2025 ConfirmedNet debt was US$21.9 billion at 30 September 2025, 4.5 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q3 FY2025 ConfirmedNet debt was US$22.1 billion at 30 June 2025, 4.7 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q2 FY2025 ConfirmedNet debt was US$21.7 billion at 31 March 2025, 4.7 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q1 FY2025 ConfirmedNet debt was US$21.4 billion at 31 December 2024, 4.8 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q4 FY2024 NewNet debt was US$20.5 billion at 30 September 2024, 4.7 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q4 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents25 documents, latest Form 10-K, period ended 30 September 2026List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2026Q4_939d8983

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q4 FY2026

Form 10-K, period ended 30 September 2026, filed 13 November 2026. Changes are against the previous report, and each figure shows its period.

6changes2thresholds crossed

Changes in This Report 6

StrengthenedRevenue Against a Year Earlier10-K 2026-09
Revenue for the quarter ended 30 September 2026 was US$4.2 billion, 6.8% higher than in the same quarter a year earlier.
Earlier record, Q3 FY2026
Revenue for the quarter ended 30 June 2026 was US$3.4 billion, 4.1% higher than in the same quarter a year earlier.
StrengthenedNet Income Against a Year Earlier10-K 2026-09
Net income attributable to the company was US$1.2 billion, 88.0% higher than in the same quarter a year earlier.
Earlier record, Q3 FY2026
Net income attributable to the company was US$307 million, 44.8% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-K 2026-09
The operating margin over the last 4 quarters was 23.2%, 4.4 percentage points higher than a year earlier.
Earlier record, Q3 FY2026
The operating margin over the last 4 quarters was 20.1%, 1.7 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-K 2026-09
Return on equity over the last 4 quarters was 10.8%, against 7.6% a year earlier.
Earlier record, Q3 FY2026
Return on equity over the last 4 quarters was 8.5%, against 7.3% a year earlier.

2 more changes

WeakenedFree Cash Flow10-K 2026-09
Purchases of property, plant and equipment exceeded operating cash flow by US$217 million over the last 4 quarters.
Earlier record, Q3 FY2026
Purchases of property, plant and equipment exceeded operating cash flow by US$779 million over the last 4 quarters.
NewLiquidity Cover10-K 2026-09
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.
Earlier record, Q3 FY2026
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.

Thresholds Crossed 2

WeakenedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by US$217 million over the last 4 quarters.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
ConfirmedDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 4.5 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the aggressive band is number 5 of 6, and a higher number means more debt against earnings.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsAggressive bandDebt to EBITDA 4.50x · Q4 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 4.5 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the aggressive band is number 5 of 6, and a higher number means more debt against earnings.
Confirmedin Q4 FY2026 · stated since Q4 FY20244.50x from 4.93x in Q3 FY2026
Rule: Debt against the S&P benchmark bands · Sources 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 9 records
1. Q4 FY2026 ConfirmedLease-adjusted debt was 4.5 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 ConfirmedLease-adjusted debt was 4.9 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
3. Q2 FY2026 ConfirmedLease-adjusted debt was 4.7 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
4. Q1 FY2026 ConfirmedLease-adjusted debt was 4.6 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
5. Q4 FY2025 ConfirmedLease-adjusted debt was 4.8 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table.Reconstructed · data update
6. Q3 FY2025 ConfirmedLease-adjusted debt was 4.8 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
7. Q2 FY2025 ConfirmedLease-adjusted debt was 4.8 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
8. Q1 FY2025 ConfirmedLease-adjusted debt was 4.9 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
9. Q4 FY2024 NewLease-adjusted debt was 4.7 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Last 4 Quarters to Q4 FY2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 4.5 years of adjusted EBITDA.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4.50x4x to 5x	5x and above

By Fiscal Year

Ratio	FY202230 Sep 2022	FY202330 Sep 2023	FY202430 Sep 2024	FY202530 Sep 2025	FY202630 Sep 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	aggressive	highly leveraged	aggressive	aggressive	aggressive
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202230 Sep 2022	FY202330 Sep 2023	FY202430 Sep 2024	FY202530 Sep 2025	FY202630 Sep 2026
Total debt	$20.0bn	$20.3bn	$21.0bn	$23.5bn	$24.1bn
Operating lease liabilities	$93.0m	$164m	$151m	$109m	$44.0m
Lease-adjusted debt	$20.1bn	$20.4bn	$21.1bn	$23.6bn	$24.1bn
EBIT	$2.4bn	$1.7bn	$2.2bn	$2.6bn	$3.3bn
Depreciation and amortisation	$2.1bn	$2.2bn	$2.2bn	$2.3bn	$2.0bn
Goodwill impairment	$0	$0	$0	$0	$0
Share-based compensation	$0	$0	$0	$0	$0
Operating lease cost	$56.0m	$69.0m	$77.0m	$73.0m	$55.0m
Adjusted EBITDA	$4.5bn	$4.0bn	$4.5bn	$4.9bn	$5.4bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesLiquidity cover 1.07x, Debt due within 12 months $1.1bn · Q4 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Newin Q4 FY2026 · first stated
Rule: Liquidity cover · Sources 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 10 records
1. Q4 FY2026 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q4_939d8983 · data update
2. Q4 FY2026 RetiredThe finding changed to sources of cash that cover the uses.Recorded from FY2026Q4_939d8983 · data update
3. Q3 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. Q2 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q1 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. Q4 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q3 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q2 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q1 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
10. Q4 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q4 FY2026

Sources	Amount
Cash and short-term investments	$1.7bn
Operating cash flow	$3.5bn
Sources	$5.2bn

Uses	Amount
Debt due within 12 months	$1.1bn
Capital expenditure	$3.8bn
Dividends paid	$0
Uses	$4.9bn

Liquidity cover 1.07x

Debt Maturities at 30 September 2026

Principal due by fiscal year, US dollars

FY2027	FY2028	FY2029	FY2030	FY2031	After FY2031	Total
$1.0bn	$1.3bn	$220m	$2.3bn	$513m	$15.4bn	$20.7bn

By Fiscal Year

Ratio	FY202230 Sep 2022	FY202330 Sep 2023	FY202430 Sep 2024	FY202530 Sep 2025	FY202630 Sep 2026
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −2.3%, Operating cash flow to EBITDA 0.67x · Q4 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.3% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q4 FY2026 · stated since Q4 FY2024−2.3% from −2.6% in Q3 FY2026
Rule: Cash backing of earnings · Sources 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 9 records
1. Q4 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.3% of average total assets.Recorded from FY2026Q4_939d8983 · data update
2. Q3 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.6% of average total assets.Reconstructed · data update
3. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.5% of average total assets.Reconstructed · data update
4. Q1 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.9% of average total assets.Reconstructed · data update
5. Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.3% of average total assets.Reconstructed · data update
6. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.2% of average total assets.Reconstructed · data update
7. Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.2% of average total assets.Reconstructed · data update
8. Q1 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.5% of average total assets.Reconstructed · data update
9. Q4 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.4% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202230 Sep 2022	FY202330 Sep 2023	FY202430 Sep 2024	FY202530 Sep 2025	FY202630 Sep 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresBeneish −2.45 · Piotroski 7 of 9

Published distress and misstatement models, with their original coefficients and thresholds.

The Beneish M-score for fiscal 2026 was minus 2.45, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2026 · stated since FY2024−2.45 from −2.54 in FY2025
Rule: Beneish M-score against its threshold · Sources 10-K 2026-09
History of this finding, 3 records
1. FY2026 ConfirmedThe Beneish M-score for fiscal 2026 was minus 2.45, below the model threshold of minus 1.78.Recorded from FY2026Q4_939d8983 · data update
2. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.54, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.45, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2026 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2026 · stated since FY20247.00 from 7.00 in FY2025
Rule: Piotroski F-score · Sources 10-K 2025-09, 10-K 2026-09
History of this finding, 3 records
1. FY2026 ConfirmedThe Piotroski F-score for fiscal 2026 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Recorded from FY2026Q4_939d8983 · data update
2. FY2025 WeakenedThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was current ratio higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202230 Sep 2022	FY202330 Sep 2023	FY202430 Sep 2024	FY202530 Sep 2025	FY202630 Sep 2026
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Beneish M-score

fiscal 2026

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.45Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.45 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.125	0.920	1.035
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.920	0.404	0.372
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.040	0.892	0.928
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.220	0.115	0.140
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.023	4.679	−0.107
Leverage indexDebt against total assets, against a year earlier.	1.009	−0.327	−0.330
Score			−2.446

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2026

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.51 means a probability of a misstatement 0.51 times the average rate in the Dechow sample: 0.19% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.034	0.790	0.026
Change in receivables / average total assetsThe growth of receivables against average assets.	0.006	2.518	0.015
Change in inventories / average total assetsThe growth of stock against average assets.	0.001	1.191	0.001
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.284	1.979	0.563
Change in cash salesThe growth of sales collected in cash.	0.038	0.171	0.006
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.011	−0.932	−0.011
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−6.263
Probability of a misstatement			0.19%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2026

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2026	FY2025
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-K, period ended 30 September 2026	13 Nov 2026	10-K:0001376986-26-000041
Form 10-Q, period ended 30 June 2026	4 Aug 2026	10-Q:0001376986-26-000036
Form 10-Q, period ended 31 March 2026	5 May 2026	10-Q:0001376986-26-000029
Form 10-Q, period ended 31 December 2025	3 Feb 2026	10-Q:0001376986-26-000012
Form 10-K, period ended 30 September 2025	13 Nov 2025	10-K:0001376986-25-000056
Form 10-Q, period ended 30 June 2025	29 Jul 2025	10-Q:0001376986-25-000044
Form 10-Q, period ended 31 March 2025	1 May 2025	10-Q:0001376986-25-000029
Form 10-Q, period ended 31 December 2024	5 Feb 2025	10-Q:0001376986-25-000011
Form 10-K, period ended 30 September 2024	14 Nov 2024	10-K:0001376986-24-000029
Form 10-Q, period ended 30 June 2024	30 Jul 2024	10-Q:0001376986-24-000017
Form 10-Q, period ended 31 March 2024	30 Apr 2024	10-Q:0001376986-24-000010
Form 10-Q, period ended 31 December 2023	30 Jan 2024	10-Q:0001376986-24-000005
Form 10-K, period ended 30 September 2023	14 Nov 2023	10-K:0001376986-23-000022
Form 10-Q, period ended 30 June 2023	1 Aug 2023	10-Q:0001376986-23-000019
Form 10-Q, period ended 31 March 2023	2 May 2023	10-Q:0001376986-23-000016
Form 10-Q, period ended 31 December 2022	31 Jan 2023	10-Q:0001376986-23-000007
Form 10-K, period ended 30 September 2022	15 Nov 2022	10-K:0001376986-22-000023
Form 10-Q, period ended 30 June 2022	2 Aug 2022	10-Q:0001376986-22-000014
Form 10-Q, period ended 31 March 2022	12 May 2022	10-Q:0001376986-22-000011
Form 10-Q, period ended 31 December 2021	1 Feb 2022	10-Q:0001376986-22-000005
Form 10-K, period ended 30 September 2021	15 Nov 2021	10-K:0001376986-21-000028
Form 10-Q, period ended 30 June 2021	3 Aug 2021	10-Q:0001376986-21-000017
Form 10-Q, period ended 31 March 2021	4 May 2021	10-Q:0001376986-21-000010
Form 10-Q, period ended 31 December 2020	12 Feb 2021	10-Q:0001376986-21-000007
Form 10-K, period ended 30 September 2020	17 Nov 2020	10-K:0001376986-20-000030

Checks

211192 of 211 checks passed, 19 warnings

Fiscal calendar65 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year77 of 78 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Purchases of property, plant and equipment, FY2024: $3,281m against $3,293m

Reported quarters0 of 6 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.

Depreciation, Q3 FY2021: $347m against $309m

Depreciation, Q3 FY2022: $459m against $492m

Depreciation, Q3 FY2023: $482m against $453m

Depreciation, Q3 FY2024: $463m against $498m

Depreciation, Q3 FY2025: $484m against $455m

Depreciation, Q3 FY2026: $362m against $393m

Withheld values11 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Increase in receivables, Q1 FY2021: withheld, reported with opposite signs

Increase in receivables, Q2 FY2021: withheld, reported with opposite signs

Increase in receivables, Q3 FY2021: withheld, reported with opposite signs

Increase in receivables, Q4 FY2021: withheld, reported with opposite signs

Increase in inventories, Q4 FY2021: withheld, reported with opposite signs

Increase in receivables, FY2021: withheld, reported with opposite signs

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity13 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Debt maturities5 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

30 Sep 2026: $20,686m against $24,074m

Quarters and 9 months18 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Interest and debt6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

Current debt1 passedCurrent debt is not below the current portion of long-term debt. Checked at warning level.

Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	833
Confirmed by other figures	49.3%, 411 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	23.4%, 195 values
Values withheld	11
Restated figures tracked	8
Changes compared on one basis	0
Company lines mapped	2 of 2 reviewed

Citation

Annalist, Tennessee Valley Authority, snapshot tennessee-valley-authority/FY2026Q4_939d8983 (as of FY2026 Q4); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q4_939d8983 · dataset SHA-256 939d8983d6ded1ed905ea7ba5df489ec739cf4ac874d9ac94d61b492df3becb9 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json