# Tennessee Valley Authority

> 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.

Page: https://annalist.io/company/tennessee-valley-authority/

Identifiers: LEI 549300HE1ISW43LNKM54, CIK 0001376986

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, quarter | $4.2bn | 4181000000 | USD | +6.8% year on year | FY2026 Q4 | 2026-09-30 | 10-K 2026-09, 10-Q 2026-06 |
| Operating income, quarter | $1.4bn | 1415000000 | USD | +53.3% year on year | FY2026 Q4 | 2026-09-30 | 10-K 2026-09, 10-Q 2026-06 |
| Net income, quarter | $1.2bn | 1156000000 | USD | +88.0% year on year | FY2026 Q4 | 2026-09-30 | 10-K 2026-09, 10-Q 2026-06 |
| Operating margin, last 4 quarters | 23.2% | 23.1537 | % | +4.4pp year on year | FY2026 Q4 | 2026-09-30 | 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-K 2026-09 |
| Return on equity, last 4 quarters | 10.8% | 10.8308 | % | +3.2pp year on year | FY2026 Q4 | 2026-09-30 | 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06 |

- Operating margin: Operating income / revenue.
- Return on equity: Net income attributable to the company / average shareholders' equity attributable to the company.

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the quarter ended 30 September 2026 was US$4.2 billion, 6.8% higher than in the same quarter a year earlier. [Strengthened in Q4 FY2026] Sources: 10-K 2026-09, 10-Q 2026-06.
- Net income attributable to the company was US$1.2 billion, 88.0% higher than in the same quarter a year earlier. [Strengthened in Q4 FY2026] Sources: 10-K 2026-09, 10-Q 2026-06.
- The operating margin over the last 4 quarters was 23.2%, 4.4 percentage points higher than a year earlier. [Strengthened in Q4 FY2026] Sources: 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-K 2026-09.
- Return on equity over the last 4 quarters was 10.8%, against 7.6% a year earlier. [Strengthened in Q4 FY2026] Sources: 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-K 2025-09.
- Purchases of property, plant and equipment exceeded operating cash flow by US$217 million over the last 4 quarters. [Weakened in Q4 FY2026] Sources: 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-K 2026-09.
- Net debt was US$22.4 billion at 30 September 2026, 4.2 times EBITDA over the last 4 quarters. [Confirmed in Q4 FY2026] Sources: 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- 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. [Confirmed in Q4 FY2026] Sources: 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- 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. [New in Q4 FY2026] Sources: 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- 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. [Confirmed in Q4 FY2026] Sources: 10-K 2026-09, 10-Q 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- The Beneish M-score for fiscal 2026 was minus 2.45, below the model threshold of minus 1.78. [Confirmed in FY2026] Sources: 10-K 2026-09.
- 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. [Confirmed in FY2026] Sources: 10-K 2025-09, 10-K 2026-09.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2026 | 2026-09-30 | Revenue | $14.2bn | 14218000000 | USD | 10-K 2026-09 |
| FY2026 | 2026-09-30 | Operating income | $3.3bn | 3292000000 | USD | 10-K 2026-09 |
| FY2026 | 2026-09-30 | Net income attributable to the company | $2.1bn | 2121000000 | USD | 10-K 2026-09 |
| FY2025 | 2025-09-30 | Revenue | $13.7bn | 13672000000 | USD | 10-K 2026-09 |
| FY2025 | 2025-09-30 | Operating income | $2.6bn | 2569000000 | USD | 10-K 2026-09 |
| FY2025 | 2025-09-30 | Net income attributable to the company | $1.4bn | 1360000000 | USD | 10-K 2026-09 |
| FY2024 | 2024-09-30 | Revenue | $12.3bn | 12314000000 | USD | 10-K 2026-09 |
| FY2024 | 2024-09-30 | Operating income | $2.2bn | 2228000000 | USD | 10-K 2026-09 |
| FY2024 | 2024-09-30 | Net income attributable to the company | $1.1bn | 1135000000 | USD | 10-K 2026-09 |
| FY2023 | 2023-09-30 | Revenue | $12.1bn | 12054000000 | USD | 10-K 2025-09 |
| FY2023 | 2023-09-30 | Operating income | $1.7bn | 1694000000 | USD | 10-K 2025-09 |
| FY2023 | 2023-09-30 | Net income attributable to the company | $500m | 500000000 | USD | 10-K 2025-09 |
| FY2022 | 2022-09-30 | Revenue | $12.5bn | 12540000000 | USD | 10-K 2024-09 |
| FY2022 | 2022-09-30 | Operating income | $2.4bn | 2411000000 | USD | 10-K 2024-09 |
| FY2022 | 2022-09-30 | Net income attributable to the company | $1.1bn | 1108000000 | USD | 10-K 2024-09 |

## Source Documents

- 10-K 2026-09: Form 10-K, period ended 30 September 2026, 13 Nov 2026 (https://www.sec.gov/Archives/edgar/data/1376986/000137698626000041/tve-20260930.htm)
- 10-Q 2026-06: Form 10-Q, period ended 30 June 2026, 4 Aug 2026 (https://www.sec.gov/Archives/edgar/data/1376986/000137698626000036/tve-20260630.htm)
- 10-Q 2025-12: Form 10-Q, period ended 31 December 2025, 3 Feb 2026 (https://www.sec.gov/Archives/edgar/data/1376986/000137698626000012/tve-20251231.htm)
- 10-Q 2026-03: Form 10-Q, period ended 31 March 2026, 5 May 2026 (https://www.sec.gov/Archives/edgar/data/1376986/000137698626000029/tve-20260331.htm)
- 10-K 2025-09: Form 10-K, period ended 30 September 2025, 13 Nov 2025 (https://www.sec.gov/Archives/edgar/data/1376986/000137698625000056/tve-20250930.htm)
- 10-K 2024-09: Form 10-K, period ended 30 September 2024, 14 Nov 2024 (https://www.sec.gov/Archives/edgar/data/1376986/000137698624000029/tve-20240930.htm)

## Reliability

- 211 checks compare these figures with other official figures; 0 failed.
- 11 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots.json

## Cite

Annalist, Tennessee Valley Authority, snapshot tennessee-valley-authority/FY2026Q4_939d8983; <item>, <period>; source <document>. Link the page https://annalist.io/company/tennessee-valley-authority/ and the source document of the figure.

A figure of a statement has an address of its own, which opens the page at that figure with its source documents: https://annalist.io/company/tennessee-valley-authority/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/tennessee-valley-authority/?fig=pl_quarterly/FY2026%20Q4/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/tennessee-valley-authority/latest.json)
- [Income statement, quarterly (CSV)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/pl_quarterly.csv)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/pl_annual.csv)
- [Balance sheet, quarter end (CSV)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/balance_sheet.csv)
- [Cash flow, quarterly (CSV)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/cf_quarterly.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/ratios/annual.json)
- [Ratios, quarterly (JSON)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/ratios/quarterly.json)
- [Ratios, ttm (JSON)](https://annalist.io/api/v1/companies/tennessee-valley-authority/snapshots/FY2026Q4_939d8983/ratios/ttm.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/tennessee-valley-authority/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/tennessee-valley-authority/feed.xml)
- [Excel workbook](https://annalist.io/company/tennessee-valley-authority/tennessee-valley-authority.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/tennessee-valley-authority/)
- [Lenders, customers, suppliers and owners (brief in Markdown)](https://annalist.io/atlas/tennessee-valley-authority/brief.md)
- [Lenders, customers, suppliers and owners (JSON)](https://annalist.io/api/v1/atlas/tennessee-valley-authority.json)

## Peers

- [Oncor Electric Delivery Company LLC](https://annalist.io/company/oncor/brief.md)
- [NextEra Energy, Inc.](https://annalist.io/company/nextera-energy/brief.md)
- [The Southern Company](https://annalist.io/company/southern-company/brief.md)
- [Side by side](https://annalist.io/compare/?c=tennessee-valley-authority,oncor,nextera-energy,southern-company)

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Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.