← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
TVA, the nation's largest public power system, raised revenue 11.0% to $13.67B on a base rate increase and higher fuel costs, but a 35.8% jump in construction spending pushed free cash flow to negative $1.13B
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 11.0% to $13.67B; record peak demandOK
- Profitability — Operating margin 18.79%, up 70 bps; net income $1.36BOK
- Balance sheet — Total debt $22.06B, up 8.9%, against a $30.0 billion statutory ceilingWatch
- Capital allocation — No equity; construction spending $4.46B, up 35.8%Note
- Governance — Board without a quorum since April 1, 2025; interim CEO from April 2026Watch
Business
The Tennessee Valley Authority is a corporate agency of the United States, created in 1933, that operates the nation's largest public power system. It sells power at wholesale to 153 local power companies serving about 10 million people in parts of seven southeastern states, plus 62 directly served customers, and manages the Tennessee River system. Local power companies provided about 90 percent of 2025 operating revenues. TVA has funded its operations almost entirely from electricity sales and bond issuance since 1999 and is not authorized to issue equity, so its securities are bonds, not shares.
Leadership changes
From Tennessee Valley Authority's own filings, the day they're filed.
- Michael D. Skaggs · President · appointmenteff. 2026-04-24
- Jeremy P. Fisher · Chief Business Officer · departureeff. 2026-03-02
- William J. Renick · President · departureeff. 2026-03-02
Latest filings
- 8-K · Company announcement2026-08-25
- 10-Q · Quarterly report2026-08-04
- 8-K · Company announcement2026-07-15
- 8-K · Company announcement2026-05-28
- 10-Q · Quarterly report2026-05-05
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Tennessee Valley Authority, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
14-day free trial, no credit card. For research purposes only; not investment advice.