Tennessee Valley Authority
NYSE: TVE · UTILITIES · ELECTRICAL UTILITIES & IPPS
Updated 2026-07-29
Tennessee Valley Authority (TVE) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.24B | $10.38B | $11.26B | $10.87B | $11.84B | $11.22B | $10.96B | $11.14B | $11.00B | $10.62B | $10.74B | $11.23B | $11.32B | $10.25B | $10.50B | $12.54B | $12.05B | $12.31B | $13.67B |
| Revenue growth (YoY) | — | +12.3% | +8.4% | -3.4% | +8.9% | -5.2% | -2.4% | +1.7% | -1.2% | -3.5% | +1.2% | +4.6% | +0.8% | -9.4% | +2.5% | +19.4% | -3.9% | +2.2% | +11.0% |
| Cost of revenue | — | $4.16B | $4.71B | $3.14B | $2.80B | $7.38B | $7.28B | $7.17B | $6.23B | $5.93B | $5.76B | $5.62B | $5.82B | $5.17B | $5.61B | $7.45B | $7.54B | $7.38B | $8.18B |
| Gross profit | $9.24B | $6.22B | $6.55B | $7.73B | $9.04B | $3.84B | $3.68B | $3.97B | $4.77B | $4.68B | $4.97B | $5.61B | $5.50B | $5.08B | $4.90B | $5.09B | $4.51B | $4.94B | $5.49B |
| Gross margin | 100.0% | 59.9% | 58.2% | 71.1% | 76.4% | 34.2% | 33.6% | 35.7% | 43.4% | 44.1% | 46.3% | 50.0% | 48.6% | 49.5% | 46.6% | 40.6% | 37.4% | 40.1% | 40.1% |
| R&D | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | — | — | — | — | — | — | — | $3.88B | $3.36B | $3.36B | $3.89B | $3.37B | $3.63B | — | — | — | — | — | — |
| Operating income | $1.46B | $2.18B | $1.97B | $2.24B | $1.44B | $1.61B | $1.50B | $1.79B | $2.60B | $2.46B | $2.58B | $3.22B | $3.29B | $2.71B | $2.85B | $2.41B | $1.69B | $2.23B | $2.57B |
| Operating margin | 15.8% | 21.0% | 17.5% | 20.6% | 12.1% | 14.3% | 13.7% | 16.1% | 23.6% | 23.2% | 24.0% | 28.6% | 29.1% | 26.5% | 27.1% | 19.2% | 14.0% | 18.1% | 18.8% |
| EBITDA | $2.96B | $685.00M | $3.57B | $3.97B | $3.53B | $3.45B | $3.37B | $3.68B | $4.49B | $4.41B | $4.51B | $5.19B | $5.04B | $4.83B | $4.67B | $4.74B | $4.06B | $2.23B | $4.99B |
| EBITDA margin | 32.1% | 6.6% | 31.7% | 36.5% | 29.8% | 30.8% | 30.8% | 33.0% | 40.8% | 41.5% | 42.0% | 46.2% | 44.5% | 47.1% | 44.4% | 37.8% | 33.7% | 18.1% | 36.5% |
| EBIT | $1.46B | $-559.00M | $1.95B | $2.22B | $1.47B | $1.61B | $1.50B | $1.79B | $2.60B | $2.46B | $2.58B | $3.22B | $3.29B | $2.60B | $2.73B | $2.31B | $1.69B | $2.20B | $2.48B |
| Interest expense | $0.00 | $1.38B | $1.27B | $1.29B | $1.30B | $1.27B | $1.23B | $1.17B | $1.13B | $1.14B | $1.35B | $1.24B | $1.20B | $1.14B | $1.09B | $1.05B | $1.06B | $1.07B | $1.20B |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $383.00M | $817.00M | $726.00M | $972.00M | $162.00M | $60.00M | $271.00M | $469.00M | $1.11B | $1.23B | $685.00M | $1.12B | $1.42B | $1.35B | $1.51B | $1.11B | $500.00M | $1.14B | $1.36B |
| Net income growth (YoY) | — | +113.3% | -11.1% | +33.9% | -83.3% | -63.0% | +351.7% | +73.1% | +136.9% | +11.0% | -44.4% | +63.4% | +26.6% | -4.6% | +11.8% | -26.7% | -54.9% | +127.0% | +19.8% |
| Profit margin | 4.1% | 7.9% | 6.5% | 8.9% | 1.4% | 0.5% | 2.5% | 4.2% | 10.1% | 11.6% | 6.4% | 10.0% | 12.5% | 13.2% | 14.4% | 8.8% | 4.1% | 9.2% | 9.9% |
Frequently asked questions
How profitable is TVE?
In its most recent fiscal year, TVE ran a gross margin of 40.14%, an operating margin of 18.79%, and a net margin of 9.95%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does TVE generate?
TVE produced $-1.36B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is TVE's balance sheet healthy?
TVE holds $1.58B in cash and equivalents against — in long-term debt, on $18.51B of shareholder equity. That debt is best read against the cash flow the business throws off each year.