Tennessee Valley Authority (TVE) Cash Flow Statement
Where TVE’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $3.32B +10.7% vs FY2024
- Capital expenditures
- $4.68B 34.2% of revenue
- Free cash flow
- −$1.36B −9.9% margin
- Returned to shareholders
- —
- Change in cash
- $1.07B cash at year-end $1.60B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TVE operating cash flow, capex and free cash flow
TVE cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.04BFY2016 | $3.32BFY2025 | +1.0%/yr | |
| Capital expenditures | $3.01BFY2016 | $4.68BFY2025 | +5.0%/yr | |
| Free cash flow | $32.0MFY2016 | −$1.36BFY2025 | — | |
| Free cash flow margin | 0.3%FY2016 | −9.9%FY2025 | −10.2 pts | |
| Operating cash flow / net income | 2.47FY2016 | 2.44FY2025 | −0.02 | |
| Dividends paid | $0FY2016 | $0FY2018 | — | |
| Share buybacks (net) | $300.0MFY2016 | $299.0MFY2019 | −0.1%/yr | |
| Capex / revenue | 28.4%FY2016 | 34.2%FY2025 | +5.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TVE cash flow by activity
TVE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TVE cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.36B | $1.14B | $500.0M | $1.11B | $1.51B | $1.35B | $1.42B | $1.12B | $685.0M | $1.23B |
| Depreciation & amortization | $2.60B | $2.52B | $2.61B | $2.42B | $1.94B | $2.24B | $1.75B | $1.97B | $1.93B | $1.94B |
| Change in working capital | −$198.0M | −$78.0M | $217.0M | −$582.0M | $6.0M | $248.0M | −$135.0M | −$39.0M | $214.0M | −$36.0M |
| Other non-cash items | −$439.0M | −$578.0M | −$451.0M | −$1.0M | −$200.0M | −$200.0M | $690.0M | $886.0M | −$99.0M | −$96.0M |
| Cash from operating activities | $3.32B | $3.00B | $2.87B | $2.95B | $3.26B | $3.64B | $3.72B | $3.94B | $2.73B | $3.04B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.68B | −$3.58B | −$2.95B | −$2.64B | −$2.32B | −$1.99B | −$2.17B | −$2.22B | −$2.46B | −$3.01B |
| Investments (net) | — | — | — | — | — | — | −$47.0M | −$57.0M | −$52.0M | −$53.0M |
| Acquisitions & other investing | $20.0M | −$16.0M | −$40.0M | −$19.0M | −$21.0M | −$30.0M | −$22.0M | $4.0M | −$26.0M | −$50.0M |
| Cash from investing activities | −$4.66B | −$3.59B | −$2.99B | −$2.66B | −$2.34B | −$2.02B | −$2.24B | −$2.27B | −$2.54B | −$3.11B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −$299.0M | −$299.0M | −$300.0M | −$300.0M |
| Net borrowing (repayment) | — | — | — | — | — | — | −$1.46B | −$1.68B | −$178.0M | $102.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.41B | $590.0M | $123.0M | −$283.0M | −$921.0M | −$1.42B | $278.0M | $319.0M | $287.0M | $269.0M |
| Cash from financing activities | $2.41B | $590.0M | $123.0M | −$283.0M | −$921.0M | −$1.42B | −$1.48B | −$1.66B | −$191.0M | $71.0M |
| Summary | ||||||||||
| Net change in cash | $1.07B | $2.0M | $1.0M | $2.0M | −$3.0M | $199.0M | — | $11.0M | $11.0M | — |
| Cash at end of period | $1.60B | $523.0M | $521.0M | $520.0M | $518.0M | $521.0M | $322.0M | $322.0M | $311.0M | $300.0M |
| Free cash flow | −$1.36B | −$572.0M | −$82.0M | $304.0M | $939.0M | $1.65B | $1.55B | $1.72B | $270.0M | $32.0M |
| Free cash flow margin | −9.9% | −4.6% | −0.7% | 2.4% | 8.9% | 16.1% | 13.7% | 15.3% | 2.5% | 0.3% |
| Capex / revenue | 34.2% | 29.0% | 24.5% | 21.1% | 22.1% | 19.4% | 19.2% | 19.7% | 22.9% | 28.4% |
| Operating cash flow / net income | 2.44 | 2.65 | 5.74 | 2.66 | 2.15 | 2.69 | 2.63 | 3.52 | 3.98 | 2.47 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $307.0M | $392.0M | $266.0M | −$745.0M | $212.0M | $408.0M | $125.0M | −$615.0M | $181.0M | $307.0M | $127.0M | $409.0M |
| Depreciation & amortization | $540.0M | $608.0M | $667.0M | $686.0M | $646.0M | $631.0M | $638.0M | $632.0M | $640.0M | $692.0M | $560.0M | $567.0M |
| Change in working capital | −$264.0M | −$42.0M | $129.0M | −$86.0M | −$198.0M | $26.0M | $60.0M | $67.0M | −$327.0M | $214.0M | $46.0M | $30.0M |
| Other non-cash items | $194.0M | −$182.0M | −$732.0M | $1.39B | −$45.0M | −$54.0M | −$373.0M | $980.0M | $14.0M | −$175.0M | −$340.0M | $90.0M |
| Cash from operating activities | $777.0M | $776.0M | $330.0M | $1.25B | $615.0M | $1.01B | $450.0M | $1.06B | $508.0M | $1.04B | $393.0M | $1.10B |
| Investing activities | ||||||||||||
| Capital expenditures | −$929.0M | −$934.0M | −$1.28B | −$3.65B | −$1.07B | −$1.20B | −$1.37B | −$1.00B | −$776.0M | −$786.0M | −$1.01B | −$707.0M |
| Acquisitions & other investing | $49.0M | $23.0M | $77.0M | $2.62B | $26.0M | −$4.0M | −$10.0M | −$41.0M | $2.0M | $16.0M | $7.0M | −$54.0M |
| Cash from investing activities | −$880.0M | −$911.0M | −$1.21B | −$1.03B | −$1.05B | −$1.20B | −$1.38B | −$1.04B | −$774.0M | −$770.0M | −$1.00B | −$761.0M |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.09B | $135.0M | −$197.0M | $860.0M | $406.0M | $187.0M | $958.0M | −$17.0M | $259.0M | −$258.0M | $606.0M | −$334.0M |
| Cash from financing activities | $1.09B | $135.0M | −$197.0M | $860.0M | $406.0M | $187.0M | $958.0M | −$17.0M | $259.0M | −$258.0M | $606.0M | −$334.0M |
| Summary | ||||||||||||
| Net change in cash | $983.0M | — | −$1.07B | $1.07B | −$25.0M | −$6.0M | $30.0M | $2.0M | −$7.0M | $10.0M | −$3.0M | $1.0M |
| Cash at end of period | $1.50B | $522.0M | $522.0M | $1.60B | $522.0M | $547.0M | $553.0M | $523.0M | $521.0M | $528.0M | $518.0M | $521.0M |
| Free cash flow | −$152.0M | −$158.0M | −$955.0M | $1.58B | −$457.0M | −$189.0M | −$918.0M | $60.0M | −$268.0M | $252.0M | −$616.0M | $389.0M |
| Free cash flow margin | −4.4% | −4.5% | −31.3% | 40.3% | −13.8% | −5.4% | −31.4% | 1.7% | −9.3% | 8.0% | −22.3% | 11.5% |
| Capex / revenue | 27.0% | 26.3% | 42.1% | 93.3% | 32.4% | 34.0% | 46.8% | 28.6% | 27.0% | 24.9% | 36.5% | 20.9% |
| Operating cash flow / net income | 2.53 | 1.98 | 1.24 | — | 2.90 | 2.48 | 3.60 | — | 2.81 | 3.38 | 3.09 | 2.68 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TVE cash generation
In fiscal 2025 (ended September 30, 2025), Tennessee Valley Authority generated $3.3 billion of cash from operations (up 10.7%) and spent $4.7 billion on capital expenditures, leaving free cash flow of -$1.4 billion, −9.9% of revenue. Cash and equivalents rose by $1.1 billion over the year.
Related: TVE income statement, TVE balance sheet, TVE dividend history. See the TVE stock overview for the latest quote and news.
TVE cash flow FAQ
What is Tennessee Valley Authority's free cash flow?
Tennessee Valley Authority's free cash flow was -$1.4 billion in fiscal 2025: $3.3 billion of operating cash flow minus $4.7 billion of capital expenditures It was -$572.0 million a year earlier..
How much cash does Tennessee Valley Authority generate from operations?
Tennessee Valley Authority generated $3.3 billion of cash from operating activities in fiscal 2025, 2.44 times its net income of $1.4 billion.
How much does Tennessee Valley Authority spend on capital expenditures?
Tennessee Valley Authority spent $4.7 billion on capital expenditures in fiscal 2025, 34.2% of revenue, compared with $3.6 billion the year before.