Tennessee Valley Authority (TVE) Income Statement
TVE FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsTVE revenue and net income
Where TVE's revenue goes
FY2025Each bar shows an amount and its share of revenue. TVE kept 9.9% of revenue as net income.
TVE profit margins
TVE growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.0% | +2.9% | +5.9% | +2.2% |
| Gross profit | +11.1% | +2.6% | +1.6% | +1.4% |
| Operating income | +15.3% | +2.1% | −1.1% | −0.1% |
| Net income | +19.8% | +7.1% | +0.1% | +2.0% |
| EPS (diluted) | −100.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TVE quarterly EPS vs estimates
Tennessee Valley Authority beat the analyst EPS estimate in 5 of the last 7 quarters.
TVE income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.67B | $12.31B | $12.05B | $12.54B | $10.50B | $10.25B | $11.32B | $11.23B | $10.74B | $10.62B |
| Cost of revenue | $8.18B | $7.38B | $7.54B | $7.45B | $5.61B | $5.17B | $5.82B | $5.62B | $5.76B | $5.93B |
| Gross profit | $5.49B | $4.94B | $4.51B | $5.09B | $4.90B | $5.08B | $5.50B | $5.61B | $4.97B | $4.68B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | — | — | — | $3.63B | $3.37B | $3.89B | $3.36B |
| Total operating expenses | $2.92B | $2.71B | $2.82B | $2.68B | $2.05B | $2.37B | $2.90B | $3.27B | $3.36B | $2.36B |
| Operating income | $2.57B | $2.23B | $1.69B | $2.41B | $2.85B | $2.71B | $3.29B | $3.22B | $2.58B | $2.46B |
| Interest expense | $1.20B | $1.07B | $1.06B | $1.05B | $1.09B | $1.14B | $1.20B | $1.24B | $1.35B | $1.14B |
| Income before taxes | $1.36B | $1.14B | $500.0M | $1.11B | $1.51B | $1.35B | $1.42B | $1.12B | $685.0M | $1.23B |
| Income taxes | — | — | $500.0M | $1.05B | −$245.0M | −$2.50B | −$196.0M | $50.0M | $56.0M | $43.0M |
| Net income | $1.36B | $1.14B | $500.0M | $1.11B | $1.51B | $1.35B | $1.42B | $1.12B | $685.0M | $1.23B |
| EBITDA | $5.08B | $4.72B | $4.29B | $4.74B | $4.67B | $4.83B | $5.04B | $5.19B | $4.51B | $4.41B |
| EPS (diluted) | −$0.06 | $2161.90 | $0.16 | $0.95 | $0.03 | $2575.24 | $2699.05 | $2131.43 | −$0.04 | $2348.57 |
| Gross margin | 40.1% | 40.1% | 37.4% | 40.6% | 46.6% | 49.5% | 48.6% | 50.0% | 46.3% | 44.1% |
| Operating margin | 18.8% | 18.1% | 14.0% | 19.2% | 27.1% | 26.5% | 29.1% | 28.6% | 24.0% | 23.2% |
| Net margin | 9.9% | 9.2% | 4.1% | 8.8% | 14.4% | 13.2% | 12.5% | 10.0% | 6.4% | 11.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.44B | $3.55B | $3.05B | $3.91B | $3.31B | $3.53B | $2.92B | $3.52B | $2.88B | $3.15B | $2.77B | $3.38B |
| Cost of revenue | $2.21B | $2.15B | $1.77B | $2.22B | $2.06B | $2.10B | $1.80B | $2.00B | $1.75B | $1.90B | $1.72B | $1.92B |
| Gross profit | $1.23B | $1.39B | $1.28B | $1.69B | $1.25B | $1.44B | $1.12B | $1.51B | $1.13B | $1.25B | $1.04B | $1.47B |
| Sales, general & admin | — | $882.0M | — | — | — | — | — | — | — | — | — | — |
| Total operating expenses | $619.0M | $679.0M | $724.0M | $768.0M | $728.0M | $720.0M | $703.0M | $712.0M | $673.0M | $671.0M | $654.0M | $754.0M |
| Operating income | $611.0M | $714.0M | $552.0M | $923.0M | $517.0M | $716.0M | $413.0M | $799.0M | $459.0M | $581.0M | $389.0M | $713.0M |
| Interest expense | $316.0M | $308.0M | $309.0M | $316.0M | $307.0M | $293.0M | $280.0M | $271.0M | $267.0M | $266.0M | $262.0M | $262.0M |
| Income before taxes | $351.0M | $392.0M | $266.0M | $615.0M | $212.0M | $408.0M | $125.0M | $520.0M | $181.0M | $307.0M | $127.0M | $409.0M |
| Income taxes | $44.0M | — | — | — | — | — | — | −$181.0M | $181.0M | — | — | −$292.0M |
| Net income | $307.0M | $392.0M | $266.0M | −$745.0M | $212.0M | $408.0M | $125.0M | $520.0M | $181.0M | $307.0M | $127.0M | $409.0M |
| EBITDA | $1.13B | $1.32B | $1.20B | −$898.0M | $1.14B | $1.32B | $1.04B | $1.48B | $1.07B | $1.25B | $926.0M | $1.31B |
| EPS (diluted) | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | −$0.06 | — | $0.02 |
| Gross margin | 35.7% | 39.3% | 41.8% | 43.2% | 37.7% | 40.7% | 38.2% | 43.0% | 39.3% | 39.7% | 37.7% | 43.4% |
| Operating margin | 17.8% | 20.1% | 18.1% | 23.6% | 15.6% | 20.3% | 14.1% | 22.7% | 15.9% | 18.4% | 14.1% | 21.1% |
| Net margin | 8.9% | 11.1% | 8.7% | −19.0% | 6.4% | 11.6% | 4.3% | 14.8% | 6.3% | 9.7% | 4.6% | 12.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TVE's financial statements (latest annual report filed November 13, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TVE financial results
In fiscal year 2025 (ended September 30, 2025), Tennessee Valley Authority reported revenue of $13.7 billion, up 11.0% from the year before. It had net income of $1.4 billion (up 19.8%), a net profit margin of 9.9%. Diluted earnings per share came to −$0.06. Over five years revenue grew at an average rate of 5.9% a year.
See the TVE stock overview for the latest quote and news, or the TVE chart for price history and technical indicators.
TVE income statement FAQ
What is Tennessee Valley Authority's annual revenue?
Tennessee Valley Authority reported total revenue of $13.7 billion for fiscal year 2025, which ended on September 30, 2025. That was up 11.0% from $12.3 billion the previous year.
Is Tennessee Valley Authority profitable?
Yes. Tennessee Valley Authority reported net income of $1.4 billion in fiscal 2025, a net profit margin of 9.9%; its operating margin was 18.8%.
What is Tennessee Valley Authority's gross margin?
Tennessee Valley Authority's gross margin was 40.1% in fiscal 2025: for every $100 of revenue, Tennessee Valley Authority kept $40 after the direct cost of its products and services.
How fast is Tennessee Valley Authority growing?
Revenue grew 5.9% a year on average over the last five fiscal years, from $10.2 billion to $13.7 billion.
What are Tennessee Valley Authority's earnings per share?
Tennessee Valley Authority earned $-0.06 per diluted share in fiscal 2025, compared with $2161.90 a year earlier.
When does Tennessee Valley Authority's fiscal year end?
Tennessee Valley Authority's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 13, 2025.