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TVC

Tennessee Valley Authority PARRS D 2028

TVC

Tennessee Valley Authority PARRS D 2028 • NYSE
$24.12 ▲ 0.64% (+0.15)
Market Cap $12.66 M
52w High $25.33
52w Low $22.53
Dividend Yield 0.53%
P/E 0
Volume 19.21K
Outstanding Shares 525.00K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $3.914B ▲ $-2.97B ▼ $-745M ▼ -19.034% ▼ $-1.419K ▼ $-2.869B ▼
Q3-2025 $3.306B ▼ $728M ▲ $212M ▼ 6.413% ▼ $403.81 ▼ $1.136B ▼
Q2-2025 $3.532B ▲ $720M ▲ $408M ▲ 11.552% ▲ $777.14 ▲ $1.32B ▲
Q1-2025 $2.92B ▼ $703M ▼ $125M ▲ 4.281% ▲ $238.1 ▼ $413M ▲
Q4-2024 $3.516B $712M $-615M -17.491% $990.48 $-1.019B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $0 ▼ $0 ▼ $1.725B ▼ $0 ▼
Q3-2025 $501M ▼ $59.885B ▲ $41.976B ▲ $17.909B ▲
Q2-2025 $527M ▼ $25M ▼ $1.748B ▼ $17.69B ▲
Q1-2025 $532M ▲ $58.363B ▲ $1.768B ▼ $17.302B ▲
Q4-2024 $502M $57.703B $40.542B $17.161B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-745M ▼ $-2.076B ▼ $3.641B ▲ $-1.551B ▼ $0 ▲ $1.577B ▲
Q3-2025 $212M ▼ $615M ▼ $-1.046B ▲ $406M ▲ $-25M ▼ $-457M ▼
Q2-2025 $408M ▲ $1.011B ▲ $-1.204B ▲ $187M ▼ $-6M ▼ $-189M ▲
Q1-2025 $125M ▲ $450M ▼ $-1.378B ▼ $958M ▲ $30M ▲ $-918M ▼
Q4-2024 $-615M $1.064B $-1.045B $-17M $2M $644M

Five-Year Company Overview

Income Statement

Income Statement Tennessee Valley Authority’s core revenue base looks steady and slightly growing over the last few years, which is what you’d hope to see from a large, regulated power provider. Profitability, however, has been more up and down than sales: operating profit dipped in the middle of the period and has since recovered, but not to the prior highs. Net income shows the same pattern, with a notably weak year followed by a rebound. In simple terms, the top line is stable, but earnings have been more volatile, likely reflecting changing fuel costs, maintenance spending, and one‑off items rather than fundamental demand risk.

Balance Sheet

Balance Sheet The balance sheet shows a large, capital‑heavy utility with rising asset levels and gradually building equity over time. Debt is sizable but has been relatively stable, which is typical for an infrastructure‑intensive, government‑backed power authority. The slow but steady increase in equity suggests retained earnings are strengthening the capital base, providing an additional cushion for bondholders. Cash on hand is small relative to total assets, but this is common for regulated utilities that rely on ongoing cash inflows rather than large cash piles.

Cash Flow

Cash Flow Operating cash flow is consistent and robust, which supports the idea of a predictable, utility‑style cash engine. The pressure point is investment spending: capital expenditures have been high and increasing, which has pushed free cash flow into negative territory in recent years. This signals that TVA is in a heavy investment phase, likely tied to upgrading plants, grid infrastructure, and new generation projects. For debt investors, this makes the stability of operating cash and access to financing more important to watch than headline free cash flow alone.

Competitive Edge

Competitive Edge TVA benefits from a very unusual and strong position: it is a federally owned power authority with a defined service territory, long‑term contracts, and a mission that blends reliability, affordability, and regional development. Its government backing and quasi‑monopoly characteristics provide a structural edge in terms of credit quality and demand stability compared with typical regional banks or even many investor‑owned utilities. At the same time, it is still exposed to regulatory and political decisions, environmental rules, and public scrutiny, which can influence pricing, investment priorities, and costs. Overall, TVA’s competitive moat is based more on its legal status and public mandate than on market competition in the traditional sense.

Innovation and R&D

Innovation and R&D While the TVC security itself is simply a TVA bond, the underlying issuer is deeply involved in energy‑sector innovation. TVA is pushing advanced nuclear (including small modular reactors), modernizing a large hydro fleet, and investing in grid upgrades and renewable integration. This innovation focus supports long‑term system reliability and decarbonization, but it also brings project‑execution and regulatory risks, especially around new nuclear technologies. From a credit perspective, these efforts show TVA is actively positioning its asset base for the future rather than merely maintaining legacy coal and gas plants.

Summary

Putting it together, TVA looks like a classic large, capital‑intensive, government‑backed utility: revenue is steady, profits are adequate but somewhat variable, and cash flows from operations are strong and predictable. The main financial strain comes from heavy, ongoing investment, which suppresses free cash flow but is aimed at modernizing and decarbonizing the system. The balance sheet is geared, yet supported by growing equity and the unique backing and mandate of a federal corporation. For holders or analysts of TVC, the key things to watch are TVA’s ability to manage big capital projects on time and on budget, maintain regulatory support, and keep operating cash flows stable as the energy transition and interest‑rate environment evolve.

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