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TVE

Tennessee Valley Authority PARRS A 2029

TVE

Tennessee Valley Authority PARRS A 2029 • NYSE
$24.20 ▲ 0.29% (+0.07)
Market Cap $12.71 M
52w High $25.30
52w Low $22.11
Dividend Yield 0.55%
P/E 0
Volume 12.30K
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% $-1.171K $-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 Revenue has grown over the past few years, with only mild ups and downs, which suggests a solid and dependable customer base. Profitability, however, has been more uneven. Operating profit and overall earnings have moved around from year to year, reflecting changing fuel costs, maintenance spending, and the costs of the clean‑energy transition. Recent results show that TVA is still profitable, but earnings are not on a straight upward path and can be pressured by higher operating and financing costs. For a bond investor, this looks like a stable utility‑style income profile with some volatility in margins rather than in top‑line demand.

Balance Sheet

Balance Sheet The balance sheet shows a large and growing asset base, which fits a capital‑intensive power system that keeps investing in plants and grid infrastructure. Reported equity has risen steadily, pointing to gradual strengthening of the capital base over time. The latest data also show a sharp drop in reported debt compared with prior years, which, if sustained, would mean a much lighter leverage burden. That said, TVA remains fundamentally a heavily capital‑based enterprise, so its long‑term obligations and bond program remain central to its financial structure. Overall, the balance sheet looks robust for a utility‑like entity, but still closely tied to careful long‑term debt management.

Cash Flow

Cash Flow Cash flow from operations has been steady and healthy, which is a key support for bondholders, as it reflects the recurring nature of electricity sales. The main story in the cash flows is heavy and rising investment in capital projects, especially in the most recent years. These large outlays have turned free cash flow negative at times, meaning TVA is relying on external financing, including bonds, to fund part of its build‑out and modernization program. This pattern is typical for big utilities in a transition phase: underlying cash generation is solid, but substantial spending on new plants and grid upgrades keeps cash tight.

Competitive Edge

Competitive Edge TVA operates as a legally protected wholesale power provider in its multi‑state region, which gives it a powerful and unusual competitive position. It effectively faces little direct competition inside its service territory, and its rates and reliability are central to the region’s economic health. Its federal ownership and special legislative framework form a strong structural moat that private utilities cannot easily replicate. At the same time, this setup also means TVA is exposed to political and regulatory decisions, including potential changes to the rules that define its territory and authority. Overall, it has one of the most secure competitive positions in the U.S. power sector, but that security is closely linked to policy and legislation.

Innovation and R&D

Innovation and R&D TVA is investing heavily in modernizing its system rather than traditional lab‑style research, but the innovation agenda is broad. It is a visible early mover in advanced nuclear, especially small modular reactors, and is exploring cutting‑edge options like fusion in partnership with research institutions. It is also upgrading its grid, adding more digital monitoring and considering energy storage to handle more renewables. Solar and other clean resources are being built out, and TVA is promoting electric vehicles and charging infrastructure across its region. These efforts could strengthen its long‑term cost and reliability position, but they also introduce execution risk: advanced nuclear and large‑scale clean‑energy programs can be complex, slow, and expensive if timelines or costs slip.

Summary

Overall, TVA, as the issuer behind the TVE 2029 securities, looks like a mature, infrastructure‑heavy power provider with stable revenue, decent but variable profitability, and a strong regulatory position. Its asset base and equity have grown, and operating cash flow is solid, but large investment needs are absorbing cash and require ongoing access to financing. The monopoly‑like service territory and federal ownership give it a unique degree of protection and make demand relatively predictable, though they also tie its future to political and regulatory outcomes. The push into advanced nuclear, renewables, and grid modernization could enhance long‑term resilience if managed well, but they also add project, technology, and cost risks over the coming decade. For someone looking at TVE, the key themes are stability of the underlying power business, heavy and continuing capital spending, and the balance between its strong legal moat and the policy and execution uncertainties that come with it.