Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 7

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 6
Chunk 7
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 Degree Days2,888 3,132 (7.8)%2,801 3,152 (11.1)%87 3.1 %Cooling Degree Days1,888 1,824 3.5 %1,954 1,824 7.1 %(66)(3.4)%

Sales of electricity increased approximately three percent for the year ended September 30, 2025, as compared to the prior year.  The increased sales volume was primarily driven by higher sales to residential and small commercial and industrial customers as well as increases within the data processing, hosting, and related services sector.

Financial Results

    The following table compares operating results for 2025 and 2024:

Summary Consolidated Statements of OperationsFor the years ended September 30(in millions) 20252024ChangePercent ChangeOperating revenues$13,672 $12,314 $1,358 11.0 %Operating expenses11,103 10,086 1,017 10.1 %Operating income2,569 2,228 341 15.3 %Other income, net92 71 21 29.6 %Other net periodic benefit cost105 98 7 7.1 %Interest expense1,196 1,066 130 12.2 %Net income$1,360 $1,135 $225 19.8 %

Operating Revenues.  Operating revenues for the years ended September 30, 2025 and 2024, were $13.7 billion and $12.3 billion, respectively.  The following table compares TVA's operating revenues for the periods indicated:

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Operating Revenues by Customer TypeFor the years ended September 30(in millions)  20252024ChangePercent ChangeOperating revenues  Local power companies$12,334 $11,138 $1,196 10.7 %Industries directly served1,017 868 149 17.2 %Federal agencies and other139 125 14 11.2 %Revenue capitalized during pre-commercial plant operations(1)(4)(3)(1)33.3 %Other revenue186 186 — — %Total operating revenues$13,672 $12,314 $1,358 11.0 %

Note

(1)  Represents revenue capitalized during pre-commercial operations at Johnsonville