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Side-by-side financial comparison of Tennessee Valley Authority (TVC) and Tennessee Valley Authority (TVE), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Tennessee Valley Authority is the larger business by last-quarter revenue ($3.0B vs $3.0B, roughly 1.0× Tennessee Valley Authority).
The Tennessee Valley Authority (TVA) is a federally-owned electric utility corporation in the United States. TVA's service area covers all of Tennessee, portions of Alabama, Mississippi, and Kentucky, and small areas of Georgia, North Carolina, and Virginia. While owned by the federal government, TVA receives no taxpayer funding and operates similarly to a private for-profit company. It is headquartered in Knoxville, Tennessee, and is the sixth-largest power supplier and largest public utilit...
The Tennessee Valley Authority (TVA) is a federally-owned electric utility corporation in the United States. TVA's service area covers all of Tennessee, portions of Alabama, Mississippi, and Kentucky, and small areas of Georgia, North Carolina, and Virginia. While owned by the federal government, TVA receives no taxpayer funding and operates similarly to a private for-profit company. It is headquartered in Knoxville, Tennessee, and is the sixth-largest power supplier and largest public utilit...
Income Statement — Q1 2026 vs Q1 2026
| Metric |  |  |
|---|---|---|
| Revenue | $3.0B | $3.0B |
| Net Profit | $266.0M | $266.0M |
| Gross Margin | — | — |
| Operating Margin | 18.1% | 18.1% |
| Net Margin | 8.7% | 8.7% |
| Revenue YoY | 4.4% | 4.4% |
| Net Profit YoY | 112.8% | 112.8% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $3.0B | $3.0B | ||
| Q3 25 | $3.9B | $3.9B | ||
| Q2 25 | $3.3B | $3.3B | ||
| Q1 25 | $3.5B | $3.5B | ||
| Q4 24 | $2.9B | $2.9B | ||
| Q3 24 | $3.5B | $3.5B | ||
| Q2 24 | $2.9B | $2.9B | ||
| Q1 24 | $3.2B | $3.2B |
| Q4 25 | $266.0M | $266.0M | ||
| Q3 25 | $615.0M | $615.0M | ||
| Q2 25 | $212.0M | $212.0M | ||
| Q1 25 | $408.0M | $408.0M | ||
| Q4 24 | $125.0M | $125.0M | ||
| Q3 24 | $520.0M | $520.0M | ||
| Q2 24 | $181.0M | $181.0M | ||
| Q1 24 | $307.0M | $307.0M |
| Q4 25 | 18.1% | 18.1% | ||
| Q3 25 | 23.6% | 23.6% | ||
| Q2 25 | 15.6% | 15.6% | ||
| Q1 25 | 20.3% | 20.3% | ||
| Q4 24 | 14.1% | 14.1% | ||
| Q3 24 | 22.7% | 22.7% | ||
| Q2 24 | 15.9% | 15.9% | ||
| Q1 24 | 18.4% | 18.4% |
| Q4 25 | 8.7% | 8.7% | ||
| Q3 25 | 15.7% | 15.7% | ||
| Q2 25 | 6.4% | 6.4% | ||
| Q1 25 | 11.6% | 11.6% | ||
| Q4 24 | 4.3% | 4.3% | ||
| Q3 24 | 14.8% | 14.8% | ||
| Q2 24 | 6.3% | 6.3% | ||
| Q1 24 | 9.7% | 9.7% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $501.0M | $501.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | — |
| Total Assets | $59.5B | $59.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $501.0M | $501.0M | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $501.0M | $501.0M | ||
| Q1 25 | $502.0M | $502.0M | ||
| Q4 24 | $507.0M | $507.0M | ||
| Q3 24 | $502.0M | $502.0M | ||
| Q2 24 | $501.0M | $501.0M | ||
| Q1 24 | $508.0M | $508.0M |
| Q4 25 | — | — | ||
| Q3 25 | $22.1B | $22.1B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $19.1B | $19.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $59.5B | $59.5B | ||
| Q3 25 | $60.9B | $60.9B | ||
| Q2 25 | $59.9B | $59.9B | ||
| Q1 25 | $59.3B | $59.3B | ||
| Q4 24 | $58.4B | $58.4B | ||
| Q3 24 | $57.7B | $57.7B | ||
| Q2 24 | $56.2B | $56.2B | ||
| Q1 24 | $52.3B | $52.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $330.0M | $330.0M |
| Free Cash FlowOCF − Capex | $-814.0M | $-814.0M |
| FCF MarginFCF / Revenue | -26.7% | -26.7% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 37.5% | 37.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.24× | 1.24× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.2B | $-1.2B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $330.0M | $330.0M | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $615.0M | $615.0M | ||
| Q1 25 | $1.0B | $1.0B | ||
| Q4 24 | $450.0M | $450.0M | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $508.0M | $508.0M | ||
| Q1 24 | $1.0B | $1.0B |
| Q4 25 | $-814.0M | $-814.0M | ||
| Q3 25 | $233.0M | $233.0M | ||
| Q2 25 | $-431.0M | $-431.0M | ||
| Q1 25 | $-176.0M | $-176.0M | ||
| Q4 24 | $-759.0M | $-759.0M | ||
| Q3 24 | $164.0M | $164.0M | ||
| Q2 24 | $-248.0M | $-248.0M | ||
| Q1 24 | $276.0M | $276.0M |
| Q4 25 | -26.7% | -26.7% | ||
| Q3 25 | 6.0% | 6.0% | ||
| Q2 25 | -13.0% | -13.0% | ||
| Q1 25 | -5.0% | -5.0% | ||
| Q4 24 | -26.0% | -26.0% | ||
| Q3 24 | 4.7% | 4.7% | ||
| Q2 24 | -8.6% | -8.6% | ||
| Q1 24 | 8.8% | 8.8% |
| Q4 25 | 37.5% | 37.5% | ||
| Q3 25 | 25.9% | 25.9% | ||
| Q2 25 | 31.6% | 31.6% | ||
| Q1 25 | 33.6% | 33.6% | ||
| Q4 24 | 41.4% | 41.4% | ||
| Q3 24 | 25.6% | 25.6% | ||
| Q2 24 | 26.3% | 26.3% | ||
| Q1 24 | 24.2% | 24.2% |
| Q4 25 | 1.24× | 1.24× | ||
| Q3 25 | 2.03× | 2.03× | ||
| Q2 25 | 2.90× | 2.90× | ||
| Q1 25 | 2.48× | 2.48× | ||
| Q4 24 | 3.60× | 3.60× | ||
| Q3 24 | 2.05× | 2.05× | ||
| Q2 24 | 2.81× | 2.81× | ||
| Q1 24 | 3.38× | 3.38× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
TVC
| A20year Termination Notice | $2.4B | 78% |
| A5yearterminationnotice | $366.0M | 12% |
| Industries Directly Served | $236.0M | 8% |
| Federal Agencies And Other | $29.0M | 1% |
| Off System Sales Member | $2.0M | 0% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |