Tennessee Valley Authority
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.36B | $1.14B | $500.0M | $1.11B | $1.51B | $1.35B | $1.42B | $1.12B |
| Depreciation & Amortization | $2.29B | $2.16B | $2.24B | $2.08B | $1.56B | $1.85B | $1.99B | $2.55B |
| Depreciation | $1.90B | $1.80B | $1.90B | $1.80B | $1.40B | $1.60B | $1.80B | $1.30B |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $3.32B | $3.00B | $2.87B | $2.95B | $3.26B | $3.64B | $3.72B | $3.94B |
| Investing Activities | ||||||||
| Capital Expenditures | $4.46B | $3.28B | $2.53B | $2.36B | $1.96B | $1.64B | $1.70B | $1.76B |
| Business Acquisitions | — | — | — | — | — | — | $36.0M | $36.0M |
| Net Cash from Investing Activities | $-4.66B | $-3.59B | $-2.99B | $-2.66B | $-2.34B | $-2.02B | $-2.24B | $-2.27B |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $2.41B | $590.0M | $123.0M | $-283.0M | $-921.0M | $-1.42B | $-1.48B | $-1.66B |
| Net Change in Cash | $1.07B | $2.0M | $1.0M | $2.0M | $-3.0M | $199.0M | $0 | $11.0M |
| Free Cash Flow | $-1.13B | $-278.0M | $346.0M | $587.0M | $1.29B | $1.99B | $2.02B | $2.18B |