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Benefit Plans Benefit Plans (Tables) | 12 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Obligations and Funded Status | The changes in plan obligations, assets, and funded status for the years ended September 30, 2025 and 2024, were as follows:
Obligations and Funded Status For the years ended September 30 (in millions)
859,400,000 |  | Pension Benefits |  | Other Post-Retirement Benefits
867,300,000 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Change in benefit obligation |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 11,002 |  |  | $ | 10,099 |  |  | $ | 353 |  |  | $ | 347 |
Service cost | 32 |  |  | 29 |  |  | 11 |  |  | 11 |
Interest cost | 526 |  |  | 579 |  |  | 17 |  |  | 21 |
Plan participants' contributions | 3 |  |  | 3 |  |  | — |  |  | — |
Collections(1) | — |  |  | — |  |  | 12 |  |  | 12 |
Actuarial (gain) loss | (457) |  |  | 1,059 |  | 1.1 | (67) |  |  | (4) |
Curtailments (2) | (1) |  |  | — |  |  | — |  |  | — |
Special/contractual termination benefits (3) | — |  |  | — |  |  | 1 |  |  | — |
Net transfers (to) from variable fund/401(k) plan | 2 |  |  | 5 |  |  | — |  |  | — |
Expenses paid | (7) |  |  | (6) |  |  | — |  |  | — |
Benefits paid | (799) |  |  | (766) |  |  | (36) |  |  | (34) |
Benefit obligation at end of year | 10,301 |  |  | 11,002 |  |  | 291 |  |  | 353 |
Change in plan assets |  |  |  |  |  |  |
Fair value of net plan assets at beginning of year | 8,673 |  |  | 8,129 |  |  | — |  |  | — |
Actual return on plan assets | 412 |  |  | 1,004 |  |  | — |  |  | — |
Plan participants' contributions | 3 |  |  | 3 |  |  | — |  |  | — |
Collections(1) | — |  |  | — |  |  | 12 |  |  | 12 |
Net transfers (to) from variable fund/401(k) plan | 2 |  |  | 5 |  |  | — |  |  | — |
Employer contributions | 310 |  |  | 304 |  |  | 24 |  |  | 22 |
Expenses paid | (7) |  |  | (6) |  |  | — |  |  | — |
Benefits paid | (799) |  |  | (766) |  |  | (36) |  |  | (34) |
Fair value of net plan assets at end of year | 8,594 |  |  | 8,673 |  |  | — |  |  | — |
Funded status | $ | (1,707) |  |  | $ | (2,329) |  |  | $ | (291) |  |  | $ | (353) |
Note (1) Collections include retiree contributions as well as provider discounts and rebates. (2) The 2025 pension obligation plan curtailment gain is a result of the amendments to the TVA SERP in which participants ceased accruing new benefits effective September 30, 2025. This reduced the projected benefit obligation by $1 million. (3) Special/contractual termination benefits for certain eligible employees related to TVA's restructuring activities. For 2025, the other post-retirement plan recognized a loss that increased the obligation by $1 million as a result of special/contractual termination benefits for certain eligible employees related to TVA’s restructuring activities. See Note 3 — Restructuring.
Amounts Recognized on TVA's Consolidated Balance Sheets | Amounts related to these benefit plans recognized on TVA's Consolidated Balance Sheets consist of regulatory assets and liabilities that have not been recognized as components of net periodic benefit cost at September 30, 2025 and 2024, and the funded status of TVA's benefit plans, which are included in Accounts payable and accrued liabilities and Post-retirement and post-employment benefit obligations:
Amounts Recognized on TVA's Consolidated Balance Sheets At September 30 (in millions)
| Pension Benefits |  | Other Post-Retirement Benefits
| 2025 |  | 2024 |  | 2025 |  | 2024
Regulatory assets (liabilities) | $ | 1,531 |  |  | $ | 1,979 |  |  | $ | (131) |  |  | $ | (81) |
Accounts payable and accrued liabilities | (9) |  |  | (6) |  |  | (17) |  |  | (20) |
Pension and post-retirement benefit obligations(1) | (1,698) |  |  | (2,323) |  |  | (274) |  |  | (333) |
Note (1) The table above excludes $208 million of post-employment benefit costs and $3 million of RP costs at September 30, 2025, and $230 million of post-employment benefit costs and $1 million of RP costs at September 30, 2024 that are recorded in Post-retirement and post-employment benefit obligations on the Consolidated Balance Sheets.
Post-Retirement Benefit Costs Deferred as Regulatory Assets | Unrecognized amounts included in regulatory assets or liabilities yet to be recognized as components of accrued benefit cost at September 30, 2025 and 2024, consisted of the following:
Post-Retirement Benefit Costs Deferred as Regulatory Assets (Liabilities) At September 30 (in millions)
| Pension Benefits |  | Other Post-Retirement Benefits
| 2025 |  | 2024 |  | 2025 |  | 2024
Unrecognized prior service credit | $ | (158) |  |  | $ | (247) |  |  | $ | (25) |  |  | $ | (42) |
Unrecognized net loss (gain) | 1,689 |  |  | 2,226 |  |  | (106) |  |  | (39) |
Total regulatory assets (liabilities) | $ | 1,531 |  |  | $ | 1,979 |  |  | $ | (131) |  |  | $ | (81) |
Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets | Information for the pension projected benefit obligation ("PBO") in excess of plan assets and other post-retirement accumulated postretirement benefit obligation ("APBO") has been disclosed in the Obligations and Funded Status table above. The following table provides the pension plan accumulated benefit obligation ("ABO") in excess of plan assets. The other post-retirement plans are unfunded or have no plan assets.
Accumulated Benefit Obligations in Excess of Plan Assets At September 30 (in millions)
| 2025 |  | 2024
Accumulated benefit obligation | $ | 10,278 |  |  | $ | 10,971 |
Fair value of net plan assets | 8,594 |  |  | 8,673 |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the years ended September 30, 2025, 2024, and 2023 were as follows:
Components of Net Periodic Benefit Cost (1) For the years ended September 30 (in millions)
| Pension Benefits |  | Other Post-Retirement Benefits
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost | $ | 32 |  |  | $ | 29 |  |  | $ | 32 |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | 10 |
Interest cost | 526 |  |  | 579 |  |  | 568 |  |  | 17 |  |  | 21 |  |  | 18 |
Expected return on plan assets | (505) |  |  | (494) |  |  | (492) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (89) |  |  | (89) |  |  | (88) |  |  | (17) |  |  | (17) |  |  | (17) |
Recognized net actuarial loss (gain) | 173 |  |  | 99 |  |  | 135 |  |  | (1) |  |  | (1) |  |  | (2) |
Total net periodic benefit cost | 137 |  |  | 124 |  |  | 155 |  |  | 10 |  |  | 14 |  |  | 9 |
Special/contractual termination benefits(2) | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Amount expensed due to actions of regulator | — |  |  | — |  |  | 77 |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost | $ | 137 |  |  | $ | 124 |  |  | $ | 232 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | 9 |
Note (1) The components of total benefit cost other than the service cost component are included in Other net periodic benefit cost on the Consolidated Statements of Operations. (2) Special/contractual termination benefits for certain eligible employees related to TVA's restructuring activities. See Note 3 — Restructuring.
Sensitivity to Certain Changes in Pension Assumptions | The following chart reflects the sensitivity of pension cost to changes in certain actuarial assumptions:
Sensitivity to Certain Changes in Pension Assumptions
Actuarial Assumption |  | Change in Assumption |  | Impact on 2025 Pension Cost (in millions) |  | Impact on 2025 Projected Benefit Obligation (in millions)
Discount rate |  | (0.25) | % |  | $ | 12 |  |  | $ | 241 |
Rate of return on plan assets |  | (0.25) | % |  | 19 |  |  | N/A
Cost of living adjustments |  | 0.25 | % |  | 20 |  |  | 168 |
Asset Holdings and Fair Value Measurements | At September 30, 2025 and 2024, the asset holdings of TVARS included the following (prior year amounts have been reclassified to conform to the current presentation):
Asset Holdings of TVARS
|  |  |  | Plan Assets at September 30
Asset Category |  | Target Allocation |  | 2025 |  | 2024
Fixed Income |  | 68 | % |  | 59 | % |  | 58 | %
Equity |  | 20 | % |  | 23 | % |  | 25 | %
Real Assets |  | 12 | % |  | 18 | % |  | 17 | %
Total |  | 100 | % |  | 100 | % |  | 100 | %
Fair Value Measurements The following table provides the fair value measurement amounts for assets held by TVARS at September 30, 2025:
TVA Retirement System At September 30, 2025 (in millions)
| Total(1)(2) |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |
Equity securities | $ | 740 |  |  | $ | 727 |  |  | $ | — |  |  | $ | 13 |
Preferred securities | 2 |  |  | — |  |  | — |  |  | 2 |
Debt securities |  |  |  |  |  |  |
Corporate debt securities | 770 |  |  | — |  |  | 764 |  |  | 6 |
Mortgage and asset-backed securities | 523 |  |  | — |  |  | 520 |  |  | 3 |
Debt securities issued by U.S. Treasury | 433 |  |  | 433 |  |  | — |  |  | — |
Debt securities issued by foreign governments | 18 |  |  | — |  |  | 18 |  |  | — |
Debt securities issued by state/local governments | 17 |  |  | — |  |  | 17 |  |  | — |
Commingled funds measured at net asset value(3) |  |  |  |  |  |  |
Equity | 286 |  |  | — |  |  | — |  |  | — |
Debt | 1,845 |  |  | — |  |  | — |  |  | — |
Institutional mutual funds | 196 |  |  | 196 |  |  | — |  |  | — |
Cash equivalents and other short-term investments | 181 |  |  | 10 |  |  | 171 |  |  | — |
Private credit funds measured at net asset value(3) | 1,175 |  |  | — |  |  | — |  |  | — |
Private equity funds measured at net asset value(3) | 1,290 |  |  | — |  |  | — |  |  | — |
Private real asset funds measured at net asset value(3) | 1,209 |  |  | — |  |  | — |  |  | — |
Securities lending collateral | 142 |  |  | — |  |  | 142 |  |  | — |
Derivatives |  |  |  |  |  |  |
Futures | 3 |  |  | 3 |  |  | — |  |  | — |
Swaps | 7 |  |  | — |  |  | 7 |  |  | — |
Total assets | $ | 8,837 |  |  | $ | 1,369 |  |  | $ | 1,639 |  |  | $ | 24 |
Notes (1) Excludes approximately $101 million in net payables associated with security purchases and sales and various other payables. (2) Excludes a $142 million payable for collateral on loaned securities in connection with TVARS's participation in securities lending programs. (3) Certain investments that are measured at fair value using the NAV or its equivalent ("alternative investments") have not been categorized in the fair value hierarchy. The inputs to these fair value measurements include underlying NAVs, discounted cash flow valuations, comparable market valuations, estimated benchmark yields, and adjustments for currency, credit, liquidity, and other risks. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheets as the fair value of net plan assets. The following table provides the fair value measurement amounts for assets held by TVARS at September 30, 2024:
TVA Retirement System At September 30, 2024 (in millions)
| Total(1)(2) |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |
Equity securities | $ | 670 |  |  | $ | 668 |  |  | $ | — |  |  | $ | 2 |
Preferred securities | 3 |  |  | — |  |  | 2 |  |  | 1 |
Debt securities |  |  |  |  |  |  |
Corporate debt securities | 1,122 |  |  | — |  |  | 1,121 |  |  | 1 |
Mortgage and asset-backed securities | 572 |  |  | — |  |  | 511 |  |  | 61 |
Debt securities issued by U.S. Treasury | 543 |  |  | 543 |  |  | — |  |  | — |
Debt securities issued by foreign governments | 19 |  |  | — |  |  | 19 |  |  | — |
Debt securities issued by state/local governments | 23 |  |  | — |  |  | 23 |  |  | — |
Commingled funds measured at net asset value(3) |  |  |  |  |  |  |
Equity | 245 |  |  | — |  |  | — |  |  | — |
Debt | 1,236 |  |  | — |  |  | — |  |  | — |
Institutional mutual funds | 180 |  |  | 180 |  |  | — |  |  | — |
Cash equivalents and other short-term investments | 249 |  |  | 5 |  |  | 244 |  |  | — |
Private credit funds measured at net asset value(3) | 1,126 |  |  | — |  |  | — |  |  | — |
Private equity funds measured at net asset value(3) | 1,580 |  |  | — |  |  | — |  |  | — |
Private real asset funds measured at net asset value(3) | 1,150 |  |  | — |  |  | — |  |  | — |
Securities lending collateral | 235 |  |  | — |  |  | 235 |  |  | — |
Derivatives |  |  |  |  |  |  |
Swaps | 6 |  |  | — |  |  | 6 |  |  | — |
Total assets | $ | 8,959 |  |  | $ | 1,396 |  |  | $ | 2,161 |  |  | $ | 65 |
Liabilities |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |
Futures | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Swaps | 3 |  |  | — |  |  | 3 |  |  | — |
Total liabilities | $ | 4 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | — |
Notes (1) Excludes approximately $47 million in net payables associated with security purchases and sales and various other payables. (2) Excludes a $235 million payable for collateral on loaned securities in connection with TVARS's participation in securities lending programs. (3) Certain investments that are measured at fair value using the NAV or its equivalent ("alternative investments") have not been categorized in the fair value hierarchy. The inputs to these fair value measurements include underlying NAVs, discounted cash flow valuations, comparable market valuations, estimated benchmark yields, and adjustments for currency, credit, liquidity, and other risks. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheets as the fair value of net plan assets.
Fair Value Measurements Using Significant Unobservable Inputs | The following table provides a reconciliation of beginning and ending balances of pension plan assets measured at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (in millions)
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at September 30, 2023 | $ | 60 |
Net realized/unrealized gains (losses) | 2 |
Purchases, sales, issuances, and settlements (net) | 10 |
Transfers in and/or out of Level 3 | (7) |
Balance at September 30, 2024 | 65 |
Net realized/unrealized gains (losses) | 10 |
Purchases, sales, issuances, and settlements (net) | (18) |
Transfers in and/or out of Level 3 | (33) |
Balance at September 30, 2025 | $ | 24 |
Estimated Future Benefit Payments | Cash Flows Estimated Future Benefit Payments. The following table sets forth the estimated future benefit payments under the benefit plans.
Estimated Future Benefits Payments At September 30, 2025 (in millions)
| Pension Benefits(1) |  | Other Post-Retirement Benefits
2026 | $ | 827 |  |  | $ | 17 |
2027 | 826 |  |  | 17 |
2028 | 826 |  |  | 16 |
2029 | 819 |  |  | 16 |
2030 | 808 |  |  | 16 |
2031 - 2035 | 3,885 |  |  | 93 |
Note (1) Participants are assumed to receive the Fixed Fund in a lump sum in lieu of available annuity options allowed for certain grandfathered participants resulting in higher estimated pension benefits payments.
Amounts recognized on Consolidated Balance Sheets |
Amounts Recognized on TVA's Consolidated Balance Sheets At September 30 (in millions)
| 2025 |  | 2024
Accounts payable and accrued liabilities | $ | 25 |  |  | $ | 28 |
Post-retirement and post-employment benefit obligations | 208 |  |  | 230 |

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