XML 87 R31.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Reporting
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segment Reporting
TVA operates as a single reportable segment that includes the generation, transmission, and sale of electricity throughout the Tennessee Valley. Revenue is primarily derived from wholesale electricity sales to LPCs and directly served customers. TVA's Chief Executive Officer ("CEO") serves as the CODM. The CODM uses net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources.

The following table includes operating revenues, expenses, and net income as regularly provided to the CODM, which align directly to the amounts presented in TVA’s Consolidated Statements of Operations. As the segment measure used by the CODM is net income, no reconciliation is necessary.

For the years ended September 30
(in millions)
2025
2024(2)
2023(2)
Base Revenue$9,415 $8,725 $7,863 
Fuel Revenue4,068 3,398 4,025 
Other Revenue189191 166 
Total Operating Revenue13,672 12,314 12,054 
Fuel2,376 2,169 2,549 
Purchased Power2,106 1,581 1,633 
Operating and Maintenance3,717 3,641 3,372 
Depreciation and Amortization2,271 2,138 2,213 
Interest Expense1,196 1,066 1,056 
Tax Equivalents633 557 593 
Other Segment Items(1)
13 27 138 
Net Income$1,360 $1,135 $500 
Notes
(1) Other segment items include non-utility related miscellaneous income and expenses, pension and post-retirement benefit costs, and interest income.
(2) Prior period amounts have been reclassified to conform to the current period presentation resulting from the retrospective adoption of ASU 2023-07, Segment Reporting. Expanded segment disclosures were not required in the comparative periods presented because the company operated, and continues to operate, as a single reportable segment for which detailed segment expense disclosures were not previously required.

Segment asset information is not presented, as it is not regularly reviewed by the CODM. The CODM evaluates capital planning and resource allocation on a consolidated basis which is presented in TVA's Consolidated Balance Sheet.
Capital expenditures were $5.0 billion, $3.9 billion, and $3.0 billion for the years ended September 30, 2025, 2024, and 2023, respectively.