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Benefit Plans Benefit Plans (Tables)

12 Months Ended

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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