TVA net income up 23% on IRA credits, nuclear gains; CEO Moul to retire July 1

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Net income rose 23.5% to $658M, driven by $62M in Inflation Reduction Act tax credits (first-time recognition), Browns Ferry license extension reducing depreciation $60M, and 10-point jump in nuclear generation to 41% of supply.

  MD&A: Net Income & Nuclear Generation verify on EDGAR →
• high

  CEO Donald Moul announced retirement effective July 1, 2026; four new Board members sworn in January restored quorum after vacancy period, with Chair transition from Renick to Graves to Hagood through 2029.

  MD&A: Governance verify on EDGAR →
• high

  Operating cash flow fell $355M year-over-year as distributor prepayment program ended September 2025, transmission study deposits concluded, and fuel costs rose; investing outflows declined $463M as Cumberland gas plant nears completion.

  MD&A: Cash Flows verify on EDGAR →