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Private company

TUCSON ELECTRIC POWER CO

TUCSON ELECTRIC POWER CO is an American electric services company, incorporated in Arizona.1

Last updated Oct 21, 2026.

Overview

  • IndustryElectric Services1
  • HeadquartersTucson, Arizona1
  • Incorporated inAZ2
  • Business address88 East Broadway, Tucson, Az 857012
  • Filer categoryNon-accelerated filer2

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TEP and its predecessor companies have served the greater Tucson metropolitan area for 133 years. TEP was incorporated in the State of Arizona in 1963. TEP is a regulated electric utility company serving approximately 457,000 retail customers. TEP’s service territory covers 1,155 square miles and includes a population of over one million people in Pima County, as well as parts of Cochise County. TEP's principal business operations include generating, transmitting, and distributing electricity to its retail customers. In addition to retail sales, TEP sells electricity, transmission, and ancillary services to other utilities, municipalities, and energy marketing companies on a wholesale basis. TEP is subject to comprehensive state and federal regulation. The regulated electric utility operation is TEP's only segment.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

24.2%Operating margin4
17.9%Net margin4
-7.2%Revenue growth, 20254
8.2%Return on equity4
0.81×Debt to equity4
-$237.8MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs79¢$1.3B
  • Income tax3¢$45.3M
  • Profit18¢$283.4M

Out of $1.6B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$827.9M

Out of $590.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue56784$1.6B in 2025+18% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.3B$1.3B20192020: $1.3B$1.3B2020−1%2021: $1.5B$1.5B2021+12%2022: $1.7B$1.7B2022+15%2023: $1.8B$1.8B2023+4%2024: $1.7B$1.7B2024−4%2025: $1.6B$1.6B2025−7%
Operating income56784$384.5M in 2025+36% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $282.6M$282.6M20192020: $282.1M$282.1M2020−0%2021: $282.4M$282.4M2021+0%2022: $316.7M$316.7M2022+12%2023: $371.0M$371.0M2023+17%2024: $396.2M$396.2M2024+7%2025: $384.5M$384.5M2025−3%
Net income4$283.4M in 2025+10% since 2023
0$100.0M$200.0M$300.0M2023: $258.7M$258.7M20232024: $289.0M$289.0M2024+12%2025: $283.4M$283.4M2025−2%
Fiscal year2019202020212022202320242025
Revenue$1.3B5$1.3B6$1.5B7$1.7B8$1.8B4$1.7B4$1.6B4
Cost of revenue$505.8M5$515.0M5$605.6M5
Operating expenses$1.3B7$1.5B8$1.5B4$1.4B4$1.3B4
Operating income$282.6M5$282.1M6$282.4M7$316.7M8$371.0M4$396.2M4$384.5M4
Interest$88.5M5$88.2M6$86.9M7$85.2M7$95.4M7
Income before tax$233.7M7$249.7M8$307.9M4$333.3M4$328.7M4
Income tax$34.1M5$41.5M6$32.5M7$32.3M8$49.2M4$44.3M4$45.3M4
Net income$258.7M4$289.0M4$283.4M4

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What it owns

What TUCSON ELECTRIC POWER CO reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$2.8B4 Dec 31, 2025$2.7B4 Dec 31, 2024+4.6%
Operating-lease assets (leased space)$4.0M4 Dec 31, 2025$4.0M4 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$26.2M4 Dec 31, 2025$14.1M4 Dec 31, 2024+86.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Indefinite-lived intangibles (excluding goodwill)$102.0M4 Dec 31, 2025$101.0M4 Dec 31, 2024+1.0%

Inventory

ItemLatestA year beforeChange
Supplies$59.3M4 Dec 31, 2025$55.3M4 Dec 31, 2024+7.3%

Properties, in its own words

TEP owns its corporate headquarters and operational support facilities serving its Tucson-area operations, all of which are located in Tucson, Arizona.

TEP maintains land easements for transmission facilities on tribal lands of the Zuni, Navajo, and Tohono O’odham Nations. Four Corners is located on property held under a land easement from the United States and a lease from the Navajo Nation. TEP's land easements expire at various times and require renewal by the applicable tribal or federal agencies. The cost to renew

The rest of Item 2

certain transmission rights-of-way remains uncertain. TEP jointly owns the property where Luna is located with PNM and Samchully Power & Utilities 1 LLC. TEP also jointly owns the property where Gila River is located with SRP and UNS Electric.

TEP’s rights under certain land easements and leases may be subject to defects such as:

•possible conflicting grants or encumbrances due to the absence of, or inadequacies in, the recording laws or record systems of the Bureau of Indian Affairs and the Tribal Nations;

•possible inability of TEP to legally enforce its rights against adverse claims and the Tribal Nations without Congressional consent; or

•failure or inability of the Tribal Nations to protect TEP’s interests in the land easements and leases from disruption by the U.S. Congress, Secretary of the Interior, or other adverse claims.

These possible defects have not interfered, and are not expected to materially interfere, with TEP’s interest in and operation of its facilities.

The principal owned generation, distribution, and transmission facilities of TEP are described in Part I, Item 1. Business, Overview of Business, and such descriptions are incorporated herein by reference.

Item 2 of the 10-K filed Feb 12, 2026.3

Timeline

  1. Feb 21, 20258-K Other events12
  2. Aug 14, 20248-K Regulation FD disclosure; Other events13
  3. Aug 9, 20248-K Other events14
  4. Nov 1, 20238-K Other events15
  5. Oct 3, 20238-K Regulation FD disclosure; Other events16
  6. Aug 9, 20238-K Regulation FD disclosure; Other events17
  7. Feb 16, 20238-K Other events18
  8. Feb 17, 20228-K Other events19
  9. Oct 15, 20218-K New debt or obligation20

Filings

52 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 9 major events, 22 other. The latest 20:

  1. Jul 31, 202610-Q EDGAR
  2. Jun 12, 202611-K EDGAR
  3. May 6, 202610-Q EDGAR
  4. Feb 12, 202610-K EDGAR
  5. Nov 4, 202510-Q EDGAR
  6. Aug 1, 202510-Q EDGAR
  7. Jun 20, 202511-K EDGAR
  8. May 7, 202510-Q EDGAR
  9. Mar 19, 2025S-3ASR EDGAR
  10. Feb 21, 20258-K EDGAR
  11. Feb 19, 2025424B2 EDGAR
  12. Feb 18, 2025FWP EDGAR
  13. Feb 18, 2025424B3 FORM 424(B)(3) EDGAR
  14. Feb 14, 202510-K EDGAR
  15. Nov 5, 202410-Q EDGAR
  16. Aug 14, 20248-K EDGAR
  17. Aug 9, 20248-K EDGAR
  18. Aug 8, 2024424B2 FORM 424(B)(2) EDGAR
  19. Aug 7, 2024FWP EDGAR
  20. Aug 7, 2024424B3 FORM 424(B)(3) EDGAR

The 52 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How TUCSON ELECTRIC POWER CO is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTUCSON ELECTRIC POWER CO1
  • CIK0000100122
  • Employer ID (EIN)86-00627003
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inArizona3
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address88 East Broadway, Tucson, AZ 857011
  • Mailing address88 East Broadway Blvd, Hqe809, Tucson, AZ 857011
  • Phone520-651-67761
  • Shares outstanding32,139,434 as of Jul 30, 202610
  • Public float$0 as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, Tempe, Arizona PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMar 23, 19941
  • Filings501 in all: 8-K (241), 10-Q (95), 10-K (30), 424B3 (14), 11-K (13), FWP (11), CORRESP (10), U-3A-2 (9)1
    All 40 form types

    424B2 (8), UPLOAD (8), 10-K/A (7), ARS (4), 10-Q/A (3), EFFECT (3), S-3ASR (3), S-4/A (3), SC 13G/A (3), 10-K405 (2), 10-K405/A (2), ARS/A (2), DEF 14A (2), POSASR (2), S-1/A (2), S-3 (2), S-4 (2), S-8 (2), SC 13D (2), SC 13D/A (2), SC 13E4/A (2), SC 13G (2), 424B1 (1), 8-A12G (1), 8-K/A (1), DEFA14A (1), NT 10-Q (1), NT 11-K (1), PRE 14A (1), S-1 (1), SC 13E4 (1), U-7D (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Apr 7, 2004
    Latest 8-K (8-K) Feb 21, 2025

Risk factors and legal proceedings

The risks TUCSON ELECTRIC POWER CO names in Item 1A of its 10-K filed Feb 12, 2026: 17 risks under these headings, as written.3

  • TEP is subject to cyber-attacks which could have a negative impact on the Company's business and results of operations.
  • New and changing technologies, including the integration of Artificial Intelligence into business operations, may expose TEP to risks related to data privacy breaches, algorithmic bias, and legal liability, which could have a negative impact on the Company's business and results of operations.
  • TEP is subject to capacity shortfalls which could result in an inability for the Company to reliably serve load requirements and could negatively affect TEP’s results of operations, net income, and cash flows.
  • The operation of generation facilities, battery energy storage systems, and transmission and distribution systems and the construction of capital projects involves risks and uncertainties that could negatively affect TEP’s results of operations, net income, and cash flows.
  • The effects of climate change may create operational and financial risks for TEP that, if realized, could negatively affect TEP's results of operations, net income, and cash flows.
  • The operation of generation facilities and transmission systems on tribal lands may create operational and financial risks for TEP that, if realized, could negatively affect TEP’s results of operations, net income, and cash flows.
  • TEP receives power from certain generation facilities that are jointly-owned with, or operated by, third parties. Therefore, TEP may not have the ability to affect the management or operations at such facilities which could negatively affect TEP’s results of operations, net income, and cash flows.
  • TEP is subject to physical attacks which could have a negative impact on the Company's business and results of operations.
  • Government action or changes in legislation, regulation, or regulatory structure could negatively affect TEP's results of operations, net income, and cash flows.
  • TEP's business is significantly impacted by government legislation, regulation and oversight. TEP's inability to recover its costs, earn a reasonable return on its investments, or comply with current regulations would negatively affect its results of operations, net income, and cash flows.
  • TEP's results of operations, net income, and cash flows could be negatively affected by various factors impacting demand for electricity.
  • Retail Sales
The other 6 risks
  • Production Tax Credits
  • Existing Large Customers
  • Future Large Customers
  • TEP is subject to numerous environmental laws and regulations that may increase its cost of operations or expose it to environmental litigation and liabilities.
  • Early closures of coal-fired or other generation facilities, including uncertainty regarding the timing of such closures, could result in TEP recognizing regulatory impairments or incurring increased costs of operations if recovery of TEP's remaining investments in such facilities and the costs associated with early closures are not permitted through rates charged to customers.
  • Volatility, disruptions, or unfavorable changes in the financial markets, changes in interest rates, or unanticipated financing needs, could increase TEP's financing costs, limit access to the credit or bank markets, affect the Company's ability to comply with financial covenants in debt agreements, and increase TEP's pension funding obligations. Such outcomes may negatively affect liquidity and TEP's ability to fund the Company's operations and carry out the Company's financial strategy.
  • GENERAL RISK FACTORS
  • Events beyond our control, such as public health crises, geopolitical tensions, natural disasters, or other catastrophic events, could adversely affect our business, results of operations and financial condition.
  • Changes in tax regulation may negatively affect the results of operations, net income, and cash flows of TEP.
  • The failure to attract, retain, and manage an appropriately qualified workforce could negatively impact TEP’s business and results of operations.

Legal proceedings

TEP is party to various legal actions arising in the ordinary course of business. Plaintiffs occasionally seek punitive or exemplary damages. The Company believes such normal and routine litigation will not have a material impact on its operations or financial results.

See Note 8 of Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for additional information.

Pursuant to Item 103 of Regulation S-K under the Exchange Act, TEP discloses environmental proceedings to which a governmental authority is a party if TEP reasonably believes such proceedings may result in monetary sanctions, exclusive of interest and costs, above a stated threshold. TEP has elected a threshold of $1 million for this purpose. As of the date of this filing, no environmental proceeding meets the Company's disclosure threshold.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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