NYSE : TRP
TC Energy Corporation — Financial statements
Energy · Oil & Gas Midstream · Canada
Last price 64.33 USD (Oct 29, 2026, 4:00 PM) · Market cap 67.11B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
TC Energy Corporation (TRP) reported revenue of 15.69B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 15.69B | 15.24B | 13.77B | 13.27B | 12.31B | 13.39B |
| Cost of Revenue | 4.78B | 4.72B | 4.52B | 4.15B | 4.25B | 4.10B |
| Gross Profit | 10.91B | 10.52B | 9.25B | 9.11B | 8.06B | 9.28B |
| Selling, General & Admin | 107.00M | 107.00M | 111.00M | |||
| Other Operating Expenses | 860.00M | 881.00M | 820.00M | 781.00M | 727.00M | 81.00M |
| Operating Expenses | 3.85B | 3.76B | 3.47B | 3.23B | 2.99B | 2.60B |
| Operating Income | 7.06B | 6.76B | 5.79B | 5.89B | 5.07B | 6.68B |
| Interest Expense | -3.42B | -3.41B | -3.02B | -2.97B | -2.30B | -2.36B |
| Interest & Investment Income | 160.00M | 184.00M | 313.00M | 259.00M | 147.00M | 192.00M |
| Earnings From Equity Investments | 1.40B | 1.27B | 1.56B | 1.31B | 999.00M | 898.00M |
| Currency Exchange Gain (Loss) | 81.00M | 157.00M | -147.00M | 320.00M | -185.00M | 10.00M |
| Other Non Operating Income (Expenses) | 190.00M | 453.00M | 784.00M | 575.00M | 369.00M | 267.00M |
| EBT Excluding Unusual Items | 5.47B | 5.42B | 5.28B | 5.38B | 4.10B | 5.69B |
| Merger & Restructuring Charges | -81.00M | |||||
| Impairment of Goodwill | -571.00M | |||||
| Gain (Loss) on Sale of Investments | 21.00M | 21.00M | 11.00M | -2.09B | -3.06B | -2.00M |
| Gain (Loss) on Sale of Assets | 620.00M | 30.00M | ||||
| Asset Writedown | -3.13B | |||||
| Other Unusual Items | -342.00M | |||||
| Pretax Income | 5.50B | 5.44B | 5.91B | 3.30B | 474.00M | 2.17B |
| Income Tax Expense | 1.07B | 1.14B | 922.00M | 842.00M | 322.00M | 120.00M |
| Earnings From Continuing Operations | 4.43B | 4.31B | 4.98B | 2.46B | 152.00M | 2.05B |
| Earnings From Discontinued Operations | -183.00M | -212.00M | 395.00M | 612.00M | 633.00M | |
| Net Income to Company | 4.24B | 4.09B | 5.38B | 3.07B | 785.00M | 2.05B |
| Minority Interest in Earnings | -648.00M | -575.00M | -681.00M | -146.00M | -37.00M | -91.00M |
| Net Income | 3.60B | 3.52B | 4.70B | 2.92B | 748.00M | 1.96B |
| Preferred Dividends & Other Adjustments | 120.00M | 119.00M | 104.00M | 93.00M | 107.00M | 140.00M |
| Net Income to Common | 3.48B | 3.40B | 4.59B | 2.83B | 641.00M | 1.81B |
| Shares Outstanding (Basic) | 1.04B | 1.04B | 1.04B | 1.03B | 995.00M | 973.00M |
| Shares Outstanding (Diluted) | 1.04B | 1.04B | 1.04B | 1.03B | 996.00M | 974.00M |
| EPS (Basic) | 3.34 | 3.27 | 4.43 | 2.75 | 0.64 | 1.87 |
| EPS (Diluted) | 3.33 | 3.27 | 4.43 | 2.74 | 0.64 | 1.86 |
| Free Cash Flow | 4.06B | 2.06B | 1.34B | -881.00M | -352.00M | 966.00M |
| Free Cash Flow Per Share | 3.90 | 1.98 | 1.29 | -0.85 | -0.35 | 0.99 |
| Dividend Per Share | 3.46 | 3.40 | 3.70 | 3.72 | 3.60 | 3.48 |
| Gross Margin | 69.53% | 69.03% | 67.18% | 68.70% | 65.47% | 69.34% |
| Operating Margin | 45.01% | 44.37% | 42.02% | 44.37% | 41.19% | 49.90% |
| Profit Margin | 22.15% | 22.31% | 33.36% | 21.32% | 5.21% | 13.56% |
| Free Cash Flow Margin | 25.87% | 13.52% | 9.72% | -6.64% | -2.86% | 7.22% |
| EBITDA | 9.94B | 9.53B | 8.32B | 8.33B | 7.65B | 9.20B |
| EBITDA Margin | 63.37% | 62.54% | 60.42% | 62.81% | 62.18% | 68.74% |
| D&A For EBITDA | 2.88B | 2.77B | 2.54B | 2.45B | 2.58B | 2.52B |
| EBIT | 7.06B | 6.76B | 5.79B | 5.89B | 5.07B | 6.68B |
| EBIT Margin | 45.01% | 44.37% | 42.02% | 44.37% | 41.19% | 49.90% |
| Effective Tax Rate | 19.45% | 20.90% | 15.61% | 25.53% | 67.93% | 5.54% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.07B | 168.00M | 801.00M | 3.68B | 620.00M | 673.00M |
| Trading Asset Securities | 403.00M | 413.00M | 329.00M | 570.00M | 608.00M | 159.00M |
| Cash & Short-Term Investments | 2.48B | 581.00M | 1.13B | 4.25B | 1.23B | 832.00M |
| Accounts Receivable | 2.81B | 4.27B | 3.11B | 2.88B | 4.07B | 3.29B |
| Other Receivables | 496.00M | 640.00M | ||||
| Receivables | 2.81B | 4.27B | 3.11B | 2.88B | 4.57B | 5.15B |
| Inventory | 936.00M | 782.00M | 747.00M | 771.00M | 936.00M | 724.00M |
| Prepaid Expenses | 82.00M | 86.00M | 87.00M | 118.00M | 112.00M | |
| Restricted Cash | 30.00M | 93.00M | 128.00M | 28.00M | 106.00M | 273.00M |
| Other Current Assets | 1.64B | 512.00M | 533.00M | 3.35B | 378.00M | 331.00M |
| Total Current Assets | 7.89B | 6.32B | 5.73B | 11.37B | 7.33B | 7.42B |
| Property, Plant & Equipment | 73.30B | 71.05B | 77.50B | 69.45B | 75.94B | 70.18B |
| Long-Term Investments | 11.56B | 11.49B | 10.75B | 9.36B | 9.61B | 8.46B |
| Goodwill | 13.48B | 13.02B | 13.67B | 12.53B | 12.84B | 12.58B |
| Long-Term Accounts Receivable | 9.02B | 8.74B | 3.08B | 2.72B | 2.25B | 249.00M |
| Long-Term Deferred Tax Assets | 356.00M | 428.00M | 1.32B | 1.07B | 509.00M | |
| Other Long-Term Assets | 8.67B | 7.78B | 7.08B | 18.28B | 5.30B | 4.58B |
| Total Assets | 123.93B | 118.75B | 118.24B | 125.03B | 114.35B | 104.22B |
| Accounts Payable | 4.39B | 3.26B | 3.70B | 3.09B | 4.67B | 4.46B |
| Accrued Expenses | 906.00M | 1.11B | 1.05B | 913.00M | 705.00M | 652.00M |
| Short-Term Debt | 820.00M | 1.55B | 387.00M | 6.26B | 5.17B | |
| Current Portion of Long-Term Debt | 5.21B | 1.55B | 2.98B | 2.96B | 1.92B | 1.33B |
| Current Portion of Leases | 61.00M | 60.00M | 57.00M | 54.00M | 49.00M | |
| Current Income Taxes Payable | 38.00M | 143.00M | 76.00M | |||
| Current Unearned Revenue | 42.00M | 46.00M | 30.00M | 47.00M | 599.00M | 90.00M |
| Other Current Liabilities | 1.57B | 2.34B | 2.17B | 4.68B | 2.70B | 1.29B |
| Total Current Liabilities | 12.94B | 9.96B | 10.51B | 11.82B | 16.91B | 13.04B |
| Long-Term Debt | 57.81B | 57.49B | 56.14B | 60.29B | 50.19B | 46.29B |
| Long-Term Leases | 370.00M | 451.00M | 400.00M | 379.00M | 380.00M | |
| Long-Term Unearned Revenue | 32.00M | 184.00M | ||||
| Pension & Post-Retirement Benefits | 69.00M | 94.00M | 97.00M | 111.00M | 174.00M | |
| Long-Term Deferred Tax Liabilities | 8.38B | 7.68B | 6.88B | 6.97B | 7.65B | 6.14B |
| Other Long-Term Liabilities | 7.32B | 6.29B | 5.80B | 6.45B | 4.96B | 4.61B |
| Total Liabilities | 86.45B | 81.85B | 79.88B | 86.03B | 80.23B | 70.82B |
| Common Stock | 30.30B | 30.22B | 30.10B | 30.00B | 29.00B | 26.72B |
| Additional Paid-In Capital | 722.00M | 729.00M | ||||
| Retained Earnings | -5.88B | -5.92B | -5.24B | -3.00B | 819.00M | 3.77B |
| Comprehensive Income & Other | 1.08B | 747.00M | 233.00M | 49.00M | 955.00M | -1.43B |
| Total Common Equity | 25.50B | 25.04B | 25.09B | 27.05B | 31.49B | 29.78B |
| Minority Interest | 9.72B | 9.60B | 10.77B | 9.46B | 126.00M | 125.00M |
| Shareholders' Equity | 37.48B | 36.90B | 38.36B | 39.01B | 34.12B | 33.40B |
| Total Liabilities & Equity | 123.93B | 118.75B | 118.24B | 125.03B | 114.35B | 104.22B |
| Total Debt | 63.85B | 61.02B | 60.02B | 63.70B | 58.81B | 53.21B |
| Net Cash (Debt) | -61.37B | -60.44B | -58.89B | -59.46B | -57.58B | -52.38B |
| Net Cash Per Share | -58.95 | -58.12 | -56.73 | -57.73 | -57.81 | -53.78 |
| Filing Date Shares Outstanding | 1.00B | 1.00B | 1.00B | 1.04B | 1.00B | 981.00M |
| Total Common Shares Outstanding | 1.04B | 1.04B | 1.04B | 1.04B | 1.02B | 981.00M |
| Working Capital | -5.04B | -3.64B | -4.78B | -445.00M | -9.57B | -5.62B |
| Book Value Per Share | 24.48 | 24.06 | 24.15 | 26.08 | 30.93 | 30.36 |
| Tangible Book Value | 12.02B | 12.02B | 11.42B | 14.52B | 18.65B | 17.20B |
| Tangible Book Value Per Share | 11.54 | 11.55 | 10.99 | 14.00 | 18.32 | 17.54 |
| Machinery | 1.06B | 1.02B | ||||
| Construction In Progress | 3.99B | 11.00B | 7.69B | 6.31B | 6.95B |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.60B | 3.52B | 4.70B | 2.92B | 748.00M | 1.96B |
| Depreciation & Amortization | 2.88B | 2.77B | 2.54B | 2.45B | 2.58B | 2.52B |
| Loss (Gain) From Sale of Assets | -620.00M | -30.00M | ||||
| Asset Writedown & Restructuring Costs | 453.00M | 2.77B | ||||
| Loss (Gain) From Sale of Investments | 2.10B | 3.05B | ||||
| Loss (Gain) on Equity Investments | 339.00M | 342.00M | 67.00M | -123.00M | -29.00M | 77.00M |
| Provision & Write-off of Bad Debts | -13.00M | 83.00M | -22.00M | -83.00M | 163.00M | |
| Other Operating Activities | 1.36B | 1.11B | 565.00M | -529.00M | 47.00M | -122.00M |
| Change in Accounts Receivable | -332.00M | -332.00M | -13.00M | -394.00M | -575.00M | -925.00M |
| Change in Inventory | -55.00M | -55.00M | -16.00M | -56.00M | -190.00M | -93.00M |
| Change in Accounts Payable | 13.00M | 13.00M | 365.00M | -206.00M | -83.00M | 890.00M |
| Change in Other Net Operating Assets | 818.00M | -129.00M | -137.00M | 863.00M | 209.00M | -159.00M |
| Operating Cash Flow | 8.63B | 7.35B | 7.70B | 7.27B | 6.38B | 6.89B |
| Capital Expenditures | -4.58B | -5.29B | -6.36B | -8.15B | -6.73B | -5.92B |
| Sale of Property, Plant & Equipment | 791.00M | 33.00M | 35.00M | |||
| Cash Acquisitions | -307.00M | |||||
| Investment in Securities | -1.00B | -1.05B | -997.00M | -4.13B | -801.00M | -1.14B |
| Other Investing Activities | -86.00M | -126.00M | -345.00M | 262.00M | 519.00M | -686.00M |
| Investing Cash Flow | -5.67B | -6.46B | -6.91B | -12.29B | -7.01B | -7.71B |
| Short-Term Debt Issued | 1.23B | 341.00M | 766.00M | 1.00B | ||
| Long-Term Debt Issued | 8.07B | 9.55B | 15.88B | 3.52B | 11.22B | |
| Total Debt Issued | 7.97B | 9.30B | 9.89B | 15.88B | 4.28B | 12.23B |
| Short-Term Debt Repaid | -6.30B | |||||
| Long-Term Debt Repaid | -6.12B | -9.52B | -3.77B | -1.34B | -7.76B | |
| Total Debt Repaid | -5.27B | -6.12B | -9.52B | -10.07B | -1.34B | -7.76B |
| Net Debt Issued (Repaid) | 2.70B | 3.18B | 378.00M | 5.81B | 2.94B | 4.47B |
| Issuance of Common Stock | 128.00M | 104.00M | 88.00M | 4.00M | 1.91B | 148.00M |
| Preferred Dividends Paid | -113.00M | -114.00M | -99.00M | -92.00M | -106.00M | -141.00M |
| Common Dividends Paid | -3.57B | -3.51B | -3.95B | -2.79B | -3.19B | -3.32B |
| Dividends Paid | -3.68B | -3.62B | -4.05B | -2.88B | -3.30B | -3.46B |
| Other Financing Activities | -1.23B | -929.00M | -288.00M | 5.16B | -64.00M | -748.00M |
| Financing Cash Flow | -2.33B | -1.52B | -3.87B | 8.09B | 487.00M | -88.00M |
| Foreign Exchange Rate Adjustments | 15.00M | -5.00M | 210.00M | -16.00M | 94.00M | 53.00M |
| Net Cash Flow | 652.00M | -633.00M | -2.88B | 3.06B | -53.00M | -857.00M |
| Free Cash Flow | 4.06B | 2.06B | 1.34B | -881.00M | -352.00M | 966.00M |
| Free Cash Flow Margin | 25.87% | 13.52% | 9.72% | -6.64% | -2.86% | 7.22% |
| Free Cash Flow Per Share | 3.90 | 1.98 | 1.29 | -0.85 | -0.35 | 0.99 |
| Levered Free Cash Flow | 1.25B | -1.84B | -1.28B | -4.75B | 256.25M | -3.06B |
| Unlevered Free Cash Flow | 3.39B | 290.25M | 604.25M | -2.90B | 1.69B | -1.59B |
| Cash Interest Paid | 3.28B | 3.28B | 3.40B | 2.93B | 2.48B | 2.30B |
| Cash Income Tax Paid | 543.00M | 543.00M | 387.00M | 791.00M | 394.00M | 371.00M |
| Change in Working Capital | 444.00M | -503.00M | 199.00M | 207.00M | -639.00M | -287.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 67.33B | 57.38B | 48.33B | 40.66B | 40.36B | 45.52B |
| Enterprise Value | 119.89B | 109.78B | 103.85B | 90.10B | 83.74B | 89.15B |
| Last Close Price | 64.50 | 53.40 | 43.06 | 30.93 | 29.35 | 32.35 |
| PE Ratio | 27.05 | 23.14 | 15.14 | 18.98 | 85.22 | 31.74 |
| PS Ratio | 6.09 | 5.16 | 5.05 | 4.05 | 4.44 | 4.30 |
| PB Ratio | 2.55 | 2.13 | 1.81 | 1.38 | 1.60 | 1.73 |
| P/TBV Ratio | 7.95 | 6.54 | 6.09 | 3.70 | 2.93 | 3.35 |
| P/FCF Ratio | 23.20 | 38.19 | 51.97 | 59.64 | ||
| P/OCF Ratio | 10.91 | 10.71 | 9.04 | 7.39 | 8.57 | 8.36 |
| EV/Sales Ratio | 10.85 | 9.88 | 10.85 | 8.97 | 9.21 | 8.43 |
| EV/EBITDA Ratio | 17.13 | 15.79 | 17.96 | 14.28 | 14.81 | 12.26 |
| EV/EBIT Ratio | 24.11 | 22.26 | 25.82 | 20.21 | 22.36 | 16.89 |
| EV/FCF Ratio | 41.31 | 73.07 | 111.67 | 116.79 | ||
| Debt / Equity Ratio | 1.70 | 1.65 | 1.56 | 1.63 | 1.72 | 1.59 |
| Debt / EBITDA Ratio | 6.35 | 6.33 | 7.12 | 7.55 | 7.58 | 5.72 |
| Debt / FCF Ratio | 15.73 | 29.62 | 44.85 | 55.09 | ||
| Net Debt / Equity Ratio | 1.64 | 1.64 | 1.53 | 1.52 | 1.69 | 1.57 |
| Net Debt / EBITDA Ratio | 6.17 | 6.34 | 7.08 | 7.13 | 7.52 | 5.69 |
| Net Debt / FCF Ratio | 15.12 | 29.34 | 44.01 | -67.49 | -163.58 | 54.23 |
| Asset Turnover | 0.13 | 0.13 | 0.11 | 0.11 | 0.11 | 0.13 |
| Inventory Turnover | 5.44 | 6.17 | 5.95 | 4.87 | 5.12 | 6.07 |
| Quick Ratio | 0.41 | 0.49 | 0.40 | 0.60 | 0.34 | 0.36 |
| Current Ratio | 0.61 | 0.63 | 0.55 | 0.96 | 0.43 | 0.57 |
| Return on Equity (ROE) | 11.83% | 11.44% | 12.88% | 6.72% | 0.45% | 6.12% |
| Return on Assets (ROA) | 3.67% | 3.57% | 2.97% | 3.07% | 2.90% | 4.08% |
| Return on Invested Capital (ROIC) | 5.79% | 5.50% | 4.99% | 4.61% | 1.83% | 7.53% |
| Return on Capital Employed (ROCE) | 6.40% | 6.20% | 5.40% | 5.20% | 5.20% | 7.30% |
| Earnings Yield | 3.70% | 4.47% | 6.76% | 5.44% | 1.37% | 3.39% |
| FCF Yield | 4.31% | 2.62% | 1.92% | -1.64% | -0.64% | 1.68% |
| Dividend Yield | 3.86% | 4.50% | 5.53% | 7.19% | 6.71% | 5.93% |
| Payout Ratio | 104.37% | 102.90% | 86.25% | 98.53% | 440.91% | 176.88% |
| Buyback Yield / Dilution | -0.14% | -0.19% | -0.78% | -3.41% | -2.26% | -3.62% |
| Total Shareholder Return | 3.71% | 4.30% | 4.76% | 3.77% | 4.45% | 2.31% |