TC Energy Corporation (TRP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.85	$0.94	+10.6%	—	—	—
Q4 26	$0.97	$0.99	+2.1%	—	—	—
Q3 26	$0.91	$0.98	+7.7%	—	—	—
Q2 26	$0.78	$0.77	-1.3%	—	—	—
Q1 26	$0.78	$0.82	+5.1%	—	—	—
Q4 25	$0.97	$0.95	-2.1%	—	—	—
Q3 25	$0.99	$1.05	+6.1%	—	—	—
Q2 25	$0.96	$1.03	+7.3%	—	—	—
Q1 25	$0.91	$0.94	+3.3%	—	—	—
Q4 24	$1.15	$1.24	+7.8%	—	—	—
Q3 24	$1.1	$1.35	+22.7%	—	—	—
Q2 24	$0.98	$1	+2.0%	—	—	—
Q1 24	$0.97	$0.96	-1.0%	—	—	—
Q4 23	$1.17	$1.21	+3.4%	—	—	—
Q3 23	$1.1	$1.11	+0.9%	—	—	—
Q2 23	$0.99	$1.07	+8.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.27	—	—	$15.2B	—
FY24	—	$4.43	—	—	$10.1B	—
FY23	—	$2.75	—	—	$15.9B	—
FY22	—	$0.64	—	—	$15B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$12.5B	$13.4B	$13.7B	$13.3B	$13B	$13.4B	$15B	$15.9B	$10.1B	$15.2B
YoY change	+10.5%	+7.19%	+1.71%	-3.1%	-1.93%	+2.98%	+11.9%	+6.39%	-36.5%	+50.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12.5B	13.4B	13.7B	13.3B	13B	13.4B	15B	15.9B	10.1B	15.2B
Cost of revenue	8B	8.3B	7.4B	6.7B	6.5B	6.7B	8.1B	8.2B	5.3B	7.6B
Gross profit	4.6B	5.1B	6.3B	6.5B	6.5B	6.7B	6.9B	7.8B	4.9B	7.6B
Gross margin	36.5%	38%	45.7%	49.1%	50.2%	49.9%	46.3%	48.7%	48%	50.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	3.9B	3.9B	3.6B	3.9B	3.9B	4.1B	—	—	—	—
Operating income	4B	4.5B	5.7B	5.8B	5.8B	5.9B	6.1B	6.9B	4.2B	6.8B
Operating margin	32%	33.7%	41.5%	43.7%	44.6%	44.1%	40.6%	43%	42%	44.4%
Non-operating income, net	-1.7B	147M	83M	799M	997M	-1.8B	-2.6B	-399M	1.7B	1.4B
Pretax income	837M	3.3B	3.9B	5.2B	5.1B	2.2B	1.4B	4B	4.3B	5.4B
Income tax	352M	-89M	432M	754M	194M	120M	589M	942M	677M	1.1B
Net income	485M	3.4B	3.5B	4.4B	4.9B	2B	785M	3.1B	3.9B	4.1B
Net margin	3.87%	25.2%	25.7%	33.4%	37.8%	15.3%	5.24%	19.3%	39.1%	26.9%
EBITDA	6.4B	7.5B	8.7B	9.6B	9.6B	9.4B	9.8B	11.1B	7.7B	10.9B
EPS	0.16	3.44	3.92	4.28	4.74	1.87	0.64	2.75	4.43	3.27
Diluted EPS	0.16	3.43	3.92	4.27	4.74	1.86	0.64	2.75	4.43	3.27

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.9B	4.2B	4.2B	4.1B	2.9B	998.7M	3.6B	3.7B	3.7B	4.2B	3.9B	4B
Cost of revenue	2.1B	2.2B	2.1B	2.2B	1.6B	429.6M	1.7B	1.9B	1.9B	2B	1.8B	2B
Gross profit	1.8B	2B	2.1B	1.9B	1.3B	569.1M	1.9B	1.8B	1.8B	2.1B	2B	2B
Gross margin	45.7%	48%	50.3%	45.4%	45.1%	57%	52%	49.2%	48.5%	50.8%	52.5%	50%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	1.6B	1.8B	1.9B	1.6B	1.1B	478.8M	1.7B	1.6B	1.6B	1.9B	1.8B	1.8B
Operating margin	40.2%	42.5%	45%	39.6%	39.4%	47.9%	45.8%	43.4%	42.7%	45.4%	47.5%	44.3%
Non-operating income, net	-984M	614M	383M	322M	663.9M	456.7M	348M	399M	376M	308M	337M	467M
Pretax income	-39M	1.8B	1.7B	1.3B	1.4B	635.2M	1.5B	1.3B	1.2B	1.4B	1.4B	1.5B
Income tax	134M	209M	293M	200M	250M	57.3M	293M	337M	245M	263M	254M	307M
Net income	-173M	1.6B	1.4B	1.1B	1.2B	868M	1.2B	973M	764M	1.2B	1.2B	1.1B
Net margin	-4.39%	38.1%	32.9%	28.1%	40.4%	86.9%	32.4%	26%	20.6%	28.4%	29.8%	29%
EBITDA	2.6B	3.1B	3.1B	2.7B	2B	1.4B	2.7B	2.7B	2.7B	2.9B	2.9B	2.9B
EPS	-0.19	1.41	1.16	0.93	1.4	0.94	0.94	0.8	0.58	0.94	0.86	0.95
Diluted EPS	-0.19	1.41	1.16	0.93	1.4	0.94	0.94	0.8	0.58	0.94	0.86	0.95

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	49.8B	—	46.8B	72B	55.6B	65.8B	57.6B	57.1B	—	—	61.1B
Enterprise value	93.6B	—	96.6B	121B	104.1B	118.3B	115.7B	117B	—	—	93.4B
Shares outstanding	1.1B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.5B	762.2M	1B	1B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	102.7	—	13.3	16.2	11.3	32.2	73.4	18.6	—	—	23.7
P/S	3.97	—	3.42	5.43	4.28	4.91	3.85	3.58	—	—	3.9
P/B	1.92	—	1.51	2.22	1.66	1.97	1.69	1.46	—	—	3.43
EV/EBITDA	14.7	—	11.1	12.6	10.9	12.5	11.8	10.5	—	—	13.3
EV/Sales	7.46	—	7.06	9.13	8.01	8.83	7.72	7.34	—	—	8.42
Earnings yield	0.97%	—	7.52%	6.16%	8.83%	3.11%	1.36%	5.37%	—	—	4.22%
FCF yield	-0.47%	—	-7.18%	-1.53%	-1.94%	1.47%	-0.61%	-1.54%	—	—	1.45%
PEG	—	—	—	—	—	—	—	—	—	—	1.26

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	36.5%	38%	45.7%	49.1%	50.2%	49.9%	46.3%	48.7%	48%	50.2%	50%
Operating margin	32%	33.7%	41.5%	43.7%	44.6%	44.1%	40.6%	43%	42%	44.4%	44.3%
Net margin	3.87%	25.2%	25.7%	33.4%	37.8%	15.3%	5.24%	19.3%	39.1%	26.9%	22.9%
ROE	1.87%	12.6%	11.3%	13.7%	14.7%	6.13%	2.3%	7.87%	14%	11.1%	11.8%
ROA	0.55%	3.94%	3.56%	4.47%	4.9%	1.96%	0.69%	2.45%	4.55%	3.45%	3.67%
ROIC	3.34%	6.55%	6.26%	6.07%	6.82%	6.5%	3.77%	5.3%	5.01%	5.49%	5.74%
Return on tangible assets	0.87%	5.78%	5.14%	6.17%	6.56%	2.59%	0.89%	3.07%	5.92%	4.42%	4.38%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.05	0.47	0.4	0.59	0.43	0.57	0.43	0.96	0.55	0.63	0.61
Quick ratio	1	0.44	0.36	0.56	0.38	0.51	0.38	0.88	0.47	0.56	0.54
Debt / equity	1.73	1.62	1.62	1.55	1.49	1.59	1.72	1.63	1.56	1.64	1.7
Debt / assets	0.51	0.51	0.51	0.51	0.5	0.51	0.51	0.51	0.51	0.51	0.51
Net debt / EBITDA	6.89	5.67	5.73	5.12	5.07	5.56	5.91	5.38	5.62	5.55	5.41
Interest coverage	1.61	3.21	3.23	3.88	3.78	2.07	1.63	2.55	3.34	2.91	2.76
Effective tax rate	42.1%	0%	10.9%	14.5%	3.8%	5.54%	42.9%	23.5%	15.6%	20.9%	19.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.4	10.6	10.4	9.82	9.52	9.47	10.4	10.9	13.3	14.7	15.1
EPS (basic)	0.16	3.44	3.92	4.28	4.74	1.87	0.64	2.75	4.43	3.27	3.27
EPS (diluted)	0.16	3.43	3.92	4.27	4.74	1.86	0.64	2.75	4.43	3.27	2.48
Book value per share	23.6	21.2	23.6	24	24.5	23.6	23.6	26.7	37	35.5	17.1
FCF per share	-0.21	-1.81	-2.56	-0.81	-0.79	0.68	-0.24	-0.6	1.29	1.98	3.9
Cash per share	0.92	0.86	0.34	0.99	1.12	0.48	0.43	2.52	0.77	0.16	2.48
Capex per share	—	—	—	—	—	—	—	—	—	5.08	4.39

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	34.7%	29.2%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	72%	53%
Payout ratio	316.7%	44%	49.2%	44.2%	64%	169%	420.1%	93.8%	75.3%	88.4%	98.4%
Dividend yield	3.08%	—	3.7%	2.72%	5.66%	5.26%	5.72%	5.04%	—	—	4.29%

Yield

4.29%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.618

ex-dividend Jun 30, 2026

Payout ratio

98%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.618
Mar 31, 2026	$0.63
Jun 30, 2025	$0.621

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.9B	$4.2B	$4.2B	$4.1B	$2.9B	$998.7M	$3.6B	$3.7B	$3.7B	$4.2B	$3.9B	$4B
YoY change	+3.71%	+4.83%	+8.02%	+6.66%	-26.2%	-76.4%	-14.6%	-8.35%	+27.3%	+317.4%	+6.57%	+5.69%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	1.1B	446M	1.3B	1.5B	673M	620M	3.7B	588.2M	168M
Receivables	2.1B	2.5B	2.5B	2.4B	2.2B	3.1B	3.6B	4.2B	1.9B	2.8B
Inventory	368M	378M	431M	452M	629M	724M	936M	982M	548.5M	782M
Total current assets	8.1B	4.7B	5.1B	7.7B	5.2B	7.4B	7.3B	11.4B	4.2B	6.3B
Property, plant & equipment	-10.9B	-9.6B	-8.8B	-13.7B	-14.9B	-19.6B	-21.1B	-20.7B	-15.3B	-23.9B
Goodwill & intangibles	32.1B	27.4B	30.5B	27.5B	25.4B	25.2B	25.7B	25.1B	20.1B	26B
Total assets	88.1B	86.1B	98.9B	99.3B	100.3B	104.2B	114.3B	125B	86.8B	118.8B
Accounts payable	2.4B	2.8B	3.2B	3.3B	3.1B	4.2B	4.3B	4.8B	2.7B	3.3B
Short-term debt	2.6B	4.6B	6.2B	7B	6.1B	6.5B	8.2B	2.9B	2.5B	2.8B
Total current liabilities	7.7B	9.9B	12.9B	12.9B	12B	13B	16.9B	11.8B	7.7B	10B
Long-term debt	42.2B	38.9B	44B	43.4B	43.8B	46.7B	50.5B	60.7B	41.5B	57.8B
Total liabilities	62.1B	59.2B	67.9B	66.9B	66.8B	70.8B	80.2B	86B	58.7B	81.9B
Shareholders' equity	26B	26.9B	31B	32.4B	33.5B	33.4B	34.1B	39B	28.2B	36.9B
Total debt	44.9B	43.5B	50.2B	50.4B	50B	53.1B	58.7B	63.6B	44B	60.6B
Net debt	43.8B	42.4B	49.8B	49B	48.5B	52.5B	58.1B	59.9B	43.4B	60.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2B	3.7B	3.2B	2.5B	2.7B	588.2M	2B	1.4B	1.8B	168M	1.1B	2.1B
Receivables	3.6B	4.2B	4.2B	4B	2.5B	1.9B	2.6B	2.6B	2.5B	2.8B	2.4B	2.5B
Inventory	1.2B	982M	1.1B	1B	750.1M	548.5M	777M	822M	837M	782M	857M	936M
Total current assets	9.6B	11.4B	11.9B	10.5B	12.2B	4.2B	7.3B	7.1B	7.8B	6.3B	6.8B	7.9B
Property, plant & equipment	82.8B	-20.7B	84.3B	86B	61.6B	-15.3B	80.5B	77.6B	79.5B	-23.9B	80.3B	81.7B
Goodwill & intangibles	25.7B	25.1B	25.7B	26B	18.3B	20.1B	27.3B	25.9B	26.4B	26B	26.5B	27B
Total assets	122.6B	125B	128B	128B	96.4B	86.8B	120.5B	116.8B	120.2B	118.8B	120.8B	123.9B
Accounts payable	7B	4.8B	6.9B	6.3B	4.6B	2.7B	4.5B	4.4B	4.9B	3.3B	4.9B	4.9B
Short-term debt	2.4B	2.9B	3.5B	5.2B	3.4B	2.5B	4B	5.5B	5.3B	2.8B	3.6B	6B
Total current liabilities	11.1B	11.8B	12.7B	13.8B	9.3B	7.7B	10.3B	11.7B	12.3B	10B	10.5B	12.9B
Long-term debt	63.2B	60.7B	61.1B	59.7B	48.1B	41.5B	58B	53.9B	56.1B	57.8B	58.2B	57.7B
Total liabilities	88.7B	86B	88.4B	87.5B	67.5B	58.7B	82.1B	79.5B	82.7B	81.9B	83.7B	86.5B
Shareholders' equity	34B	39B	39.7B	40.5B	28.8B	28.2B	38.4B	37.4B	37.6B	36.9B	37.2B	37.5B
Total debt	65.6B	63.6B	64.6B	65B	51.6B	44B	62B	59.4B	61.4B	60.6B	61.8B	63.7B
Net debt	63.6B	59.9B	61.4B	62.5B	48.8B	43.4B	60B	58B	59.6B	60.5B	60.7B	61.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	485M	3.4B	3.5B	4.4B	4.9B	2B	785M	3.1B	3.9B	4.1B
Depreciation & amortization	1.9B	2.1B	2.4B	2.5B	2.6B	2.5B	2.6B	2.8B	2B	2.8B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	186M	-285M	-143M	326M	-309M	-269M	-730M	-38M	175.5M	-533M
Operating cash flow	2.6B	4.5B	5.4B	6.9B	7B	3.9B	2.5B	5.5B	6B	7.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	-5.3B
Investing cash flow	-15B	1.8B	-1.2B	522M	1.3B	-3.1B	-2.9B	-4.2B	-3.1B	-6.5B
Dividends paid	-1.5B	-1.5B	-1.7B	-2B	-3.1B	-3.5B	-3.3B	-2.9B	-3B	-3.6B
Share repurchases	-14M	-1.2B	0	0	0	-500M	-1B	0	0	-250M
Financing cash flow	14B	-1.4B	2.7B	693M	-800M	-88M	487M	8.1B	-2.8B	-1.5B
Net change in cash	1.6B	4.9B	6.9B	8.1B	7.5B	697M	88M	9.4B	32.3M	-633M
Free cash flow	-233M	-2.3B	-3.4B	-1.1B	-1.1B	966M	-352M	-881M	982.5M	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-173M	1.6B	1.4B	1.1B	1.2B	868M	1.2B	973M	764M	1.2B	1.2B	1.1B
Depreciation & amortization	690M	717M	719M	717M	507.9M	469.2M	678M	671M	701M	719M	723M	737M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	396M	1.9B	2.1B	1.8B	1.7B	1.2B	1.9B	2.2B	1.9B	1.9B	2.6B	2.2B
Capital expenditure	—	—	—	—	—	—	—	-1.1B	-1.3B	-1.4B	-1.1B	-894M
Investing cash flow	-1.3B	-837M	-286M	-337M	284.9M	-2.9B	-177M	-1.5B	-1.6B	-1.6B	-1.3B	-1.2B
Dividends paid	-605M	-989M	-988M	-1B	-728M	-750.5M	-883M	-911M	-914M	-913M	-911M	-942M
Share repurchases	0	0	-38M	—	-5M	—	0	—	0	-250M	—	—
Financing cash flow	2.3B	2.8B	-674M	-712M	4.6B	-6.6B	1.5B	-1.2B	69M	-1.9B	-443M	-73M
Net change in cash	1.4B	3.9B	1.2B	706M	6.6B	-8.3B	3.3B	-559M	396M	-1.6B	896M	979M
Free cash flow	-236M	-222M	443M	309M	107.6M	319.4M	-205M	1.1B	663M	544M	1.5B	1.3B

TC Energy Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history