TC Energy (TRP) financial statements
TC Energy reported revenue of 15.2B CAD in fiscal 2025, up 2.2% a year over 9 years.
Net income was 3.5B CAD and the operating margin 52.7%, against 18.4% in 2016.
The diluted share count rose 37% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions (CAD).
Income statement
Fiscal years, in CAD, from TC Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12.5B CAD | 13.4B CAD | 12.8B CAD | 12.7B CAD | 12.6B CAD | 13.0B CAD | 12.1B CAD | 12.5B CAD | 13.1B CAD | 15.2B CAD |
| Cost of revenue | 2.2B CAD | 2.4B CAD | 1.5B CAD | 365M CAD | 0 CAD | 87M CAD | 22M CAD | 80M CAD | 217M CAD | 208M CAD |
| Gross profit | 10.4B CAD | 11.1B CAD | 11.3B CAD | 12.3B CAD | 12.6B CAD | 12.9B CAD | 12.1B CAD | 12.4B CAD | 12.8B CAD | 15.0B CAD |
| Operating income | 2.3B CAD | 4.7B CAD | 5.8B CAD | 6.6B CAD | 6.8B CAD | 4.1B CAD | 2.5B CAD | 5.1B CAD | 8.0B CAD | 8.0B CAD |
| Interest expense | 2.0B CAD | 2.1B CAD | 2.3B CAD | 2.3B CAD | 2.2B CAD | 2.4B CAD | 2.6B CAD | 3.3B CAD | 3.0B CAD | 3.4B CAD |
| Pre-tax income | 837M CAD | 3.3B CAD | 3.9B CAD | 5.2B CAD | 5.1B CAD | 2.2B CAD | 474M CAD | 3.3B CAD | 5.9B CAD | 5.4B CAD |
| Income tax | 352M CAD | -89M CAD | 432M CAD | 754M CAD | 194M CAD | 120M CAD | 322M CAD | 842M CAD | 922M CAD | 1.1B CAD |
| Net income | 233M CAD | 3.2B CAD | 3.7B CAD | 4.1B CAD | 4.6B CAD | 2.0B CAD | 748M CAD | 2.9B CAD | 4.7B CAD | 3.5B CAD |
| EPS (diluted) | 0.16 CAD | 3.43 CAD | 3.92 CAD | 4.27 CAD | 4.74 CAD | 1.86 CAD | 0.64 CAD | 2.75 CAD | 4.43 CAD | 3.27 CAD |
| Diluted shares | 760M | 874M | 903M | 931M | 940M | 974M | 996M | 1.03B | 1.04B | 1.04B |
| Gross margin | 82.7% | 82.3% | 88.4% | 97.1% | 100.0% | 99.3% | 99.8% | 99.4% | 98.3% | 98.6% |
| Operating margin | 18.4% | 34.8% | 45.1% | 52.0% | 53.6% | 31.3% | 20.2% | 40.7% | 61.0% | 52.7% |
| Net margin | 1.9% | 23.5% | 28.9% | 32.7% | 36.5% | 15.1% | 6.2% | 23.4% | 36.0% | 23.1% |
Balance sheet
Fiscal years, in CAD, from TC Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 1.0B CAD | 1.1B CAD | 446M CAD | 1.3B CAD | 1.5B CAD | 673M CAD | 620M CAD | 3.7B CAD | 801M CAD | 168M CAD |
| Receivables | 2.1B CAD | 2.5B CAD | 2.5B CAD | 2.4B CAD | 2.2B CAD | 3.1B CAD | 3.6B CAD | 2.4B CAD | 2.6B CAD | 2.8B CAD |
| Inventory | 368M CAD | 378M CAD | 431M CAD | 452M CAD | 629M CAD | 724M CAD | 936M CAD | 771M CAD | 747M CAD | 782M CAD |
| Total current assets | 8.1B CAD | 4.7B CAD | 5.1B CAD | 7.7B CAD | 5.2B CAD | 7.4B CAD | 7.3B CAD | 11.4B CAD | 5.7B CAD | 6.3B CAD |
| Property, plant and equipment | 54.5B CAD | 57.3B CAD | 66.5B CAD | 65.5B CAD | 69.8B CAD | 70.2B CAD | 75.9B CAD | 69.5B CAD | 77.5B CAD | 71.1B CAD |
| Goodwill | 14.0B CAD | 13.1B CAD | 14.2B CAD | 12.9B CAD | 12.7B CAD | 12.6B CAD | 12.8B CAD | 12.5B CAD | 13.7B CAD | 13.0B CAD |
| Total assets | 88.1B CAD | 86.1B CAD | 98.9B CAD | 99.3B CAD | 100.3B CAD | 104.2B CAD | 114.3B CAD | 125.0B CAD | 118.2B CAD | 118.8B CAD |
| Total current liabilities | 7.7B CAD | 9.9B CAD | 12.9B CAD | 12.9B CAD | 12.0B CAD | 13.0B CAD | 16.9B CAD | 11.8B CAD | 10.5B CAD | 10.0B CAD |
| Long-term debt | 38.3B CAD | 31.9B CAD | 36.5B CAD | — | — | — | — | — | — | — |
| Total liabilities | 60.9B CAD | 59.2B CAD | 67.9B CAD | 66.9B CAD | 66.8B CAD | 70.8B CAD | 80.2B CAD | 86.0B CAD | 79.9B CAD | 81.9B CAD |
| Shareholders' equity | 24.3B CAD | 25.0B CAD | 29.3B CAD | 30.8B CAD | 31.4B CAD | 33.3B CAD | 34.0B CAD | 29.6B CAD | 27.6B CAD | 27.3B CAD |
| Net debt | 39.1B CAD | 33.7B CAD | 39.5B CAD | 1.4B CAD | 442M CAD | 647M CAD | 1.3B CAD | -740M CAD | 2.2B CAD | 1.4B CAD |
Cash flow
Fiscal years, in CAD, from TC Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.1B CAD | 5.2B CAD | 6.6B CAD | 7.1B CAD | 7.1B CAD | 6.9B CAD | 6.4B CAD | 7.3B CAD | 7.7B CAD | 7.3B CAD |
| Capital spending | 5.0B CAD | 7.4B CAD | 9.4B CAD | 7.5B CAD | 8.9B CAD | 7.1B CAD | 9.0B CAD | 12.3B CAD | 7.9B CAD | — |
| Free cash flow | 62M CAD | -2.2B CAD | -2.9B CAD | -393M CAD | -1.8B CAD | -244M CAD | -2.6B CAD | -5.0B CAD | -208M CAD | — |
| Stock-based compensation | 15M CAD | 12M CAD | 13M CAD | 13M CAD | 12M CAD | 12M CAD | 10M CAD | 9M CAD | 6M CAD | 7M CAD |
| Dividends paid | 1.4B CAD | 1.3B CAD | 1.6B CAD | 1.8B CAD | 3.0B CAD | 3.3B CAD | 3.2B CAD | 2.8B CAD | 4.0B CAD | 3.5B CAD |
| Share buybacks (net) | -14M CAD | 0 CAD | 0 CAD | — | — | — | — | — | — | — |
| Net borrowing | 4.9B CAD | -2.4B CAD | 3.5B CAD | -1.8B CAD | -4.2B CAD | -6.8B CAD | -572M CAD | -10.1B CAD | -8.9B CAD | -5.2B CAD |
| Free cash flow margin | 0.5% | -16.0% | -22.4% | -3.1% | -14.6% | -1.9% | -21.3% | -40.2% | -1.6% | — |
| Dividends per share | 1.89 CAD | 1.53 CAD | 1.74 CAD | 1.93 CAD | 3.18 CAD | 3.41 CAD | 3.20 CAD | 2.71 CAD | 3.81 CAD | 3.37 CAD |
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What was TC Energy's revenue in 2025?
15.2B CAD in fiscal 2025, from its 10-K filing.
From TC Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.