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TC Energy Corporation TRP

Energy — Oil & Gas Midstream

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Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership
4.11%

Capital & Financial Ratios

Market Cap
61,650.00
Revenue
11,349.01
Net Income
3,036.20
Free Cash Flow
2,928.34
Net Debt
43,951.23
Current Ratio
0.61
Debt/Equity
1.68
P/E ratio
25.54
P/S ratio
5.65
P/B ratio
2.52
Past 5Y EPS Growth
0.03%
This Y EPS Growth
4.41%
Next Y EPS Growth
5.05%
Next 5Y EPS Growth
5.25%
in millions of $

Dividends

Payout Ratio
4.07
Annual Dividend Rate
2.82
Annual Dividend Yield
7.37%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡
2026 2.50
—
—
—
2025 2.45
—
—
—
—
2024 2.69
—
—
—
—
2023 2.78
—
—
—
—
2022 2.74
—
—
—
—
2021 2.76
—
—
—
—
2020 2.41
—
—
—
—
2019 2.28
—
—
—
—
2018 1.63
—
—
—
—
2017 1.95
—
—
—
—
2016 2.29
—
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 2,724.66 584.57 120.24 1,498.05
Receivables 3,118.03 1,905.51 1,999.67 1,798.53
Inventory 727.47 545.16 559.68 676.07
Other 1,854.22 977.20 1,699.79 1,729.19
8,424.38 4,183.94 4,520.36 5,701.84
2023 2024 2025 Q'26
Payables 5,175.97 3,865.75 3,774.60 3,550.10
ST’ Debt 2,176.47 2,156.56 1,105.76 3,753.79
Other — — — —
8,754.03 7,670.93 7,127.66 9,343.67
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 2,814.28 2,858.14 — —
—
’25 2,523.06 2,706.91 2,688.73 2,987.85
10,906.55
’24 3,145.34 2,984.91 2,992.84 926.99
10,050.08
’23 2,903.58 2,848.75 2,936.48 3,115.09
11,803.91
’22 2,763.60 2,848.14 2,910.79 2,997.78
11,520.31
’21 2,670.31 2,590.78 2,573.86 2,846.53
10,681.49
’20 2,548.80 2,228.71 2,398.49 2,527.75
9,703.75
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 1,897.33 1,584.16 — —
—
’25 946.41 1,607.23 1,403.97 1,299.93
5,257.53
’24 1,513.74 1,187.66 1,412.20 1,502.95
5,616.54
’23 1,533.10 1,132.68 1,364.80 1,353.55
5,384.13
’22 1,347.85 726.59 1,258.54 1,570.68
4,903.65
’21 1,315.81 1,433.75 1,293.15 1,454.83
5,497.53
’20 1,284.84 1,122.08 1,435.91 1,425.96
5,268.80
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 1,117.40 949.10 — —
—
’25 (139.98) 763.93 485.23 376.62
1,485.79
’24 343.22 265.45 663.08 318.48
1,590.23
’23 139.71 (376.98) (162.95) (122.78)
(523.00)
’22 157.13 (252.67) (102.14) (35.39)
(233.07)
’21 16.59 405.17 201.06 175.89
798.70
’20 (203.58) 2,192.75 (129.69) (29.07)
1,830.42
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.63 0.69 — —
—
’25 0.65 0.58 0.42 0.67
2.34
’24 0.86 0.68 1.03 0.67
3.23
’23 0.95 0.18 (0.14) 1.04
2.04
’22 0.28 0.71 0.64 (1.05)
0.49
’21 (0.85) 0.81 0.64 0.90
1.48
’20 0.91 0.99 0.72 0.92
3.54

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

3.3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 39.11 32.52 34.95 43.51 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 59.38 45.18 50.37 56.34 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7,477 7,415 6,668 6,574 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.54 1.59 1.51 1.66 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11,520.31 11,803.91 10,050.08 10,906.55 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 67.07% 69.33% 67.95% 69.69% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,056.88 2,970.61 4,310.20 3,896.27 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9.17% 25.17% 42.89% 35.72% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 603.82 2,272.77 3,925.59 2,930.08 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,987.61 2,057.94 2,034.68 1,981.77 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.58 11.46 9.68 10.49 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 0.49 2.04 3.23 2.34 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.93 5.23 5.41 5.06 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5.16) (5.74) (3.88) (3.63) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.23) (0.51) 1.53 1.43 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26.37 28.06 26.97 25.39 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 995.00 1,030.00 1,038.00 1,040.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 67.26 19.35 14.36 23.67 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.37 3.43 4.81 5.25 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.60 1.50 1.85 2.31 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.80 7.16 9.03 9.10 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (336.24) (161.67) 57.07 66.79 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4,903.65 5,384.13 5,616.54 5,257.53 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5,136.72) (5,907.14) (4,026.31) (3,771.74) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (233.07) (523.00) 1,590.23 1,485.79 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (7,365.09) (329.65) (3,486.98) (2,607.29) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 40,027.63 46,819.30 43,042.88 42,144.71 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 39,550.73 44,094.64 42,458.31 42,024.47 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26,242.03 28,897.13 27,995.13 26,408.62 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.58% 2.32% 3.75% 2.84% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.88% 5.22% 4.75% 5.25% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.05% 8.16% 12.60% 9.55% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

TC Energy Corporation (TRP) stands out as a resilient powerhouse in the energy sector, rebounding from setbacks like the Keystone XL cancellation and pandemic lows to capitalize on surging natural gas demand, U.S. LNG exports, and AI data center infrastructure. Revenue, after dipping to $10.05 billion in 2024, is forecast to surge 11% to $11.14 billion in 2025 and climb to $12.38 billion by 2027, driven by its 93,000 km pipeline network feeding key hubs like the Montney formation. Profitability has exploded with record EBT margins at 42.9% and ROE at 12.6% in 2024, alongside a dramatic free cash flow turnaround to $1.59 billion, fueled by capex cuts and operational efficiencies.

Strategic moves like the 2024 liquids pipeline spin-off—potentially worth $26-30 billion—promise to unlock value in high-growth natural gas and power segments, including hydrogen and carbon capture potential. Valuation metrics scream opportunity: trailing PE at 14.4x below historical norms, PS at 4.8x, and attractive forward multiples amid improving EPS and revenue per share.

With analyst targets hinting at 15-20% total returns over 12-18 months plus a juicy dividend yield, TC Energy’s fundamentals align for infrastructure alpha as North America’s energy arteries expand—yet the stock lags these trends, tempting contrarians to bet on catch-up gains.

Read full commentary →

TC Energy Corporation (TRP) Latest News

News by impact score

Fine-tune

7 Aug

3 transcript www.fool.com, 9:31 PM
TC Energy (TRP) held its Q2 2026 earnings call to discuss quarterly financial results, operations, and outlook. Q2 earnings details and guidance typically produce moderate shifts in investor views of TRP performance.

6 Aug

3 , 10:58 AM
TC Energy Q2 earnings and revenues beat estimates and rose year-over-year. Q2 earnings beat supports short-term positive market reaction for TC Energy.

31 Jul

3 transcript www.marketbeat.com, 11:03 PM
TC Energy Corporation reported Q2 earnings with revenue, profit metrics, operational updates on pipeline assets, and management guidance on future energy infrastructure projects. Q2 earnings figures and guidance offer moderate short-term insight into financial trajectory but are unlikely to trigger major strategic shifts.

30 Jul

4 , 5:04 PM
TC Energy Corp reported strong EBITDA growth and robust results during its Q2 2026 earnings call. Strong EBITDA growth signals substantially improved financial performance with likely positive effects on valuation and outlook.

4 , 2:43 PM
TC Energy beat Q2 earnings estimates and outlined plans to supply power for data centers. Q2 earnings beat plus data center supply plans point to major future revenue growth for TC Energy.

3 , 6:30 AM
TC Energy Corporation reported strong second quarter 2026 operating and financial results. Strong quarterly results can lift near-term investor sentiment and share price.

26 Jul

3 , 5:08 PM
TC Energy faces regulatory scrutiny on its Northwoods project while its fair value estimate appears fully priced in current market conditions. Northwoods scrutiny and stretched valuation assessment create moderate risk of downward revision in investor expectations and near-term share performance.

3 , 2:07 AM
Northwoods is quietly expanding its footprint, which may reframe TC Energy’s regulatory risk profile. Potential reframing of regulatory risk could moderately affect TC Energy operations and investor view.

23 Jul

3 , 12:10 PM
TC Energy (TRP) shows factors supporting another earnings beat, including stable cash flows from pipelines, cost discipline and favorable energy demand trends that strengthen quarterly results. Recurring earnings beats can lift near-term sentiment and valuation for TC Energy but do not alter long-term fundamentals.

3 , 10:00 AM
TC Energy (TRP) is expected to beat earnings estimates, with potential for stock price gains. Earnings estimate beats typically influence near-term financial sentiment and stock movement for TRP.

9 Jul

3 , 2:53 PM
First LNG shipments from the US to Asia originating in Mexico mark a win for Permian producers by expanding export routes and increasing demand for associated natural gas infrastructure. Expanded LNG export routes from Mexico raise Permian output and related transportation volumes that flow through TC Energy pipelines.

6 Jul

4 financialpost.com, 12:21 PM
Alberta and Ontario premiers pitch new oil pipeline linking the provinces to boost energy transport and economic ties. Pipeline proposal directly targets TC Energy core business and could drive major future projects.

23 May

4 Simply Wall St., 1:11 PM
TC Energy posted strong Q1 results and advances a US$1.5B gas project that may shift its investment narrative. Strong Q1 results plus a US$1.5B gas project represent major strategic and financial moves likely to alter TC Energy's trajectory and investor sentiment.

4 financialpost.com, 7:00 AM
Keystone XL pipeline shows revival signs with additional oilpatch updates for TC Energy. Keystone XL revival could restore major revenue streams and alter TC Energy trajectory.

19 May

4 financialpost.com, 10:19 AM
Keystone pipeline project revives for TC Energy after earlier cancellations, restoring major oil transport capacity and strengthening long-term operational outlook. Keystone revival marks major strategic recovery that can materially lift TC Energy revenue, pipeline utilization and investor sentiment.

16 May

3 Simply Wall St., 2:11 PM
TC Energy holds a stake in Bruce Power that incorporates nuclear operations into its dividend narrative and long-term strategy. Bruce Power nuclear stake supports dividend stability and adds modest strategic diversification for TC Energy.

7 May

3 Zacks, 12:02 PM
TC Energy Corporation's Q1 earnings surpassed analyst estimates, while revenues missed expectations. Q1 earnings beat signals operational strength but revenue shortfall limits broader positive market reaction.

5 May

4 Simply Wall St., 7:24 PM
TC Energy's new gas project highlights trade-off between sustaining dividends and managing debt levels. New gas project spotlights critical tension between TC Energy's dividend policy and debt accumulation, potentially shifting investor sentiment and financial strategy.

4 May

4 Oilprice.com, 12:50 AM
TC Energy reported strong Q1 results and approved a $1.5 billion expansion of its U.S. natural gas infrastructure. Strong Q1 results and $1.5B U.S. gas expansion project drive significant growth and positive investor sentiment.

3 MT Newswires, 7:20 AM
RBC, TD, and CIBC raised their price targets for TC Energy Corporation (TRP). Analyst price target increases from major banks signal positive sentiment likely to influence short-term market performance and investor interest.

2 May

4 www.marketbeat.com, 12:27 PM
TC Energy Corporation highlighted Q1 results with strong natural gas pipeline performance, Southeast Gateway progress, and reaffirmed 2024 financial guidance amid favorable market dynamics. Q1 earnings highlights detail financial results, operational advancements, and guidance that significantly shape investor expectations and stock performance.

4 GuruFocus.com, 3:01 AM
TC Energy Corp (TRP) highlighted strong EBITDA growth and strategic initiatives in its Q1 2026 earnings call. Strong EBITDA growth and strategic initiatives point to significant positive shifts in financial performance and market positioning.

1 May

4 Zacks, 8:20 AM
TC Energy Corporation (TRP) reported first-quarter earnings that surpassed analyst estimates, driven by strong performance in its natural gas pipelines and power segments. Beating Q1 earnings estimates indicates robust operational performance and enhances positive investor sentiment toward TC Energy's future growth.

4 MT Newswires, 7:09 AM
TC Energy's Q1 comparable earnings rose year-over-year, and the company approved the Columbia Gas expansion project. Year-over-year Q1 earnings growth combined with approval of a key expansion project boosts financial performance and strategic positioning.

4 GlobeNewswire, 6:30 AM
TC Energy Corporation reported strong operating and financial results for the first quarter of 2026. Strong Q1 2026 results signal robust financial health and positive momentum for future performance.

4 Simply Wall St., 6:15 AM
TC Energy Corporation (TRP) faces renewed market scrutiny on its valuation following Keystone XL pipeline permit advancements and recent analyst upgrades. Keystone XL permit renewal and analyst upgrades signal major regulatory and sentiment shifts that could significantly enhance TC Energy's strategic position and stock performance.

30 Apr

4 Bloomberg, 6:53 PM
U.S. President Donald Trump signed a permit for TC Energy Corporation's oil pipeline project, echoing the Keystone XL initiative previously pursued by the company. Presidential permit approval for a Keystone XL-like pipeline marks a major regulatory advancement for TC Energy's core pipeline operations and growth trajectory.

4 Bloomberg, 6:53 PM
President Trump signed a permit for TC Energy Corporation's oil pipeline project, echoing the Keystone XL initiative previously pursued by the company. Presidential permit approval for a major pipeline enables TC Energy's expansion and boosts investor confidence in its core infrastructure business.

4 financialpost.com, 4:24 PM
President Trump signed a Presidential Permit authorizing TC Energy Corporation (TRP) to build the Bridger pipeline using assets from the canceled Keystone XL project. Presidential Permit approval repurposes Keystone XL assets for a new TC Energy pipeline, enabling major expansion and positively impacting revenue and investor sentiment.

4 Bloomberg, 3:49 PM
President Trump signed a permit for a new pipeline from Canada, echoing the Keystone XL project and providing a major boost to TC Energy Corporation (TRP). Permit approval enables major pipeline expansion from Canada, significantly enhancing TRP's growth prospects and investor sentiment.
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