Sunday 1 November 2026 Export TRP’s income statement to Excel — free account

TC Energy Corporation

TC Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $10.9 billion, up 8.52% from fiscal 2024.

Revenue: +5.59%
EPS: +18.3%
Free cash flow: +24.2%
Total debt: +10.3%

Quarter to June 2026, against a year earlier

64.50 0.17 +0.26%

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Market cap: $67.0B
P/E: 26.8×
Fwd P/E: 23.4×
Dividend yield: 3.88%
F-score: 6/9
Altman Z: 0.83
Beneish M: −2.50
Dividend safety: 0/100

Overview

Insider Decisions last twelve months

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.19%

Capital & Financial Ratios $m

Size

Market Cap 67,030.00

Revenue ttm 11,349.01

Net income ttm 3,036.20

Free cash flow ttm 2,928.34

Net debt Q 43,951.23

Valuation

P/E 26.78

Forward P/E 23.40

Price / sales 5.92

Forward P/S Powerpack

Price / FCF 22.96

Price / book 2.64

Financial health

Current ratio Q 0.61

Debt / equity Q 1.68

Interest coverage Q 2.53

Growth

Revenue growth Q +5.59%

Operating income growth Q +11.10%

EPS, this year +4.24%

EPS, next year A +4.22%

Revenue, next year A +5.29%

EPS, past 5 yrs −7.95%

EPS, next 5 yrs A +4.71%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 69.10%

10-year low 10-year high

P/S against its own 10 years 93.76%

10-year low 10-year high

P/B against its own 10 years 91.15%

10-year low 10-year high

EV/Sales against its own 10 years 91.33%

10-year low 10-year high

EV/FCF against its own 10 years 20.27%

10-year low 10-year high

Dividends

Yield: 3.88%
Annual rate: 2.50
Payout ratio: 103.8%
Growth, 2016–25: +0.76%/yr

2.29 ’16
1.95 ’17 −15%
1.63 ’18 −17%
2.28 ’19 +40%
2.41 ’20 +6%
2.76 ’21 +15%
2.74 ’22 −1%
2.78 ’23 +1%
2.69 ’24 −3%
2.45 ’25 −9%
2.50 ’26e +2%

paid forecast Powerpack

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,725	585	120	1,498
Receivables	3,118	1,906	2,000	1,799
Inventory	727	545	560	676
Other	1,854	977	1,700	1,729
	8,424	4,184	4,520	5,702

	2023	2024	2025	Q'26
Payables	5,176	3,866	3,775	3,550
ST’ Debt	2,176	2,157	1,106	3,754
Other	—	—	—	—
	8,754	7,671	7,128	9,344

Compound Annual Growth %

	10y	5y	3y
Sales	2.11%	2.36%	(1.81%)
Cash Flow	5.01%	(0.04%)	2.35%
Earnings	0.00%	(6.06%)	70.26%
Book Value	6.38%	1.35%	0.21%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.61 Actual 0.68

0.54 0.59 0.64 0.69 0.74

Sep 2025 Met 0.00

Dec 2025 Beat +0.05

Mar 2026 Beat +0.02

Jun 2026 Beat +0.07

Sep 2026 — Nov 5

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Sep 2025	0.56	0.56	Met by 0.00
Dec 2025	0.65	0.70	Beat by 0.05
Mar 2026	0.70	0.72	Beat by 0.02
Jun 2026	0.61	0.68	Beat by 0.07
Sep 2026	0.64	—	Reports 5 November 2026

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

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,814	2,858	—	—	—
’25	2,523	2,707	2,689	2,988	10,907
’24	3,145	2,985	2,993	927	10,050
’23	2,904	2,849	2,936	3,115	11,804
’22	2,764	2,848	2,911	2,998	11,520
’21	2,670	2,591	2,574	2,847	10,681
’20	2,549	2,229	2,398	2,528	9,704

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,897	1,584	—	—	—
’25	946	1,607	1,404	1,300	5,258
’24	1,514	1,188	1,412	1,503	5,617
’23	1,533	1,133	1,365	1,354	5,384
’22	1,348	727	1,259	1,571	4,904
’21	1,316	1,434	1,293	1,455	5,498
’20	1,285	1,122	1,436	1,426	5,269

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,117	949	—	—	—
’25	(140)	764	485	377	1,486
’24	343	265	663	318	1,590
’23	140	(377)	(163)	(123)	(523)
’22	157	(253)	(102)	(35)	(233)
’21	17	405	201	176	799
’20	(204)	2,193	(130)	(29)	1,830

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	9,444	10,375	10,553	9,989	9,704	10,681	11,520	11,804	10,050	10,907	11,349		+1.6%	11,484	12,153	12,723	+5.3%
	Gross margin, %	69.46	70.96	73.75	70.51	70.17	69.39	67.07	69.33	67.95	69.69	70.44		+0.2 pt	Powerpack TC Energy Corporation’s next three years, line by line Analysts expect revenue to grow 5.3% a year to 2028 — faster than the 1.6% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	632	2,550	3,047	3,909	3,812	1,728	1,057	2,971	4,310	3,896	3,979		+22.4%
	EBT margin, %	6.69	24.58	28.87	39.13	39.29	16.18	9.17	25.17	42.89	35.72	35.06		+29.0 pt
	Net income	366	2,619	2,713	3,341	3,668	1,633	604	2,273	3,926	2,930	3,036		+26.0%
Per share, $
Per share, $	Revenue	12.44	11.90	11.70	10.75	10.32	10.98	11.58	11.46	9.68	10.49	10.89		(1.9%)
	Earnings	0.12	2.65	3.02	3.23	3.54	1.49	0.49	2.04	3.23	2.34	2.41		+39.1%
	Cash flow	5.04	4.63	5.61	5.74	5.61	5.65	4.93	5.23	5.41	5.06	5.94		0.0%
	Capex	(4.98)	(1.83)	(7.53)	(4.12)	(3.66)	(4.83)	(5.16)	(5.74)	(3.88)	(3.63)	(3.13)		(3.5%)
	Free cash flow	0.07	2.80	(1.92)	1.63	1.95	0.82	(0.23)	(0.51)	1.53	1.43	2.81		+40.3%
	Book value	25.85	23.79	26.51	26.28	26.27	27.39	26.37	28.06	26.97	25.39	25.98		(0.2%)
	Shares, m	759	872	902	929	940	973	995	1,030	1,038	1,040	1,041		+3.6%
Valuation, ×
Valuation, ×	P/E	197.48	17.17	10.83	15.17	10.57	28.52	61.83	17.78	14.36	23.67	26.78		39.7
	P/S	3.33	3.81	2.80	4.56	3.63	3.90	3.10	3.15	4.81	5.25	5.92		3.8
	P/B	1.89	2.24	1.42	2.13	1.62	1.74	1.47	1.37	1.85	2.31	2.64		1.8
	EV/Sales	6.78	6.83	6.24	7.90	7.00	7.40	6.53	6.89	9.03	9.10	9.80		7.4
	EV/FCF	1,246.22	29.05	(37.97)	52.20	37.11	99.00	(322.79)	(155.41)	57.07	66.79	37.97		107.1
Cash, $m
Cash, $m	Operating cash flow	3,828	4,034	5,057	5,337	5,269	5,498	4,904	5,384	5,617	5,258	6,185		+3.6%
	Capex	(3,777)	(1,594)	(6,792)	(3,826)	(3,438)	(4,699)	(5,137)	(5,907)	(4,026)	(3,772)	(3,257)		0.0%
	Free cash flow	51	2,441	(1,735)	1,511	1,830	799	(233)	(523)	1,590	1,486	2,928		+45.3%
Balance, $m
Balance, $m	Working capital	305	(4,009)	(6,026)	(3,955)	(5,066)	(4,483)	(7,365)	(330)	(3,487)	(2,607)	(3,642)		n/m
	Net debt	32,523	31,364	36,286	33,351	32,736	37,443	39,551	44,095	42,458	42,024	43,951		+2.9%
	Shareholders’ equity	19,622	20,744	23,911	24,414	24,694	26,647	26,242	28,897	27,995	26,409	27,068		+3.4%
Returns, %
Returns, %	ROA	0.16	3.48	3.83	3.97	4.45	1.83	0.58	2.32	3.75	2.84	2.89		+2.7 pt
	ROIC	2.85	3.75	4.48	5.47	5.54	3.13	4.88	5.22	4.75	5.25	5.39		+2.4 pt
	ROE	0.65	13.48	14.18	14.18	15.43	6.35	2.05	8.16	12.60	9.55	9.94		+8.9 pt
People
People	Employees	7,165	6,779	7,081	7,305	7,283	7,017	7,477	7,415	6,668	6,574	—		(1.0%)
	Revenue/emp, $m	1.32	1.53	1.49	1.37	1.33	1.52	1.54	1.59	1.51	1.66	—		+2.6%

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
WMB Williams Companies, Inc. (The)	$91.6B	29.5×	29.8×	+9.78% (above 0%: growing)	+51.11% (above 0%: growing)	−195.82% (below 0%: shrinking)	83.33%	38.72%	Compare
EPD Enterprise Products Partners L.P.	$84.3B	13.3×	12.6×	+60.78% (above 0%: growing)	+27.27% (above 0%: growing)	+162.10% (above 0%: growing)	12.06%	12.31%	Compare
KMI Kinder Morgan, Inc.	$75.7B	21.7×	22.0×	+10.76% (above 0%: growing)	+21.88% (above 0%: growing)	−52.59% (below 0%: shrinking)	68.62%	30.06%	Compare
ET Energy Transfer LP	$71.9B	14.2×	12.0×	+78.43% (above 0%: growing)	+84.37% (above 0%: growing)	+146.15% (above 0%: growing)	21.55%	10.41%	Compare
TRP TC Energy Corporation	$67.0B	26.8×	23.4×	+5.59% (above 0%: growing)	+18.28% (above 0%: growing)	+24.24% (above 0%: growing)	70.23%	54.92%
TRGP Targa Resources, Inc.	$67.0B	30.1×	27.8×	+4.23% (above 0%: growing)	+22.92% (above 0%: growing)	+1,002.09% (above 0%: growing)	48.15%	27.80%	Compare
LNG Cheniere Energy, Inc.	$65.9B	24.5×	27.5×	+23.51% (above 0%: growing)	+100.55% (above 0%: growing)	+452.21% (above 0%: growing)	83.04%	74.84%	Compare
MPLX MPLX LP	$60.7B	12.9×	14.0×	+10.29% (above 0%: growing)	+2.91% (above 0%: growing)	−38.89% (below 0%: shrinking)	56.91%	41.61%	Compare
OKE ONEOK, Inc.	$60.4B	16.7×	15.2×	+52.77% (above 0%: growing)	+14.18% (above 0%: growing)	+85.57% (above 0%: growing)	23.30%	13.22%	Compare
Median of peers	$69.4B	19.2×	18.6×	+17.14%	+25.10%	+115.86%	52.53%	28.93%

All 57 Oil & Gas Midstream stocks →

TC Energy Corporation (TRP) Latest News

27 Oct

Impact 3 · 11:10 AM · Zacks

Why TC Energy (TRP) is Poised to Beat Earnings Estimates Again

19 Oct

Impact 4 · 8:20 AM · Zacks

TC Energy Finalizes Indigenous Investment Plan for Coastal GasLink

Impact 3 · 1:12 PM · Insider Monkey

Is TC Energy (TRP) a Good or Bad Investment at Today’s Multiple?

16 Oct

Impact 3 · 5:00 PM · GlobeNewswire

TC Energy to host third quarter 2026 conference call on Nov. 5

15 Oct

Impact 3 · 3:31 PM · TIKR

Kinder Morgan vs. TC Energy: Which Dividend Stock Pays You More in 10 Years?

14 Oct

Impact 4 · 6:56 AM · offshore-technology.com

TC Energy closes First Nations investment deal for CGL pipeline

13 Oct

Impact 4 · 6:30 AM · GlobeNewswire

TC Energy announces Indigenous investment in Coastal GasLink

Impact 3 · 11:50 AM · financialpost.com

TC Energy sells economic stake in Coastal GasLink pipeline to five First Nations

4 Oct

Impact 4 · 12:05 PM · Simply Wall St.

Coastal GasLink Capacity Expansion Might Change The Case For Investing In TC Energy (TSX:TRP)

30 Sep

Impact 4 · 5:17 PM · Simply Wall St.

TC Energy (TSX:TRP) Backs Coastal GasLink Phase 2, Is It Still 16% Undervalued?

Impact 3 · 11:54 AM · Zacks

TC Energy Advances Coastal GasLink Phase 2 Expansion Plans

29 Sep

Impact 4 · 9:32 AM · Oilprice.com

TC Energy Advances Coastal GasLink Expansion After LNG Canada FID

Impact 4 · 6:30 AM · GlobeNewswire

Coastal GasLink Phase 2 to proceed following LNG Canada Final Investment Decision

28 Sep

Impact 3 · 3:20 PM · Barchart

Nat-Gas Prices Fall as Force Majeure Lifted on Appalachian Pipeline

25 Sep

Impact 3 · 11:55 PM · Insider Monkey

TC Energy (TRP) Signs Pipeline Sale. Can Reinvestment Replace Cash Flow?

Impact 3 · 3:13 PM · Barchart

Nat-Gas Prices Decline on Hopes Appalachia Pipeline to Be Repaired

24 Sep

Impact 3 · 3:15 PM · Barchart

Nat-Gas Prices Soar on Pipeline Outage in Appalachia

22 Sep

Impact 4 · 10:25 AM · Zacks

TC Energy to Divest Guadalajara-Manzanillo Pipeline for $400M

Impact 4 · 6:36 AM · offshore-technology.com

TC Energy to divest Guadalajara-Manzanillo Pipeline for $400m

21 Sep

Impact 3 · 7:00 PM · GlobeNewswire

TC Energy announces sale of Guadalajara-Manzanillo Pipeline

7 Aug

Impact 3 · 9:31 PM · The Motley Fool transcript

TC Energy (TRP) Q2 2026 Earnings Call Transcript

6 Aug

Impact 3 · 10:58 AM

TC Energy Q2 Earnings and Revenues Beat Estimates, Rise Y/Y

31 Jul

Impact 3 · 11:03 PM · MarketBeat transcript

TC Energy Q2 Earnings Call Highlights

30 Jul

Impact 4 · 5:04 PM

TC Energy Corp (TRP) (Q2 2026) Earnings Call Highlights: Strong EBITDA Growth and Robust ...

Impact 4 · 2:43 PM

TC Energy tops Q2 earnings estimates. What it has planned to meet data center demands.

Impact 3 · 6:30 AM

TC Energy reports strong second quarter 2026 operating and financial results

26 Jul

Impact 3 · 5:08 PM

TC Energy (TSX:TRP) On Northwoods Scrutiny And A Fair Value That Looks Full

Impact 3 · 2:07 AM

Could Northwoods’ Quiet Footprint Expansion Reframe TC Energy’s Regulatory Risk Profile (TSX:TRP)?

23 Jul

Impact 3 · 12:10 PM

Why TC Energy (TRP) Could Beat Earnings Estimates Again

Impact 3 · 10:00 AM

TC Energy (TRP) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

TC Energy Corporation

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

TC Energy Corporation vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

TC Energy Corporation (TRP) Latest News

27 Oct

19 Oct

16 Oct

15 Oct

14 Oct

13 Oct

4 Oct

30 Sep

29 Sep

28 Sep

25 Sep

24 Sep

22 Sep

21 Sep

7 Aug

6 Aug

31 Jul

30 Jul

26 Jul

23 Jul

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

TC Energy Corporation vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

TC Energy Corporation (TRP) Latest News

27 Oct

19 Oct

16 Oct

15 Oct

14 Oct

13 Oct

4 Oct

30 Sep

29 Sep

28 Sep

25 Sep

24 Sep

22 Sep

21 Sep

7 Aug

6 Aug

31 Jul

30 Jul

26 Jul

23 Jul

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