TC Energy Corporation
TRP Energy Oil & Gas Midstream
TC Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $10.9 billion, up 8.52% from fiscal 2024. In the quarter to June 2026, revenue grew 5.59%, EPS grew 18.3%, free cash flow grew 24.2% and total debt rose 10.3%, each against the same quarter a year earlier.
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TC Energy Corporation (TRP) Beneish M-score
TC Energy Corporation's Beneish M-score for fiscal 2025 is −2.50; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.50 | 0.43 |
| FY2024 | −2.93 | (0.37) |
| FY2023 | −2.55 | 0.27 |
| FY2022 | −2.82 | (1.07) |
| FY2021 | −1.75 | 0.95 |
| FY2020 | −2.70 | 0.01 |
| FY2019 | −2.71 | (0.07) |
| FY2018 | −2.65 | (0.26) |
| FY2017 | −2.39 | (0.17) |
| FY2016 | −2.22 | 0.88 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.89 | |
| Gross margin index | 0.98 | — | 0.51 | |
| Asset quality index | 1.18 | — | 0.48 | |
| Sales growth index | 1.09 | — | 0.97 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.50 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TRGP Targa Resources, Inc. compare | −3.0× |
| EPD Enterprise Products Partners L.P. compare | −3.0× |
| WMB Williams Companies, Inc. (The) compare | −2.7× |
| MPLX MPLX LP compare | −2.6× |
| TRP TC Energy Corporation | −2.5× |
| KMI Kinder Morgan, Inc. compare | −2.5× |
| ET Energy Transfer LP compare | −2.5× |
| OKE ONEOK, Inc. compare | −2.1× |
| LNG Cheniere Energy, Inc. compare | −1.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI