TRP financial statements

The full income statement, balance sheet, and cash-flow statement for TC Energy Corporation (TRP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 881.4M2018-12 918.1M2019-12 938.4M2020-12 940.1M2021-12 980.8M2022-12 1.02B2023-12 1.04B2024-12 1.04B2025-12 1.04B+18.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	10.9B YoY+8.6%	10.0B YoY+2.2%	9.83B YoY+5.5%	9.31B YoY-12.8%	10.7B YoY+10.2%
Cost of revenue	149M YoY-6.0%	158M YoY+167.0%	59.3M YoY+250.7%	16.9M YoY-75.7%	69.4M
Provision for credit losses	59.4M YoY+470.1%	-16.0M YoY+73.9%	-61.5M YoY-149.1%	125M	0.00
Operating income	5.75B YoY-1.0%	5.81B YoY+53.8%	3.78B YoY+100.7%	1.88B YoY-41.9%	3.24B YoY-35.9%
Interest expense	2.44B YoY+10.7%	2.20B YoY-8.9%	2.42B YoY+21.6%	1.99B YoY+5.6%	1.88B YoY+13.3%
Other non-operating income	147M YoY-37.9%	236M YoY+17.3%	202M YoY+87.4%	108M YoY-29.1%	152M YoY+9.9%
Equity-method income	912M YoY-19.8%	1.14B YoY+17.1%	971M YoY+26.5%	767M YoY+7.1%	717M YoY-5.7%
Pre-tax income	3.90B YoY-9.6%	4.31B YoY+76.3%	2.44B YoY+571.1%	364M YoY-78.9%	1.73B YoY-54.6%
Income tax	814M YoY+21.1%	673M YoY+7.8%	624M YoY+152.2%	247M YoY+158.4%	95.8M YoY-33.8%
	2.52B YoY-26.5%	3.43B YoY+58.3%	2.17B YoY+276.8%	575M YoY-63.2%	1.56B YoY-54.7%
Income from continuing operations	2.67B YoY-14.9%	3.14B YoY+83.4%	1.71B YoY+1837.5%	88.3M	—
Discontinued operations	-152M YoY-152.7%	288M YoY-36.5%	453M YoY-6.7%	486M	—
Net income to non-controlling interest	412M YoY-17.2%	497M YoY+359.2%	108M YoY+280.6%	28.4M YoY-60.9%	72.6M YoY-67.2%
Net income to common	2.43B YoY-27.4%	3.35B YoY+59.9%	2.10B YoY+325.7%	492M YoY-66.0%	1.45B YoY-56.4%
	$2.34 YoY-27.6%	$3.23 YoY+58.6%	$2.04 YoY+314.4%	$0.49 YoY-66.9%	$1.48 YoY-58.0%
EPS (basic)	$2.34 YoY-27.6%	$3.23 YoY+58.6%	$2.04 YoY+314.4%	$0.49 YoY-67.0%	$1.49 YoY-57.8%
	1.04B YoY+0.2%	1.04B YoY+0.8%	1.03B YoY+3.5%	995M YoY+2.3%	973M YoY+3.5%
	1.04B YoY+0.2%	1.04B YoY+0.8%	1.03B YoY+3.4%	996M YoY+2.3%	974M YoY+3.6%
Dividends per share	$2.43 YoY-9.9%	$2.70 YoY-2.0%	$2.76 YoY-0.3%	$2.77 YoY-0.4%	$2.78 YoY+14.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.61B YoY+15.5%	3.99B YoY-53.5%	8.59B YoY+58.6%	5.42B YoY-7.0%	5.83B YoY+42.9%
Cash & equivalents	123M YoY-78.0%	558M YoY-79.9%	2.78B YoY+506.6%	458M YoY-13.3%	528M YoY-56.0%
Accounts receivable	2.04B YoY+12.2%	1.82B YoY-0.8%	1.83B YoY-31.5%	2.68B YoY+10.3%	2.43B YoY+43.2%
Inventory	571M YoY+9.7%	520M YoY-10.7%	582M YoY-15.8%	692M YoY+21.7%	568M YoY+15.3%
Prepaid expenses	59.9M YoY-0.0%	59.9M YoY-8.9%	65.7M YoY-24.6%	87.2M YoY-0.8%	87.9M YoY-11.0%
Other current assets	1.73B YoY+85.9%	932M YoY-13.0%	1.07B YoY-32.6%	1.59B YoY+18.0%	1.35B YoY+95.4%
	86.7B YoY+5.3%	82.3B YoY-12.8%	94.5B YoY+11.8%	84.5B YoY+3.3%	81.8B YoY+4.1%
Property, plant & equipment	51.9B YoY-3.9%	54.0B YoY+2.9%	52.5B YoY-6.5%	56.1B YoY+1.8%	55.1B YoY+0.7%
Operating lease right-of-use	293M YoY-12.2%	334M YoY+1.7%	329M YoY+7.2%	307M YoY-5.9%	326M YoY-12.1%
Goodwill	9.49B YoY+0.0%	9.49B YoY+0.0%	9.49B YoY+0.0%	9.49B YoY-4.5%	9.94B YoY+0.0%
Deferred tax assets	260M YoY-12.8%	298M YoY-70.1%	996M YoY+26.0%	791M YoY+97.9%	400M YoY+188.0%
Other non-current assets	1.81B YoY+8.0%	1.68B YoY-22.9%	2.18B YoY+5.8%	2.06B YoY+86.8%	1.10B YoY+43.5%
	7.27B YoY-0.7%	7.32B YoY-18.0%	8.93B YoY-28.5%	12.5B YoY+22.0%	10.2B YoY+8.9%
Accounts payable	2.38B YoY-7.5%	2.58B YoY+10.3%	2.34B YoY-27.0%	3.20B YoY-2.6%	3.28B YoY+37.0%
Deferred revenue	33.6M YoY+60.7%	20.9M YoY-41.2%	35.5M YoY-22.5%	45.8M YoY-35.2%	70.6M YoY-30.1%
Short-term & current debt	1.13B YoY-45.2%	2.06B YoY-7.3%	2.22B YoY+58.3%	1.40B YoY+35.3%	1.04B YoY-33.0%
Current lease liability	44.5M YoY+6.6%	41.8M YoY-3.0%	43.1M YoY+7.9%	39.9M YoY+3.7%	38.5M YoY-12.4%
	59.8B YoY+7.4%	55.6B YoY-14.4%	65.0B YoY+9.6%	59.3B YoY+6.6%	55.6B YoY+6.1%
Long-term debt	—	2.80B YoY+40.0%	2.00B YoY+25.0%	1.60B	0.00
Deferred revenue (non-current)	—	0.00 YoY-100.0%	1.51M YoY-93.6%	23.6M YoY-83.6%	144M YoY-9.2%
Non-current lease liability	270M YoY-14.0%	314M YoY+3.9%	302M YoY+7.9%	280M YoY-6.1%	298M YoY-10.9%
Operating lease liability (total)	315M YoY-11.6%	356M YoY+3.1%	345M YoY+7.9%	320M YoY-5.0%	337M YoY-11.1%
Deferred tax liabilities	5.60B YoY+16.9%	4.79B YoY-9.0%	5.27B YoY-6.8%	5.65B YoY+17.2%	4.82B YoY+5.9%
Other non-current liabilities	755M YoY+3.1%	732M YoY-2.2%	749M YoY-0.4%	751M YoY-9.6%	831M YoY-28.1%
	19.9B YoY+3.7%	19.2B YoY-13.9%	22.3B YoY-11.1%	25.1B YoY-3.8%	26.1B YoY+6.1%
Preferred stock	1.65B YoY-5.4%	1.74B YoY-7.8%	1.89B YoY+2.2%	1.85B YoY-32.5%	2.74B YoY-12.3%
Common stock	22.1B YoY+5.2%	21.0B YoY-7.5%	22.7B YoY+5.8%	21.4B YoY+2.2%	21.0B YoY+9.3%
Additional paid-in capital	—	—	0.00 YoY-100.0%	533M YoY-6.8%	572M YoY-63.5%
Retained earnings	-4.33B YoY-18.5%	-3.65B YoY-61.2%	-2.26B YoY-474.2%	605M YoY-79.6%	2.96B YoY-29.6%
Accumulated other comprehensive income	545M YoY+236.1%	162M YoY+338.4%	37.0M YoY-94.8%	706M YoY+162.7%	-1.13B YoY+41.1%
Non-controlling interest	7.01B YoY-6.5%	7.50B YoY+5.0%	7.14B YoY+7572.6%	93.1M YoY-5.1%	98.1M YoY-92.6%
Total equity incl. non-controlling	26.9B YoY+0.8%	26.7B YoY-9.3%	29.5B YoY+16.9%	25.2B YoY-3.8%	26.2B YoY+1.1%
Total liabilities & equity	86.7B YoY+5.3%	82.3B YoY-12.8%	94.5B YoY+11.8%	84.5B YoY+3.3%	81.8B YoY+4.1%
	1.04B YoY+0.2%	1.04B YoY+0.2%	1.04B YoY+1.9%	1.02B YoY+3.8%	981M YoY+4.4%
	1.04B YoY+0.2%	1.04B YoY+0.2%	1.04B YoY+1.9%	1.02B YoY+3.8%	981M YoY+4.4%
	1.04B YoY+0.2%	1.04B YoY+0.2%	1.04B YoY+1.9%	1.02B YoY+3.8%	981M YoY+4.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.26B YoY-6.4%	5.61B YoY+4.2%	5.39B YoY+10.0%	4.90B YoY-10.9%	5.50B YoY+4.4%
Depreciation & amortization	1.98B YoY-2.6%	2.03B YoY-1.2%	2.06B YoY+3.7%	1.99B YoY-1.4%	2.01B YoY+4.2%
Deferred income taxes	552M YoY+77.1%	312M YoY+2010.9%	-16.3M YoY+48.2%	-31.5M YoY+78.7%	-148M YoY-241.2%
Change in receivables	238M YoY+2405.6%	9.48M YoY-96.8%	292M YoY-33.9%	442M YoY-40.2%	738M YoY+867.1%
Change in inventory	39.4M YoY+237.3%	11.7M YoY-71.9%	41.5M YoY-71.6%	146M YoY+96.7%	74.2M YoY+80.9%
	-4.62B YoY+8.3%	-5.04B YoY+44.6%	-9.10B YoY-69.1%	-5.38B YoY+12.5%	-6.15B YoY-36.3%
Capital expenditure	—	5.77B YoY-36.7%	9.11B YoY+32.4%	6.88B YoY+20.9%	5.69B YoY-14.2%
Free cash flow	—	-152M YoY+95.9%	-3.73B YoY-87.6%	-1.99B YoY-920.4%	-195M YoY+85.8%
Acquisitions	0.00	0.00 YoY-100.0%	227M	0.00	0.00
Proceeds from sale of PP&E	0.00 YoY-100.0%	577M YoY+2259.9%	24.5M	0.00 YoY-100.0%	27.9M YoY-98.9%
Other investing activities	90.2M YoY-64.2%	252M YoY+2930.5%	-8.89M YoY-128.2%	31.5M YoY-91.2%	357M YoY-14.5%
	-1.09B YoY+61.6%	-2.83B YoY-147.1%	6.00B YoY+1502.9%	374M YoY+632.8%	-70.2M YoY+88.2%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	4.38B YoY-35.3%	6.76B YoY+142.0%	2.80B YoY+171.9%	1.03B YoY-83.4%	6.19B YoY+108.7%
Net short-term debt	627M YoY+152.0%	249M YoY+105.3%	-4.67B YoY-893.2%	588M YoY-26.5%	800M YoY+587.7%
Common stock issued	74.4M YoY+15.9%	64.2M YoY+2065.9%	2.96M YoY-99.8%	1.46B YoY+1139.3%	118M YoY+74.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	2.51B YoY-13.0%	2.88B YoY+39.6%	2.07B YoY-15.8%	2.45B YoY-7.3%	2.65B YoY+18.8%
FX effect on cash	-3.58M YoY-102.3%	153M YoY+1392.2%	-11.9M YoY-116.4%	72.2M YoY+70.8%	42.3M YoY+398.4%
Net change in cash	-453M YoY+78.4%	-2.10B YoY-192.6%	2.27B YoY+5665.2%	-40.7M YoY+94.0%	-684M YoY-590.3%
Interest paid	2.35B YoY-5.2%	2.48B YoY+14.1%	2.17B YoY+14.1%	1.90B YoY+3.8%	1.83B YoY+11.6%
Income taxes paid	389M YoY+37.7%	282M YoY-51.8%	586M YoY+93.6%	303M YoY+2.2%	296M YoY+57.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	57.3B YoY+18.4%	48.3B YoY+21.5%	39.8B YoY+1.8%	39.1B YoY-14.4%	45.6B YoY+19.2%
P/E	22.7× YoY+61.1%	14.1× YoY-79.6%	69.2× YoY+176.3%	25.1× YoY-14.4%	29.3× YoY+163.2%
P/S	5.2× YoY+9.1%	4.8× YoY+12.7%	4.3× YoY+16.7%	3.7× YoY-14.4%	4.3× YoY+8.2%
P/B	2.9× YoY+14.2%	2.5× YoY+58.8%	1.6× YoY+5.9%	1.5× YoY-14.4%	1.7× YoY+12.4%
	4.4% YoY-37.9%	7.1% YoY+390.9%	1.4% YoY-63.8%	4.0% YoY+16.8%	3.4% YoY-62.0%
	4.4% YoY-23.8%	5.8% YoY-17.7%	7.1% YoY+1.6%	6.9% YoY+16.3%	6.0% YoY+0.5%
Source filing	40-F	40-F	40-F	40-F	40-F

About this data

Source: TRP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TRP filings on SEC EDGAR → Not investment advice.