TRP
$61.74+3.47%
as of close, Oct 16, 2026
☾ AH $61.74 +3.47%
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.
As-reported fiscal years.
| Line item | Trend | 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+8.6% | 10.0B+2.2% | 9.83B+5.5% | 9.32B-12.8% | 10.7B+10.1% | |
| Cost of revenue | 149M-6.0% | 158M+167.0% | 59.3M+250.7% | 16.9M-75.6% | 69.4M | |
| Provision for credit losses | 59.4M+470.2% | -16.0M+73.9% | -61.5M-149.1% | 125M | 0.00 | |
| Operating income | 5.75B-1.0% | 5.81B+53.8% | 3.78B+100.7% | 1.88B-41.9% | 3.24B-35.9% | |
| Interest expense | 2.44B+10.7% | 2.20B-8.9% | 2.42B+21.6% | 1.99B+5.6% | 1.88B+13.3% | |
| Other non-operating income | 147M-37.9% | 236M+17.2% | 202M+87.4% | 108M-29.0% | 152M+9.8% | |
| Equity-method income | 912M-19.8% | 1.14B+17.1% | 971M+26.5% | 768M+7.1% | 716M-5.8% | |
| Pre-tax income | 3.90B-9.6% | 4.31B+76.3% | 2.44B+571.1% | 364M-78.9% | 1.73B-54.6% | |
| Income tax | 814M+21.1% | 672M+7.8% | 624M+152.2% | 247M+158.4% | 95.7M-33.9% | |
| 2.52B-26.5% | 3.43B+58.3% | 2.17B+276.8% | 575M-63.2% | 1.56B-54.7% | ||
| Income from continuing operations | 2.67B-14.9% | 3.14B+83.3% | 1.71B+1837.4% | 88.4M | — | |
| Discontinued operations | -152M-152.7% | 288M-36.5% | 454M-6.8% | 486M | — | |
| Net income to non-controlling interest | 411M-17.2% | 497M+359.1% | 108M+280.6% | 28.4M-60.8% | 72.6M-67.2% | |
| Net income to common | 2.43B-27.4% | 3.35B+59.8% | 2.10B+325.7% | 492M-66.0% | 1.45B-56.5% | |
| $2.34-27.6% | $3.23+58.6% | $2.04+314.4% | $0.49-66.9% | $1.48-58.0% | ||
| EPS (basic) | $2.34-27.6% | $3.23+58.6% | $2.04+314.4% | $0.49-67.0% | $1.49-57.8% | |
| Weighted-avg shares (basic) | 1.04B+0.2% | 1.04B+0.8% | 1.03B+3.5% | 995M+2.3% | 973M+3.5% | |
| Weighted-avg shares (diluted) | 1.04B+0.2% | 1.04B+0.8% | 1.03B+3.4% | 996M+2.3% | 974M+3.6% | |
| Dividends per share | $2.43-9.9% | $2.70-2.0% | $2.76-0.3% | $2.77-0.4% | $2.78+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+15.7% | 3.99B-53.6% | 8.59B+58.6% | 5.42B-7.8% | 5.88B+43.8% | ||
| Cash & equivalents | 123M-78.0% | 557M-80.0% | 2.78B+506.6% | 458M-14.0% | 533M-55.7% | |
| Accounts receivable | 2.04B+12.4% | 1.81B-1.0% | 1.83B-31.5% | 2.68B+9.4% | 2.45B+44.1% | |
| Inventory | 571M+10.0% | 519M-10.8% | 582M-15.8% | 692M+20.7% | 573M+16.0% | |
| Prepaid expenses | 59.9M+0.2% | 59.8M-9.0% | 65.7M-24.6% | 87.2M-1.7% | 88.6M-10.4% | |
| Other current assets | 1.73B+86.3% | 931M-13.2% | 1.07B-32.6% | 1.59B+17.0% | 1.36B+96.6% | |
| 86.7B+5.5% | 82.2B-13.0% | 94.5B+11.8% | 84.5B+2.4% | 82.5B+4.7% | ||
| Property, plant & equipment | 51.9B-3.7% | 53.9B+2.7% | 52.5B-6.5% | 56.1B+1.0% | 55.6B+1.3% | |
| Operating lease right-of-use | 294M-12.0% | 334M+1.5% | 329M+7.2% | 307M-6.7% | 328M-11.6% | |
| Goodwill | 9.50B+0.0% | 9.50B+0.4% | 9.47B-0.2% | 9.49B-4.7% | 9.96B-0.0% | |
| Deferred tax assets | 260M-12.6% | 298M-70.1% | 996M+26.0% | 791M+96.2% | 403M+189.8% | |
| Other non-current assets | 1.81B+8.2% | 1.68B-23.0% | 2.18B+5.8% | 2.06B+85.3% | 1.11B+44.4% | |
| 7.27B-0.5% | 7.31B-18.1% | 8.93B-28.5% | 12.5B+21.0% | 10.3B+9.6% | ||
| Accounts payable | 2.38B-7.3% | 2.57B+10.1% | 2.34B-27.0% | 3.20B-3.4% | 3.31B+37.9% | |
| Deferred revenue | 33.6M+61.1% | 20.9M-41.3% | 35.5M-22.5% | 45.8M-35.7% | 71.2M-29.7% | |
| Short-term & current debt | 1.13B-45.1% | 2.05B-7.4% | 2.22B+58.3% | 1.40B+34.2% | 1.04B-32.6% | |
| Current lease liability | 44.5M+6.8% | 41.7M-3.1% | 43.1M+7.9% | 39.9M+2.9% | 38.8M-11.8% | |
| 59.8B+7.6% | 55.5B-14.6% | 65.0B+9.6% | 59.3B+5.7% | 56.1B+6.8% | ||
| Long-term debt | — | 2.80B+40.0% | 2.00B+69.2% | 1.18B | 0.00 | |
| Deferred revenue (non-current) | — | 0.00-100.0% | 1.51M-93.6% | 23.6M-83.8% | 146M-8.7% | |
| Non-current lease liability | 270M-13.8% | 313M+3.8% | 302M+7.9% | 280M-6.9% | 301M-10.3% | |
| Operating lease liability (total) | 315M-11.4% | 355M+2.9% | 345M+7.9% | 320M-5.8% | 340M-10.5% | |
| Deferred tax liabilities | 5.61B+17.2% | 4.79B-9.1% | 5.27B-6.8% | 5.65B+16.2% | 4.86B+6.6% | |
| Other non-current liabilities | 755M+3.4% | 731M-2.4% | 749M-0.4% | 751M-10.4% | 838M-27.7% | |
| 19.9B+3.9% | 19.2B-14.1% | 22.3B-11.1% | 25.1B-4.6% | 26.3B+6.8% | ||
| Preferred stock | 1.65B-5.2% | 1.74B-8.0% | 1.89B+2.2% | 1.85B-33.1% | 2.76B-11.7% | |
| Common stock | 22.1B+5.5% | 20.9B-7.7% | 22.7B+5.8% | 21.4B+1.3% | 21.1B+9.9% | |
| Additional paid-in capital | — | — | 0.00-100.0% | 533M-7.6% | 577M-63.3% | |
| Retained earnings | -4.33B-18.8% | -3.64B-60.9% | -2.26B-474.2% | 605M-79.7% | 2.99B-29.2% | |
| Accumulated other comprehensive income | 545M+236.8% | 162M+337.6% | 37.0M-94.8% | 706M+162.2% | -1.14B+40.8% | |
| Non-controlling interest | 7.01B-6.3% | 7.49B+4.8% | 7.14B+7572.6% | 93.1M-5.9% | 98.9M-92.5% | |
| Total equity incl. non-controlling | 26.9B+1.1% | 26.7B-9.5% | 29.5B+16.9% | 25.2B-4.6% | 26.4B+1.7% | |
| Total liabilities & equity | 86.7B+5.5% | 82.2B-13.0% | 94.5B+11.8% | 84.5B+2.4% | 82.5B+4.7% | |
| Common shares issued | 1.04B+0.2% | 1.04B+0.2% | 1.04B+1.9% | 1.02B+3.8% | 981M+4.4% | |
| Common shares outstanding | 1.04B+0.2% | 1.04B+0.2% | 1.04B+1.9% | 1.02B+3.8% | 981M+4.4% | |
| Shares outstanding (cover) | 1.04B+0.2% | 1.04B+0.2% | 1.04B+1.9% | 1.02B+3.8% | 981M+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-6.3% | 5.61B+4.2% | 5.39B+10.0% | 4.90B-10.9% | 5.50B+4.4% | ||
| Depreciation & amortization | 1.98B-2.6% | 2.03B-1.2% | 2.06B+3.7% | 1.99B-1.3% | 2.01B+4.1% | |
| Deferred income taxes | 552M+77.2% | 311M+2010.4% | -16.3M+48.2% | -31.5M+78.7% | -148M-241.1% | |
| Change in receivables | 238M+2405.6% | 9.48M-96.8% | 292M-33.9% | 442M-40.1% | 738M+866.8% | |
| Change in inventory | 39.4M+237.3% | 11.7M-71.9% | 41.5M-71.6% | 146M+96.8% | 74.2M+80.8% | |
| -4.62B+8.3% | -5.04B+44.7% | -9.11B-69.1% | -5.39B+12.5% | -6.15B-36.3% | ||
| Capital expenditure | 3.77B-34.6% | 5.77B-36.7% | 9.11B+32.4% | 6.88B+21.0% | 5.69B-14.3% | |
| Free cash flow | 1.49B+1079.2% | -152M+95.9% | -3.73B-87.6% | -1.99B-920.7% | -195M+85.8% | |
| Acquisitions | 0.00 | 0.00-100.0% | 227M | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | 0.00-100.0% | 577M+2259.3% | 24.5M | 0.00-100.0% | 27.9M-98.9% | |
| Other investing activities | 90.2M-64.2% | 252M+2929.8% | -8.89M-128.2% | 31.5M-91.2% | 357M-14.5% | |
| -1.08B+61.6% | -2.83B-147.1% | 6.00B+1502.8% | 374M+633.0% | -70.2M+88.2% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 4.38B-35.3% | 6.76B+142.0% | 2.80B+171.9% | 1.03B-83.4% | 6.19B+108.6% | |
| Net short-term debt | 627M+152.0% | 249M+105.3% | -4.67B-893.1% | 589M-26.4% | 800M+587.6% | |
| Common stock issued | 74.4M+16.0% | 64.2M+2065.4% | 2.96M-99.8% | 1.46B+1139.7% | 118M+73.9% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 2.51B-13.0% | 2.88B+39.6% | 2.07B-15.8% | 2.45B-7.3% | 2.65B+18.8% | |
| FX effect on cash | -3.58M-102.3% | 153M+1391.9% | -11.9M-116.4% | 72.2M+70.8% | 42.3M+398.3% | |
| Net change in cash | -453M+78.4% | -2.10B-192.6% | 2.27B+5665.0% | -40.7M+94.0% | -684M-590.1% | |
| Interest paid | 2.35B-5.2% | 2.48B+14.1% | 2.17B+14.1% | 1.90B+3.8% | 1.83B+11.6% | |
| Income taxes paid | 389M+37.7% | 282M-51.8% | 586M+93.6% | 303M+2.3% | 296M+57.4% | |
| 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+18.4% | 48.3B+21.5% | 39.8B+1.8% | 39.1B-14.4% | 45.6B+19.2% | |
| P/E | 22.7×+61.1% | 14.1×-79.6% | 69.2×+176.2% | 25.1×-14.4% | 29.3×+163.3% | |
| P/S | 5.3×+9.1% | 4.8×+12.7% | 4.3×+16.7% | 3.7×-14.4% | 4.3×+8.3% | |
| P/B | 2.9×+14.0% | 2.5×+59.1% | 1.6×+6.7% | 1.5×-14.4% | 1.7×+11.7% | |
| P/FCF | 38.5× | — | — | — | — | |
| Earnings yield | 4.4%-37.9% | 7.1%+390.7% | 1.4%-63.8% | 4.0%+16.8% | 3.4%-62.0% | |
| FCF yield | 2.6% | — | — | — | — | |
| Dividend yield | 4.4%-23.8% | 5.8%-17.7% | 7.1%+1.6% | 6.9%+16.3% | 6.0%+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.