How TC Energy makes money

Period

FY2025

How does TC Energy make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

TC Energy Corporation · FY2025 · year ended 2025-12-31

Revenue$10.9BGross profit$10.8B · 99%Cost of revenue$149M · 1%Operating income$5.8B · 53%Operating expenses$5.0B · 46%Other opex$5.0B · 46%Pre-tax income$3.3B · 31%Other expense$2.4B · 22%Net income$2.5B · 23%Income tax$814M · 7%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.