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TRP

TC Energy Corporation

TRP

TC Energy Corporation • NYSE
$54.72 ▲ 1.37% (+0.74)
Market Cap $56.88 B
52w High $55.37
52w Low $43.51
Dividend Yield 2.22%
P/E 21.46
Volume 1.08M
Outstanding Shares 1.04B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.704B ▼ $215M ▼ $637M ▼ 17.198% ▼ $0.58 ▼ $2.707B ▼
Q2-2025 $3.744B ▲ $218M ▼ $861M ▼ 22.997% ▼ $0.8 ▼ $2.743B ▲
Q1-2025 $3.623B ▲ $224M ▲ $1.006B ▲ 27.767% ▼ $0.94 $2.738B ▲
Q4-2024 $1.36B ▼ $123M ▼ $999M ▼ 73.456% ▲ $0.94 ▼ $2.062B ▼
Q3-2024 $4.083B $235M $1.483B 36.321% $1.37 $3.341B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.802B ▲ $120.234B ▲ $82.658B ▲ $27.465B ▼
Q2-2025 $1.422B ▼ $116.837B ▼ $79.457B ▼ $27.52B ▼
Q1-2025 $1.962B ▲ $120.545B ▲ $82.106B ▲ $27.693B ▲
Q4-2024 $801M ▼ $118.243B ▼ $79.883B ▼ $27.592B ▼
Q3-2024 $3.797B $135.292B $94.815B $30.456B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $764M ▼ $1.92B ▼ $-1.593B ▼ $69M ▲ $380M ▲ $663M ▼
Q2-2025 $973M ▼ $2.173B ▲ $-1.486B ▲ $-1.246B ▼ $-540M ▼ $1.058B ▲
Q1-2025 $1.175B ▼ $1.359B ▼ $-1.736B ▲ $1.546B ▲ $1.161B ▲ $-205M ▼
Q4-2024 $1.182B ▲ $2.084B ▲ $-2.516B ▼ $-8.944B ▼ $-9.187B ▼ $435M ▼
Q3-2024 $1.008B $1.791B $-1.008B $4.771B $5.574B $493.685M

Five-Year Company Overview

Income Statement

Income Statement TC Energy’s revenue has been fairly steady over the past five years, reflecting the predictable, contract-based nature of its pipeline business. Profitability, however, has been more uneven. There were periods of weaker earnings likely tied to one-time charges or project issues, followed by a clear recovery more recently with much stronger net income per share. Overall, the core operations look solid and cash-generative, but reported profits can swing from year to year due to accounting items, asset write-downs, or cost overruns on large projects.

Balance Sheet

Balance Sheet The company carries a very large asset base built over decades of pipeline and power investments, which underpins its strategic importance. At the same time, it also carries a heavy debt load that has grown over time and now represents a key financial risk to monitor. Equity has not grown as quickly as debt, which means leverage has crept higher. Cash on hand is relatively modest, so the company leans on ongoing cash flows and access to capital markets rather than large cash reserves for flexibility.

Cash Flow

Cash Flow Operating cash flow has been consistently strong, which is typical for a fee-based pipeline and power business with long-term contracts. The main story is on the investment side: TC Energy has spent heavily on new projects for several years, often pushing free cash flow close to break-even or negative. More recently, free cash flow has improved as spending began to ease. The big question going forward is whether the company can balance necessary growth and decarbonization projects with a more disciplined, self-funded investment pace to reduce reliance on new borrowing.

Competitive Edge

Competitive Edge TC Energy holds a powerful competitive position in North American energy infrastructure. Its gas pipelines move a substantial portion of the continent’s natural gas, and these routes are extremely difficult, expensive, and time-consuming for new entrants to replicate. Much of its revenue comes from long-term, fee-based contracts with high-quality customers, which softens the impact of commodity price swings. Diversification into power generation, including a large nuclear exposure, adds another stable earnings leg. The planned spin-off of the liquids pipelines business should sharpen the focus on lower-risk gas and power, but it will also slightly reduce diversification, so execution of this shift will matter.

Innovation and R&D

Innovation and R&D While not a traditional “R&D-heavy” tech firm, TC Energy is clearly investing in engineering and digital innovation tied directly to its assets. It uses advanced inspection tools, proprietary risk models, and AI-based optimization platforms to improve safety, reliability, and emissions performance of its pipelines. On the strategic side, it is pushing into hydrogen, carbon capture, and renewable natural gas, and exploring renewable power and storage to support its own operations and new customer needs. These efforts position the company to participate in the energy transition, but many of these projects are still in development and will take time to prove out commercially.

Summary

TC Energy combines a very strong infrastructure footprint with relatively stable, contract-driven cash flows, but is also managing significant debt and a history of heavy capital spending. The core midstream and power businesses look resilient, and recent profit recovery suggests the underlying franchise remains healthy. The company is leaning into the energy transition with a mix of brownfield pipeline expansions, digital optimization, and low-carbon projects such as hydrogen and carbon capture. Key things to watch are leverage, the pace and discipline of new investments, and execution on the spin-off and decarbonization strategy, all of which will shape how much of its solid operating base translates into durable, growing free cash flow over time.

NEWS

November 6, 2025 · 6:35 AM UTC

TC Energy declares quarterly dividends

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November 6, 2025 · 6:30 AM UTC

TC Energy delivers strong third quarter performance and updates three-year financial outlook

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October 16, 2025 · 5:00 PM UTC

TC Energy to host third quarter 2025 conference call on Nov. 6

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October 9, 2025 · 5:00 PM UTC

TC Energy announces closing of US$350 million Junior Subordinated Notes Offering by TransCanada PipeLines Limited and redemption of Cumulative Redeemable First Preferred Shares, Series 11

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October 6, 2025 · 8:58 AM UTC

TC Energy announces consideration of U.S. Junior Subordinated Notes Offering by TransCanada PipeLines Limited

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