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TC Energy Corp (TRP) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · OIL & GAS MIDSTREAM · DATA UPDATED 2026-07-20

TC Energy Corp (TRP) operates in the OIL & GAS MIDSTREAM industry and is headquartered in Calgary, Canada with about 6,574 employees. Its market capitalization is roughly $74 billion. In the fiscal year ended 2025-12-31, TRP reported $15.2B in revenue and $3.5B in net income.

TC Energy Corporation operates as an energy infrastructure company in Canada, the United States, and Mexico. It operates through four segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; and Power and Energy Solutions.

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TRP Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$15.8B	$15.2B	$13.8B	$13.3B	$12.3B	$13.4B	$13.0B	$13.3B	$13.7B	$13.4B	$12.5B	$11.3B	$10.2B	$8.8B	$8.0B	$7.8B	$6.9B	$9.0B	$8.6B	$8.8B	$7.5B
Gross Profit	$8.1B	$7.6B	$6.6B	$6.7B	$5.8B	$6.7B	$6.5B	$6.5B	$6.2B	$5.1B	$4.6B	$4.0B	$3.8B	$3.3B	$3.0B	$3.2B	$2.4B	$4.1B	$5.0B	$3.8B	$4.0B
Gross Margin %	51.2%	50.0%	48.0%	50.3%	47.1%	49.9%	50.2%	49.1%	45.7%	38.0%	36.6%	35.8%	37.0%	37.8%	37.5%	40.3%	35.7%	45.6%	58.6%	43.1%	53.0%
Operating Income (EBIT)	$7.2B	$6.7B	$5.8B	$5.9B	$5.1B	$5.9B	$5.8B	$5.8B	$5.7B	$4.5B	$4.0B	$3.5B	$3.3B	$2.9B	$2.6B	$2.8B	$1.9B	$2.8B	$3.2B	$2.7B	$2.9B
Operating Margin %	45.8%	44.2%	42.0%	44.4%	41.2%	44.1%	44.6%	43.6%	41.5%	33.7%	32.1%	31.2%	32.3%	32.7%	32.1%	35.1%	28.2%	30.8%	36.8%	30.1%	38.9%
Net Income	$3.4B	$3.5B	$4.7B	$2.9B	$748M	$2.0B	$4.6B	$4.1B	$3.7B	$3.2B	$233M	($1.1B)	$1.8B	$1.8B	$1.4B	$1.6B	$1.3B	$1.4B	$1.4B	$1.2B	$1.1B
Net Margin %	21.8%	23.2%	34.1%	22.0%	6.1%	14.6%	35.5%	31.2%	27.1%	23.5%	1.9%	-10.1%	18.1%	20.3%	16.9%	20.2%	18.6%	15.4%	16.7%	13.9%	14.3%
EBITDA	$11.4B	$11.6B	$11.2B	$8.7B	$5.2B	$6.7B	$9.5B	$9.5B	$8.1B	$6.9B	$4.1B	$5.9B	$5.4B	$5.0B	$4.3B	$4.5B	$3.6B	$4.3B	$4.4B	$4.0B	$4.0B
Earnings Per Share (EPS)	$3.31	$3.38	$4.53	$2.84	$0.75	$2.01	$4.91	$4.45	$4.10	$3.61	$0.31	$-1.62	$2.59	$2.52	$1.92	$2.25	$1.85	$2.11	$2.52	$2.30	$2.20
Shares Outstanding (M)	1,042M	1,040M	1,038M	1,030M	996M	974M	940M	931M	903M	874M	760M	709M	710M	708M	706M	703M	692M	653M	572M	532M	490M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TRP Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$4.2B	$4.1B	$3.7B	$3.7B	$3.6B	$1.4B	$4.1B	$3.3B
Gross Profit	$2.4B	$2.0B	$1.8B	$1.8B	$1.9B	$775M	$1.8B	$1.6B
Gross Margin %	56.7%	49.7%	48.5%	49.2%	52.0%	57.0%	45.1%	47.3%
Operating Income (EBIT)	$2.2B	$1.8B	$1.6B	$1.6B	$1.7B	$652M	$1.6B	$1.4B
Operating Margin %	52.1%	44.2%	42.7%	43.4%	45.9%	47.9%	39.4%	41.0%
Net Income	$929M	$1.0B	$637M	$861M	$1.0B	$999M	$1.5B	$990M
Net Margin %	21.9%	24.9%	17.2%	23.0%	27.8%	73.5%	36.3%	29.8%
EBITDA	$3.0B	$3.0B	$2.7B	$2.7B	$2.7B	$2.1B	$3.3B	$2.5B
Earnings Per Share (EPS)	$0.89	$0.97	$0.61	$0.83	$0.97	$0.96	$1.43	$0.95
Shares Outstanding (M)	1,042M	1,041M	1,040M	1,040M	1,040M	1,038M	1,037M	1,037M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TRP Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$7.9B	$7.3B	$7.7B	$7.3B	$6.4B	$6.9B	$7.1B	$7.1B	$6.6B	$5.2B	$5.1B	$4.4B	$4.2B	$3.7B	$3.6B	$4.0B	$2.9B	$3.0B	$2.8B	$2.8B	$2.1B
Capital Expenditures (CapEx)	$4.5B	$5.3B	$6.4B	$8.1B	$6.7B	$5.9B	$8.1B	$8.2B	$9.9B	$7.5B	$5.3B	$4.4B	$4.3B	$4.5B	$2.6B	$3.3B	$5.0B	$5.4B	$3.1B	$1.7B	$1.6B
Free Cash Flow (FCF)	$3.4B	$2.1B	$1.3B	($881M)	($352M)	$966M	($1.1B)	($1.1B)	($3.4B)	($2.3B)	($233M)	($45M)	($111M)	($787M)	$976M	$699M	($2.2B)	($2.4B)	($294M)	$1.2B	$503M
FCF Margin %	21.4%	13.6%	9.7%	-6.6%	-2.9%	7.2%	-8.3%	-8.3%	-24.6%	-17.1%	-1.9%	-0.4%	-1.1%	-8.9%	12.2%	8.9%	-31.5%	-27.1%	-3.4%	13.4%	6.7%
Dividends Paid	$3.4B	$3.6B	$4.1B	$2.9B	$3.3B	$3.5B	$3.1B	$2.0B	$1.7B	$1.5B	$1.5B	$1.5B	$1.4B	$1.4B	$1.3B	$1.0B	$754M	$728M	$718M	$634M	$617M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TRP Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$1.9B	$1.9B	$1.9B	$2.2B	$1.4B	$2.1B	$1.8B	$1.2B
Capital Expenditures (CapEx)	$769M	$1.4B	$1.3B	$1.1B	$1.6B	$1.6B	$1.3B	$974M
Free Cash Flow (FCF)	$1.1B	$544M	$663M	$1.1B	($205M)	$435M	$494M	$235M
FCF Margin %	26.0%	13.4%	17.9%	28.3%	-5.7%	32.0%	12.1%	7.1%
Dividends Paid	$655M	$913M	$914M	$911M	$883M	$1.0B	$755M	$745M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

TRP Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$121.1B	$118.7B	$118.2B	$125.0B	$114.3B	$104.2B	$100.3B	$99.3B	$98.9B	$86.1B	$88.1B	$64.4B	$58.5B	$53.9B	$48.4B	$47.3B	$46.6B	$43.8B	$39.4B	$30.3B	$25.9B
Cash & Cash Equivalents	$1.1B	$261M	$801M	$3.7B	$620M	$673M	$1.5B	$1.3B	$446M	$1.1B	$1.0B	$850M	$489M	$927M	$551M	$654M	$764M	$997M	$1.3B	$504M	$400M
Total Liabilities	$83.9B	$81.8B	$79.9B	$86.0B	$80.2B	$70.8B	$66.8B	$66.9B	$67.9B	$59.2B	$62.1B	$46.2B	$37.9B	$33.8B	$30.1B	$29.1B	$28.7B	$26.9B	$25.3B	$19.9B	$17.8B
Total Debt (Short + Long-Term)	$61.8B	$60.3B	$59.4B	$63.3B	$58.3B	$52.8B	$49.6B	$49.9B	$50.2B	$43.5B	$44.9B	$35.1B	$25.0B	$24.4B	$22.3B	$21.9B	$21.9B	$19.5B	$17.0B	$15.3B	$12.0B
Total Shareholders' Equity	$27.6B	$27.3B	$27.6B	$29.6B	$34.0B	$33.3B	$31.4B	$30.8B	$29.3B	$25.0B	$24.3B	$16.4B	$19.1B	$18.5B	$16.9B	$17.3B	$16.7B	$15.8B	$12.9B	$11.9B	$9.1B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive TRP viewer.

Other Companies in OIL & GAS MIDSTREAM

ENB · Enbridge Inc — $124 billion
EPD · Enterprise Products Partners LP — $84 billion
LNG · Cheniere Energy Inc — $57 billion

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