TC ENERGY CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TC ENERGY CORP files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12,547	13,449	13,679	13,255	12,999	13,387	12,309	13,267	13,771	15,239
Cost of revenue	2,172	2,382	1,486	365	0	87	22	80	217	208
Gross profit	10,375	11,067	12,193	12,890	12,999	13,300	12,287	13,187	13,554	15,031
Operating income	2,313	4,684	5,764	6,585	6,773	4,059	2,450	5,097	7,964	8,036
Interest expense	1,998	2,069	2,265	2,333	2,228	2,360	2,588	3,263	3,019	3,407
Other non-operating income	103	184	-76	460	185	190	140	272	324	205
Pre-tax income	837	3,306	3,949	5,187	5,107	2,166	474	3,298	5,906	5,444
Income tax	352	-89	432	754	194	120	322	842	922	1,138
Income from continuing operations							115	2,310	4,303	3,731
Net income to minority interests	252	238	-185	293	297	91	37	146	681	575
Net income	233	3,157	3,702	4,140	4,616	1,955	748	2,922	4,698	3,519
EBITDA	4,252	6,739	8,114	9,049	9,363	6,581	5,034	7,875	10,752	10,805
EPS, basic	0.16	3.44	3.92	4.28	4.74	1.87	0.64	2.75	4.43	3.27
EPS, diluted	0.16	3.43	3.92	4.27	4.74	1.86	0.64	2.75	4.43	3.27
Shares, basic (weighted)	759	872	902	929	940	973	995	1,030	1,038	1,040
Shares, diluted (weighted)	760	874	903	931	940	974	996	1,030	1,038	1,040
Dividend per share	2.26	2.50	2.76	3.00	3.24	3.48	3.60	3.72	3.70	3.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,016	1,089	446	1,343	1,530	673	620	3,678	801	168
Receivables	2,075	2,522	2,535	2,422	2,162	3,092	3,624	2,427	2,611	2,794
Inventory	368	378	431	452	629	724	936	771	747	782
Other current assets	908	691	1,180	627	880	1,717	2,152	1,419	1,339	2,375
Total current assets	8,084	4,680	5,135	7,651	5,201	7,423	7,332	11,372	5,733	6,316
Property, plant and equipment	54,475	57,277	66,503	65,489	69,775	70,182	75,940	69,451	77,501	71,054
Lease right-of-use assets				530	473	415	415	435	480	402
Goodwill	13,958	13,084	14,178	12,887	12,679	12,582	12,843	12,532	13,670	13,016
Intangible assets	3,026	1,484	1,921	2,168
Other non-current assets	218	306	295	2,168	979	1,403	2,785	2,881	2,410	2,482
Total assets	88,051	86,101	98,920	99,279	100,300	104,218	114,348	125,034	118,243	118,751
Accounts payable	2,443	2,847	3,224	3,314	3,057	4,183	4,330	3,092	3,699	3,263
Deferred revenue			11	61	129	90	62	47	30	46
Short-term debt	1,838	2,866	3,462	2,705	1,972	1,320	1,898	2,938	2,955	1,545
Total current liabilities	7,680	9,877	12,946	12,899	11,987	13,041	16,907	11,817	10,511	9,959
Long-term debt	38,312	31,875	36,509
Lease liabilities				476	427	380	379	400	451	370
Other non-current liabilities	215	152	1,008	1,614	1,475	1,059	1,017	991	1,051	1,034
Total liabilities	60,889	59,210	67,927	66,882	66,827	70,822	80,232	86,026	79,883	81,852
Total debt	40,150	34,741	39,971	2,705	1,972	0	1,600	2,938	2,955	1,545
Paid-in capital	0	0	17	0	2	729	722	0
Retained earnings	1,138	1,623	2,773	3,955	5,367	3,773	819	-2,997	-5,241	-5,925
Other comprehensive income	-960	-1,731	-606	-1,559	-2,439	-1,434	955	49	233	747
Shareholders' equity	24,257	25,039	29,338	30,763	31,398	33,271	33,990	29,553	27,592	27,295
Minority interests	1,726	1,852	1,655	1,634	1,682	125	126	9,455	10,768	9,604
Total equity	25,983	26,891	30,993	32,397	33,080	33,396	34,116	39,008	38,360	36,899
Total liabilities and equity	88,051	86,101	98,920	99,279	100,300	104,218	114,348	125,034	118,243	118,751
Shares outstanding	864	881	918	938	940	981	1,018	1,037	1,039	1,041

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	485	3,395	3,517	4,433	4,913	2,046	785	3,068	5,379	4,094
Depreciation and amortization	1,939	2,055	2,350	2,464	2,590	2,522	2,584	2,778	2,788	2,769
Stock-based compensation	15	12	13	13	12	12	10	9	6	7
Deferred income tax	196	566	284	55	-58	-185	-41	-22	427	771
Change in receivables	-482	-576	-69	31	129	-925	-575	-394	-13	-332
Change in inventory	-87	-38	-49	-42	-55	-93	-190	-56	-16	-55
Cash from operations	5,069	5,230	6,555	7,082	7,058	6,890	6,375	7,268	7,696	7,346
Capital expenditures	-5,007	-7,383	-9,418	-7,475	-8,900	-7,134	-8,961	-12,298	-7,904
Acquisitions	-13,608	0	0	0	-88	0	0	-307	0	0
Cash from investing	-18,783	-3,699	-10,019	-6,872	-6,052	-7,712	-7,009	-12,287	-6,909	-6,458
Debt issued	12,333	3,643	6,238
Debt repaid	-7,153	-7,085	-3,550	-3,502	-3,977	-7,758	-1,338	-3,772	-9,273	-6,116
Stock issued	7,747	274	1,148	253	91	148	1,905	4	88	104
Share buybacks	-14	0	0
Dividends paid	-1,436	-1,339	-1,571	-1,798	-2,987	-3,317	-3,192	-2,787	-3,953	-3,507
Cash from financing	14,007	-1,419	2,748	693	-800	-88	487	8,093	-3,874	-1,516
Exchange rate effect		-39	73	-6	-19	53	94	-16	210	-5
Net change in cash	166	73	-643	897	187	-857	-53	3,058	-2,877	-633
Free cash flow	62	-2,153	-2,863	-393	-1,842	-244	-2,586	-5,030	-208
Interest paid	1,721	1,987	2,156	2,295	2,203	2,299	2,478	2,931	3,398	3,284
Income taxes paid	105	247	338	713	252	371	394	791	387	543

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	98.6%	Gross profit / revenue.
Operating margin	52.7%	Operating income / revenue.
EBITDA margin	70.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	35.7%	Pre-tax income / revenue.
Net margin	23.1%	Net income / revenue.
Operating cash flow margin	48.2%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.0%	Net income / average total assets.
Return on invested capital (ROIC)	21.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	18.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	48.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	29.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-25.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	67.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-5.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-26.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	72.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-7.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-8.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-1.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.63x	Current assets / current liabilities.
Quick ratio	0.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.3%	Total debt / total assets.
Liabilities / assets	68.9%	Total liabilities / total assets.
Net debt	CA$1.38B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.36x	Operating income / interest expense.
Working capital	-CA$3.64B	Current assets - current liabilities.
Goodwill and intangibles / assets	11.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$14.28B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	0.21x	Revenue / average property, plant and equipment.
Inventory turnover	0.27x	Cost of revenue / average inventory.
Days inventory	1,342 days	365 x average inventory / cost of revenue.
Receivables turnover	5.64x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	6,108 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-4,702 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$3.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$3.27	Net income per basic share, as reported (split-adjusted).
Revenue per share	CA$14.65	Revenue / diluted weighted shares.
Operating cash flow per share	CA$7.06	Cash from operations / diluted weighted shares.
Book value per share	CA$26.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$13.72	Tangible book value / shares outstanding.
Cash per share	CA$0.16	(Cash + short-term investments) / shares outstanding.
Dividend per share	CA$3.40	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	99.7%	Dividends paid / net income, when net income is positive.

What was TC ENERGY CORP's revenue in fiscal 2025?

TC ENERGY CORP reported revenue of CA$15.24B for fiscal 2025, 10.7% higher than the year before.

Was TC ENERGY CORP profitable in fiscal 2025?

Yes. Net income was CA$3.52B, a net margin of 23.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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