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TC Energy TRP

US equityMarket cap rank #259Oil & Gas Midstream
$59.62
−$0.58 (-0.96%)
Market open · Sep 24, 2:00 pm ET
After hours $60.20 0.00%
Open$60.95
Prev close$60.20
Day range$59.40 – $60.95
Volume818.7K
Market cap$62.11B
P/E (TTM)25.2
Dividend yield4.08%

Fundamentals

Latest reported quarter: Q2, ended Jun 2026 · reported in CAD

RevenueC$3.96B+5.7% YoY
Operating profitC$1.75B+7.8% YoY
Net profitC$1.15B+17.8% YoY
Diluted EPSC$0.95+18.8% YoY
Free cash flowC$1.32B+25.0% YoY
Operating cash flowC$2.22B

Revenue, last 8 quarters

C$3.4BSep '24C$3.6BDec '24C$3.6BMar '25C$3.7BJun '25C$3.7BSep '25C$4.2BDec '25C$3.9BMar '26C$4.0BJun '26

Net profit, last 8 quarters

C$1.7BSep '24C$1.2BDec '24C$1.2BMar '25C$973.0MJun '25C$764.0MSep '25C$1.2BDec '25C$1.2BMar '26C$1.1BJun '26

Diluted EPS by quarter

1.40Sep '240.94Dec '240.94Mar '250.80Jun '250.58Sep '250.94Dec '250.86Mar '260.95Jun '26

Free cash flow by quarter

C$151.0MSep '24C$435.0MDec '24C$-205.0MMar '25C$1.1BJun '25C$663.0MSep '25C$544.0MDec '25C$1.5BMar '26C$1.3BJun '26

Annual revenue

C$13.0BFY20C$13.4BFY21C$12.3BFY22C$13.3BFY23C$13.8BFY24C$15.2BFY25

Profitability & balance sheet

Gross margin50.5%
Operating margin45.0%
Net margin22.1%
Return on equity13.8%
Return on assets2.9%
Return on invested capital6.7%
Current ratio0.61
Liabilities / assets69.8%
Cash & investmentsC$2.07B
Total debtC$63.74B
Net cash (debt)-C$61.67B
Free cash flow / sales25.9%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • U.S. Natural Gas PipelinesC$1.81B 45.4%
  • Canadian Natural Gas PipelinesC$1.51B 37.8%
  • Mexico Natural Gas PipelinesC$430.00M 10.8%
  • Power and Energy SolutionsC$241.00M 6.0%

This company reports in its own local currency, not U.S. dollars. Every figure below is labeled with its real currency, not automatically converted.

Income statement

Line item 2026 Q2
(CAD)
2026 Q1
(CAD)
2025 ANNUAL
(CAD)
2025 Q4
(CAD)
2025 Q3
(CAD)
Total Revenue as Reported C$3.96B C$3.86B C$15.24B C$4.17B C$3.70B
Total Operating Revenue C$3.96B C$3.86B C$15.24B C$4.17B C$3.70B
Cost of Revenue C$1.98B C$1.83B C$7.60B C$2.05B C$1.91B
Gross Profit C$1.98B C$2.03B C$7.64B C$2.12B C$1.80B
Operating Expense C$227.00M C$194.00M C$881.00M C$224.00M C$215.00M
Other Taxes C$227.00M C$194.00M C$881.00M C$224.00M C$215.00M
Operating Profit C$1.75B C$1.83B C$6.76B C$1.89B C$1.58B
Net Non-Operating Interest Income (Expense) -C$766.00M -C$766.00M -C$2.75B -C$778.00M -C$746.00M
Non-Operating Interest Income C$34.00M C$33.00M C$205.00M C$58.00M C$47.00M
Non-Operating Interest Expense C$800.00M C$799.00M C$2.85B C$729.00M C$793.00M
Other Income (Expense) C$467.00M C$337.00M C$1.43B C$308.00M C$376.00M
Gain on Sale of Security C$45.00M – C$157.00M C$14.00M C$31.00M
Earnings from Equity Interest C$422.00M C$337.00M C$1.27B C$294.00M C$345.00M
Pretax Profit C$1.45B C$1.41B C$5.44B C$1.42B C$1.21B
Tax C$307.00M C$254.00M C$1.14B C$263.00M C$245.00M
Net Profit C$1.15B C$1.15B C$4.09B C$1.18B C$764.00M
Profit from Continuing Operations C$1.15B C$1.15B C$4.31B C$1.16B C$968.00M
Net Income from Discontinuous Operations C$0.00 – -C$212.00M C$21.00M -C$204.00M
Minority Interests C$130.00M C$224.00M C$575.00M C$167.00M C$127.00M
Net Income to Parent Company C$1.02B C$927.00M C$3.52B C$1.02B C$637.00M
Preferred Stock Dividends C$29.00M C$28.00M C$119.00M C$35.00M C$28.00M
Net Income to Common Stockholders C$987.00M C$899.00M C$3.40B C$980.00M C$609.00M
Basic EPS C$0.95 C$0.86 C$3.27 C$0.94 C$0.58
Diluted EPS C$0.95 C$0.86 C$3.27 C$0.94 C$0.58
Dividend Per Share C$0.88 C$0.88 C$3.40 C$0.85 C$0.85
Total Other Finance Costs – – C$107.00M – –
Special Income (Charges) – – C$0.00 C$0.00 C$0.00
-Less:Write Off – – C$0.00 – –
-Gain on Sale of Property/Plant/Equipment – – C$0.00 C$0.00 C$0.00

Balance sheet

Line item 2026 Q2
(CAD)
2026 Q1
(CAD)
2025 ANNUAL
(CAD)
2025 Q4
(CAD)
2025 Q3
(CAD)
Total Assets C$123.93B C$120.83B C$118.75B C$118.75B C$120.23B
Total Current Assets C$7.89B C$6.83B C$6.32B C$6.32B C$7.78B
Cash and Cash Equivalents & Short-Term Investments C$2.07B C$1.08B C$168.00M C$168.00M C$1.80B
-Cash and Cash Equivalents C$2.07B C$1.08B C$168.00M C$168.00M C$1.80B
Receivables C$2.49B C$2.38B C$4.27B C$4.27B C$2.47B
-Accounts Receivable C$2.49B C$2.38B C$2.79B C$2.79B C$2.47B
Inventory C$936.00M C$857.00M C$782.00M C$782.00M C$837.00M
Other Current Assets C$2.39B C$2.50B C$290.00M C$290.00M C$2.38B
Total Non-Current Assets C$116.03B C$114.00B C$112.44B C$112.44B C$112.46B
Net PPE C$81.68B C$80.25B C$79.25B C$79.25B C$79.47B
-Gross PPE C$120.25B C$118.01B C$116.20B C$116.20B C$116.02B
-Accumulated Depreciation -C$38.57B -C$37.75B -C$36.95B -C$36.95B -C$36.55B
Investments and Advances C$11.44B C$11.44B C$11.36B C$11.36B C$11.15B
-Long Term Equity Investment C$11.44B C$11.44B C$11.36B C$11.36B C$11.15B
Goodwill and Other Intangible Assets C$13.48B C$13.24B C$13.02B C$13.02B C$13.22B
-Goodwill C$13.48B C$13.24B C$13.02B C$13.02B C$13.22B
Other Non-Current Assets C$9.43B C$9.07B C$6.71B C$6.71B C$8.62B
Total Liabilities C$86.45B C$83.67B C$81.85B C$81.85B C$82.66B
Total Current Liabilities C$12.94B C$10.50B C$9.96B C$9.96B C$12.30B
Payables C$5.85B C$5.84B C$4.80B C$4.80B C$5.79B
-Accounts Payable C$4.92B C$4.91B C$3.26B C$3.26B C$4.89B
-Dividends Payable C$933.00M C$933.00M C$901.00M C$901.00M C$901.00M
Current Accrued Expenses C$906.00M C$843.00M C$858.00M C$858.00M C$831.00M
Short-Term Debt and Capital Lease Obligation C$6.02B C$3.65B C$2.81B C$2.81B C$5.26B
-Current Debt C$6.02B C$3.65B C$2.75B C$2.75B C$5.26B
Other Current Liabilities C$165.00M C$169.00M C$1.45B C$1.45B C$420.00M
Total Non-Current Liabilities C$73.52B C$73.17B C$71.89B C$71.89B C$70.36B
Long Term Debt and Capital Lease Obligation C$57.73B C$58.16B C$57.82B C$57.82B C$56.10B
-Long Term Debt C$57.73B C$58.16B C$57.45B C$57.45B C$56.10B
Non-Current Deferred Liabilities C$8.38B C$7.97B C$7.68B C$7.68B C$7.54B
Other Non-Current Liabilities C$7.41B C$7.03B C$6.06B C$6.06B C$6.72B
Total Equity C$37.48B C$37.16B C$36.90B C$36.90B C$37.58B
Stockholders' Equity C$27.76B C$27.53B C$27.30B C$27.30B C$27.47B
Capital Stock C$32.56B C$32.54B C$32.47B C$32.47B C$32.70B
-Common Stock C$30.30B C$30.29B C$30.22B C$30.22B C$30.20B
-Preferred Stock C$2.26B C$2.26B C$2.26B C$2.26B C$2.50B
Retained Earnings -C$5.88B -C$5.95B -C$5.93B -C$5.93B -C$6.03B
Gains/Losses Not Affecting Retained Earnings C$1.08B C$935.00M C$747.00M C$747.00M C$793.00M
Minority Interests C$9.72B C$9.63B C$9.60B C$9.60B C$10.11B
-Other Receivables – – C$1.47B C$1.47B –
Prepaid Assets – – C$82.00M C$82.00M –
Restricted Cash – – C$93.00M C$93.00M –
Financial Assets – – C$161.00M C$161.00M –
Non Current Accounts Receivables – – C$627.00M C$627.00M –
Defined Pension Benefit – – C$967.00M C$967.00M –
Non-Current Deferred Assets – – C$356.00M C$356.00M –
-Total Tax Payable – – C$38.00M C$38.00M –
-Other Payable – – C$600.00M C$600.00M –
-Current Capital Lease Obligation – – C$61.00M C$61.00M –
Current Deferred Liabilities – – C$46.00M C$46.00M –
-Long Term Capital Lease Obligation – – C$370.00M C$370.00M –
Derivative Product Liabilities – – C$149.00M C$149.00M –
Non-Current Liabilities – – C$119.00M C$119.00M –
Employee Benefits – – C$69.00M C$69.00M –
Additional Paid-In Capital – – C$0.00 C$0.00 –

Cash flow

Line item 2026 Q2
(CAD)
2026 Q1
(CAD)
2025 ANNUAL
(CAD)
2025 Q4
(CAD)
2025 Q3
(CAD)
Operating Cash Flow C$2.22B C$2.60B C$7.35B C$1.89B C$1.92B
Net cash flow from continuing operations C$2.22B C$2.60B C$7.35B C$1.89B C$1.92B
Net Income from Continuing Operations C$1.15B C$1.15B C$4.09B C$1.18B C$764.00M
Gain/Loss from Continuing Operations -C$491.00M -C$400.00M -C$1.12B -C$239.00M -C$420.00M
Depreciation & Depletion & Amortization C$737.00M C$723.00M C$2.77B C$719.00M C$701.00M
Deferred Tax C$222.00M C$187.00M C$766.00M C$107.00M C$135.00M
Other Non-Cash Items -C$96.00M -C$56.00M -C$151.00M -C$70.00M C$154.00M
Change in Working Capital C$307.00M C$259.00M -C$503.00M -C$252.00M C$130.00M
Net cash flow from investing -C$1.17B -C$1.26B -C$6.46B -C$1.64B -C$1.59B
Net Cash Flow from Continuing Investing Activities -C$1.17B -C$1.26B -C$6.46B -C$1.64B -C$1.59B
Capital Expenditure -C$894.00M -C$1.07B -C$5.29B -C$1.35B -C$1.26B
Net Business Purchase and Sale -C$229.00M -C$233.00M -C$1.05B -C$293.00M -C$249.00M
Net Other Investing Changes -C$42.00M C$43.00M -C$126.00M C$0.00 -C$87.00M
Financing Cash Flow -C$73.00M -C$443.00M -C$1.52B -C$1.89B C$69.00M
Net Cash Flow from Continuing Financing Activities -C$73.00M -C$443.00M -C$1.52B -C$1.89B C$69.00M
Net Issuance Payments Of Debt C$1.21B C$1.01B C$2.83B -C$474.00M C$956.00M
Net Common Stock Issuance C$12.00M C$62.00M C$104.00M C$17.00M C$37.00M
Cash Dividends Paid -C$942.00M -C$911.00M -C$3.62B -C$913.00M -C$914.00M
Net Other Financing Charges -C$350.00M -C$603.00M -C$578.00M -C$265.00M -C$10.00M
Ending Cash Balance C$2.07B C$1.08B C$168.00M C$168.00M C$1.80B
Net Change in Cash C$979.00M C$896.00M -C$628.00M -C$1.63B C$396.00M
Beginning Cash Balance C$1.08B C$168.00M C$801.00M C$1.80B C$1.42B
Effect of Exchange Rate Changes C$12.00M C$19.00M -C$5.00M C$0.00 -C$16.00M
Free Cash Flow C$1.32B C$1.53B C$2.06B C$544.00M C$663.00M
-Change in Receivables – – -C$332.00M – –
-Change in Inventory – – -C$55.00M – –
-Change in Payables and Accrued Expense – – C$43.00M – –
-Change in Other Current Assets – – -C$159.00M – –
Net Preferred Stock Issuance – – -C$250.00M – –
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