TC Energy (TRP) Financial Statements & Analysis

TC Energy (TRP) Income Statement

TC Energy reported revenue of CAD 15.20B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 10.4% from CAD 13.77B a year earlier. Net income was CAD 3.52B, down 25.1% year over year, a net margin of 23.2%. Gross margin was 50.0% and operating margin 44.2%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CAD 3.96B, up 5.7% from the same quarter a year earlier.

TC Energy Income Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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TC Energy Corporation income statement - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	15.20	13.77	13.27	12.31	13.39	13.00	13.26	13.68	13.45
Cost of Revenue	7.60	7.17	4.15	6.51	4.10	6.47	6.74	7.43	8.34
Gross Profit	7.60	6.61	6.67	5.80	6.68	6.53	6.51	6.25	5.11
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	0.78	0.00	0.77	0.00	0.00	0.00	0.00
Operating Expenses	0.88	0.82	0.78	0.73	3.55	0.73	0.73	0.57	0.57
Operating Income	6.72	5.79	5.89	5.07	3.13	5.80	5.79	5.68	4.54
Other Income/Expense
Interest Income	0.21	0.54	1.58	0.43	0.90	0.17	0.46	2.09	0.07
Interest Expense	3.40	2.52	-2.97	2.22	-2.36	1.88	1.86	0.00	1.50
Other Income/Expense	-1.28	2.26	-2.59	-4.60	-0.97	-0.70	-0.60	-1.73	-1.23
Income
Income Before Tax	5.44	5.91	3.30	0.47	2.17	5.11	5.19	3.95	3.31
Income Tax Expense	1.14	0.92	0.84	0.32	0.12	0.19	0.75	0.43	-0.09
Net Income	3.52	4.70	2.83	0.75	1.82	4.62	4.14	3.70	3.16
Net Income - Continuous Operations	3.52	4.98	2.92	0.75	1.96	4.62	4.14	3.70	3.16
Net Income - Discontinued Operations	-0.21	0.40	0.61	0.63	-	-	-	-	-
EBITDA	11.61	11.22	8.33	5.24	9.20	9.53	9.45	8.07	6.86
EBIT	6.76	8.43	5.89	5.07	6.68	-	-	-	-
Depreciation & Amortization	2.77	2.79	2.45	2.58	2.52	2.59	2.46	2.35	2.06
Earnings Per Share
Basic EPS	3.00	4.00	3.00	1.00	2.00	5.00	4.00	4.00	3.00
Diluted EPS	3.00	4.00	3.00	1.00	2.00	5.00	4.00	4.00	3.00
Basic Shares Outstanding	1.04	1.04	1.03	1.00	0.97	0.94	0.93	0.90	0.87
Diluted Shares Outstanding	1.04	1.04	1.03	1.00	0.97	0.94	0.93	0.90	0.87

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About TC Energy Financial Statements

What was TC Energy's revenue in fiscal 2025?

TC Energy reported revenue of CAD 15.20B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 10.4% from CAD 13.77B a year earlier.

Is TC Energy profitable?

Yes. TC Energy earned net income of CAD 3.52B in fiscal 2025, a net margin of 23.2%. In fiscal 2024 it earned CAD 4.70B.

What is TC Energy's operating margin?

TC Energy's operating income was CAD 6.72B on revenue of CAD 15.20B in fiscal 2025, an operating margin of 44.2%, compared with 42.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition