TC Energy (TRP) Balance Sheet: Assets & Liabilities

TC Energy (TRP) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), TC Energy reported total assets of CAD 118.75B and total liabilities of CAD 81.85B. Shareholders' equity was CAD 27.30B, down 28.8% from CAD 38.36B a year earlier. Total debt stood at CAD 60.20B against CAD 168.00M in cash and short-term investments, a net debt position of CAD 60.03B. That puts debt-to-equity at 2.21, compared with 1.47 a year earlier.

TC Energy Balance Sheet Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Balance sheet showing assets, liabilities, and shareholders' equity for TC Energy Corporation (TRP) - 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
Current Assets
Cash and Cash Equivalents	0.17	0.80	3.68	0.62	0.67	1.53	1.34	0.45	1.09
Cash & Short-Term Investments	0.17	1.13	4.25	0.62	0.83	1.53	1.34	0.45	1.09
Accounts Receivable	2.79	2.61	2.43	3.62	3.09	2.29	2.58	2.69	2.52
Inventory	0.78	0.75	0.77	0.94	0.72	0.63	0.45	0.43	0.38
Other Current Assets	0.29	1.57	4.50	0.75	1.72	0.75	3.28	1.56	0.69
Total Current Assets	6.32	5.73	11.37	7.33	7.42	5.20	7.65	5.14	4.68
Non-Current Assets
Property, Plant & Equipment (Net)	79.25	79.98	71.71	77.93	70.18	69.78	65.49	66.50	57.28
Long-Term Investments	11.36	13.63	11.77	9.54	10.62	6.70	6.51	7.17	6.37
Goodwill	13.02	13.67	12.53	12.84	12.58	12.68	12.89	14.18	13.08
Intangible Assets	2.48	2.41	2.88	2.79	1.40	0.00	1.72	1.05	0.60
Other Non-Current Assets	6.71	2.82	14.76	4.63	2.01	5.77	4.99	4.56	3.78
Total Non-Current Assets	112.44	112.51	113.66	107.02	96.80	95.10	91.63	93.79	81.42
Total Assets	118.75	118.24	125.03	114.35	104.22	100.30	99.28	98.92	86.10
Current Liabilities
Accounts Payable	3.26	5.30	4.31	4.33	5.10	3.06	3.31	3.22	2.85
Short-Term Debt	2.75	0.39	2.96	8.16	5.17	6.15	7.01	6.22	4.63
Current Portion of Long-Term Debt	1.55	2.96	2.94	1.90	1.32	-	-	-	-
Accrued Liabilities	0.86	0.83	0.91	0.67	0.58	-	-	-	-
Deferred Revenue	0.05	0.03	0.05	0.06	0.09	0.13	0.06	0.00	0.00
Other Current Liabilities	1.45	1.04	3.66	1.57	0.88	2.65	2.52	3.50	2.40
Total Current Liabilities	9.96	10.51	11.82	16.91	13.04	11.99	12.90	12.95	9.88
Non-Current Liabilities
Long-Term Debt	57.45	56.02	60.26	50.14	46.28	43.84	43.37	44.02	38.88
Deferred Tax Liabilities	7.68	6.88	6.97	7.65	6.14	5.81	5.70	6.03	5.40
Other Non-Current Liabilities	6.06	13.35	13.95	4.79	11.50	4.99	4.68	4.94	5.05
Total Non-Current Liabilities	71.89	69.37	74.21	63.33	57.78	54.84	53.98	54.98	49.33
Total Liabilities	81.85	79.88	86.03	80.23	70.82	66.83	66.88	67.93	59.21
Stockholders' Equity
Common Stock	30.22	30.10	30.00	29.00	26.72	24.49	24.39	23.17	21.17
Retained Earnings	-5.93	-5.24	-3.00	0.82	3.77	5.37	3.96	2.77	1.62
Accumulated Other Comprehensive Income	0.75	0.23	0.05	0.96	-1.43	-2.44	-1.56	-0.61	-1.73
Additional Paid-in Capital	0.00	0.00	0.00	0.72	0.73	0.00	0.00	0.02	0.00
Minority Interest	9.60	10.77	9.46	0.13	0.13	2.08	1.63	1.66	1.85
Shares Outstanding	1.04	1.04	1.04	1.02	-	-	-	-	-
Total Stockholders' Equity	27.30	38.36	39.01	33.99	33.40	31.40	30.76	29.34	25.04
Total Liabilities & Equity	118.75	118.24	125.03	114.35	104.22	100.30	99.28	98.92	86.10

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 Balance Sheet

How much debt does TC Energy have?

TC Energy had total debt of CAD 60.20B as of Dec 31, 2025, against CAD 168.00M in cash and short-term investments. Its debt-to-equity ratio was 2.21. Total debt was CAD 56.41B a year earlier.

What are TC Energy's total assets?

TC Energy reported total assets of CAD 118.75B as of Dec 31, 2025, up 0.4% from CAD 118.24B a year earlier. Total liabilities were CAD 81.85B.

What is TC Energy's shareholders' equity?

TC Energy's shareholders' equity was CAD 27.30B as of Dec 31, 2025, or about CAD 26.22 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition