TC Energy Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), TC Energy Corp reported revenue of $15.2B (+10.7% year on year) and net income of $4.3B (-13.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues | $15.2B | $13.8B | $15.9B | $15.0B |
| Income (Loss) from Equity Investments (Note 10) | $1.3B | $1.6B | $1.4B | $1.1B |
| Impairment of equity investment (Note 10) | $0 | $0 | ($2.1B) | ($3.0B) |
| Plant operating costs and other | $4.6B | $4.4B | $4.9B | $4.9B |
| Commodity purchases resold | $208.0M | $217.0M | $517.0M | $534.0M |
| Property taxes | $881.0M | $820.0M | $897.0M | $848.0M |
| Depreciation and amortization | $2.8B | $2.5B | $2.8B | $2.6B |
| Total operating and other expenses | $8.5B | $8.0B | $9.1B | $9.4B |
| Net Gain (Loss) on Sale of Assets (Note 29) | $0 | $620.0M | $0 | $0 |
| Interest expense (Note 19) | $3.4B | $3.0B | — | — |
| Allowance for funds used during construction | ($453.0M) | ($784.0M) | ($575.0M) | ($369.0M) |
| Foreign exchange (gains) losses, net (Note 21) | ($157.0M) | $147.0M | ($320.0M) | $185.0M |
| Interest income and other | ($205.0M) | ($324.0M) | ($242.0M) | ($146.0M) |
| Total financial charges | $2.6B | $2.1B | $2.1B | $2.3B |
| Income (Loss) from Continuing Operations before Income Taxes | $5.4B | $5.9B | $4.0B | $1.4B |
| Current | $367.0M | $495.0M | $931.0M | $415.0M |
| Deferred | $771.0M | $427.0M | $11.0M | $174.0M |
| Income Tax Expense | $1.1B | $922.0M | $942.0M | $589.0M |
| Net Income (Loss) from Continuing Operations | $4.3B | $5.0B | — | — |
| Net Income (Loss) from Discontinued Operations, Net of Tax (Note 4) | ($212.0M) | $395.0M | — | — |
| Net Income (Loss) | $4.1B | $5.4B | $3.1B | $785.0M |
| Net income (loss) attributable to non-controlling interests (Note 22) | $575.0M | $681.0M | $146.0M | $37.0M |
| Net Income (Loss) Attributable to Controlling Interests | $3.5B | $4.7B | $2.9B | $748.0M |
| Preferred share dividends | $119.0M | $104.0M | $93.0M | $107.0M |
| Net income (loss) attributable to controlling interests from continuing operations | $3.7B | $4.3B | — | — |
| Net income (loss) attributable to common shares from continuing operations | 3.6B | 4.2B | — | — |
| Net income (loss) attributable to common shares from continuing operations | 3.4B | 4.6B | 2.8B | 641.0M |
| Continuing operations, Basic (in dollars per share) | $3.47 | $4.05 | — | — |
| Continuing operations, Diluted (in dollars per share) | $3.47 | $4.05 | — | — |
| Discontinued operations, Basic (in dollars per share) | -$0.20 | $0.38 | — | — |
| Discontinued operations, Diluted (in dollars per share) | -$0.20 | $0.38 | — | — |
| Basic (in dollars per share) | $3.27 | $4.43 | $2.75 | $0.64 |
| Diluted (in dollars per share) | $3.27 | $4.43 | $2.75 | $0.64 |
| Dividends Declared per Common Share (in dollars per share) | $3.40 | $3.70 | $3.72 | $3.60 |
| Basic (in shares) | 1.0B | 1.0B | 1.0B | 995.0M |
| Diluted (in shares) | 1.0B | 1.0B | 1.0B | 996.0M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $168.0M | $801.0M | $3.7B | $620.0M |
| Accounts receivable | $2.8B | $2.6B | $4.2B | $3.6B |
| Inventories | $782.0M | $747.0M | $982.0M | $936.0M |
| Other current assets (Note 7) | $2.4B | $1.3B | $2.5B | $2.2B |
| Current assets of discontinued operations (Note 4) | $197.0M | $235.0M | — | — |
| Total current assets | $6.3B | $5.7B | $11.4B | $7.3B |
| Plant, Property and Equipment (Note 8) | $71.1B | $77.5B | $80.6B | $75.9B |
| Net Investment in Leases (Note 9) | $8.1B | $2.5B | $2.3B | $1.9B |
| Equity Investments (Note 10) | $11.4B | $10.6B | $10.3B | $9.5B |
| Restricted Investments | $3.5B | $3.0B | $2.6B | $2.1B |
| Regulatory Assets (Note 12) | $2.9B | $2.7B | $2.3B | $1.9B |
| Goodwill (Note 13) | $13.0B | $13.7B | $12.5B | $12.8B |
| Other Long-Term Assets (Note 14) | $2.5B | $2.4B | $3.0B | $2.8B |
| Long-Term Assets of Discontinued Operations (Note 4) | $0 | $136.0M | — | — |
| Total assets | $118.8B | $118.2B | $125.0B | $114.3B |
| Notes payable (Note 15) | $1.2B | $387.0M | $0 | $6.3B |
| Accounts payable and other (Note 16) | $5.3B | $5.3B | $7.0B | $7.1B |
| Dividends payable | $901.0M | $874.0M | $979.0M | $930.0M |
| Accrued interest | $858.0M | $828.0M | $913.0M | $668.0M |
| Current portion of long-term debt (Note 19) | $1.5B | $3.0B | $2.9B | $1.9B |
| Current liabilities of discontinued operations (Note 4) | $181.0M | $170.0M | — | — |
| Total current liabilities | $10.0B | $10.5B | $11.8B | $16.9B |
| Regulatory Liabilities (Note 12) | $5.8B | $5.3B | $4.8B | $4.5B |
| Other Long-Term Liabilities (Note 17) | $1.0B | $1.1B | $1.0B | $1.0B |
| Deferred Income Tax Liabilities (Note 18) | $7.7B | $6.9B | $8.1B | $7.6B |
| Long-Term Debt (Note 19) | $45.2B | $45.0B | $50.0B | $39.6B |
| Junior Subordinated Notes (Note 20) | $12.1B | $11.0B | $10.3B | $10.5B |
| Long-Term Liabilities of Discontinued Operations (Note 4) | $0 | $110.0M | — | — |
| Total liabilities | $81.9B | $79.9B | $86.0B | $80.2B |
| Common shares, no par value (Note 23) | 30.2B | 30.1B | 30.0B | 29.0B |
| Preferred shares (Note 24) | 2.3B | 2.5B | 2.5B | 2.5B |
| Retained earnings (Accumulated deficit) | ($5.9B) | ($5.2B) | ($3.0B) | $819.0M |
| Accumulated other comprehensive income (loss) (Note 25) | $747.0M | $233.0M | $49.0M | $955.0M |
| Controlling Interests | $27.3B | $27.6B | $29.6B | $34.0B |
| Non-Controlling Interests (Note 22) | $9.6B | $10.8B | $9.5B | $126.0M |
| Total Equity | $36.9B | $38.4B | $39.0B | $34.1B |
| Total Liabilities and Equity | $118.8B | $118.2B | $125.0B | $114.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $4.1B | $5.4B | $3.1B | $785.0M |
| Depreciation and amortization | $2.8B | $2.8B | $2.8B | $2.6B |
| Deferred income taxes (Note 18) | $766.0M | $493.0M | — | — |
| (Income) loss from equity investments (Notes 5 and 10) | ($1.3B) | ($1.6B) | — | — |
| Impairment of equity investment (Note 10) | $0 | $0 | $2.1B | $3.0B |
| Distributions received from operating activities of equity investments (Note 10) | $1.6B | $1.7B | $1.3B | $1.0B |
| Employee post-retirement benefits funding, net of expense (Note 26) | $3.0M | $11.0M | ($17.0M) | ($29.0M) |
| Equity allowance for funds used during construction | ($320.0M) | ($512.0M) | ($367.0M) | ($248.0M) |
| Unrealized (gains) losses on financial instruments (Note 27) | ($235.0M) | $340.0M | ($342.0M) | — |
| Expected credit loss provision (Note 27) | $83.0M | ($22.0M) | ($83.0M) | $163.0M |
| Foreign exchange (gains) losses, net – intercompany loan | $149.0M | ($216.0M) | $0 | $28.0M |
| Net (gain) loss on sale of assets (Note 29) | $0 | ($620.0M) | $0 | $0 |
| Asset impairment charge and other (Note 4) | $29.0M | — | — | — |
| Other | $169.0M | ($232.0M) | $40.0M | ($50.0M) |
| (Increase) decrease in operating working capital (Note 28) | ($503.0M) | $199.0M | $207.0M | ($639.0M) |
| Net cash provided by operations | $7.3B | $7.7B | $7.3B | $6.4B |
| Capital expenditures (Note 5) | ($5.3B) | ($6.3B) | ($8.0B) | ($6.7B) |
| Capital projects in development (Note 5) | ($16.0M) | ($50.0M) | ($142.0M) | ($49.0M) |
| Contributions to equity investments (Notes 5 and 10) | ($1.1B) | ($4.7B) | — | — |
| Other distributions from equity investments (Note 10) | $5.0M | $3.7B | $23.0M | $2.6B |
| Proceeds from sales of assets, net of transaction costs (Note 29) | $0 | $791.0M | $33.0M | $0 |
| Acquisitions, net of cash acquired (Note 29) | $0 | $0 | ($307.0M) | — |
| Loans to affiliate (issued) repaid, net | $0 | $0 | $250.0M | — |
| Deferred amounts and other | ($126.0M) | ($352.0M) | $2.0M | ($41.0M) |
| Net cash (used in) provided by investing activities | ($6.5B) | ($6.9B) | ($12.3B) | ($7.0B) |
| Notes payable issued (repaid), net | $876.0M | $341.0M | ($6.3B) | $766.0M |
| Long-term debt issued, net of issue costs | $5.4B | $8.1B | $15.9B | $2.5B |
| Long-term debt repaid (Notes 19 and 20) | ($6.1B) | ($9.3B) | ($3.8B) | ($1.3B) |
| Junior subordinated notes issued, net of issue costs | $2.5B | $1.5B | $0 | $1.0B |
| Dividends on common shares | -3.5B | -4.0B | -2.8B | -3.2B |
| Dividends on preferred shares | -114.0M | -99.0M | -92.0M | -106.0M |
| Common shares issued, net of issue costs | 104.0M | 88.0M | 4.0M | 1.9B |
| Preferred shares redeemed (Note 24) | -250.0M | 0 | 0 | -1.0B |
| Distributions to non-controlling interests and other | ($929.0M) | ($755.0M) | ($124.0M) | ($44.0M) |
| Contributions from redeemable non-controlling interest | $0 | $21.0M | — | $0 |
| Cash received from factoring arrangement (Note 9) | $351.0M | — | — | — |
| Loan from affiliate (Note 11) | $111.0M | — | — | — |
| Disposition of equity interest, net of transaction costs (Note 29) | $0 | $419.0M | $5.3B | — |
| Cash transferred to South Bow, net of debt settlements | $0 | ($244.0M) | — | — |
| Gains (losses) on settlement of financial instruments | $0 | $27.0M | $0 | $23.0M |
| Net cash (used in) provided by financing activities | ($1.5B) | ($3.9B) | $8.1B | $487.0M |
| Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents | ($5.0M) | $210.0M | ($16.0M) | $94.0M |
| Increase (Decrease) in Cash and Cash Equivalents | ($633.0M) | ($2.9B) | $3.1B | ($53.0M) |
| Cash and Cash Equivalents, Beginning of year | $801.0M | $3.7B | $620.0M | $673.0M |
| Cash and Cash Equivalents, End of year | $168.0M | $801.0M | $3.7B | $620.0M |
TC Energy Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.