TRPNYSENatural Gas TransmissionFiscal year ends December 31Also trades as TCANF, TCENF, TCEYF, TNCAF, TRPEF, TRPPF, TRPRF

TC ENERGY CORP

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 13, 2026

$60.69−1.05 (-1.70%)

Close on Oct 19, 2026

Margins

Share of revenue, fiscal years 2011 to 2025

98.6%−1.4 pts over 5 years

52.7%+0.6 pts over 5 years

23.1%−12.4 pts over 5 years

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+10.7%	+7.4%	+3.2%	+3.0%
Gross profit	+10.9%	+6.9%	+2.9%	–
Operating income	+0.9%	+48.6%	+3.5%	+54.9%
Net income	-25.1%	+67.6%	-5.3%	–
EPS, diluted	-26.2%	+72.2%	-7.2%	–
Dividend per share	-8.2%	-1.9%	+1.0%	+5.0%

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	1.1%	14.9%	12.8%
Return on assets	0.3%	4.6%	3.0%
Current ratio	1.05	0.43	0.63
Debt to equity	1.66	–	–
Net debt to EBITDA	9.20×	–	–
Interest coverage	1.2×	3.0×	2.4×
Inventory turnover	6.3×	0.0×	0.3×
Capex to revenue	39.9%	68.5%	–
Diluted shares	760M	940M	1.04B

Return on equity split into margin, efficiency and leverage

Net margin23.1%

Asset turnover0.13×

Equity multiplier4.32×

Return on equity, FY202512.8%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	23.1%	0.13×	4.32×	12.8%
FY2024	34.1%	0.11×	4.26×	16.4%
FY2023	22.0%	0.11×	3.77×	9.2%
FY2022	6.1%	0.11×	3.25×	2.2%
FY2021	14.6%	0.13×	3.16×	6.0%
FY2020	35.5%	0.13×	3.21×	14.9%
FY2019	31.2%	0.13×	3.30×	13.8%
FY2018	27.1%	0.15×	3.40×	13.6%
FY2017	23.5%	0.15×	3.53×	12.8%
FY2016	1.9%	0.16×	3.75×	1.1%

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is TRP.

Revenue growth10.7% · median 8.7%

Gross margin98.6% · median 54.9%

Operating margin52.7% · median 29.0%

Net margin23.1% · median 19.3%

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