TC Energy Corp
NYSE: TRP · ENERGY · OIL & GAS MIDSTREAM
Updated 2026-06-05
TC Energy Corp (TRP) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.52B | $8.83B | $8.62B | $8.97B | $6.85B | $7.84B | $8.01B | $8.80B | $10.19B | $11.30B | $12.51B | $13.45B | $13.68B | $13.26B | $13.00B | $13.39B | $12.31B | $13.27B | $13.77B | $15.19B |
| Revenue growth (YoY) | — | +17.4% | -2.4% | +4.0% | -23.6% | +14.4% | +2.1% | +9.9% | +15.8% | +10.9% | +10.7% | +7.5% | +1.7% | -3.1% | -1.9% | +3.0% | -8.1% | +7.8% | +3.8% | +10.3% |
| Cost of revenue | $3.54B | $5.02B | $3.57B | $4.88B | $4.41B | $4.68B | $5.00B | $5.48B | $6.42B | $7.25B | $7.93B | $8.34B | $7.43B | $6.74B | $6.47B | $6.71B | $6.51B | $6.60B | $7.17B | $7.59B |
| Gross profit | $3.98B | $3.81B | $5.05B | $4.09B | $2.44B | $3.16B | $3.01B | $3.32B | $3.77B | $4.05B | $4.58B | $5.11B | $6.25B | $6.51B | $6.53B | $6.68B | $5.80B | $6.67B | $6.61B | $7.60B |
| Gross margin | 53.0% | 43.1% | 58.6% | 45.6% | 35.7% | 40.3% | 37.5% | 37.8% | 37.0% | 35.8% | 36.6% | 38.0% | 45.7% | 49.1% | 50.2% | 49.9% | 47.1% | 50.3% | 48.0% | 50.0% |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — |
| SG&A | $0.00 | $0.00 | $0.00 | $0.00 | $146.00M | $0.00 | $434.00M | $445.00M | $473.00M | $517.00M | $555.00M | $569.00M | $569.00M | $727.00M | $727.00M | $774.00M | $848.00M | $781.00M | $820.00M | $881.00M |
| Operating income | $2.93B | $2.66B | $3.17B | $2.76B | $1.93B | $2.75B | $2.57B | $2.88B | $3.29B | $3.53B | $4.02B | $4.54B | $5.68B | $5.79B | $5.80B | $5.91B | $5.07B | $5.89B | $5.79B | $6.72B |
| Operating margin | 38.9% | 30.1% | 36.8% | 30.8% | 28.2% | 35.1% | 32.1% | 32.7% | 32.3% | 31.2% | 32.1% | 33.7% | 41.5% | 43.7% | 44.6% | 44.1% | 41.2% | 44.4% | 42.0% | 44.2% |
| EBITDA | $3.98B | $4.01B | $4.43B | $4.26B | $3.58B | $4.54B | $4.28B | $5.01B | $5.44B | $5.90B | $4.14B | $6.86B | $8.07B | $9.45B | $9.53B | $6.70B | $5.24B | $8.66B | $11.22B | $9.48B |
| EBITDA margin | 53.0% | 45.4% | 51.4% | 47.5% | 52.3% | 58.0% | 53.5% | 57.0% | 53.4% | 52.2% | 33.1% | 51.0% | 59.0% | 71.3% | 73.3% | 50.1% | 42.6% | 65.3% | 81.5% | 62.4% |
| EBIT | $2.93B | $2.83B | $3.19B | $2.88B | $2.42B | $3.22B | $2.91B | $3.53B | $3.83B | $4.13B | $2.21B | $4.80B | $5.72B | $6.99B | $6.94B | $4.18B | $2.66B | $5.88B | $8.43B | $6.72B |
| Interest expense | $0.00 | $1.02B | $1.01B | $1.02B | $760.00M | $931.00M | $976.00M | $984.00M | $1.20B | $1.04B | $1.46B | $1.50B | $2.09B | $1.72B | $2.20B | $2.09B | $1.90B | $2.58B | $2.52B | $3.39B |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $1.08B | $1.22B | $1.44B | $1.38B | $1.28B | $1.58B | $1.35B | $1.79B | $1.84B | $-1.15B | $233.00M | $3.16B | $3.70B | $4.14B | $4.62B | $1.96B | $748.00M | $2.92B | $4.70B | $3.52B |
| Net income growth (YoY) | — | +13.4% | +17.7% | -4.2% | -7.4% | +23.7% | -14.4% | +31.9% | +3.0% | -162.3% | +120.3% | +1254.9% | +17.3% | +11.8% | +11.5% | -57.6% | -61.7% | +290.6% | +60.8% | -25.2% |
| Profit margin | 14.3% | 13.9% | 16.7% | 15.4% | 18.7% | 20.2% | 16.9% | 20.3% | 18.1% | -10.1% | 1.9% | 23.5% | 27.1% | 31.2% | 35.5% | 14.6% | 6.1% | 22.0% | 34.1% | 23.2% |
Frequently asked questions
What is TC Energy Corp's revenue?
TC Energy Corp's trailing twelve-month revenue is $15.48B, and consensus projects about $21.90B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is TRP?
In its most recent fiscal year, TRP ran a gross margin of 50.03%, an operating margin of 44.23%, and a net margin of 23.15%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does TRP generate?
TRP produced $2.06B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is TRP's balance sheet healthy?
TRP holds $260.79M in cash and equivalents against $57.45B in long-term debt, on $27.27B of shareholder equity. That debt is best read against the cash flow the business throws off each year.