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TC ENERGY CORP
NYSENatural Gas TransmissionLatest fiscal year ended Dec 31, 2025

TC ENERGY CORP reported revenue of CAD 15.24B in its most recent fiscal year, up 10.7% on the year before. It kept 23.1% of that as net income. Figures below are compared against other companies classified under Natural Gas Transmission.

Grades vs. industry

Growth
D35/100
Ranked against 6 peers using 6 metrics.
Profitability
B+72/100
Ranked against 7 peers using 6 metrics.
Financial health
C+57/100
Ranked against 10 peers using 5 metrics.
Dividend coverage
F25/100
Ranked against 6 peers using 2 metrics.

Growth

MetricCompanyIndustry medianRank
Revenue growth (YoY)
Latest fiscal year revenue vs. the year before.
10.7%11.4%9 / 16
Revenue growth (3y)
Annualized revenue growth over three fiscal years.
7.4%7.4%8 / 15
Revenue growth (5y)
Annualized revenue growth over five fiscal years.
3.2%9.8%13 / 14
EPS growth (YoY)
Diluted EPS vs. the prior fiscal year.
-26.2%19.4%11 / 11
EPS growth (3y)
Annualized diluted EPS growth over three fiscal years.
72.2%8.6%2 / 11
EPS growth (5y)
Annualized diluted EPS growth over five fiscal years.
-7.2%38.5%6 / 6
Free cash flow growth (YoY)
Operating cash flow less capital expenditure, vs. prior year.
Not reported1.5%—
Free cash flow growth (3y)
Annualized free cash flow growth over three fiscal years.
Not reported-17.7%—

top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.

“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.

Profitability

MetricCompanyIndustry medianRank
Gross margin
Gross profit as a share of revenue. Often unreported.
98.6%48.6%1 / 7
Operating margin
Operating income as a share of revenue.
52.7%31.4%2 / 14
Net margin
Net income as a share of revenue.
23.1%18.0%5 / 15
Free cash flow margin
Free cash flow as a share of revenue.
Not reported8.0%—
Return on equity
Net income divided by shareholder equity.
12.9%12.9%6 / 11
Return on assets
Net income divided by total assets.
3.0%4.2%10 / 15
Return on invested capital
After-tax operating profit over debt plus equity less cash.
22.2%7.7%1 / 11

top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.

“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.

Financial health

MetricCompanyIndustry medianRank
Debt to equity
Total debt divided by shareholder equity.
0.06x1.58x1 / 12
Current ratio
Current assets over current liabilities.
0.63x0.84x12 / 15
Quick ratio
Current assets excluding inventory, over current liabilities.
0.56x0.68x10 / 15
Interest coverage
Operating income divided by interest expense.
2.36x2.82x7 / 10
Net debt to EBITDA
Net debt over derived EBITDA. EBITDA is not a GAAP tag; it is computed.
0.13x4.02x1 / 12

top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.

“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.

Debt figures can be understated where a filer splits borrowings across XBRL tags this site does not match.

Dividend coverage

Measures how much of earnings and free cash flow the dividend consumes, against industry peers. A low grade means the dividend is less covered than peers' — not that a cut is expected. Long-established payers often score low here by design.

MetricCompanyIndustry medianRank
Dividend payout ratio
Dividends paid as a share of net income.
99.7%93.3%7 / 11
Dividend / free cash flow
Dividends paid as a share of free cash flow. The stricter test.
Not reported95.7%—
Dividend growth (5y)
Annualized growth in dividends per share over five years.
1.0%3.7%6 / 6

top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.

“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.

Dividend record

What the dividend has actually done, not a prediction of what it will do. Changes are checked against total dollars paid so that stock splits are not mistaken for cuts.

Years paying
16
since 2012 in this data
Consecutive increases
None
most recent year was not an increase
Reductions
1
verified against dollars paid
Latest per share
CAD 3.40
fiscal 2025

Dividend history is limited to what companies have filed in machine-readable form, which generally begins around 2009. A company may have paid or raised its dividend for far longer than shown here.

One or more years could not be compared — usually a stock split changing the per-share basis — so the streak is measured only from the point the figures become comparable. It is a floor, not a maximum.

Annual financials

Fiscal year2025202420232022202120202019201820172016
RevenueCAD 15.24BCAD 13.77BCAD 13.27BCAD 12.31BCAD 13.39BCAD 13.00BCAD 13.26BCAD 13.68BCAD 13.45BCAD 12.55B
Operating incomeCAD 8.04BCAD 7.96BCAD 5.10BCAD 2.45BCAD 4.06BCAD 6.77BCAD 6.58BCAD 5.76BCAD 4.68BCAD 2.31B
Net incomeCAD 3.52BCAD 4.70BCAD 2.92BCAD 748.00MCAD 1.96BCAD 4.62BCAD 4.14BCAD 3.70BCAD 3.16BCAD 233.00M
EPS (diluted)CAD 3.27CAD 4.43CAD 2.75CAD 0.64CAD 1.86CAD 4.74CAD 4.27CAD 3.92CAD 3.43CAD 0.16
Operating cash flowCAD 7.35BCAD 7.70BCAD 7.27BCAD 6.38BCAD 6.89BCAD 7.06BCAD 7.08BCAD 6.55BCAD 5.23BCAD 5.07B
Capital expenditure—CAD 7.90BCAD 12.30BCAD 8.96BCAD 7.13BCAD 8.90BCAD 7.47BCAD 9.42BCAD 7.38BCAD 5.01B
Free cash flow—-CAD 208.00M-CAD 5.03B-CAD 2.59B-CAD 244.00M-CAD 1.84B-CAD 393.00M-CAD 2.86B-CAD 2.15BCAD 62.00M
Total assetsCAD 118.75BCAD 118.24BCAD 125.03BCAD 114.35BCAD 104.22BCAD 100.30BCAD 99.28BCAD 98.92BCAD 86.10BCAD 88.05B
Shareholder equityCAD 27.30BCAD 27.59BCAD 29.55BCAD 33.99BCAD 33.27BCAD 31.40BCAD 30.76BCAD 29.34BCAD 25.04BCAD 24.26B
Total debtCAD 1.54BCAD 2.96BCAD 2.94BCAD 3.50BCAD 1.32BCAD 1.97BCAD 2.71BCAD 39.97BCAD 34.74BCAD 40.15B
CashCAD 168.00MCAD 801.00MCAD 3.68BCAD 620.00MCAD 673.00MCAD 1.53BCAD 1.34BCAD 446.00MCAD 1.09BCAD 1.02B
Dividends per shareCAD 3.40CAD 3.70CAD 3.72CAD 3.60CAD 3.48CAD 3.24CAD 3.00CAD 2.76CAD 2.50CAD 2.26

A dash means the figure was not tagged in that year’s filing. It does not mean zero. Figures reflect the most recent filing covering each period, so restated years show their restated values.

Amounts are in CAD, as the company reports them. Nothing here is converted to dollars, so these figures cannot be compared directly against a company reporting in another currency. Margins, returns and other ratios are unaffected.

Source

Figures come from TC ENERGY CORP’s filings with the SEC, as submitted in XBRL. The most recent annual figures are from a 40-F filed Feb 13, 2026. View filings on EDGAR.

Not financial advice. This page presents figures reported to the SEC and compares them with other companies sharing an industry classification. It is not a recommendation to buy or sell anything, and the grades cannot capture everything that matters about a business. Industry classifications are coarse, filings are self-reported, and some figures are missing or understated where companies tag them in ways this site does not match. Do your own research.