TC Energy Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	15,239	13,771	13,267	12,309	13,387
Revenue Growth (YoY)	10.66%	3.80%	7.78%	-8.05%	2.99%
Cost of Revenue	4,720	4,495	4,088	4,250	4,104
Gross Profit	10,519	9,276	9,179	8,059	9,283
Selling, General & Admin	107	111	-	-	-
Other Operating Expenses	881	820	781	727	81
Operating Expenses	3,757	3,466	3,227	2,989	2,603
Operating Income	6,762	5,810	5,952	5,070	6,680
Interest Expense	-3,407	-3,019	-2,966	-2,300	-2,360
Interest & Investment Income	184	313	259	147	192
Earnings From Equity Investments	1,274	1,558	1,310	999	898
Currency Exchange Gain (Loss)	157	-147	320	-185	10
Other Non Operating Income (Expenses)	453	784	575	369	267
EBT Excluding Unusual Items	5,423	5,299	5,450	4,100	5,687
Merger & Restructuring Charges	-	-24	-65	-	-81
Impairment of Goodwill	-	-	-	-571	-
Gain (Loss) on Sale of Investments	21	11	-2,087	-3,055	-2
Gain (Loss) on Sale of Assets	-	620	-	-	30
Asset Writedown	-	-	-	-	-3,126
Other Unusual Items	-	-	-	-	-342
Pretax Income	5,444	5,906	3,298	474	2,166
Income Tax Expense	1,138	922	842	322	120
Earnings From Continuing Operations	4,306	4,984	2,456	152	2,046
Earnings From Discontinued Operations	-212	395	612	633	-
Net Income to Company	4,094	5,379	3,068	785	2,046
Minority Interest in Earnings	-575	-681	-146	-37	-91
Net Income	3,519	4,698	2,922	748	1,955
Preferred Dividends & Other Adjustments	119	104	93	107	140
Net Income to Common	3,400	4,594	2,829	641	1,815
Net Income Growth	-25.10%	60.78%	290.64%	-61.74%	-57.65%
Shares Outstanding (Basic)	1,040	1,038	1,030	995	973
Shares Outstanding (Diluted)	1,040	1,038	1,030	996	974
Shares Change (YoY)	0.19%	0.78%	3.41%	2.26%	3.62%
EPS (Basic)	3.27	4.43	2.75	0.64	1.87
EPS (Diluted)	3.27	4.43	2.74	0.64	1.86
EPS Growth	-26.20%	61.28%	325.97%	-65.36%	-60.76%
Free Cash Flow	2,060	1,338	-881	-352	966
Free Cash Flow Per Share	1.98	1.29	-0.85	-0.35	0.99
Dividend Per Share	3.400	3.703	3.720	3.600	3.480
Dividend Growth	-8.17%	-0.47%	3.33%	3.45%	7.41%
Gross Margin	69.03%	67.36%	69.19%	65.47%	69.34%
Operating Margin	44.37%	42.19%	44.86%	41.19%	49.90%
Profit Margin	22.31%	33.36%	21.32%	5.21%	13.56%
Free Cash Flow Margin	13.52%	9.72%	-6.64%	-2.86%	7.22%
EBITDA	9,531	8,345	8,398	7,654	9,202
EBITDA Margin	62.54%	60.60%	63.30%	62.18%	68.74%
D&A For EBITDA	2,769	2,535	2,446	2,584	2,522
EBIT	6,762	5,810	5,952	5,070	6,680
EBIT Margin	44.37%	42.19%	44.86%	41.19%	49.90%
Effective Tax Rate	20.90%	15.61%	25.53%	67.93%	5.54%

Updated Feb 13, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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