TC Energy Cash Flow 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
Net Income	3,519	4,698	2,922	748	1,955
Depreciation & Amortization	2,769	2,535	2,446	2,584	2,522
Loss (Gain) From Sale of Assets	-	-620	-	-	-30
Asset Writedown & Restructuring Costs	-	-	-	453	2,775
Loss (Gain) From Sale of Investments	-	-	2,100	3,048	-
Loss (Gain) on Equity Investments	342	67	-123	-29	77
Provision & Write-off of Bad Debts	83	-22	-83	163	-
Other Operating Activities	1,107	565	-529	47	-122
Change in Accounts Receivable	-332	-13	-394	-575	-925
Change in Inventory	-55	-16	-56	-190	-93
Change in Accounts Payable	13	365	-206	-83	890
Change in Other Net Operating Assets	-129	-137	863	209	-159
Operating Cash Flow	7,346	7,696	7,268	6,375	6,890
Operating Cash Flow Growth	-4.55%	5.89%	14.01%	-7.47%	-2.38%
Capital Expenditures	-5,286	-6,358	-8,149	-6,727	-5,924
Sale of Property, Plant & Equipment	-	791	33	-	35
Cash Acquisitions	-	-	-307	-	-
Investment in Securities	-1,046	-997	-4,126	-801	-1,137
Other Investing Activities	-126	-345	262	519	-686
Investing Cash Flow	-6,458	-6,909	-12,287	-7,009	-7,712
Short-Term Debt Issued	1,227	341	-	766	1,003
Long-Term Debt Issued	8,069	9,554	15,884	3,516	11,225
Total Debt Issued	9,296	9,895	15,884	4,282	12,228
Short-Term Debt Repaid	-	-	-6,299	-	-
Long-Term Debt Repaid	-6,116	-9,517	-3,772	-1,338	-7,758
Total Debt Repaid	-6,116	-9,517	-10,071	-1,338	-7,758
Net Debt Issued (Repaid)	3,180	378	5,813	2,944	4,470
Issuance of Common Stock	104	88	4	1,905	148
Preferred Dividends Paid	-114	-99	-92	-106	-141
Common Dividends Paid	-3,507	-3,953	-2,787	-3,192	-3,317
Dividends Paid	-3,621	-4,052	-2,879	-3,298	-3,458
Other Financing Activities	-929	-288	5,155	-64	-748
Financing Cash Flow	-1,516	-3,874	8,093	487	-88
Foreign Exchange Rate Adjustments	-5	210	-16	94	53
Net Cash Flow	-633	-2,877	3,058	-53	-857
Free Cash Flow	2,060	1,338	-881	-352	966
Free Cash Flow Growth	53.96%	-	-	-	-
Free Cash Flow Margin	13.52%	9.72%	-6.64%	-2.86%	7.22%
Free Cash Flow Per Share	1.98	1.29	-0.85	-0.35	0.99
Cash Interest Paid	3,284	3,398	2,931	2,478	2,299
Cash Income Tax Paid	543	387	791	394	371
Levered Free Cash Flow	-1,839	-1,268	-4,711	256.25	-3,064
Unlevered Free Cash Flow	290.25	619.25	-2,857	1,694	-1,589
Change in Working Capital	-503	199	207	-639	-287

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

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