TC Energy revenue and financials
Secondary listing. The primary listing is TC Energy · TSX (CAD)
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In the fiscal year ended December 2025, TC Energy reported revenue of $15.24B (+10.66% year over year). Net income was $3.52B, a net margin of 23.1%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +10.66%
- 2025 vs 2024
- Net income growth
- −25.10%
- 2025 vs 2024
- Net margin
- 23.1%
- 2024: 34.1%
Financial data
Amounts in millions of CAD; per-share values in CAD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 7,346 | 7,696 | 7,268 | 6,375 | 6,890 | 7,058 | 7,082 | 6,555 | 5,230 | 5,069 |
| Depreciation and amortization | 2,769 | 2,788 | 2,778 | 2,584 | 2,522 | 2,590 | 2,464 | 2,350 | 2,055 | 1,939 |
| Capital expenditure | -5,286 | -7,904 | -12,298 | -8,961 | -7,134 | -8,900 | -7,475 | -9,418 | -7,383 | -5,007 |
| Investing cash flow | -6,458 | -6,909 | -12,287 | -7,009 | -7,712 | — | — | — | — | — |
| Financing cash flow | -1,516 | -3,874 | 8,093 | 487 | -88.0 | — | — | — | — | — |
| Dividends paid | -3,507 | -3,953 | -2,787 | -3,192 | -3,317 | -2,987 | -1,798 | -1,571 | -1,339 | -1,436 |
| Share repurchases | -250 | 0.0 | 0.0 | -1,000 | — | — | — | 0.0 | 0.0 | -14.0 |
| Debt issued | 9,296 | 9,895 | 15,884 | 4,282 | 12,228 | — | — | — | — | — |
| Debt repaid | -6,116 | -9,517 | -10,071 | -1,338 | -7,758 | — | — | — | — | — |
| Effect of exchange rates | -5.0 | 210 | -16.0 | 94.0 | 53.0 | — | — | — | — | — |
| Net change in cash | -633 | -2,877 | 3,058 | -53.0 | -857 | — | — | — | — | — |
| Free cash flow | 2,060 | 1,338 | -881 | -352 | 966 | — | — | — | — | — |
| Levered free cash flow | -1,839 | -1,283 | -4,751 | 256 | -3,064 | — | — | — | — | — |