TC Energy Corporation
(NYSE:TRP)

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Storage segments. The company builds and operates 93,400 km network of n...

Website: http://www.transcanada.com

Founded: 1951

Full Time Employees: 7,305

Sector: Energy

Industry: Oil & Gas Midstream

Energy Canadian

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Quarterly

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Unit: USD	2025-09-30	2025-06-30	2025-03-31	2025-02-14	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2020-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-03-31	2016-07-22	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2013-09-30	2013-06-30	2013-04-26	2012-09-30	2012-04-27	2006-10-31	2006-07-27	2006-01-31	2005-09-30

revenues																																						1,771,000,000	642,000,000
canadian natural gas pipelines	1,478,000,000	1,455,000,000	1,371,000,000	1,404,000,000	1,395,000,000	1,417,000,000	1,384,000,000	1,344,000,000	1,303,000,000	1,297,000,000	1,267,000,000	1,234,000,000	1,175,000,000	1,088,000,000	1,145,000,000	1,129,000,000	1,126,000,000	1,188,000,000	283,000,000	956,000,000	269,000,000	1,266,000,000	884,000,000
u.s. natural gas pipelines	1,637,000,000	1,704,000,000	1,858,000,000	1,696,000,000	1,503,000,000	1,468,000,000	1,672,000,000	1,671,000,000	1,473,000,000	1,376,000,000	1,638,000,000	1,449,000,000	1,397,000,000	1,449,000,000	1,401,000,000	1,275,000,000	1,206,000,000	1,286,000,000	626,000,000	1,211,000,000	792,000,000	1,326,000,000	1,091,000,000
mexico natural gas pipelines	426,000,000	360,000,000	226,000,000	221,000,000	218,000,000	217,000,000	214,000,000	221,000,000	213,000,000	207,000,000	201,000,000	179,000,000	156,000,000	152,000,000	149,000,000	153,000,000	149,000,000	154,000,000	125,000,000	152,000,000	116,000,000	159,000,000	151,000,000
power and energy solutions	161,000,000	221,000,000	162,000,000	248,000,000	242,000,000	225,000,000	239,000,000	268,000,000	236,000,000	268,000,000	318,000,000
corporate	2,000,000	4,000,000	6,000,000	8,000,000															33,000,000
income from equity investments	345,000,000	330,000,000	305,000,000	450,000,000	461,000,000	341,000,000	356,000,000	521,000,000	305,000,000	248,000,000	291,000,000	322,000,000	236,000,000	205,000,000	217,000,000	265,000,000	157,000,000	85,000,000		206,000,000		222,000,000	80,000,000		90,000,000				160,000,000	159,000,000	177,000,000	153,000,000	93,000,000	71,000,000	60,000,000
operating and other expenses
plant operating costs and other	1,151,000,000	1,182,000,000	1,010,000,000	1,201,000,000	1,346,000,000	1,330,000,000	1,233,000,000	1,343,000,000	1,271,000,000	1,216,000,000	1,411,000,000	1,342,000,000	1,173,000,000	1,006,000,000	1,095,000,000	1,160,000,000	959,000,000	1,049,000,000		907,000,000		1,011,000,000	874,000,000		906,000,000				810,000,000	674,000,000	650,000,000	648,000,000	641,000,000	758,000,000	707,000,000
commodity purchases resold	54,000,000	49,000,000	50,000,000	82,000,000	182,000,000	185,000,000	155,000,000	144,000,000	178,000,000	108,000,000	105,000,000	128,000,000	173,000,000	128,000,000	85,000,000					114,000,000		249,000,000	597,000,000		506,000,000				414,000,000	388,000,000	299,000,000	283,000,000	376,000,000	337,000,000	179,000,000
property taxes	215,000,000	218,000,000	224,000,000	207,000,000	235,000,000	236,000,000	226,000,000	230,000,000	218,000,000	222,000,000	214,000,000	214,000,000	213,000,000	207,000,000	191,000,000	191,000,000	196,000,000	178,000,000		181,000,000		140,000,000	150,000,000		127,000,000				118,000,000	113,000,000	138,000,000	106,000,000	109,000,000
depreciation and amortization	701,000,000	671,000,000	678,000,000	639,000,000	713,000,000	717,000,000	719,000,000	717,000,000	690,000,000	694,000,000	670,000,000	653,000,000	635,000,000	626,000,000	634,000,000	610,000,000	633,000,000	652,000,000		621,000,000		681,000,000	535,000,000	139,900,000	452,000,000				416,000,000	403,000,000	366,000,000	356,000,000	367,000,000	342,000,000	344,000,000
net gain on sale of assets					572,000,000	48,000,000											17,000,000
financial charges																																						211,000,000
interest expense	847,000,000	847,000,000	840,000,000	679,000,000	878,000,000	843,000,000	837,000,000	845,000,000	865,000,000	791,000,000	722,000,000	666,000,000	620,000,000	580,000,000	611,000,000	596,000,000	583,000,000	530,000,000		588,000,000		603,000,000	527,000,000		380,000,000				323,000,000	304,000,000	235,000,000	252,000,000	258,000,000	249,000,000	242,000,000
allowance for funds used during construction	-55,000,000	-114,000,000	-248,000,000	-233,000,000	-210,000,000	-184,000,000	-157,000,000	-132,000,000	-164,000,000	-148,000,000	-115,000,000	-116,000,000	-63,000,000	-75,000,000	-72,000,000	-81,000,000	-64,000,000	-95,000,000	120,000,000		139,000,000
foreign exchange losses	-30,000,000	-69,000,000	-43,000,000	69,000,000	38,000,000	67,000,000	-27,000,000	-89,000,000	45,000,000	-169,000,000
interest income and other	-47,000,000	-49,000,000	-51,000,000	-120,000,000	-89,000,000	-69,000,000	-77,000,000	-121,000,000	-63,000,000	-16,000,000	-53,000,000	242,000,000	43,000,000	-61,000,000	-87,000,000	76,000,000	-127,000,000	-373,000,000			163,000,000	215,000,000										11,000,000	-13,000,000	-34,000,000	-31,000,000
income from continuing operations before income taxes	1,213,000,000	1,339,000,000	1,468,000,000	1,503,000,000																				460,500,000
income tax expense (recovery) from continuing operations
current	118,000,000	23,000,000	83,000,000	176,000,000	186,000,000	111,000,000	150,000,000	607,000,000	97,000,000	115,000,000	-64,000,000	110,000,000	94,000,000	275,000,000	-114,000,000	152,000,000	58,000,000	-35,000,000		112,000,000		146,000,000	50,000,000		12,000,000				41,000,000	22,000,000		-36,000,000	79,000,000	6,000,000	56,000,000			121,000,000
deferred	127,000,000	314,000,000	210,000,000	47,000,000	165,000,000	89,000,000	143,000,000	-398,000,000	37,000,000	143,000,000	60,000,000	12,000,000	54,000,000	48,000,000	392,000,000	-17,000,000	89,000,000	151,000,000		105,000,000		59,000,000	71,000,000						165,000,000	217,000,000	193,000,000	134,000,000	36,000,000	128,000,000	73,000,000
net income from continuing operations	968,000,000	1,002,000,000	1,175,000,000	1,280,000,000																																		350,000,000
net income from discontinued operations, net of tax	-204,000,000	-29,000,000		-98,000,000
net income	764,000,000	973,000,000	1,175,000,000	1,182,000,000	1,651,000,000	1,149,000,000	1,397,000,000	1,615,000,000	-173,000,000	279,000,000		870,000,000	931,000,000	400,000,000	1,158,000,000	818,000,000	1,020,000,000	1,232,000,000	839,000,000	1,223,000,000	1,146,000,000	719,000,000	868,000,000	307,100,000		471,000,000	494,000,000	469,000,000	526,000,000	506,000,000	534,000,000	408,000,000	492,000,000	411,000,000	401,000,000			350,000,000
yoy	-53.73%	-15.32%	-15.89%	-26.81%	-1054.34%	311.83%		85.63%	-118.58%	-30.25%		6.36%	-8.73%	-67.53%	38.02%	-33.12%	-10.99%	71.35%	-3.34%	298.24%		52.65%	75.71%	-34.52%		-6.92%	-7.49%	14.95%	6.91%	23.11%	33.17%			17.43%
qoq	-21.48%	-17.19%	-0.59%	-28.41%	43.69%	-17.75%	-13.50%	-1033.53%	-162.01%			-6.55%	132.75%	-65.46%	41.56%	-19.80%	-17.21%	46.84%	-31.40%	6.72%	59.39%	-17.17%	182.64%			-4.66%	5.33%	-10.84%	3.95%	-5.24%	30.88%	-17.07%	19.71%	2.49%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	NaN%
net income attributable to non-controlling interests	127,000,000	112,000,000	169,000,000	183,000,000	168,000,000	159,000,000	171,000,000	128,000,000	1,000,000	6,000,000	9,000,000	8,000,000	9,000,000	11,000,000	8,000,000	8,000,000	6,000,000	69,000,000		57,000,000			94,000,000						43,000,000	25,000,000	33,000,000	23,000,000	31,000,000	29,000,000	35,000,000
net income attributable to controlling interests	637,000,000	861,000,000	1,006,000,000	999,000,000	1,483,000,000	990,000,000	1,226,000,000	1,487,000,000	-174,000,000	273,000,000		862,000,000	922,000,000	389,000,000	1,150,000,000	810,000,000	1,014,000,000	1,163,000,000	780,000,000	1,166,000,000	1,045,000,000	1,133,000,000	774,000,000			425,000,000	454,000,000	410,000,000	483,000,000	481,000,000	501,000,000	385,000,000	461,000,000	382,000,000	366,000,000
preferred share dividends	28,000,000	28,000,000	28,000,000	28,000,000	26,000,000	27,000,000	23,000,000	24,000,000	23,000,000	23,000,000	22,000,000	21,000,000	33,000,000	31,000,000	32,000,000	31,000,000	32,000,000	39,000,000		41,000,000		41,000,000	40,000,000		23,000,000				25,000,000	24,000,000	20,000,000	20,000,000	15,000,000	13,000,000	14,000,000			5,000,000
net income attributable to common shares	609,000,000	833,000,000	978,000,000	971,000,000	1,457,000,000	963,000,000	1,203,000,000	1,463,000,000	-197,000,000	250,000,000		841,000,000	889,000,000	358,000,000	1,118,000,000	779,000,000	982,000,000	1,124,000,000	739,000,000	1,125,000,000	1,004,000,000	1,092,000,000	734,000,000			402,000,000	429,000,000	387,000,000	458,000,000	457,000,000	481,000,000	365,000,000	446,000,000	369,000,000	352,000,000
amounts attributable to common shares
net income attributable to controlling interests from continuing operations	841,000,000	890,000,000	1,006,000,000
net income attributable to common shares from continuing operations	813,000,000	862,000,000	978,000,000	1,069,000,000
net income per common share - basic and diluted																										570,000	600,000	550,000
continuing operations	780,000	830,000	940,000	1,030,000																				0.81														0.72
discontinued operations	-200,000	-30,000		-90,000
weighted-average number of common shares
basic	1,040,000,000	1,040,000,000	1,039,000,000	1,038,000,000	1,038,000,000	1,037,000,000	1,037,000,000	1,037,000,000	1,035,000,000	1,027,000,000	1,016,000,000	1,000,000,000	983,000,000	981,000,000	980,000,000			940,000,000		927,000,000		915,000,000	885,000,000		708,000,000				709,000,000	708,000,000	707,000,000	707,000,000	706,000,000	705,000,000	704,000,000
diluted	1,040,000,000	1,040,000,000	1,040,000,000	1,038,000,000	1,038,000,000	1,037,000,000	1,037,000,000	1,037,000,000	1,035,000,000	1,027,000,000	1,016,000,000	1,000,000,000	984,000,000	982,000,000	981,000,000			940,000,000		928,000,000		915,000,000	886,000,000		708,000,000				710,000,000	710,000,000	708,000,000	708,000,000	707,000,000	706,000,000	705,000,000
impairment of equity investment									-1,244,000,000	-843,000,000	-3,048,000,000
net income attributable to controlling interest from continuing operations				1,097,000,000
liquids pipelines					725,000,000	758,000,000	734,000,000	732,000,000	715,000,000	682,000,000	617,000,000	691,000,000	692,000,000	668,000,000	654,000,000	563,000,000	516,000,000	544,000,000	491,000,000	811,000,000	460,000,000	753,000,000	623,000,000		469,000,000	287,000,000	250,000,000	246,000,000	435,000,000	387,000,000
goodwill and asset impairment charges and other					21,000,000						-118,000,000			571,000,000
income before income taxes					2,002,000,000	1,349,000,000	1,690,000,000	1,824,000,000	-39,000,000	537,000,000		992,000,000	1,079,000,000	723,000,000	1,436,000,000	953,000,000	1,167,000,000	1,348,000,000	1,113,000,000	1,440,000,000	1,382,000,000	757,000,000	989,000,000			694,000,000	744,000,000	676,000,000	732,000,000	745,000,000	724,000,000	506,000,000	607,000,000	545,000,000	530,000,000				307,000,000
income tax expense
net income per common share																					1,090,000
basic and diluted					1,400,000	930,000	1,160,000	1,410,000	-190,000	240,000		840,000	900,000	360,000		800,000				1,210,000			830,000		-3,470,000				650,000	640,000	680,000	520,000	630,000	520,000	500,000
goodwill impairment charge
operating and other incomes
gain on sale of assets																				68,000,000									9,000,000
foreign exchange (gain)/loss											-132,000,000
(loss)/income before income taxes											-1,420,000,000
income tax (recovery)/ expense
net (loss)/income											-1,416,000,000
net (loss)/income attributable to controlling interests											-1,425,000,000
net (loss)/income attributable to common shares											-1,447,000,000
net (loss)/income per common share
basic											-1,420,000
diluted											-1,420,000
power and storage												246,000,000	217,000,000	143,000,000	235,000,000	120,000,000	185,000,000	125,000,000	27,000,000	242,000,000	48,000,000
revenues - sum												3,799,000,000	3,637,000,000	3,500,000,000		3,240,000,000	3,182,000,000			3,372,000,000		3,904,000,000	3,424,000,000		2,851,000,000				2,616,000,000	2,451,000,000	2,204,000,000	2,009,000,000	2,252,000,000	2,126,000,000	1,911,000,000
operating and other expenses - sum												2,337,000,000	2,194,000,000	2,538,000,000		1,961,000,000	1,797,000,000			1,823,000,000		2,882,000,000	2,156,000,000		5,736,000,000				1,758,000,000	1,578,000,000	1,453,000,000	1,393,000,000	1,493,000,000	1,437,000,000	1,230,000,000
financial charges - sum												792,000,000	600,000,000	444,000,000		591,000,000	392,000,000
income tax expense/
asset impairment charge and other															-79,000,000		9,000,000
net gain/(loss) on sale of assets															13,000,000
net income per common share																					1,090,000
basic															1,140,000		1,000,000	1,200,000				1,190,000
diluted															1,140,000		1,000,000	1,200,000				1,190,000
weighted-average number of common shares
basic and diluted																979,000,000	979,000,000
net income on assets sold/held for sale																		-93,000,000
dividends declared per common share																		810,000				690,000	690,000	0.25	520,000				480,000	480,000	460,000	460,000	460,000	440,000	440,000
total segmented earnings																			1,585,000,000		1,666,000,000					1,019,000,000	994,000,000	1,008,000,000
net income per common share – basic and diluted																			790,000		1,090,000
•
income tax expense - sum																				217,000,000			121,000,000						206,000,000	239,000,000
specific items
u.s. northeast power marketing contracts																					12,000,000
risk management activities1
comparable earnings																					987,000,000
net income per common share																					1,090,000
risk management activities
comparable earnings per common share																					1,070,000
energy																						400,000,000	675,000,000		895,000,000	249,000,000	267,000,000	214,000,000	782,000,000	919,000,000	840,000,000	700,000,000	824,000,000	809,000,000	567,000,000
goodwill and other asset impairment charges																						801,000,000
gain on sales of assets																						170,000,000
deferred – u.s. tax reform and 2018 ferc actions
operating revenues
transportation revenues																								1,054,400,000
transportation revenues-affiliated																								47,500,000
storage revenues																								171,400,000
storage revenues-affiliated																								26,200,000
other revenues																								35,400,000
total operating revenues																								1,334,900,000
operating expenses
operation and maintenance																								652,100,000
operating and maintenance-affiliated																								52,900,000
gain on sale of assets and impairment
property and other taxes																								75,300,000
total operating expenses																								867,300,000												32,000,000	37,000,000
equity earnings in unconsolidated affiliates																								60,500,000
operating income																								528,100,000												84,000,000	46,000,000	562,000,000	325,000,000
yoy
qoq																																				82.61%	-91.81%	72.92%
operating margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%
other income
interest expense-affiliated
other																								29,300,000												15,000,000	11,000,000	19,000,000	29,000,000
total other deductions
income taxes																								153,000,000
income from continuing operations																								307,500,000
income from discontinued operations-net of taxes
less: net income attributable to noncontrolling interest																								39,900,000
net income attributable to cpg																								267,200,000
amounts attributable to cpg:
basic earnings per share																								0.81
diluted earnings per share																								0.81
basic average common shares outstanding																								328.5
diluted average common shares																								329.1
natural gas pipelines																									1,487,000,000	528,000,000	525,000,000	595,000,000	1,399,000,000	1,145,000,000	1,083,000,000	1,031,000,000	1,157,000,000	1,058,000,000	1,085,000,000
asset impairment charges																									3,745,000,000
gain on assets held for sale/sold
income tax (recovery)/expense
interest income and other income																										16,000,000	81,000,000
financial charges/
oil pipelines																															281,000,000	278,000,000	271,000,000	259,000,000	259,000,000
income taxes (recovery)/expense
income taxes (recovery)/expense - sum																																98,000,000
income taxes expense
income taxes expense - sum																																	115,000,000	134,000,000	129,000,000
bruce power																																				72,000,000	3,094,000,000
power																																				478,000,000	439,000,000		165,000,000
operations and maintenance
fuel																																				3,000,000	2,000,000
supplemental rent
revenues, net of operating expenses																																				181,000,000	126,000,000
financial charges under equity accounting
transcanada’s proportionate share																																				69,000,000	39,000,000
adjustments																																				3,000,000	2,000,000		2,000,000
transcanada’s operating income from
bruce power – other information
plant availability
bruce a																																				86,000,000	63,000,000
bruce b																																				92,000,000	94,000,000
combined bruce power																																				90,000,000	84,000,000
sales volumes
bruce a – 100 per cent																																				2,850,000,000
bruce b – 100 per cent																																				6,540,000,000
combined bruce power – 100 per cent																																				9,390,000,000
results per mwh
bruce a revenues																																				59,000,000	58,000,000
bruce b revenues																																				48,000,000	48,000,000
combined bruce power revenues																																				51,000,000	51,000,000
percentage of output sold to spot market																																				33,000,000	39,000,000
cost of sales																																						368,000,000
other costs and expenses																																				-32,000,000	-30,000,000	576,000,000
depreciation																																				-6,000,000	-5,000,000	265,000,000
supply
generation																																				599,000,000	438,000,000
purchased																																				934,000,000	667,000,000
sundance a & b and sheerness ppas																																				3,283,000,000	2,846,000,000
other purchases																																				455,000,000	519,000,000
contracted vs. spot
contracted																																				2,818,000,000	2,407,000,000
spot																																				1,519,000,000	1,396,000,000
revenue
yoy
qoq
western power operations																																				4,337,000,000	3,803,000,000
eastern power operations																																				1,973,000,000	1,616,000,000
power lp investment
total																																				9,758,000,000	8,513,000,000
all plants, excluding bruce power																																				97,000,000	93,000,000
all plants																																				93,000,000	85,000,000
transcanada’s operating income from bruce power																																					41,000,000
bruce power - other information
bruce a - 100 per cent																																					2,070,000,000
bruce b - 100 per cent																																					6,630,000,000
combined bruce power - 100 per cent																																					8,700,000,000
other incomes/
financial charges of joint ventures																																						17,000,000
equity income
gain on sale of paiton energy
gains related to power lp
gain on sale of pipelines lp units
gain on sale of millennium
income from continuing operations before income
taxes and non-controlling interests																																						517,000,000
future																																						22,000,000
non-controlling interests
net income from discontinued operations
net income per share
basic															1,140,000		1,000,000	1,200,000				1,190,000
discontinued operations	-200,000	-30,000		-90,000
diluted
average shares outstanding
basic																																						487.1
diluted																																						490.4
cash costs
non-cash costs
transcanada’s interest in bruce power income before income taxes																																							97,000,000
transcanada’s income from bruce power before income taxes																																							99,000,000
western operations results-at-a-glance
operating and other income																																							32,000,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-04-16	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2020-12-31	2019-06-30	2018-03-31	2014-09-30	2013-09-30	2013-06-30	2013-04-26	2011-11-01	2010-11-03	2010-02-23	2009-12-31	2009-11-04	2009-07-30	2009-06-12	2009-02-03	2008-12-31	2008-10-28	2008-07-31	2008-04-25	2008-01-29	2007-10-30	2007-06-30	2007-03-31	2007-01-30	2006-12-31	2006-10-31	2006-07-27	2006-04-28	2006-01-31	2005-12-31	2005-09-30	2005-06-30

assets
current assets							3,316,000,000																									3,399,000,000
cash and cash equivalents	1,802,000,000	1,422,000,000	1,962,000,000	801,000,000	3,797,000,000	2,474,000,000		3,193,000,000	3,678,000,000	1,970,000,000	1,091,000,000	620,000,000	2,160,000,000	1,504,000,000	1,073,000,000	673,000,000	2,857,000,000	2,888,000,000	1,530,000,000	666,000,000	1,267,000,000	698,000,000	645,000,000	674,000,000	443,000,000	596,000,000	1,094,000,000	997,000,000	997,000,000	2,406,000,000	3,482,000,000		1,308,000,000	1,308,000,000	752,000,000	1,959,000,000	639,000,000
accounts receivable	2,474,000,000	2,555,000,000	2,586,000,000	2,611,000,000	3,526,000,000	4,025,000,000		4,218,000,000	4,209,000,000	3,564,000,000	3,129,000,000	3,624,000,000	3,557,000,000	3,820,000,000	3,235,000,000	3,092,000,000	2,611,000,000	2,724,000,000	2,162,000,000	2,057,000,000	2,208,000,000	1,288,000,000	913,000,000	1,051,000,000	1,031,000,000	1,191,000,000	1,123,000,000	966,000,000	966,000,000	834,000,000	889,000,000		1,280,000,000	1,280,000,000	1,156,000,000	1,145,000,000	964,000,000	1,116,000,000	1,008,000,000	983,000,000	1,135,000,000	1,004,000,000	1,004,000,000	762,000,000	741,000,000	700,000,000	796,000,000	796,000,000	574,000,000	537,000,000
inventories	837,000,000	822,000,000	777,000,000	747,000,000	1,053,000,000	1,015,000,000		1,100,000,000	982,000,000	1,229,000,000	1,046,000,000	936,000,000	1,080,000,000	1,045,000,000	965,000,000	724,000,000	743,000,000	758,000,000	629,000,000	442,000,000	384,000,000	267,000,000	238,000,000	224,000,000	231,000,000	428,000,000	452,000,000	511,000,000	511,000,000	491,000,000	488,000,000		489,000,000	489,000,000	514,000,000	549,000,000	503,000,000	497,000,000	426,000,000	466,000,000	478,000,000	392,000,000	392,000,000	277,000,000	249,000,000	219,000,000	281,000,000	281,000,000	241,000,000	239,000,000
other current assets	2,382,000,000	2,166,000,000	1,713,000,000	1,339,000,000	2,526,000,000	2,263,000,000		2,689,000,000	2,503,000,000	2,857,000,000	2,357,000,000	2,152,000,000	2,103,000,000	1,681,000,000	1,912,000,000	1,717,000,000	2,510,000,000	1,975,000,000	880,000,000
current assets of discontinued operations	283,000,000	172,000,000	234,000,000	235,000,000
plant, property and equipment	71,233,000,000	69,450,000,000	77,996,000,000	77,501,000,000	84,180,000,000	83,649,000,000	11,141,000,000	81,966,000,000	80,569,000,000	80,410,000,000	77,998,000,000	75,940,000,000	75,030,000,000	72,609,000,000	70,482,000,000	70,182,000,000	69,284,000,000	67,192,000,000	69,775,000,000	66,685,000,000	59,313,000,000					37,746,000,000	35,555,000,000	32,879,000,000	32,879,000,000	32,289,000,000	30,587,000,000	22,901,000,000	29,189,000,000	29,189,000,000	26,397,000,000	24,149,000,000	23,877,000,000	23,452,000,000	23,296,000,000	23,700,000,000	24,181,000,000	21,487,000,000	21,487,000,000	20,846,000,000	20,778,000,000	20,090,000,000	20,038,000,000	20,038,000,000	18,566,000,000	19,184,000,000
net investment in leases	8,235,000,000	8,125,000,000	2,472,000,000	2,477,000,000	2,321,000,000	2,357,000,000		2,330,000,000	2,263,000,000	2,388,000,000	1,941,000,000	1,895,000,000	2,097,000,000
equity investments	11,149,000,000	10,836,000,000	10,698,000,000	10,636,000,000	10,823,000,000	10,922,000,000	1,073,000,000	10,777,000,000	10,314,000,000	10,001,000,000	9,784,000,000	9,535,000,000	11,664,000,000	9,324,000,000	8,821,000,000	8,441,000,000	7,512,000,000	7,178,000,000	6,677,000,000	6,675,000,000	6,362,000,000	5,789,000,000	5,395,000,000	5,412,000,000	5,396,000,000
restricted investments	3,469,000,000	3,236,000,000	3,152,000,000	2,998,000,000	3,015,000,000	2,843,000,000		2,745,000,000	2,636,000,000	2,420,000,000	2,380,000,000	2,108,000,000	1,997,000,000	1,987,000,000	2,067,000,000	2,182,000,000	2,056,000,000	2,034,000,000	1,898,000,000	1,438,000,000	1,005,000,000
regulatory assets	2,906,000,000	2,822,000,000	2,793,000,000	2,682,000,000	2,608,000,000	2,563,000,000		2,445,000,000	2,330,000,000	2,224,000,000	2,104,000,000	1,910,000,000	2,019,000,000	1,904,000,000	1,825,000,000	1,767,000,000	1,884,000,000	1,827,000,000	1,753,000,000	1,471,000,000	1,334,000,000	1,569,000,000	1,924,000,000	1,921,000,000	1,915,000,000	1,419,000,000	1,491,000,000	1,524,000,000	1,524,000,000	1,644,000,000	1,594,000,000
goodwill	13,222,000,000	12,927,000,000	13,645,000,000	13,670,000,000	12,828,000,000	12,991,000,000		12,844,000,000	12,532,000,000	12,846,000,000	12,562,000,000	12,843,000,000	13,050,000,000	12,215,000,000	11,847,000,000	12,582,000,000	12,599,000,000	12,332,000,000	12,679,000,000	13,013,000,000	13,483,000,000	3,897,000,000	3,575,000,000	3,653,000,000	3,530,000,000	3,729,000,000	3,696,000,000	3,763,000,000	3,763,000,000	3,855,000,000	4,169,000,000	4,258,000,000	4,397,000,000	4,397,000,000	3,886,000,000	2,813,000,000	2,839,000,000	2,633,000,000	2,517,000,000	2,682,000,000	2,878,000,000	281,000,000	281,000,000
other long-term assets	2,239,000,000	2,179,000,000	2,394,000,000	2,410,000,000	2,424,000,000	2,181,000,000	234,000,000	3,034,000,000	3,018,000,000	2,740,000,000	2,641,000,000	2,785,000,000	1,795,000,000	1,485,000,000	1,381,000,000	1,403,000,000	1,181,000,000	992,000,000	979,000,000
long-term assets of discontinued operations	3,000,000	125,000,000	123,000,000	136,000,000
liabilities
current liabilities							2,602,000,000																									4,264,000,000
notes payable	2,390,000,000	2,418,000,000	1,529,000,000	387,000,000	422,000,000	1,563,000,000		381,000,000		244,000,000	2,578,000,000	6,262,000,000	6,238,000,000	5,466,000,000	5,465,000,000	5,166,000,000	3,172,000,000	1,692,000,000	4,176,000,000	4,568,000,000	3,658,000,000	1,749,000,000	1,688,000,000	2,900,000,000	1,474,000,000	1,865,000,000	1,613,000,000	1,687,000,000	1,687,000,000	1,324,000,000	1,041,000,000		1,702,000,000	1,702,000,000	874,000,000	1,133,000,000	373,000,000	421,000,000	1,021,000,000	728,000,000	1,532,000,000	467,000,000	467,000,000	513,000,000	509,000,000	329,000,000	962,000,000	962,000,000	383,000,000	1,079,000,000
accounts payable and other	4,887,000,000	4,381,000,000	4,489,000,000	5,297,000,000	6,391,000,000	6,303,000,000		6,944,000,000	6,987,000,000	6,967,000,000	5,585,000,000	7,149,000,000	7,835,000,000	5,900,000,000	5,681,000,000	5,099,000,000	4,989,000,000	4,581,000,000	3,816,000,000	4,327,000,000	3,697,000,000	2,705,000,000	1,771,000,000	1,968,000,000	1,971,000,000
dividends payable	901,000,000	901,000,000	900,000,000	874,000,000	1,012,000,000	1,011,000,000		1,008,000,000	979,000,000	977,000,000	970,000,000	930,000,000	923,000,000	896,000,000	896,000,000	879,000,000	864,000,000	864,000,000	795,000,000	709,000,000	631,000,000
accrued interest	831,000,000	821,000,000	820,000,000	828,000,000	868,000,000	856,000,000		905,000,000	913,000,000	832,000,000	722,000,000	668,000,000	687,000,000	621,000,000	579,000,000	577,000,000	581,000,000	571,000,000	595,000,000	585,000,000	552,000,000	381,000,000	330,000,000	380,000,000	352,000,000	348,000,000	325,000,000	377,000,000	377,000,000	342,000,000	415,000,000		359,000,000	359,000,000	318,000,000	252,000,000	303,000,000	261,000,000	291,000,000	265,000,000	278,000,000	264,000,000	264,000,000	265,000,000	232,000,000	231,000,000	222,000,000	222,000,000	222,000,000	220,000,000
current portion of long-term debt	2,870,000,000	3,119,000,000	2,473,000,000	2,955,000,000	4,390,000,000	3,685,000,000		3,086,000,000	2,938,000,000	2,114,000,000	2,735,000,000	1,898,000,000	1,082,000,000	1,599,000,000	1,302,000,000	1,320,000,000	7,373,000,000	6,013,000,000	1,972,000,000	2,777,000,000	3,406,000,000	1,742,000,000	971,000,000	1,477,000,000	1,660,000,000	1,083,000,000	455,000,000	478,000,000	478,000,000	678,000,000	570,000,000		786,000,000	786,000,000	545,000,000	537,000,000	895,000,000	556,000,000	706,000,000	759,000,000	494,000,000	616,000,000	616,000,000	415,000,000	313,000,000	533,000,000	393,000,000	393,000,000	379,000,000	391,000,000
current liabilities of discontinued operations	420,000,000	102,000,000	113,000,000	170,000,000
regulatory liabilities	5,767,000,000	5,527,000,000	5,485,000,000	5,303,000,000	5,229,000,000	5,068,000,000		4,995,000,000	4,806,000,000	4,733,000,000	4,729,000,000	4,520,000,000	4,397,000,000	4,251,000,000	4,267,000,000	4,300,000,000	4,143,000,000	4,107,000,000	4,148,000,000	3,976,000,000	4,473,000,000	218,000,000	238,000,000	226,000,000	275,000,000	292,000,000	332,000,000	385,000,000	385,000,000	430,000,000	490,000,000
other long-term liabilities	950,000,000	951,000,000	988,000,000	1,051,000,000	1,075,000,000	1,097,000,000	159,000,000	1,076,000,000	1,015,000,000	1,164,000,000	1,031,000,000	1,017,000,000	1,236,000,000	1,057,000,000	1,029,000,000	1,059,000,000	1,420,000,000	1,401,000,000	1,475,000,000	1,513,000,000	712,000,000	775,000,000	811,000,000	926,000,000	859,000,000
deferred income tax liabilities	7,540,000,000	7,233,000,000	7,209,000,000	6,884,000,000	7,870,000,000	7,767,000,000	1,373,000,000	8,470,000,000	8,125,000,000	8,427,000,000	8,140,000,000	7,648,000,000	6,949,000,000	6,501,000,000	6,213,000,000	6,142,000,000	5,419,000,000	5,251,000,000	5,806,000,000	5,965,000,000	5,529,000,000	5,141,000,000	4,163,000,000	4,088,000,000	4,001,000,000
long-term debt	44,364,000,000	43,340,000,000	45,891,000,000	44,976,000,000	55,601,000,000	49,146,000,000	7,879,000,000	50,607,000,000	49,976,000,000	52,731,000,000	46,074,000,000	39,645,000,000	40,918,000,000	39,990,000,000	36,977,000,000	37,341,000,000	35,097,000,000	35,790,000,000	34,913,000,000	35,116,000,000	30,995,000,000	22,391,000,000	20,066,000,000	18,222,000,000	18,266,000,000	17,027,000,000	17,928,000,000	16,186,000,000	16,186,000,000	16,730,000,000	17,545,000,000		15,368,000,000	15,368,000,000	14,287,000,000	11,945,000,000	12,037,000,000	12,377,000,000	11,374,000,000	11,766,000,000	12,945,000,000	10,887,000,000	10,887,000,000	10,306,000,000	10,411,000,000	10,249,000,000	9,640,000,000	9,640,000,000	9,781,000,000	10,014,000,000
junior subordinated notes	11,738,000,000	10,550,000,000	12,099,000,000	11,048,000,000	11,957,000,000	10,594,000,000		10,496,000,000	10,287,000,000	10,497,000,000	10,307,000,000	10,495,000,000	10,634,000,000	10,074,000,000	9,831,000,000	8,939,000,000	8,948,000,000	8,800,000,000	8,498,000,000	7,261,000,000	7,177,000,000	1,120,000,000	1,028,000,000	1,050,000,000	1,015,000,000	1,030,000,000	1,020,000,000	1,036,000,000	1,036,000,000	1,061,000,000	1,151,000,000		1,213,000,000	1,213,000,000	1,048,000,000	1,006,000,000	1,015,000,000	975,000,000	983,000,000	1,050,000,000
long-term liabilities of discontinued operations		114,000,000	110,000,000	110,000,000
equity
common shares, no par value	30,199,000,000	30,158,000,000	30,136,000,000	30,101,000,000	30,025,000,000	30,002,000,000		30,002,000,000	30,002,000,000	30,002,000,000	29,627,000,000	28,995,000,000	28,647,000,000	26,891,000,000	26,860,000,000	26,716,000,000	26,622,000,000	26,618,000,000	24,488,000,000	23,795,000,000	21,703,000,000	12,197,000,000	12,136,000,000	12,131,000,000	12,106,000,000
issued and outstanding:
preferred shares	2,499,000,000	2,499,000,000	2,499,000,000	2,499,000,000	2,499,000,000	2,499,000,000		2,499,000,000	2,499,000,000	2,499,000,000	2,499,000,000	2,499,000,000	2,499,000,000	2,499,000,000	3,487,000,000	3,487,000,000	3,487,000,000	3,487,000,000	3,980,000,000	3,980,000,000	3,980,000,000	2,255,000,000	1,813,000,000	1,813,000,000	1,810,000,000
accumulated deficit	-6,026,000,000	-5,741,000,000	-5,147,000,000
accumulated other comprehensive income	793,000,000	604,000,000	205,000,000	233,000,000	310,000,000	458,000,000		377,000,000	49,000,000	1,100,000,000	508,000,000		724,000,000																			-669,000,000						-373,000,000
controlling interests	27,465,000,000	27,520,000,000	27,693,000,000	27,592,000,000	30,456,000,000	30,120,000,000		30,101,000,000	29,553,000,000	33,642,000,000	33,838,000,000	33,990,000,000	35,773,000,000	32,655,000,000	32,818,000,000	33,271,000,000	32,393,000,000	32,009,000,000	31,398,000,000	30,014,000,000	26,199,000,000	19,399,000,000	17,992,000,000	17,834,000,000	17,717,000,000	17,329,000,000
non-controlling interests	10,111,000,000	9,860,000,000	10,746,000,000	10,768,000,000	10,021,000,000	10,374,000,000		9,573,000,000	9,455,000,000	321,000,000	324,000,000	126,000,000	130,000,000	123,000,000	124,000,000	125,000,000	124,000,000	122,000,000	1,682,000,000	1,618,000,000	1,981,000,000	1,535,000,000	1,771,000,000	1,812,000,000	1,444,000,000	1,496,000,000						1,194,000,000
common shares																																9,265,000,000						6,662,000,000	6,595,000,000	6,542,000,000	6,484,000,000	4,794,000,000	4,794,000,000	4,780,000,000	4,768,000,000	4,763,000,000	4,755,000,000	4,755,000,000	4,750,000,000	4,740,000,000
balance at beginning of period	30,002,000,000	30,002,000,000	30,002,000,000		29,627,000,000	29,264,000,000		28,995,000,000		26,891,000,000	26,860,000,000		26,618,000,000	26,589,000,000			24,480,000,000	24,477,000,000						12,069,000,000	12,069,000,000	11,745,000,000
shares issued:
exercise of stock options	23,000,000					1,000,000		3,000,000		2,000,000	31,000,000		4,000,000	29,000,000			3,000,000	3,000,000
balance at end of period	30,025,000,000	30,002,000,000	30,002,000,000		30,002,000,000	29,627,000,000		29,264,000,000		28,647,000,000	26,891,000,000		26,622,000,000	26,618,000,000			24,483,000,000	24,480,000,000						12,131,000,000	12,106,000,000	11,987,000,000
balance at beginning and end of period	2,499,000,000	2,499,000,000	2,499,000,000		2,499,000,000	2,499,000,000		2,499,000,000
additional paid-in capital										728,000,000	728,000,000	722,000,000	720,000,000	717,000,000	717,000,000	729,000,000	736,000,000	734,000,000	2,000,000	5,000,000	10,000,000	405,000,000	406,000,000	404,000,000	376,000,000
exercise and forfeitures of stock options		4,000,000
disposition of equity interests, net of transaction costs		-33,000,000	11,000,000
reclassification of additional paid-in capital deficit to accumulated deficit		29,000,000	-11,000,000
net income attributable to controlling interests	1,483,000,000	990,000,000	1,226,000,000		-174,000,000	273,000,000		1,336,000,000		862,000,000	922,000,000		810,000,000	1,014,000,000			943,000,000	1,321,000,000						846,000,000	461,000,000	1,193,000,000
common share dividends	-996,000,000	-996,000,000	-996,000,000		-966,000,000	-956,000,000		-952,000,000		-912,000,000	-885,000,000		-851,000,000	-852,000,000			-762,000,000	-761,000,000						-650,000,000		-884,000,000
preferred share dividends	-26,000,000	-27,000,000	-21,000,000		-23,000,000	-23,000,000		-21,000,000		-21,000,000	-32,000,000		-32,000,000	-38,000,000			-38,000,000	-40,000,000						-37,000,000		-41,000,000
spinoff of liquids pipelines business
other comprehensive income attributable to controlling interests	-148,000,000	102,000,000	328,000,000		592,000,000	-395,000,000		-52,000,000		1,430,000,000	801,000,000		451,000,000	-274,000,000			-404,000,000	-305,000,000
impact of non-controlling interest		-21,000,000
equity attributable to controlling interests	30,456,000,000	30,120,000,000	30,101,000,000		33,642,000,000	33,838,000,000		34,573,000,000		35,773,000,000	32,655,000,000		32,393,000,000	32,009,000,000			32,202,000,000	32,458,000,000						17,834,000,000	17,717,000,000	17,329,000,000
equity attributable to non-controlling interests
net income attributable to non-controlling interests	168,000,000	159,000,000	171,000,000		1,000,000	6,000,000		11,000,000		8,000,000	9,000,000		8,000,000	6,000,000			67,000,000	66,000,000
other comprehensive income attributable to non-controlling interests	-125,000,000	131,000,000	235,000,000		7,000,000					8,000,000	4,000,000		2,000,000				-34,000,000	-65,000,000						57,000,000	20,000,000	8,000,000
disposition of equity interests	-104,000,000	588,000,000
contributions from non-controlling interests	11,000,000	5,000,000
distributions declared to non-controlling interests	-303,000,000	-82,000,000	-282,000,000		-11,000,000	-15,000,000		-21,000,000			-14,000,000						-56,000,000	-58,000,000
total equity	40,477,000,000	40,494,000,000	39,674,000,000		33,963,000,000	34,162,000,000		34,795,000,000		35,903,000,000	32,778,000,000		32,517,000,000	32,131,000,000			33,932,000,000	34,211,000,000						19,646,000,000	19,161,000,000	18,825,000,000
retained earnings				-5,241,000,000	-2,378,000,000	-2,839,000,000		-2,777,000,000	-2,997,000,000	-687,000,000	476,000,000	819,000,000	3,183,000,000	3,254,000,000	3,261,000,000	3,773,000,000	3,523,000,000	3,596,000,000	5,367,000,000	3,534,000,000	1,859,000,000	5,360,000,000	5,001,000,000	4,846,000,000	4,809,000,000							3,809,000,000						3,220,000,000	3,026,000,000	2,892,000,000	2,811,000,000	2,724,000,000	2,724,000,000	2,611,000,000	2,474,000,000	2,386,000,000	2,269,000,000	2,269,000,000	2,069,000,000	1,790,000,000
three months ended december 31, 2024
revenues												1,638,000,000
intersegment revenues2
income from equity investments												93,000,000
operating costs2
depreciation and amortization												-232,000,000
segmented earnings
interest expense
allowance for funds used during construction
foreign exchange gains
interest income and other
income from continuing operations before income taxes
income tax (expense) recovery from continuing operations
net income from continuing operations
net income from discontinued operations, net of tax
net income
net (income) loss attributable to non-controlling interests
net income attributable to common shares
capital spending4
capital expenditures
capital projects in development
contributions to equity investments5
restricted cash					6,191,000,000
dividend reinvestment and share purchase plan					375,000,000	362,000,000		266,000,000
issuance of stock options, net of exercises						3,000,000		3,000,000		3,000,000			2,000,000				2,000,000	3,000,000								1,000,000
reclassification of additional paid-in capital deficit to retained earnings														-397,000,000			2,000,000	3,000,000
disposition of equity and non-controlling interests
non-controlling interests on acquisition of texas wind farms						116,000,000		106,000,000
assets held for sale						683,000,000		685,000,000												1,655,000,000
liabilities related to assets held for sale						382,000,000		384,000,000
shareholders’ equity							3,751,000,000																				16,679,000,000	15,759,000,000	15,759,000,000	15,617,000,000	14,969,000,000
disposition of equity interest, net of transaction costs
disposition of equity interest
three months ended december 31, 2023
intersegment revenues												29,000,000
plant operating costs and other3												-536,000,000
commodity purchase resold
property taxes												-110,000,000
goodwill and asset impairment charges and other
income before income taxes
income tax (expense) recovery
under public offering, net of issue costs										1,754,000,000
redemption of shares											-988,000,000			-493,000,000
redemption of preferred shares											-12,000,000
loans receivable from affiliates														1,209,000,000	1,285,000,000	1,217,000,000
long-term loans receivable from affiliate													250,000,000	350,000,000	289,000,000
accumulated other comprehensive income/												955,000,000
three months ended december 31, 2022
1,267												1,667,000,000
impairment of equity investment
segmented (losses)/earnings												882,000,000
foreign exchange gain
income tax recovery
current assets - sum													8,900,000,000	9,259,000,000	8,470,000,000		8,721,000,000	8,345,000,000		5,676,000,000	4,577,000,000	3,355,000,000	2,432,000,000	2,765,000,000	2,451,000,000	3,008,000,000	3,441,000,000	3,175,000,000		4,236,000,000	5,717,000,000		3,600,000,000		2,729,000,000	4,054,000,000	2,374,000,000	2,305,000,000	1,927,000,000	1,976,000,000	2,079,000,000	2,092,000,000		1,646,000,000	1,509,000,000	1,561,000,000	1,566,000,000		1,358,000,000	1,139,000,000
current liabilities - sum													16,765,000,000	14,482,000,000	13,923,000,000		16,979,000,000	13,721,000,000		12,966,000,000	11,944,000,000	6,577,000,000	4,760,000,000	6,725,000,000	5,457,000,000	5,633,000,000	4,583,000,000	4,949,000,000		4,929,000,000	4,627,000,000		4,930,000,000		3,557,000,000	3,941,000,000	3,301,000,000	3,035,000,000	3,753,000,000	3,400,000,000	4,011,000,000	2,989,000,000		2,591,000,000	2,434,000,000	2,470,000,000	3,112,000,000		2,223,000,000	2,648,000,000
acquisition of tc pipelines, lp, net of transaction costs
keystone xl project-level credit facility retirement and issuance ofclass c interests														737,000,000
acquisition of tc pipelines, lp
repurchase of redeemable non-controlling interest														394,000,000
accumulated other comprehensive loss														-706,000,000	-1,507,000,000	-1,434,000,000	-1,975,000,000	-2,426,000,000	-2,439,000,000					-1,360,000,000	-1,384,000,000														-411,000,000	-369,000,000
other comprehensive loss attributable to controlling interests
other comprehensive loss attributable to non-controlling interests
long-term loans receivable from affiliates																238,000,000
redeemable non-controlling interest																			633,000,000
three months ended december 31, 2021
income/(loss) from equity investments
plant operating costs and other
asset impairment charge and other
gain on sale of assets
segmented earnings/
interest income and other3
income tax expense
loan receivable from affiliate																	1,286,000,000	1,301,000,000	1,338,000,000	1,384,000,000	1,211,000,000
keystone xl project-level credit facility retirement and issuance of class c interests
three months ended december 31, 2020
income /(loss) from equity investments
net income on sale of assets
segmented earnings /
other																				856,000,000	718,000,000	1,102,000,000	636,000,000	816,000,000	746,000,000	793,000,000	772,000,000	701,000,000	701,000,000	505,000,000	858,000,000		523,000,000	523,000,000	307,000,000	401,000,000	268,000,000	188,000,000	238,000,000	187,000,000	116,000,000	297,000,000	297,000,000	265,000,000	205,000,000	281,000,000	277,000,000	277,000,000	302,000,000	153,000,000
intangible and other assets																				2,087,000,000	1,725,000,000	2,357,000,000	1,518,000,000	1,433,000,000	1,386,000,000
under at-the-market equity issuance program, net of issue costs
under dividend reinvestment and share purchase plan
on exercise of stock options
dilution from tc pipelines, lp units issued
adjustment related to income tax effects of asset drop-downs to tc pipelines, lp
issuance of tc pipelines, lp units
proceeds, net of issue costs																								384,000,000		321,000,000
decrease in tc energy's ownership of tc pipelines, lp
columbia pipeline partners lp acquisition
adjustment related to income tax effects of asset drop downs to tc pipelines, lp
adjustment related to employee share-based payments
other comprehensive income																								88,000,000	64,000,000	61,000,000
decrease in transcanada's ownership of tc pipelines, lp
reclassification from common units of tc pipelines, lp subject to rescission
impact of columbia pipeline partners lp acquisition
plant, property and equipment,																						40,189,000,000
contingencies and guarantees
subsequent event
shares issued on exercise of stock options																								62,000,000	37,000,000	40,000,000
shares issued under public offering, net of issue costs
dilution impact from tc pipelines, lp units issued																								29,000,000
redemption of subsidiary's preferred shares
tc pipelines, lp																								36,000,000	19,000,000
preferred share dividends of tcpl																								11,000,000	6,000,000
portland																								7,000,000	6,000,000	3,000,000
decrease in transcanada's ownership
distributions to non-controlling interests																								-70,000,000		-95,000,000
foreign exchange and other																								9,000,000		59,000,000
plant, property and equipment, net of accumulated depreciation of 17,598 and 16,540, respectively																							35,985,000,000
subsequent events
shares issued, net of issue costs																								589,000,000
exercise of stock options, net of issuances																								-4,000,000
sale of tc pipelines, lp units
decrease in transcanada’s ownership																								-47,000,000		-50,000,000
plant, property and equipment, net of accumulated depreciation of 17,327 and 16,540, respectively																								35,699,000,000
plant, property and equipment, net of accumulated depreciation of 16,908 and 16,540, respectively																									34,356,000,000
issued and outstanding: march 31, 2013 - 706 million shares
december 31, 2012 - 705 million shares
share issuance, net of issue costs																									586,000,000
intangibles and other assets																										1,842,000,000	2,435,000,000	2,500,000,000	2,500,000,000
accounts payable																										2,231,000,000	2,162,000,000	2,195,000,000	2,195,000,000	2,350,000,000	2,298,000,000							1,767,000,000	1,708,000,000	1,616,000,000	1,570,000,000	1,500,000,000	1,500,000,000	1,274,000,000	1,244,000,000	1,340,000,000	1,494,000,000	1,494,000,000	1,168,000,000	885,000,000
current portion of long-term debt of joint ventures																										106,000,000	28,000,000	212,000,000	212,000,000	235,000,000	303,000,000		207,000,000	207,000,000	80,000,000	30,000,000	28,000,000	30,000,000	27,000,000	32,000,000	137,000,000	142,000,000	142,000,000	124,000,000	136,000,000	37,000,000	41,000,000	41,000,000
deferred amounts																										779,000,000	896,000,000	743,000,000	743,000,000	723,000,000	860,000,000	1,789,000,000	1,719,000,000	1,719,000,000	1,353,000,000	1,283,000,000	1,221,000,000	1,107,000,000	1,107,000,000	1,143,000,000	1,097,000,000	1,029,000,000	1,029,000,000	1,109,000,000	1,168,000,000	1,149,000,000	1,196,000,000	1,196,000,000	962,000,000	851,000,000
future income taxes																										3,409,000,000	3,143,000,000	2,856,000,000	2,856,000,000	2,784,000,000	2,682,000,000		1,223,000,000	1,223,000,000	1,183,000,000	1,195,000,000	1,171,000,000	1,179,000,000	1,250,000,000	1,186,000,000	1,198,000,000	876,000,000	876,000,000	773,000,000	691,000,000	661,000,000	703,000,000	703,000,000	571,000,000	562,000,000
long-term debt of joint ventures																										749,000,000	861,000,000	753,000,000	753,000,000	855,000,000	796,000,000		869,000,000	869,000,000	922,000,000	875,000,000	900,000,000	873,000,000	880,000,000	913,000,000	864,000,000	1,136,000,000	1,136,000,000	1,157,000,000	1,157,000,000	935,000,000	937,000,000	937,000,000
equity - sum																										18,825,000,000
balance at december 31, 2010																										-683,000,000
change in foreign currency translation gains and losses on investments in foreign operations																										216,000,000
v change in gains and losses on financial derivatives to hedge the net investments in foreign operations																										-141,000,000
change in gains and losses on derivative instruments designated as cash flow hedges
reclassification to net income of gains and losses on derivative instruments designated as cash flow hedges pertaining to prior periods
balance at september 30, 2011																										-608,000,000
balance at december 31, 2009																										-592,000,000
change in gains and losses on financial derivatives to hedge the net investments in foreign operations																										27,000,000
changes in gains and losses on derivative instruments designated as cash flow hedges
balance at september 30, 2010																										-612,000,000
shares issued under dividend reinvestment plan																										202,000,000
contributed surplus																																279,000,000						276,000,000	276,000,000	275,000,000	274,000,000	273,000,000	273,000,000	273,000,000	273,000,000	272,000,000	272,000,000	272,000,000	271,000,000	271,000,000
dilution gain from pipelines lp units issued																										30,000,000
pipelines lp																										76,000,000
preferred share dividends of subsidiary																										17,000,000
sale of pipelines lp units
liabilities and shareholders’ equity
non-controlling interest in pipelines lp																											706,000,000	705,000,000	705,000,000	561,000,000	679,000,000		721,000,000	721,000,000	630,000,000	603,000,000	619,000,000		540,000,000	574,000,000	634,000,000	287,000,000	287,000,000	298,000,000	307,000,000	320,000,000
preferred shares of subsidiary																											389,000,000	389,000,000	389,000,000	389,000,000	389,000,000		389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000	389,000,000
non-controlling interest in portland																											81,000,000	80,000,000	80,000,000	77,000,000	85,000,000
non-controlling interests - sum																											1,176,000,000	1,174,000,000		1,027,000,000	1,153,000,000		1,194,000,000		1,095,000,000	1,065,000,000	1,127,000,000	999,000,000	997,000,000	1,035,000,000	1,106,000,000	755,000,000		769,000,000		791,000,000	783,000,000		463,000,000	466,000,000
other assets																														2,132,000,000	2,206,000,000	3,418,000,000	2,228,000,000	2,228,000,000	2,259,000,000	1,839,000,000	1,782,000,000	1,877,000,000	2,022,000,000	1,895,000,000	1,888,000,000	1,978,000,000	1,978,000,000	2,218,000,000	2,205,000,000	2,049,000,000	2,109,000,000	2,109,000,000	1,378,000,000	1,490,000,000
long-term investments																																5,221,000,000						63,000,000	68,000,000	69,000,000	76,000,000	71,000,000	71,000,000	77,000,000	74,000,000	419,000,000	400,000,000	400,000,000	850,000,000	830,000,000
deferred income taxes																																2,602,000,000
long-term debt and junior subordinated notes																																16,664,000,000
shareholders’ equity:
shareholders’ equity: - sum																																13,878,000,000
liabilities and shareholders' equity
accounts payable and accrued liabilities																																	1,876,000,000	1,876,000,000	1,740,000,000	1,989,000,000	1,702,000,000
shareholders' equity																																	12,898,000,000	12,898,000,000	11,826,000,000	11,545,000,000	10,100,000,000
see accompanying notes to the consolidated financial statements.
cash and short-term investments																																						504,000,000	255,000,000	340,000,000	350,000,000	399,000,000	399,000,000	342,000,000	314,000,000	361,000,000	212,000,000	212,000,000	241,000,000	210,000,000
preferred securities																																								489,000,000	530,000,000	536,000,000	536,000,000	513,000,000	513,000,000	537,000,000	536,000,000	536,000,000	534,000,000	564,000,000
non-controlling interest in tc pipelines, lp																																						539,000,000
foreign exchange adjustment
non-controlling interest
non-controlling interest - sum																																													773,000,000
current portion of non-recourse debt of joint ventures																																																	71,000,000	73,000,000
non-recourse debt of joint ventures																																																	626,000,000	798,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2014-12-31	2013-12-31	2013-09-30	2013-06-30	2013-04-26	2012-12-31	2012-04-27

cash generated from operations
net income	-209,000,000	-202,000,000	1,175,000,000		502,000,000	1,397,000,000	1,788,000,000	-452,000,000				-61,000,000	531,000,000	400,000,000		-202,000,000				868,000,000							20,000,000		126,000,000	-84,000,000	492,000,000		401,000,000
depreciation and amortization	30,000,000	-7,000,000	678,000,000	-1,352,000,000	-4,000,000	719,000,000	27,000,000	-4,000,000			-1,323,000,000	18,000,000	9,000,000	626,000,000		-23,000,000				535,000,000							13,000,000		10,000,000	-11,000,000	367,000,000		344,000,000
goodwill and asset impairment charges and other														571,000,000
deferred income taxes	-179,000,000	104,000,000	210,000,000		76,000,000	143,000,000	-435,000,000	-106,000,000				-42,000,000	6,000,000	48,000,000		-106,000,000				71,000,000							-52,000,000		59,000,000	98,000,000	36,000,000		73,000,000
loss from equity investments	-15,000,000	-25,000,000	-305,000,000		-120,000,000	-356,000,000	-216,000,000
distributions received from operating activities of equity investments	-77,000,000	80,000,000	336,000,000		-74,000,000	545,000,000	-2,000,000	36,000,000				59,000,000	-26,000,000	234,000,000		23,000,000				234,000,000
employee post-retirement benefits funding, net of expense			2,000,000		-1,000,000	4,000,000	-1,000,000									7,000,000				3,000,000
net loss on sale of assets					-524,000,000
equity allowance for funds used during construction	35,000,000	83,000,000	-164,000,000		-19,000,000	-100,000,000	19,000,000	-7,000,000				-33,000,000	8,000,000	-53,000,000		-14,000,000
unrealized losses on financial instruments	412,000,000	-298,000,000	17,000,000		-102,000,000	100,000,000	-144,000,000	237,000,000				161,000,000	64,000,000	16,000,000		90,000,000				188,000,000
expected credit loss provision	-118,000,000					-20,000,000
foreign exchange losses, net – intercompany loan	-241,000,000	160,000,000	5,000,000
other	187,000,000				123,000,000	-46,000,000	92,000,000	-32,000,000				64,000,000	-70,000,000	8,000,000		-2,000,000														4,000,000	15,000,000		23,000,000
decrease in operating working capital	-79,000,000	799,000,000	-590,000,000		375,000,000	-344,000,000	120,000,000	279,000,000						40,000,000		254,000,000											-159,000,000		186,000,000			207,000,000	-169,000,000
net cash from operations	-253,000,000	814,000,000	1,359,000,000		260,000,000	2,042,000,000	36,000,000	314,000,000	-564,000,000	2,074,000,000	324,000,000	759,000,000	-765,000,000	1,707,000,000	89,000,000	1,000,000	740,000,000	-506,000,000	393,000,000	1,412,000,000	205,000,000	-168,000,000	51,000,000	1,302,000,000	352,000,000	174,000,000	-52,000,000	-109,000,000	277,000,000	135,000,000	706,000,000	1,025,000,000	672,000,000
investing activities
capital expenditures	-146,000,000	451,000,000	-1,560,000,000		-423,000,000	-1,579,000,000	-20,000,000	-24,000,000	0	0	0	-574,000,000	245,000,000	-1,508,000,000	0	-232,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-180,000,000	-929,000,000	1,040,000,000	-464,000,000
free cash flows	-399,000,000	1,265,000,000	-201,000,000		-163,000,000	463,000,000	16,000,000	290,000,000	-564,000,000	2,074,000,000	324,000,000	185,000,000	-520,000,000	199,000,000	89,000,000	-231,000,000	740,000,000	-506,000,000	393,000,000	1,412,000,000	205,000,000	-168,000,000	51,000,000	1,302,000,000	352,000,000	174,000,000	-52,000,000	-109,000,000	277,000,000	-45,000,000	-223,000,000	2,065,000,000	208,000,000
capital projects in development						-20,000,000	-2,000,000	8,000,000
contributions to equity investments	15,000,000	-19,000,000	-245,000,000		-100,000,000	-298,000,000	326,000,000	-282,000,000				-527,000,000	1,196,000,000	-1,415,000,000		-16,000,000								192,000,000	-91,000,000	172,000,000
other distributions from equity investments			5,000,000			30,000,000						1,173,000,000	-1,167,000,000	1,199,000,000						121,000,000
proceeds from sale of assets, net of transaction costs					695,000,000
deferred amounts and other	20,000,000	-175,000,000	68,000,000			10,000,000	77,000,000	78,000,000				156,000,000	-161,000,000	54,000,000		32,000,000				110,000,000										-124,000,000	-20,000,000		-7,000,000
net cash from investing activities	-107,000,000	250,000,000	-1,736,000,000		828,000,000	-1,855,000,000	417,000,000	-59,000,000				-100,000,000	800,000,000	-1,833,000,000		-616,000,000														-366,000,000	-981,000,000		-687,000,000
financing activities
notes payable issued (repaid)	-1,008,000,000	-198,000,000	1,147,000,000		-2,318,000,000	377,000,000	2,157,000,000	-972,000,000
long-term debt issued, net of issue costs			2,427,000,000			662,000,000		5,992,000,000								-1,775,000,000				93,000,000									2,163,000,000	-724,000,000	734,000,000		492,000,000
long-term debt repaid	410,000,000	794,000,000	-2,009,000,000			-404,000,000	988,000,000	-1,800,000,000						-26,000,000
junior subordinated notes issued, net of issue costs			1,054,000,000											1,011,000,000
dividends on common shares	-2,000,000	-28,000,000	-855,000,000		0	-965,000,000	-382,000,000	5,000,000				0	-32,000,000	-853,000,000		0
dividends on preferred shares	-1,000,000	0	-28,000,000		-2,000,000	-23,000,000	-2,000,000	2,000,000				11,000,000	-1,000,000	-31,000,000		6,000,000
common shares issued, net of issue costs	17,000,000	-10,000,000	30,000,000									1,713,000,000	-100,000,000	129,000,000						340,000,000									-19,000,000	-9,000,000	32,000,000
disposition of equity interest, net of transaction costs						-38,000,000
contributions from non-controlling interests					6,000,000
distributions to non-controlling interests and other	-28,000,000	137,000,000	-220,000,000
cash received from factoring arrangement
net cash from financing activities	1,315,000,000	-2,792,000,000	1,546,000,000		7,168,000,000	-674,000,000	579,000,000	3,231,000,000					-34,000,000	534,000,000		-90,000,000				602,000,000							219,000,000		-634,000,000	564,000,000	159,000,000		-431,000,000
effect of foreign exchange rate changes on cash and cash equivalents	-35,000,000					49,000,000	-203,000,000	153,000,000				72,000,000								29,000,000										6,000,000	8,000,000		-12,000,000
increase in cash and cash equivalents, including cash balances classified as assets held for sale	920,000,000	-1,701,000,000	1,161,000,000
cash balances classified as assets held for sale					21,000,000	-47,000,000
increase in cash and cash equivalents	920,000,000	-1,701,000,000	1,161,000,000			-485,000,000	829,000,000	3,639,000,000				225,000,000	31,000,000	400,000,000		-662,000,000				178,000,000
cash and cash equivalents - beginning of period	-540,000,000	1,161,000,000	801,000,000			3,678,000,000
cash and cash equivalents - end of period	380,000,000	-540,000,000	1,962,000,000			3,193,000,000
impairment of equity investment								401,000,000
foreign exchange losses on loans receivable
acquisitions, net of cash acquired																										12,605,000,000
loans to affiliate (issued) repaid
keystone xl contractual recoveries					-1,000,000	2,000,000	1,000,000	-3,000,000				-378,000,000
disposition of equity interests, net of transaction costs
cash transferred to south bow, net of debt settlements
gains on settlement of financial instruments
cash flows1
net cash from operations2
comparable funds generated from operations2,3
capital spending4
proceeds from sales of assets, net of transaction costs
disposition of equity interest, net of transaction costs5
dividends declared
per common share6
basic common shares outstanding
– weighted-average for the period										1,021,000,000								10,000,000
– issued and outstanding at end of period										1,023,000,000								10,000,000
segmented earnings (losses) from continuing operations
canadian natural gas pipelines
u.s. natural gas pipelines
mexico natural gas pipelines
power and energy solutions
corporate
comparable ebitda from continuing operations
interest expense included in comparable earnings
allowance for funds used during construction
foreign exchange gains, net included in comparable earnings
interest income and other
income tax (expense) recovery included in comparable earnings
net (income) loss attributable to non-controlling interests included in comparable earnings
preferred share dividends
comparable earnings from continuing operations
comparable earnings per common share from continuing operations
distributions to non-controlling interests					-221,000,000	-282,000,000	-66,000,000	4,000,000				3,000,000	-3,000,000	-10,000,000
distributions on class c interests														-21,000,000
effect of foreign exchange rate changes on cash and cash equivalents and restricted cash
increase in cash and cash equivalents and restricted cash, including cash balances classified as assets held for sale
increase in cash and cash equivalents and restricted cash
cash and cash equivalents and restricted cash - beginning of period
cash and cash equivalents and restricted cash - end of period
asset impairment charges and other
income from equity investments												-86,000,000	-31,000,000	-205,000,000		-108,000,000														-60,000,000	-93,000,000		-60,000,000
gain on sale of asset
long-term debt issued to affiliates, net of issue costs
long-term debt repaid to affiliates
redeemable non-controlling interest repurchased
parent’s net investment contributions (distributions)
cash and cash equivalents
beginning of year
end of year
increase in cash and cash equivalents, including cash balances classified as assetsheld for sale						-438,000,000
foreign exchange losses on loan receivable from affiliate														28,000,000		74,000,000
preferred shares redeemed
beginning of period							879,000,000	-2,760,000,000				431,000,000	400,000,000	673,000,000		631,000,000				1,089,000,000							131,000,000		231,000,000	-108,000,000	551,000,000		654,000,000
end of period							1,708,000,000	879,000,000				656,000,000	431,000,000	1,073,000,000		-31,000,000				1,267,000,000		3,000,000	4,000,000	867,000,000	41,000,000	120,000,000	-209,000,000	62,000,000	-29,000,000	231,000,000	443,000,000	705,000,000	196,000,000
goodwill impairment charge
income
revenues										3,928,000,000								-39,000,000			375,000,000	25,000,000	-174,000,000	3,391,000,000	-13,000,000	881,000,000						2,089,000,000
net income attributable to common shares										1,313,000,000								143,000,000					238,000,000	643,000,000								306,000,000
per common share – basic										1,290,000								140,000
comparable ebitda1										2,775,000,000								65,000,000			236,000,000	-163,000,000	-147,000,000	1,977,000,000	4,000,000	517,000,000
comparable earnings										1,233,000,000																						318,000,000
per common share										1,210,000								0			0	0	0	625,000
cash flows
comparable funds generated from operations										2,066,000,000
capital spending2										3,033,000,000								201,000,000
comparable measure
comparable ebitda																																1,052,000,000
comparable ebit
comparable earnings per common share
funds generated from operations																																818,000,000
net (loss)/income attributable to common shares
segmented (losses)/earnings
liquids pipelines
total segmented (losses)/earnings
foreign exchange (loss)/gain, net included in comparable earnings
income tax expense included in comparable earnings
net income attributable to non-controlling interests
capital spending1
gain on sale of assets
loans to affiliate repaid/(issued)												50,000,000
notes payable issued/(repaid)														330,000,000		1,201,000,000											312,000,000
increase in operating working capital
notes payable (repaid)/issued																																	-46,000,000
loans to affiliate														-163,000,000
asset impairment charge and other
loan to affiliate																-400,000,000
loss on settlement of financial instruments
contributions from redeemable non-controlling interest
common shares issued																-22,000,000																	14,000,000
acquisition of tc pipelines, lp transaction costs
net gain on sale of assets
comparable earnings1																		134,000,000			105,000,000	-45,000,000	-39,000,000	698,000,000	-13,000,000	273,000,000
per common share1																		140,000			120,000	-60,000	-50,000	810,000
comparable funds generated from operations1																		112,000,000			134,000,000	-92,000,000	-100,000,000	1,508,000,000	25,000,000
partnership units of tc pipelines, lp issued, net of issue costs																				49,000,000
goodwill and other asset impairment charges
deferred income taxes – u.s. tax reform and 2018 ferc actions
reimbursement of costs related to capital projects in development
common units of columbia pipeline partners lp acquired
– diluted																		140,000
comparable distributable cash flow1																		107,000,000				-167,000,000	-286,000,000	1,222,000,000	-78,000,000	344,000,000
1
notes payable issued																				1,812,000,000
distributions paid to non-controlling interests																														0	-35,000,000		-33,000,000
net income/(loss) attributable to common shares																					249,000,000
per common share - basic																					280,000	-310,000
- diluted																					280,000	-310,000
operating cash flow
- reflecting all maintenance capital expenditures
- reflecting only non-recoverable maintenance capital expenditures
comparable distributable cash flow per common share1
- weighted-average
- issued and outstanding
capital spending - capital expenditures																						239,000,000	232,000,000	1,560,000,000	301,000,000	462,000,000
- projects in development																						-19,000,000	14,000,000	42,000,000	14,000,000	-28,000,000
- contributions to equity investments																						2,000,000
average for the period																						3,000,000	4,000,000	866,000,000	9,000,000	120,000,000						705,000,000
per common share - basic and diluted																								740,000
net (loss)/income attributable to controlling interests and to common shares
funds generated from operations1
decrease/(increase) in operating working capital
asset impairment charges
distributed earnings received from equity investments																											3,000,000		-17,000,000	96,000,000	84,000,000
employee post-retirement benefits expense, net of funding
loss on assets held for sale/sold
distributions in excess of equity earnings
common shares repurchased
preferred shares issued, net of issue costs																														-587,000,000	586,000,000
partnership units of subsidiary issued, net of issue costs
preferred shares of subsidiary redeemed
equity afudc
capital projects under development
equity investments																														-7,000,000	-32,000,000		-216,000,000
repayment of long-term debt																														-681,000,000	-14,000,000
employee post-retirement benefits funding lower than expense																														-4,000,000	15,000,000
acquisitions
dividends on common and preferred shares																														-36,000,000	-315,000,000		-310,000,000
revenue
(increase)/decrease in operating working capital
per series 1 preferred share
per series 3 preferred share
per series 5 preferred share
per series 7 preferred share1
employee post-retirement benefits funding lower/(higher) than expense
notes payable repaid																															-829,000,000
acquisition
increase of operating working capital																															-210,000,000
decrease in cash and cash equivalents																															-108,000,000		-458,000,000
net income per share																																430,000
comparable earnings per share																																450,000
dividends declared per common share																																440,000
distributions received from equity investments																																	53,000,000
employee future benefits expense (less than)/in excess of funding
reduction of long-term debt																																	-548,000,000
partnership units of subsidiary issued, net of costs
employee future benefits expense in excess of/(less than) funding																																	7,000,000
depreciation
future income taxes
non-controlling interests
employee future benefits funding (in excess of)/lower than expense
writedown of broadwater lng project costs
gain on sale of assets, net of current income taxes
disposition of assets, net of current income taxes
long-term debt of joint ventures issued
reduction of long-term debt of joint ventures
preferred securities redeemed
partnership units of subsidiary issued
effect of foreign exchange rate changes on cash
and cash equivalents

TC Energy Corporation(NYSE:TRP)

TC Energy Corporation
(NYSE:TRP)