15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 3.2% per year over the past 5 years.
Net income has grown slower than revenue (-5.3% vs 3.2% per year).
Operating margin has been roughly flat, at 52.7% in the latest year.
Financial health
Total debt has grown faster than revenue (69.5% vs 3.2% per year).
Operating income covered interest expense 2.4× in the latest year.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 99.7% of earnings.
The dividend has grown 3.3% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$15.2B
$3.5B
98.6%
52.7%
—
—
$168M
2024
$13.8B
$4.7B
98.4%
57.8%
-$208M
$2.8B
$801M
2023
$13.3B
$2.9B
99.4%
38.4%
-$5.0B
$2.0B
$3.7B
2022
$12.3B
$748M
99.8%
19.9%
-$2.6B
$1.6B
$620M
2021
$13.4B
$2.0B
99.4%
30.3%
-$244M
—
$673M
2020
$13.0B
$4.6B
100.0%
52.1%
-$1.8B
—
$1.5B
2019
$13.3B
$4.1B
97.2%
49.7%
-$1.7B
$200M
$1.3B
2018
$13.7B
$3.7B
89.1%
42.1%
-$4.4B
$750M
$446M
2017
$13.4B
$3.2B
82.3%
34.8%
-$4.0B
$1.1B
$1.1B
2016
$12.5B
$233M
82.7%
18.4%
-$998M
$850M
$1.0B
2015
—
-$1.1B
—
—
-$538M
$850M
$850M
2014
—
$1.8B
—
—
-$111M
$400M
$489M
2013
—
$1.8B
—
—
-$1.1B
$200M
$927M
2012
—
$1.4B
—
—
$973M
$2.6B
$551M
2011
—
$1.6B
—
—
—
$20.5B
$654M
Valuation over time
How the market has priced TRP against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 54.1× (Mar '23) to 20.7× (Jun '26).
The price-to-sales ratio has risen from 3.3× (Mar '23) to 4.8× (Jun '26).
The dividend yield has fallen from 7.9% (Mar '23) to 4.8% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is TRP growing its revenue and profit?
Over the past 5 years, Tc Energy Corp's revenue has grown 3.2% per year, and net income declined 5.3% per year. These are computed facts, not advice.
How much debt does TRP have?
As of FY2025, Tc Energy Corp reported — of total debt against $168M of cash; operating income covered interest expense 2.4×.
What is TRP's profit margin?
In FY2025, gross margin was 98.6%, operating margin 52.7%, and net margin 23.1%.
What is TRP's P/E ratio?
As of Jun '26, Tc Energy Corp traded at a price-to-earnings ratio of about 20.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.