TRP Financials Tc Energy Corp

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings, in CAD as reported — with a computed, factual read of the trend. Updated Oct 16, 2026, 10:12 UTC 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 slower than revenue (-46.0% 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	CA$15.2B	CA$3.5B	98.6%	52.7%	12.9%	3.0%	—	—	CA$168M
2024	CA$13.8B	CA$4.7B	98.4%	57.8%	17.0%	4.0%	-CA$208M	—	CA$801M
2023	CA$13.3B	CA$2.9B	99.4%	38.4%	9.9%	2.3%	-CA$5.0B	—	CA$3.7B
2022	CA$12.3B	CA$748M	99.8%	19.9%	2.2%	0.7%	-CA$2.6B	CA$1.6B	CA$620M
2021	CA$13.4B	CA$2.0B	99.4%	30.3%	5.9%	1.9%	-CA$244M	CA$0	CA$673M
2020	CA$13.0B	CA$4.6B	100.0%	52.1%	14.7%	4.6%	-CA$1.8B	—	CA$1.5B
2019	CA$13.3B	CA$4.1B	97.2%	49.7%	13.5%	4.2%	-CA$1.7B	—	CA$1.3B
2018	CA$13.7B	CA$3.7B	89.1%	42.1%	12.6%	3.7%	-CA$4.4B	CA$40.0B	CA$446M
2017	CA$13.4B	CA$3.2B	82.3%	34.8%	12.6%	3.7%	-CA$4.0B	CA$34.7B	CA$1.1B
2016	CA$12.5B	CA$233M	82.7%	18.4%	1.0%	0.3%	-CA$998M	CA$40.1B	CA$1.0B
2015	—	-CA$1.1B	—	—	-7.0%	-1.8%	-CA$538M	CA$31.5B	CA$850M
2014	—	CA$1.8B	—	—	9.6%	3.1%	-CA$111M	CA$24.8B	CA$489M
2013	—	CA$1.8B	—	—	9.6%	3.3%	-CA$1.1B	CA$22.9B	CA$927M
2012	—	CA$1.4B	—	—	8.0%	2.8%	CA$973M	CA$21.2B	CA$551M
2011	—	CA$1.6B	—	—	9.4%	3.3%	—	CA$20.5B	CA$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 73.2× (Mar '23) to 26.2× (Nov '26).
The price-to-sales ratio has risen from 4.4× (Mar '23) to 6.0× (Nov '26).
The dividend yield has fallen from 5.8% (Mar '23) to 3.8% (Nov '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 CA$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?

Tc Energy Corp's P/E (TTM) is 26.18 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the TRP stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 26.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — its annual and interim reports, in CAD as reported (valuation multiples convert at the Federal Reserve H.10 rate of each date, via FRED) (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 (annual and interim filings, reported in CAD) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · FX: Federal Reserve H.10 via FRED (DEXCAUS; 1 CAD = 0.7165 USD on 2026-10-30), the rate of each date for the valuation history · This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.