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TRPTC Energy Corporation
$68.80$71.7B
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TRP logoTC Energy Corporation(TRP)Earnings, Financials & Key Ratios

TRP•NYSE
$68.80
29.9× P/E·Price updated Jul 7, 2026
SectorEnergyIndustryMidstream Oil & GasSub-IndustryNatural Gas Pipelines and Storage
AboutTC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Storage. The company builds and operates 93,300 km network of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses. It also has regulated natural gas storage facilities with a total working gas capacity of 535 billion cubic feet. In addition, it has approximately 4,900 km liquids pipeline system that connects Alberta crude oil supplies to refining markets in Illinois, Oklahoma, Texas, and the U.S. Gulf Coast. Further, the company owns or has interests in seven power generation facilities with a combined capacity of approximately 4,300 megawatts that are powered by natural gas and nuclear fuel sources located in Alberta, Ontario, Québec, and New Brunswick; and owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage capacity in Alberta. The company was formerly known as TransCanada Corporation and changed its name to TC Energy Corporation in May 2019. TC Energy Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.Show more
  • Revenue$15.19B+10.3%
  • EBITDA$9.48B+10.6%
  • Net Income$3.52B-25.2%
  • EPS (Diluted)3.27-26.2%
  • Gross Margin50.03%+4.3%
  • EBITDA Margin62.45%+0.3%
  • Operating Margin44.23%+5.3%
  • Net Margin23.15%-32.1%
  • ROE9.35%-23.0%

TRP Price & Volume

TC Energy Corporation (TRP) stock price & volume — 10-year historical chart

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Capital Intensity Challenges Amidst Volatile Revenue

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Strained
Cash Flow:Mixed
Primary Risk:High leverage and execution

Key Thesis Takeaways

  • TC Energy faces a complex outlook defined by significant capital expenditure requirements and persistent balance sheet strain, as evidenced by a $6.0 billion deficit in retained earnings as of 2026Q1.
  • While the firm maintains structural margin resilience with operating margins reaching 52.1% in 2026Q1, the reliance on debt financing—highlighted by a debt-to-equity ratio of 1.66—limits financial flexibility.
  • Investors should monitor the company's ability to manage its massive infrastructure footprint while balancing dividend commitments that frequently exceed $900 million per quarter against the need for deleveraging.

Verdict Logic

while the firm demonstrates operational scale, the combination of a 1.66 debt-to-equity ratio and negative retained earnings of $6.0 billion suggests that execution risks and balance sheet constraints may continue to weigh on shareholder returns.

TRP Growth Metrics

TC Energy Corporation (TRP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years3%
5 Years3.16%
3 Years7.26%
TTM27.2%

Profit CAGR

10 Years-
5 Years-5.3%
3 Years67.52%
TTM-23.14%

EPS CAGR

10 Years-
5 Years-7.16%
3 Years72.24%
TTM-24.41%

Return on Capital

10 Years6.1%
5 Years5.8%
3 Years5.68%
Last Year6.21%

TRP Recent Earnings

TC Energy Corporation (TRP) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 1, 2026
Metric
Actual
Est
EPS
$0.72+2.9%
$0.70
Rev
$2.0B-7.5%
$2.2B
Q1 2026
Feb 13, 2026
Metric
Actual
Est
EPS
$0.70+7.7%
$0.65
Rev
$2.2B-24.8%
$3.0B
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$0.56+0.0%
$0.56
Rev
$2.7B-9.6%
$2.9B
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$0.59+5.4%
$0.56
Rev
$2.7B+46.1%
$1.9B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 1, 2026
$0.72vs $0.70+2.9%
$2.0Bvs $2.2B-7.5%
Q1 2026Feb 13, 2026
$0.70vs $0.65+7.7%
$2.2Bvs $3.0B-24.8%
Q4 2025Nov 6, 2025
$0.56vs $0.56+0.0%
$2.7Bvs $2.9B-9.6%
Q3 2025Jul 31, 2025
$0.59vs $0.56+5.4%
$2.7Bvs $1.9B+46.1%
Based on last 12 quarters of dataView full earnings history →

Latest TRP News

Recent stock market news and headlines for TC Energy Corporation (TRP)

Seeking Alpha·3 days ago
7-14% Yields: My Top High-Yielding Fund Picks For H2 2026

There are several macro trends that I have high conviction in. However, there are also several sectors that are positioned to benefit immensely from these macro trends that the market has recently sold off. I detail why I am bullish on these sectors and some high-yielding funds that are well-positioned to benefit.

Peers Comparison

Key metrics vs top competitors for TC Energy Corporation (TRP)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TRP logoTRPTC Energy CorporationCurrent
$68.80$71.67B29.9010.29%23.15%9.35%3.45%
ENB logoENBEnbridge Inc.
$55.05$120.21B24.1521.92%9.71%9.96%—
KMI logoKMIKinder Morgan, Inc.
$32.49$72.28B23.7212.45%18.92%10.27%—
WMB logoWMBThe Williams Companies, Inc.
$75.08$91.82B35.0813.78%23.82%18.98%—
ET logoETEnergy Transfer LP
$19.81$68.15B14.67-0.05%6.21%11.56%—
EPD logoEPDEnterprise Products Partners L.P.
$37.64$81.43B14.15-6.44%11.42%19.49%—

Compare TRP vs Peers

TC Energy Corporation (TRP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ENB

Most directly comparable listed peer for TRP.

Scale Benchmark

vs CVX

Larger-name benchmark to compare TRP against a more recognizable public peer.

Peer Set

Compare Top 5

vs ENB, KMI, WMB, ET

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TRP Frequently Asked Questions

TC Energy Corporation (TRP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is TC Energy Corporation's revenue?

TC Energy Corporation (TRP) reported $15.76B in revenue for fiscal year 2025. This represents a 25% decrease from $21.16B in 2000.

How fast is TC Energy Corporation growing?

TC Energy Corporation (TRP) grew revenue by 10.3% over the past year. This is steady growth.

Is TRP profitable?

Yes, TC Energy Corporation (TRP) is profitable, generating $3.44B in net income for fiscal year 2025 (23.2% net margin).

Dividend & Returns
Does TRP pay dividends?

Yes, TC Energy Corporation (TRP) pays a dividend with a yield of 3.45%. This makes it attractive for income-focused investors.

What is TRP's return on equity?

TC Energy Corporation (TRP) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

What is TC Energy Corporation's free cash flow?

TC Energy Corporation (TRP) generated $3.37B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in TRP back in 2000?

Total return calculator · dividends reinvested · 26+ years of data

See returns →