TC Energy Corporation

TSX-TRP

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	4,094	5,379	3,068	785	2,046	4,913	4,433	3,517	3,395	485	-1,140
Net Income
Depreciation & Amortization	2,689	2,788	2,778	2,584	2,522	2,590	2,464	2,350	2,055	1,939	1,765
Depreciation
Depreciation and Amortization
Other Adjustments	561	-670	1,215	3,645	2,609	-118	-108	790	53	2,397	4,105
Goodwill and Asset Impairment Charges and Other
Deferred Income Taxes
Non-Controlling Interests
Deferred Income Taxes - U.S. Tax Reform and 2018 FERC Actions
Income from Equity Investments
Impairment of Equity Investment
Distributions Received from Operating Activities of Equity Investments
Employee Post-Retirement Benefits Funding, Net of Expense
Valuation Provision for MGP
Net Income on Assets Sold/Held for Sale
Net Gain on Sale of Assets
Equity Allowance for Funds Used During Construction
Unrealized Gains on Financial Instruments
Expected Credit Loss Provision
Foreign Exchange Gains on Loans Receivable
Other
Changes in Other Operating Activities	261	199	207	-639	-287	-327	293	-102	-273	248	-346
Change in Operating Working Capital
Cash from Operating Activities	7,536	7,696	7,268	6,375	6,890	7,058	7,082	6,555	5,230	5,069	4,384
Net Cash Provided by Operations

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-5,585	-6,358	-8,149	-6,727	-5,924	-8,135	-8,182	-9,914	-7,529	-5,302	-4,429
Capital Expenditures
Capital Projects Under Development
Capital Projects in Development
Proceeds from Sale of Property, Plant & Equipment	—	791	33	—	35	3,407	2,398	614	4,683	6	—
Proceeds from Sale of Assets, Net of Transaction Costs
Purchases of Investments	-4,553	-4,683	-4,149	-3,433	-1,210	-765	-602	-1,015	-1,681	-765	-493
Contributions to Equity Investments
Proceeds from Sale of Investments	3,152	3,686	23	2,632	73	—	186	121	362	727	9
Distributions Received in Excess of Equity Earnings
Other Distributions from Equity Investments
Payments for Business Acquisitions	—	—	-307	—	—	—	-373	—	—	-13,608	-236
Acquisition, Net of Cash Acquired
Payment for Unredeemed Shares of Columbia Pipeline Group, Inc.
Other Investing Activities	-352	-345	262	519	-686	-559	-299	175	466	159	270
Reimbursement of Costs Related to Capital Projects in Development
Loan to Affiliate, Net
Keystone XL Contractual Recoveries
Deferred Amounts and Other
Cash from Investing Activities	-7,331	-6,909	-12,287	-7,009	-7,712	-6,052	-6,872	-10,019	-3,699	-18,783	-4,879
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	1,957	341	-6,299	766	1,003	-220	1,656	817	1,038	-329	-1,382
Notes Payable Issued, Net
Net Issuance / (Repayments) of Short-Term Debt	1,957	341	-6,299	766	1,003	-220	1,656	817	1,038	-329	-1,382
Issuance of Long-Term Debt	5,295	9,554	15,884	3,516	11,225	5,770	4,460	6,238	7,111	13,882	5,962
Long-Term Debt Issued, Net of Issue Costs
Long-Term Debt of Joint Ventures Issued
Junior Subordinated Notes Issued, Net of Issue Costs
Repayments of Long-Term Debt	-11,640	-9,273	-3,772	-1,338	-7,758	-3,977	-3,502	-3,550	-7,085	-7,153	-2,105
Long-Term Debt Repaid
Reduction of Long-Term Debt of Joint Ventures
Net Issuance / (Repayments) of Long-Term Debt	-6,345	281	12,112	2,178	3,467	1,793	958	2,688	26	6,729	3,857
Issuance of Common Shares	154	88	4	1,905	148	91	253	1,197	499	7,962	82
Common Shares Issued, Net of Issue Costs
Partnership Units of Subsidiary Issued, Net of Issue Costs
Repurchases of Common Shares	—	—	—	—	—	—	—	—	—	-14	-294
Common Shares Repurchased
Net Issuance / (Repurchases) of Common Shares	154	88	4	1,905	148	91	253	1,197	499	7,948	-212
Issuance of Preferred Shares	—	—	—	—	—	—	—	—	—	1,474	243
Preferred Shares Issued, Net of Issue Costs
Repurchases of Preferred Shares	—	—	—	-1,000	-500	—	—	—	—	—	—
Preferred Shares Redeemed
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	-1,000	-500	—	—	—	—	1,474	243
Common Share Dividends Paid	-3,619	-3,953	-2,787	-3,192	-3,317	-2,987	-1,798	-1,571	-1,339	-1,436	-1,446
Dividends on Common Shares
Preferred Share Dividends Paid	-111	-99	-92	-106	-141	-159	-160	-158	-155	-100	-92
Dividends on Preferred Shares
Other Financing Activities	—	-532	5,155	-64	-748	682	-216	-225	-1,488	-279	-224
Redeemable Non-Controlling Interest Repurchased
Cash Transferred to South Bow, Net of Debt Settlements
Gain on Settlement of Financial Instruments
Acquisition of TC PipeLines, LP Transaction Costs
Disposition of Equity Interest, Net of Transaction Costs
Contributions from Non-Controlling Interests
Distributions Paid to Non-Controlling Interests
Distributions on Class C Interests
Cash from Financing Activities	-8,575	-3,874	8,093	487	-88	-800	693	2,748	-1,419	14,007	744
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	1,951	1,338	-881	-352	966	-1,077	-1,100	-3,359	-2,299	-233	-45
NOPAT	4,996.6	4,882.7	4,384	1,442.7	2,957.5	5,583.5	4,944.9	3,933.4	1,772.9	1,525.1	-220.6
Levered Free Cash Flow	-3,632	1,845	3,478	-1,197	2,596	158	1,165	-622	-1,686	3,409	-1,775
Unlevered Free Cash Flow	2,361.6	1,511.7	-780	-3,339.3	-731.5	-288.5	-480.1	-3,732.6	-3,974.1	-1,589.9	-3,230.6
Net Change in Cash	-8,370	-3,087	3,074	-147	-910	206	903	-716	112	293	249