TC Energy Corporation

TSX-TRP

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	764	973	1,175	1,182	1,651	1,149
Net Income
Depreciation & Amortization	701	671	678	639	713	717
Depreciation and Amortization
Other Adjustments	325	320	96	-249	-652	-39
Goodwill and Asset Impairment Charges and Other
Deferred Income Taxes
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
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
Foreign Exchange Gains, Net - Intercompany Loan
Changes in Other Operating Activities	130	209	-590	512	203	-172
Change in Operating Working Capital
Cash from Operating Activities	1,920	2,173	1,359	2,084	1,915	1,655
Net Cash Provided by Operations

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-1,257	-1,115	-1,564	-1,649	-1,764	-1,346
Capital Expenditures
Capital Projects in Development
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	743	48
Proceeds from Sale of Assets, Net of Transaction Costs
Purchases of Investments	-249	-264	-245	-3,795	-345	-245
Contributions to Equity Investments
Proceeds from Sale of Investments	—	—	5	3,147	509	—
Distributions Received in Excess of Equity Earnings
Other Distributions from Equity Investments
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisition, Net of Cash Acquired
Payment for Unredeemed Shares of Columbia Pipeline Group, Inc.
Other Investing Activities	-87	-107	68	-226	2	-140
Restricted Cash
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	-1,593	-1,486	-1,736	-2,516	-855	-1,683
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	-59	949	1,147	-80	-1,137	1,181
Notes Payable Issued, Net
Repayments of Short-Term Debt	—	—	—	—	—	—
Notes Payable Repaid, Net
Net Issuance / (Repayments) of Short-Term Debt	-59	949	1,147	-80	-1,137	1,181
Issuance of Long-Term Debt	1,820	-6	3,481	—	8,893	-1
Long-Term Debt Issued, Net of Issue Costs
Junior Subordinated Notes Issued, Net of Issue Costs
Repayments of Long-Term Debt	-805	-1,215	-2,009	-7,611	—	-1,258
Long-Term Debt Repaid
Net Issuance / (Repayments) of Long-Term Debt	1,015	-1,221	1,472	-7,611	8,893	-1,259
Issuance of Common Shares	37	20	30	67	21	—
Common Shares Issued, Net of Issue Costs
Partnership Units of Subsidiary Issued, Net of Issue Costs
Repurchases of Common Shares	—	—	—	—	—	—
Common Shares Repurchased
Net Issuance / (Repurchases) of Common Shares	37	20	30	67	21	—
Issuance of Preferred Shares	—	—	—	—	—	—
Preferred Shares Issued, Net of Issue Costs
Repurchases of Preferred Shares	—	—	—	—	—	—
Preferred Shares Redeemed
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Common Share Dividends Paid	-885	-883	-855	-996	-996	-996
Dividends on Common Shares
Preferred Share Dividends Paid	-29	-28	-28	-26	-26	-24
Dividends on Preferred Shares
Other Financing Activities	-10	-83	-220	-298	-299	386
Redeemable Non-Controlling Interest Repurchased
Cash Transferred to South Bow, Net of Debt Settlements
Other
Gain on Settlement of Financial Instruments
Disposition of Equity Interest, Net of Transaction Costs
Contributions from Non-Controlling Interests
Distributions Paid to Non-Controlling Interests
Distributions on Class C Interests
Distributions to Non-Controlling Interests and Other
Cash Received from Factoring Arrangement
Cash from Financing Activities	69	-1,246	1,546	-8,944	6,456	-712
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	663	1,058	-205	435	151	309
NOPAT	1,263.3	1,215.3	1,329.5	1,233.2	1,138.8	1,185.7
Levered Free Cash Flow	1,139	326	2,121	-7,218	8,365	84
Unlevered Free Cash Flow	837.3	980.3	-146.5	735.2	290.8	384.7
Net Change in Cash	396	-559	1,169	-9,376	7,516	-740