TC 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.

TC Energy Corporation

Canadian Natural Gas Pipelines

Canadian Natural Gas Pipelines %Chg

Canadian Natural Gas Pipelines Common Size

U.S. Natural Gas Pipelines

U.S. Natural Gas Pipelines %Chg

U.S. Natural Gas Pipelines Common Size

Mexico Natural Gas Pipelines

Mexico Natural Gas Pipelines %Chg

Mexico Natural Gas Pipelines Common Size

Liquids Pipelines

Liquids Pipelines %Chg

Liquids Pipelines Common Size

Natural Gas Pipelines

Natural Gas Pipelines %Chg

Natural Gas Pipelines Common Size

Power and Energy Solutions

Power and Energy Solutions %Chg

Power and Energy Solutions Common Size

Corporate

Corporate %Chg

Corporate Common Size

Total Revenues

Total Revenues %Chg

Total Revenues Common Size

Income from Equity Investments

Income from Equity Investments %Chg

Income from Equity Investments Common Size

Impairment of Equity Investment

Impairment of Equity Investment %Chg

Impairment of Equity Investment Common Size

Plant Operating Costs and Other

Plant Operating Costs and Other %Chg

Plant Operating Costs and Other Common Size

Revenues

Revenues %Chg

Revenues Common Size

Commodity Purchases Resold

Commodity Purchases Resold %Chg

Commodity Purchases Resold Common Size

Other Expense

Other Expense %Chg

Other Expense Common Size

Property Taxes

Property Taxes %Chg

Property Taxes Common Size

Depreciation and Amortization

Depreciation and Amortization %Chg

Depreciation and Amortization Common Size

Total Operating Expenses

Total Operating Expenses %Chg

Total Operating Expenses Common Size

Operating Income

Operating Income %Chg

Operating Income Common Size

Financial Charges

Financial Charges %Chg

Financial Charges Common Size

Valuation Provision for MGP

Valuation Provision for MGP %Chg

Valuation Provision for MGP Common Size

Calpine Bankruptcy Settlements

Calpine Bankruptcy Settlements %Chg

Calpine Bankruptcy Settlements Common Size

Write-Down of Broadwater LNG Project Costs

Write-Down of Broadwater LNG Project Costs %Chg

Write-Down of Broadwater LNG Project Costs Common Size

Goodwill and Asset Impairment Charges and Other

Goodwill and Asset Impairment Charges and Other %Chg

Goodwill and Asset Impairment Charges and Other Common Size

Total Operating and Other Expenses

Total Operating and Other Expenses %Chg

Total Operating and Other Expenses Common Size

Net Gain on Sale of Assets

Net Gain on Sale of Assets %Chg

Net Gain on Sale of Assets Common Size

Total Other Expenses

Total Other Expenses %Chg

Total Other Expenses Common Size

Interest Expense

Interest Expense %Chg

Interest Expense Common Size

Financial Charges of Joint Ventures

Financial Charges of Joint Ventures %Chg

Financial Charges of Joint Ventures Common Size

Expense from Equity Investments

Expense from Equity Investments %Chg

Expense from Equity Investments Common Size

Interest Expense and Other

Interest Expense and Other %Chg

Interest Expense and Other Common Size

Allowance for Funds Used During Construction

Allowance for Funds Used During Construction %Chg

Allowance for Funds Used During Construction Common Size

Foreign Exchange (Gains) Losses, Net

Foreign Exchange (Gains) Losses, Net %Chg

Foreign Exchange (Gains) Losses, Net Common Size

Total Financial Charges

Cost of Sales

Cost of Sales %Chg

Cost of Sales Common Size

Gross Profit

Gross Profit %Chg

Gross Profit Common Size

Gross Profit Margin

Gross Profit Margin %Chg

Gross Profit Margin Common Size

Selling, General & Administrative Expenses

Selling, General & Administrative Expenses %Chg

Selling, General & Administrative Expenses Common Size

Other Operating Expenses

Other Operating Expenses %Chg

Other Operating Expenses Common Size

Operating Profit

Operating Profit %Chg

Operating Profit Common Size

Operating Margin

Operating Margin %Chg

Operating Margin Common Size

Interest and Investment Income

Interest and Investment Income %Chg

Interest and Investment Income Common Size

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	14,648	13,771	13,267	12,309	13,387	12,999	13,255	13,679	13,449	12,547	11,353
Total Revenues %Chg	6.9%	3.8%	7.8%	-8.1%	3%	-1.9%	-3.1%	1.7%	7.2%	10.5%	11.5%
Canadian Natural Gas Pipelines
U.S. Natural Gas Pipelines
Mexico Natural Gas Pipelines
Liquids Pipelines
Natural Gas Pipelines
Power and Energy Solutions
Corporate
Cost of Sales	7,468	7,165	6,599	6,512	6,707	6,468	6,742	7,429	8,343	7,972	7,305
Commodity Purchases Resold
Plant Operating Costs and Other
Depreciation and Amortization
Gross Profit	7,180	6,606	6,668	5,797	6,680	6,531	6,513	6,250	5,106	4,575	4,048
Gross Profit Margin	49%	48%	50.3%	47.1%	49.9%	50.2%	49.1%	45.7%	38%	36.5%	35.7%
Selling, General & Administrative Expenses	864	820	781	727	774	727	727	569	569	555	517
Property Taxes
Other Operating Expenses	—	—	—	571	2,775	—	—	801	1,257	1,388	3,745
Goodwill and Asset Impairment Charges and Other
Valuation Provision for MGP
Write-Down of Broadwater LNG Project Costs
Other Expense
Calpine Bankruptcy Settlements
Operating Profit	6,316	5,786	5,887	4,499	3,131	5,804	5,786	4,880	3,280	2,632	-214
Operating Income
Operating Margin	43.1%	42%	44.4%	36.6%	23.4%	44.6%	43.7%	35.7%	24.4%	21%	-1.9%
Interest and Investment Income	1,430	1,558	1,310	999	898	1,019	920	714	773	514	440
Income from Equity Investments
Interest Expense	-2,563	-1,911	-2,119	-1,791	-1,903	-1,694	-1,398	-1,815	-1,378	-1,476	-1,207
Interest Expense
Financial Charges
Financial Charges of Joint Ventures
Allowance for Funds Used During Construction
Interest Expense and Other
Interest Expense and Other
Non-Operating Income	73	473	-1,780	-3,233	40	-22	-121	170	631	-833	-125
Impairment of Equity Investment
Net Gain on Sale of Assets
Foreign Exchange (Gains) Losses, Net
Expense from Equity Investments
Total Non-Operating Income	-1,060	120	-2,589	-4,025	-965	-697	-599	-931	26	-1,795	-892
Income Before Provision for Income Taxes	5,256	5,906	3,298	474	2,166	5,107	5,187	3,949	3,306	837	-1,106
Income Before Income Taxes
Provision for Income Taxes	1,098	922	842	322	120	194	754	766	1,519	352	34
Current
Deferred
Deferred - U.S. Tax Reform and 2018 FERC Actions
Consolidated Net Income	4,158	4,984	2,456	152	2,046	4,913	4,433	3,183	1,787	485	-1,140
Net Income Attributable to Minority Interests and Other	591	681	146	37	91	297	293	-185	238	252	6
Net Income Attributable to Non-Controlling Interests
Net Income Attributable to Preferred Dividends	112	104	93	107	140	159	164	163	160	109	94
Preferred Share Dividends
Net Income Attributable to Discontinued Operations	-331	395	612	633	—	—	—	—	—	—	—
Net Income from Discontinued Operations, Net of Tax
Net Income Attributable to Common Shareholders	3,391	4,594	2,829	641	1,815	4,457	3,976	3,539	2,997	124	-1,240
Net Income Attributable to Common Shares
Basic EPS	3.3	4.4	2.8	0.6	1.9	4.7	4.3	3.9	3.4	0.2	-1.8
Diluted EPS	3.3	4.4	2.8	0.6	1.9	4.7	4.3	3.9	3.4	0.2	-1.8
Basic Weighted Average Shares Outstanding	1,039.3	1,038	1,030	995	973	940	929	902	872	759	709
Total Shares Outstanding	1,041	1,039	1,037	1,018	981	940.1	938.4	918.1	881.4	864	702.6
Diluted Weighted Average Shares Outstanding	1,039.5	1,038	1,030	996	974	940	931	903	874	760	709
EBITDA	9,005	8,574	8,665	7,083	5,653	8,394	8,250	7,230	5,335	4,571	1,551
Effective Tax Rate	20.9%	15.6%	25.5%	67.9%	5.5%	3.8%	14.5%	19.4%	45.9%	42.1%	-3.1%