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

Commodity Purchases Resold

Commodity Purchases Resold %Chg

Commodity Purchases Resold Common Size

Property Taxes

Property Taxes %Chg

Property Taxes Common Size

Depreciation and Amortization

Depreciation and Amortization %Chg

Depreciation and Amortization 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

Interest Expense

Interest Expense %Chg

Interest Expense 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

Interest Income and Other

Interest Income and Other %Chg

Interest Income and Other Common Size

Interest Expense and Other

Interest Expense and Other %Chg

Interest Expense and Other Common Size

Total Financial Charges

Total Financial Charges %Chg

Total Financial Charges Common Size

Income Before Income Taxes

Income Before Income Taxes %Chg

Income Before Income Taxes Common Size

Current

Current %Chg

Current Common Size

Deferred

Deferred %Chg

Deferred Common Size

Deferred - U.S. Tax Reform and 2018 FERC Actions

Deferred - U.S. Tax Reform and 2018 FERC Actions %Chg

Deferred - U.S. Tax Reform and 2018 FERC Actions Common Size

Total Income Tax Expense

Total Income Tax Expense %Chg

Total Income Tax Expense Common Size

Income from Continuing Operations Before Income Taxes

Income from Continuing Operations Before Income Taxes %Chg

Income from Continuing Operations Before Income Taxes Common Size

Total Income Tax Expense from Continuing Operations

Total Income Tax Expense from Continuing Operations %Chg

Total Income Tax Expense from Continuing Operations Common Size

Net Income from Continuing Operations

Net Income from Continuing Operations %Chg

Net Income from Continuing Operations Common Size

Net Income from Discontinued Operations, Net of Tax

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

Non-Operating Income

Non-Operating Income %Chg

Non-Operating Income Common Size

Total Non-Operating Income

Total Non-Operating Income %Chg

Total Non-Operating Income Common Size

Income Before Provision for Income Taxes

Income Before Provision for Income Taxes %Chg

Income Before Provision for Income Taxes 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	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	7,367	6,935	6,836	5,509	7,758	5,172
Total Revenues %Chg	7.8%	25.9%	-11.9%	6.5%	8.7%	-24.2%
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	3,640	3,706	3,459	2,760	3,839	2,771
Commodity Purchases Resold
Plant Operating Costs and Other
Depreciation and Amortization
Gross Profit	3,727	3,229	3,377	2,749	3,919	2,401
Gross Profit Margin	50.6%	46.6%	49.4%	49.9%	50.5%	46.4%
Selling, General & Administrative Expenses	442	414	406	332	449	307
Property Taxes
Other Operating Expenses	—	—	—	—	—	—
Goodwill and Asset Impairment Charges and Other
Operating Profit	3,285	2,815	2,971	2,417	3,470	2,094
Operating Margin	44.6%	40.6%	43.5%	43.9%	44.7%	40.5%
Interest and Investment Income	635	955	664	759	551	558
Income from Equity Investments
Interest Income and Other
Interest Expense	-1,225	-832	-1,079	-903	-1,216	-787
Interest Expense
Allowance for Funds Used During Construction
Interest Expense and Other
Non-Operating Income	112	465	8	-1,200	-580	-3,193
Impairment of Equity Investment
Net Gain on Sale of Assets
Foreign Exchange (Gains) Losses, Net
Total Non-Operating Income	-478	588	-407	-1,344	-1,245	-3,422
Income Before Provision for Income Taxes	2,807	3,403	2,564	-2,225	2,225	-1,802
Income Before Income Taxes
Provision for Income Taxes	630	530	392	-599	599	-471
Current
Deferred
Deferred - U.S. Tax Reform and 2018 FERC Actions
Consolidated Net Income	2,177	2,873	2,172	-1,626	1,626	-1,331
Net Income Attributable to Minority Interests and Other	281	351	330	129	17	17
Net Income Attributable to Non-Controlling Interests
Net Income Attributable to Preferred Dividends	56	54	50	47	46	43
Preferred Share Dividends
Net Income Attributable to Discontinued Operations	-29	21	374	612	—	633
Net Income from Discontinued Operations, Net of Tax
Net Income Attributable to Common Shareholders	1,811	2,428	2,166	1,266	1,563	-606
Net Income Attributable to Common Shares
Basic EPS	1.7	2.3	2.1	1.2	1.5	-0.6
Diluted EPS	1.7	2.3	2.1	1.2	1.5	-0.6
Basic Weighted Average Shares Outstanding	1,040	1,039	1,037	1,036	1,024	1,008
Total Shares Outstanding	1,040	1,039	1,037	1,037	1,029	1,018
Diluted Weighted Average Shares Outstanding	1,040	1,039	1,037	1,036	1,024	1,009
EBITDA	4,634	4,167	4,407	3,824	4,841	3,417
Effective Tax Rate	22.4%	15.6%	15.3%	26.9%	26.9%	26.1%