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TC Energy Corporation (TRP)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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TC Energy Corporation Balance Sheet 2025-2009 | TRP
Brief overview of TC Energy Corporation's balance sheet strength
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets added +13.9%, reaching 118.8 billion CAD from 104.2 billion CAD five periods earlier; annual growth near 3.3% remained solid.
Asset and liability trends were close, at +13.9% and +15.6%. Expansion did not materially reshape funding sources.
The equity ratio equals 23%, with a starting level of 32%. Stable cash flow is important under this structure.
Net debt to equity stands at 0.01x; the current burden does not look excessive.
The balance sheet includes a negative accumulated result of -5.9 billion CAD. It should be assessed alongside historical profits and capital distributions.
Balance sheet takeaway
TC Energy Corporation has limited balance sheet resilience and depends heavily on cash generation and refinancing capacity.
Annual Balance Sheet TC Energy Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
263 M | -290 M | -3.22 B | 1.03 B | - | 41.9 B | 44.3 B | 47 B | 40.7 B | 43.8 B | 34.2 B | 27.9 B | 24.8 B | 21.6 B | 21.5 B | - | - |
Long Term Debt |
370 M | 451 M | 400 M | 1.6 B | - | 43.4 B | 42.9 B | 44 B | 38.9 B | 42.2 B | 31.3 B | 24.1 B | 23 B | 19 B | 19.4 B | - | - |
Long Term Debt Current |
61 M | 60 M | 57 M | 54 M | 49 M | 56 M | 2.7 B | 3.46 B | 2.87 B | 1.84 B | 2.55 B | 1.8 B | 973 M | 894 M | - | - | - |
Total Non Current Liabilities |
71.9 B | 69.4 B | 74.2 B | 63.3 B | 57.8 B | 55.2 B | 55.6 B | 56.6 B | 51.2 B | 56.1 B | 40.6 B | 32.3 B | 30 B | 25.5 B | 25.8 B | - | - |
Total Current Liabilities |
9.96 B | 10.5 B | 11.8 B | 16.9 B | 13 B | 12 B | 12.9 B | 12.9 B | 9.88 B | 7.68 B | 7.31 B | 7.58 B | 5.36 B | 5.88 B | - | - | - |
Total Liabilities |
81.9 B | 79.9 B | 86 B | 80.2 B | 70.8 B | 66.8 B | 66.9 B | 67.9 B | 61.1 B | 63.8 B | 48 B | 39.9 B | 35.4 B | 31.4 B | 31.7 B | - | - |
Deferred Revenue |
46 M | 30 M | 47 M | 62 M | 90 M | 129 M | 5.7 M | 6.03 M | 5.4 M | 7.66 M | - | 5.28 M | 4.56 M | 3.95 M | 3.59 B | - | - |
Retained Earnings |
-5.92 B | -5.24 B | -3 B | 819 M | 3.77 B | 5.37 B | 3.96 B | 2.77 B | 1.62 B | 1.14 B | 2.77 B | 5.48 B | 5.1 B | 4.69 B | 4.65 B | - | - |
Total Assets |
119 B | 118 B | 125 B | 114 B | 104 B | 100 B | 99.3 B | 98.9 B | 86.1 B | 88.1 B | 64.4 B | 58.9 B | 53.9 B | 48.3 B | 49 B | - | - |
Cash and Cash Equivalents |
168 M | 801 M | 3.68 B | 620 M | 673 M | 1.53 B | 1.34 B | 446 M | 1.09 B | 1.02 B | 850 M | 489 M | 927 M | 551 M | 654 M | 660 M | 899 M |
Book Value |
36.9 B | 38.4 B | 39 B | 34.1 B | 33.4 B | 33.5 B | 32.4 B | 31 B | 25 B | 24.3 B | 16.4 B | 19.1 B | 18.5 B | 16.9 B | 17.3 B | - | - |
Total Shareholders Equity |
27.3 B | 27.6 B | 29.6 B | 34 B | 33.3 B | 33.1 B | 32.4 B | 31 B | 26.9 B | 24.3 B | 16.4 B | 19.1 B | 18.5 B | 16.9 B | 18.3 B | 17.5 B | - |
Annual performance
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All numbers in CAD currency
Quarterly Balance Sheet TC Energy Corporation
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2009-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
370 M | 451 M | 400 M | 379 M | - | - | - | 380 M | - | - | - | 427 M | - | - | - | 476 M | - | - | - | 36.5 B | - | - | - | 31.9 B | - | - | - | 38.3 B | - | - | - | 28.9 B | - | - | - | 23 B | - | - | - | 21.9 B | - | - | - | 18 B | - | - | - | 17.7 B | - | - | - | - | - |
Total Non Current Liabilities |
71.9 B | 69.4 B | 74.2 B | 63.3 B | - | - | - | 57.8 B | - | - | - | 54.8 B | - | - | - | 54 B | - | - | - | 55 B | - | - | - | 49.3 B | - | - | - | 53.2 B | - | - | - | 38.9 B | - | - | - | 30.3 B | - | - | - | 28.4 B | - | - | - | 24.2 B | - | - | - | - | - | - | - | - | - |
Total Liabilities |
81.9 B | 79.9 B | 86 B | 80.2 B | - | - | - | 70.8 B | - | - | - | 66.8 B | - | - | - | 66.9 B | - | - | - | 67.9 B | - | - | - | 59.2 B | - | - | - | 60.9 B | - | - | - | 46.2 B | - | - | - | 37.9 B | - | - | - | 33.8 B | - | - | - | 30.1 B | - | - | - | 29.1 B | - | - | - | - | - |
Deferred Revenue |
46 M | 30 M | 47 M | 62 M | - | - | - | 90 M | - | - | - | 129 M | - | - | - | 61 M | - | - | - | 11 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-5.92 B | -5.24 B | -3 B | 819 M | - | - | - | 3.77 B | - | - | - | 5.37 B | - | - | - | 3.96 B | - | - | - | 2.77 B | - | - | - | 1.62 B | - | - | - | 1.14 B | - | - | - | 2.77 B | - | - | - | 5.48 B | - | - | - | 5.1 B | - | - | - | 4.69 B | - | - | - | 4.63 B | - | - | - | - | - |
Total Assets |
119 B | 118 B | 125 B | 114 B | - | - | - | 104 B | - | - | - | 100 B | - | - | - | 99.3 B | - | - | - | 98.9 B | - | - | - | 86.1 B | - | - | - | 88.1 B | - | - | - | 64.4 B | - | - | - | 58.5 B | - | - | - | 53.9 B | - | - | - | 48.3 B | - | - | - | 47.3 B | - | - | - | - | - |
Cash and Cash Equivalents |
168 M | 801 M | 3.68 B | 620 M | - | - | - | 673 M | - | - | - | 1.53 B | - | - | - | 1.34 B | - | - | - | 446 M | - | - | - | 1.09 B | - | - | - | 1.02 B | - | - | - | 850 M | - | - | - | 489 M | - | - | - | 927 M | - | - | - | 551 M | - | - | - | 654 M | - | - | - | 660 M | 899 M |
Book Value |
36.9 B | 38.4 B | 39 B | 34.1 B | - | - | - | 33.4 B | - | - | - | 33.5 B | - | - | - | 32.4 B | - | - | - | 31 B | - | - | - | 26.9 B | - | - | - | 27.2 B | - | - | - | 18.2 B | - | - | - | 20.7 B | - | - | - | 20.1 B | - | - | - | 18.3 B | - | - | - | 18.3 B | - | - | - | - | - |
Total Shareholders Equity |
36.9 B | 38.4 B | 39 B | 34.1 B | - | - | - | 33.4 B | - | - | - | 33.1 B | - | - | - | 32.4 B | - | - | - | 31 B | - | - | - | 26.9 B | - | - | - | 26 B | - | - | - | 18.2 B | - | - | - | 20.7 B | - | - | - | 20.1 B | - | - | - | 18.3 B | - | - | - | 16.8 B | - | - | - | 17.5 B | - |
Quarterly performance
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All numbers in CAD currency
Balance Sheet is a fundamental financial report of TC Energy Corporation, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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