Income Statement Snapshot

TC ENERGY CORPORATION’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

3.3% CAGR

$15.2B

CAGR 3.3% (FY2021 to FY2025)

Gross Profit

FY2025

3.1% CAGR

$15B

CAGR 3.1% (FY2021 to FY2025)

Operating Income

FY2025

18.6% CAGR

$8B

CAGR 18.6% (FY2021 to FY2025)

Net Income

FY2025

15.8% CAGR

$3.5B

CAGR 15.8% (FY2021 to FY2025)

Metric	2025	2024	2023	2022	2021
Revenue	$15,239	$13,771	$13,267	$12,309	$13,387
Gross Profit	$15,031	$13,554	$13,187	$12,287	$13,300
Operating Income	$8,036	$7,964	$5,097	$2,450	$4,059
Net Income	$3,519	$4,698	$2,922	$748	$1,955
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for TC ENERGY CORPORATION.
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$15,239	$13,771	$13,267	$12,309	$13,387
Cost of Revenue	$208	$217	$80	$22	$87
Gross Profit	$15,031	$13,554	$13,187	$12,287	$13,300
Operating Income	$8,036	$7,964	$5,097	$2,450	$4,059
Interest Expense	N/A	N/A	$3,263	$2,588	$2,360
Other Non-Operating Income (Expense)	$205	$324	$272	$140	$190
Pretax Income	$5,444	$5,906	$3,298	$474	$2,166
Income Tax Expense (Benefit)	$1,138	$922	$842	$322	$120
Net Income	$3,519	$4,698	$2,922	$748	$1,955
Basic EPS	$3.27	$4.43	$2.75	$0.64	$1.87
Diluted EPS	$3.27	$4.43	$2.75	$0.64	$1.86
Basic Average Shares	1,040.0M	1,038.0M	1,030.0M	995.0M	973.0M
Diluted Average Shares	1,040.0M	1,038.0M	1,030.0M	996.0M	974.0M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for TC ENERGY CORPORATION

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

98.6%

Change vs FY2021: -72 bps

Operating Margin

FY2025

vs FY2021

52.7%

Change vs FY2021: +2241 bps

Net Margin

FY2025

vs FY2021

23.1%

Change vs FY2021: +849 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+10.7%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+10.9%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

+0.9%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

-25.1%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+10.7%	+3.8%	+7.8%	-8.1%	N/A
Gross Profit Growth %	+10.9%	+2.8%	+7.3%	-7.6%	N/A
Operating Income Growth %	+0.9%	+56.2%	+108.0%	-39.6%	N/A
Net Income Growth %	-25.1%	+60.8%	+290.6%	-61.7%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

3.3%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

3.1%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

18.6%

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

15.8%

Compounded annual growth across FY2021 to FY2025.

Doing some research...

Income Statement Snapshot

TC ENERGY CORPORATION’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2025

3.3% CAGR

$15.2B

CAGR 3.3% (FY2021 to FY2025)

Gross Profit

FY2025

3.1% CAGR

$15B

CAGR 3.1% (FY2021 to FY2025)

Operating Income

FY2025

18.6% CAGR

$8B

CAGR 18.6% (FY2021 to FY2025)

Net Income

FY2025

15.8% CAGR

$3.5B

CAGR 15.8% (FY2021 to FY2025)

Metric	2025	2024	2023	2022	2021
Revenue	$15,239	$13,771	$13,267	$12,309	$13,387
Gross Profit	$15,031	$13,554	$13,187	$12,287	$13,300
Operating Income	$8,036	$7,964	$5,097	$2,450	$4,059
Net Income	$3,519	$4,698	$2,922	$748	$1,955
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for TC ENERGY CORPORATION.
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2025	2024	2023	2022	2021
Total Revenue	$15,239	$13,771	$13,267	$12,309	$13,387
Cost of Revenue	$208	$217	$80	$22	$87
Gross Profit	$15,031	$13,554	$13,187	$12,287	$13,300
Operating Income	$8,036	$7,964	$5,097	$2,450	$4,059
Interest Expense	N/A	N/A	$3,263	$2,588	$2,360
Other Non-Operating Income (Expense)	$205	$324	$272	$140	$190
Pretax Income	$5,444	$5,906	$3,298	$474	$2,166
Income Tax Expense (Benefit)	$1,138	$922	$842	$322	$120
Net Income	$3,519	$4,698	$2,922	$748	$1,955
Basic EPS	$3.27	$4.43	$2.75	$0.64	$1.87
Diluted EPS	$3.27	$4.43	$2.75	$0.64	$1.86
Basic Average Shares	1,040.0M	1,038.0M	1,030.0M	995.0M	973.0M
Diluted Average Shares	1,040.0M	1,038.0M	1,030.0M	996.0M	974.0M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for TC ENERGY CORPORATION

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2025

vs FY2021

98.6%

Change vs FY2021: -72 bps

Operating Margin

FY2025

vs FY2021

52.7%

Change vs FY2021: +2241 bps

Net Margin

FY2025

vs FY2021

23.1%

Change vs FY2021: +849 bps

Observation Window

FY2021 to FY2025

5 years

5 Years

Profitability profile tracked across FY2021 through FY2025.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2025 vs FY2024

YoY change

+10.7%

FY2025 versus FY2024

Gross Profit YoY

FY2025 vs FY2024

YoY change

+10.9%

FY2025 versus FY2024

Op. Income YoY

FY2025 vs FY2024

YoY change

+0.9%

FY2025 versus FY2024

Net Income YoY

FY2025 vs FY2024

YoY change

-25.1%

FY2025 versus FY2024

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2025	2024	2023	2022	2021
Revenue Growth %	+10.7%	+3.8%	+7.8%	-8.1%	N/A
Gross Profit Growth %	+10.9%	+2.8%	+7.3%	-7.6%	N/A
Operating Income Growth %	+0.9%	+56.2%	+108.0%	-39.6%	N/A
Net Income Growth %	-25.1%	+60.8%	+290.6%	-61.7%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2021 to FY2025, useful for filtering out one-year noise.

Revenue CAGR

FY2021 to FY2025

4-yr CAGR

3.3%

Compounded annual growth across FY2021 to FY2025.

Gross Profit CAGR

FY2021 to FY2025

4-yr CAGR

3.1%

Compounded annual growth across FY2021 to FY2025.

Op. Income CAGR

FY2021 to FY2025

4-yr CAGR

18.6%

Compounded annual growth across FY2021 to FY2025.

Net Income CAGR

FY2021 to FY2025

4-yr CAGR

15.8%

Compounded annual growth across FY2021 to FY2025.

Commentary on TC ENERGY CORPORATION Performance

Commentary is being prepared and will appear soon.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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TRP Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on TC ENERGY CORPORATION Performance

Commentary on TC ENERGY CORPORATION Performance