TC Energy Corporation (TRP) Balance Sheet
TRP balance sheet, 2025
December 31, 2025 · Canadian dollarsC$118.65B assets = C$81.79B liabilities + C$36.87B equity
Both columns are drawn to the same scale: what TRP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRP financial health
Current ratio0.63
Tight · current assets cover current liabilities 0.63×
Debt / equity2.23
High leverage · C$2.23 of debt for each $1 of equity
Equity / assets23.0%
Balanced · of assets funded by shareholders
Cash / debt0.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles11.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
TRP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$88.05B2016 | C$118.65B2025 | +3.4%/yr | |
| Total liabilities | C$62.07B2016 | C$81.79B2025 | +3.1%/yr | |
| Shareholders’ equity | C$24.26B2016 | C$27.27B2025 | +1.3%/yr | |
| Cash & short-term investments | C$1.38B2016 | C$260.8M2025 | −16.9%/yr | |
| Total debt | C$44.85B2016 | C$60.95B2025 | +3.5%/yr | |
| Net cash (debt) | −C$43.48B2016 | −C$60.69B2025 | −C$17.2B | |
| Working capital | C$404.0M2016 | −C$3.64B2025 | −C$4.0B | |
| Current ratio | 1.052016 | 0.632025 | −0.42 | |
| Debt / equity | 1.852016 | 2.232025 | +0.39 | |
| Shares outstanding | 760.0M2016 | 1.04B2025 | +3.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRP assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
TRP liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
TRP debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRP balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$260.8M | C$801.0M | C$3.68B | C$620.0M | C$673.0M | C$1.53B | C$1.52B | C$1.17B | C$1.41B | C$1.38B |
| Cash & equivalents | C$260.8M | C$801.0M | C$3.68B | C$620.0M | C$673.0M | C$1.53B | C$1.34B | C$446.0M | C$1.09B | C$1.02B |
| Short-term investments | C$1.67B | C$662.0M | C$1.27B | C$608.0M | C$159.0M | C$188.0M | C$180.0M | C$720.0M | C$323.0M | C$364.0M |
| Receivables | C$3.01B | C$3.11B | C$2.88B | C$4.07B | C$4.51B | C$2.29B | C$2.58B | C$2.69B | C$2.52B | C$2.08B |
| Inventory | C$781.4M | C$747.0M | C$771.0M | C$936.0M | C$724.0M | C$629.0M | C$452.0M | C$431.0M | C$378.0M | C$368.0M |
| Other current assets | C$2.26B | C$1.08B | C$4.04B | C$1.71B | C$1.51B | C$748.0M | C$3.10B | C$844.0M | C$368.0M | C$4.26B |
| Total current assets | C$6.31B | C$5.73B | C$11.37B | C$7.33B | C$7.42B | C$5.20B | C$7.65B | C$5.13B | C$4.68B | C$8.08B |
| Property, plant & equipment (net) | C$71.00B | C$80.14B | C$71.95B | C$77.93B | C$70.22B | C$70.01B | C$67.20B | C$66.50B | C$57.28B | C$54.48B |
| Goodwill & intangible assets | C$13.09B | C$13.67B | C$12.53B | C$12.84B | C$12.60B | C$12.91B | C$14.60B | C$16.10B | C$14.57B | C$16.98B |
| Long-term investments | C$11.36B | C$10.64B | C$10.31B | C$9.54B | C$8.44B | C$6.68B | C$6.51B | C$7.11B | C$6.37B | C$6.54B |
| Other non-current assets | C$16.90B | C$8.06B | C$18.87B | C$6.70B | C$5.53B | C$5.51B | C$3.32B | C$4.07B | C$3.21B | C$1.96B |
| Total assets | C$118.65B | C$118.24B | C$125.03B | C$114.35B | C$104.22B | C$100.30B | C$99.28B | C$98.92B | C$86.10B | C$88.05B |
| Liabilities | ||||||||||
| Accounts payable | C$3.26B | C$3.70B | C$3.09B | C$4.33B | C$4.18B | C$3.06B | C$3.31B | C$3.22B | C$2.85B | C$2.44B |
| Short-term debt | C$2.80B | C$3.40B | C$3.00B | C$8.16B | C$6.49B | C$6.15B | C$7.00B | C$6.22B | C$4.63B | C$2.61B |
| Deferred revenue | C$46.0M | C$30.0M | C$47.0M | C$62.0M | C$90.0M | C$129.0M | C$61.0M | −C$870.0M | −C$19.0M | C$1.12B |
| Total current liabilities | C$9.95B | C$10.51B | C$11.82B | C$16.91B | C$13.04B | C$11.99B | C$12.90B | C$12.95B | C$9.88B | C$7.68B |
| Long-term debt | C$57.45B | C$56.02B | C$60.26B | C$50.14B | C$46.28B | C$43.41B | C$42.89B | C$44.02B | C$38.88B | C$42.24B |
| Lease obligations | C$431.0M | C$511.0M | C$401.0M | C$379.0M | C$380.0M | C$427.0M | C$476.0M | C$0 | C$0 | C$0 |
| Other long-term liabilities | C$14.38B | C$13.35B | C$13.95B | C$13.19B | C$11.50B | C$11.43B | C$11.09B | C$10.96B | C$10.45B | C$12.14B |
| Total liabilities | C$81.79B | C$79.88B | C$86.03B | C$80.23B | C$70.82B | C$66.83B | C$66.88B | C$67.93B | C$59.21B | C$62.07B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$30.19B | C$30.10B | C$30.00B | C$29.00B | C$26.72B | C$24.49B | C$24.39B | C$23.17B | C$21.17B | C$20.10B |
| Retained earnings (deficit) | −C$5.92B | −C$5.24B | −C$3.00B | C$819.0M | C$3.77B | C$5.37B | C$3.96B | C$2.77B | C$1.62B | C$1.14B |
| Treasury stock | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Accumulated other comprehensive income | C$746.4M | C$233.0M | C$49.0M | C$955.0M | −C$1.43B | −C$2.44B | −C$1.56B | −C$606.0M | −C$1.73B | −C$960.0M |
| Minority interest | C$9.60B | C$10.77B | C$9.46B | C$126.0M | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$27.27B | C$27.59B | C$29.55B | C$33.99B | C$33.27B | C$31.40B | C$30.76B | C$29.34B | C$25.04B | C$24.26B |
| Key figures | ||||||||||
| Total debt | C$60.95B | C$59.88B | C$63.66B | C$58.68B | C$53.15B | C$49.99B | C$50.38B | C$50.24B | C$43.51B | C$44.85B |
| Net cash (debt) | −C$60.69B | −C$59.08B | −C$59.98B | −C$58.06B | −C$52.47B | −C$48.46B | −C$48.85B | −C$49.08B | −C$42.10B | −C$43.48B |
| Working capital | −C$3.64B | −C$4.78B | −C$445.0M | −C$9.57B | −C$5.62B | −C$6.79B | −C$5.25B | −C$7.81B | −C$5.20B | C$404.0M |
| Tangible book value | C$14.19B | C$13.92B | C$17.02B | C$21.15B | C$20.68B | C$18.49B | C$16.16B | C$13.24B | C$10.47B | C$7.27B |
| Shares outstanding | 1.04B | 1.04B | 1.03B | 996.0M | 974.0M | 940.0M | 931.0M | 903.0M | 874.0M | 760.0M |
| Current ratio | 0.63 | 0.55 | 0.96 | 0.43 | 0.57 | 0.43 | 0.59 | 0.40 | 0.47 | 1.05 |
| Quick ratio | 0.33 | 0.37 | 0.56 | 0.28 | 0.40 | 0.32 | 0.32 | 0.30 | 0.40 | 0.45 |
| Debt / equity | 2.23 | 2.17 | 2.15 | 1.73 | 1.60 | 1.59 | 1.64 | 1.71 | 1.74 | 1.85 |
| Equity / assets | 23.0% | 23.3% | 23.6% | 29.7% | 31.9% | 31.3% | 31.0% | 29.7% | 29.1% | 27.5% |
| Jun '26 | Mar '26 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$2.07B | C$1.09B | C$1.80B | C$1.96B | C$801.0M | C$3.80B | C$2.47B | C$3.19B | C$3.68B | C$3.28B |
| Cash & equivalents | C$2.07B | C$1.09B | C$1.80B | C$1.96B | C$801.0M | C$3.80B | C$2.47B | C$3.19B | C$3.68B | C$1.97B |
| Short-term investments | — | — | C$368.0M | C$518.0M | C$662.0M | C$1.22B | −C$142.0M | −C$114.0M | C$6.58B | C$1.31B |
| Receivables | C$2.81B | C$2.68B | C$2.47B | C$2.59B | C$3.11B | C$3.53B | C$4.03B | C$4.22B | C$2.88B | C$3.56B |
| Inventory | C$936.4M | C$859.2M | C$837.0M | C$777.0M | C$747.0M | C$1.05B | C$1.01B | C$1.10B | C$771.0M | C$1.23B |
| Other current assets | C$2.08B | C$2.22B | C$2.67B | C$1.95B | C$1.08B | C$8.72B | C$2.95B | C$3.37B | C$4.04B | C$1.55B |
| Total current assets | C$7.90B | C$6.85B | C$7.78B | C$7.27B | C$5.73B | C$17.09B | C$10.46B | C$11.88B | C$11.37B | C$9.62B |
| Property, plant & equipment (net) | C$73.33B | C$72.21B | C$79.47B | C$80.47B | C$80.14B | C$86.50B | C$86.01B | C$84.30B | C$71.95B | C$82.80B |
| Goodwill & intangible assets | C$13.49B | C$13.28B | C$13.22B | C$13.64B | C$13.67B | C$12.83B | C$12.99B | C$12.84B | C$12.53B | C$12.85B |
| Long-term investments | C$11.44B | C$11.44B | C$11.15B | C$10.70B | C$10.64B | C$10.82B | C$10.92B | C$10.78B | C$10.31B | C$10.00B |
| Other non-current assets | C$17.82B | C$17.37B | C$8.62B | C$8.46B | C$8.06B | C$8.05B | C$7.59B | C$8.22B | C$18.87B | C$7.38B |
| Total assets | C$123.98B | C$121.14B | C$120.23B | C$120.55B | C$118.24B | C$135.29B | C$127.97B | C$128.03B | C$125.03B | C$122.65B |
| Liabilities | ||||||||||
| Accounts payable | C$4.39B | C$4.28B | C$4.89B | C$4.49B | C$3.70B | C$6.39B | C$6.30B | C$6.94B | C$3.09B | C$4.39B |
| Short-term debt | C$6.02B | C$3.66B | C$5.26B | C$4.00B | C$3.40B | C$4.81B | C$5.25B | C$3.47B | C$3.00B | C$2.36B |
| Deferred revenue | C$42.0M | C$73.2M | — | — | C$30.0M | — | — | C$74.0M | C$47.0M | C$89.0M |
| Total current liabilities | C$12.94B | C$10.53B | C$12.30B | C$10.32B | C$10.51B | C$13.08B | C$13.80B | C$12.71B | C$11.82B | C$11.13B |
| Long-term debt | C$57.73B | C$58.16B | C$56.10B | C$57.99B | C$56.02B | C$67.56B | C$59.74B | C$61.10B | C$60.26B | C$63.23B |
| Lease obligations | — | — | — | — | C$511.0M | — | — | — | C$401.0M | — |
| Other long-term liabilities | C$15.82B | C$15.20B | C$14.26B | C$13.79B | C$13.35B | C$14.17B | C$13.93B | C$14.54B | C$13.95B | C$14.32B |
| Total liabilities | C$86.49B | C$83.89B | C$82.66B | C$82.11B | C$79.88B | C$94.81B | C$87.47B | C$88.35B | C$86.03B | C$88.69B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$30.31B | C$30.37B | C$30.20B | C$30.14B | C$30.10B | C$30.02B | C$30.00B | C$30.00B | C$30.00B | C$30.00B |
| Retained earnings (deficit) | −C$5.88B | −C$5.96B | −C$6.03B | −C$5.15B | −C$5.24B | −C$2.38B | −C$2.84B | −C$2.78B | −C$3.00B | −C$687.0M |
| Accumulated other comprehensive income | C$1.08B | C$937.4M | C$793.0M | C$205.0M | C$233.0M | C$310.0M | C$458.0M | C$377.0M | C$49.0M | C$1.10B |
| Minority interest | C$9.72B | C$9.63B | C$10.11B | — | — | — | — | — | — | — |
| Total shareholders' equity | C$27.77B | C$27.60B | C$27.46B | C$27.69B | C$27.59B | C$30.46B | C$30.12B | C$30.10B | C$29.55B | C$33.64B |
| Key figures | ||||||||||
| Total debt | C$63.77B | C$61.97B | C$61.36B | C$61.99B | C$59.88B | C$72.37B | C$64.99B | C$64.57B | C$63.66B | C$65.59B |
| Net cash (debt) | −C$61.70B | −C$60.88B | −C$59.56B | −C$60.03B | −C$59.08B | −C$68.57B | −C$62.51B | −C$61.38B | −C$59.98B | −C$62.31B |
| Working capital | −C$5.04B | −C$3.68B | −C$4.52B | −C$3.05B | −C$4.78B | C$4.01B | −C$3.34B | −C$823.0M | −C$445.0M | −C$1.51B |
| Tangible book value | C$14.28B | C$14.32B | C$14.24B | C$14.05B | C$13.92B | C$17.63B | C$17.13B | C$17.26B | C$17.02B | C$20.80B |
| Shares outstanding | 1.04B | 1.04B | 1.04B | 1.04B | 1.04B | 1.04B | 1.04B | 1.04B | 1.04B | 1.03B |
| Current ratio | 0.61 | 0.65 | 0.63 | 0.70 | 0.55 | 1.31 | 0.76 | 0.94 | 0.96 | 0.86 |
| Quick ratio | 0.38 | 0.36 | 0.35 | 0.44 | 0.37 | 0.56 | 0.47 | 0.58 | 0.56 | 0.61 |
| Debt / equity | 2.30 | 2.25 | 2.23 | 2.24 | 2.17 | 2.38 | 2.16 | 2.15 | 2.15 | 1.95 |
| Equity / assets | 22.4% | 22.8% | 22.8% | 23.0% | 23.3% | 22.5% | 23.5% | 23.5% | 23.6% | 27.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
TRP financial position
At the end of fiscal 2025 (December 31, 2025), TC Energy had total assets of C$118.7 billion (up 0.3% from a year earlier), total liabilities of C$81.8 billion and shareholders' equity of C$27.3 billion. It held C$260.8 million in cash and short-term investments against C$60.9 billion of debt, net debt of C$60.7 billion. Its current ratio was 0.63. In the latest quarter (ended June 30, 2026) total assets were C$124.0 billion and equity C$27.8 billion.
Related: TRP income statement, TRP key metrics. See the TRP stock overview for the latest quote and news.
TRP balance sheet FAQ
What are TC Energy's total assets?
TC Energy reported total assets of C$118.7 billion at the end of fiscal 2025 (December 31, 2025), compared with C$118.2 billion a year earlier.
How much debt does TC Energy have?
TC Energy had C$60.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.23.
How much cash does TC Energy have?
TC Energy held C$260.8 million in cash and short-term investments at the end of fiscal 2025; with C$60.9 billion of debt that is net debt of C$60.7 billion.
What is TC Energy's book value?
TC Energy's shareholders' equity (book value) was C$27.3 billion at the end of fiscal 2025.
What is TC Energy's current ratio?
TC Energy had current assets of C$6.3 billion and current liabilities of C$10.0 billion, a current ratio of 0.63 (current liabilities exceed current assets).
How much goodwill does TC Energy have?
TC Energy carried C$13.1 billion of goodwill and intangible assets, 11.0% of total assets, at the end of fiscal 2025.