TRP FINANCIAL STATEMENTS

TC Energy Corp — balance sheet, income statement and cash flow trends

TRPTC Energy Corp

🇨🇦 Canada · TO · Energy · Oil & Gas Midstream

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue15.8 B C$+19.8%

Gross Profit8.1 B C$+26.9%

Operating Income7.2 B C$+30.3%

EBITDA11.4 B C$+5.2%

Net Income3.4 B C$-23.2%

Peer Comparison· Oil & Gas Midstream

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
TRP	19.8%	51.2%	72.5%	21.8%
KMI	13.1%	46.9%	44.7%	18.9%
TRGP	-2.3%	29.9%	30.4%	13.0%
OKE	41.0%	23.9%	22.3%	10.0%
WMB	10.6%	62.8%	59.5%	23.8%
LNG	24.8%	36.2%	31.1%	7.0%
Industry median	9.4%	40.8%	44.7%	17.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity27.5 B C$25%
Current Liabilities10.5 B C$9%
Long-term Liabilities73.2 B C$66%

Key Figures

YoY change

Total Assets120.8 B C$+0.2%

Total Liabilities83.7 B C$+1.9%

Total Equity27.5 B C$-0.6%

Cash & ST Investments1.1 B C$-44.8%

Total Debt61.8 B C$-0.3%

Net Debt60.7 B C$+1.2%

Peer Comparison· Oil & Gas Midstream

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TRP	0.65	224.5%	5.31	22.8%
KMI	0.52	102.3%	4.08	42.9%
TRGP	0.72	610.0%	3.83	11.6%
OKE	0.71	150.5%	4.26	32.8%
WMB	0.83	233.2%	4.14	21.8%
LNG	0.57	703.2%	3.76	8.0%
Industry median	1.26	102.3%	3.34	33.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TRP	0.65	224.5%	5.31	22.8%
ENB	0.81	168.6%	6.52	28.5%
PPL	0.83	82.3%	3.69	46.7%
ALA	0.88	116.0%	6.17	33.4%
KEY	1.60	249.1%	1.89	19.1%
Industry median	1.26	102.3%	3.34	33.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow8.6 B C$+22.5%

Capital Expenditures4.8 B C$-24.3%

Free Cash Flow3.8 B C$+451.0%

Dividends Paid-3.6 B C$-192.4%

Peer Comparison· Oil & Gas Midstream

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TRP	54.5%	24.1%	30.4%	249.7%
KMI	36.0%	22.2%	13.8%	190.3%
TRGP	22.6%	1.6%	21.0%	174.2%
OKE	16.0%	6.4%	9.6%	159.3%
WMB	50.9%	6.1%	44.8%	213.7%
LNG	25.6%	21.5%	19.7%	365.5%
Industry median	36.3%	9.5%	17.1%	182.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TRP	54.5%	24.1%	30.4%	249.7%
ENB	15.6%	2.8%	12.8%	165.3%
PPL	36.5%	26.0%	10.5%	164.1%
ALA	9.1%	-3.8%	12.9%	226.9%
KEY	14.1%	8.5%	5.7%	517.3%
Industry median	36.3%	9.5%	17.1%	182.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.