Companies: 10,795·Total market cap: $144.5T
TC Energy Corporation

TC Energy Corporation

TRP-PD.TOTSXEnergy● Active
$25.06
$-0.07(-0.28%)
Market Cap$25.1B
P/E Ratio—
52W High$25.36
52W Low$22.01
Free Cash FlowFinancialsRevenue

TC Energy Corporation (TRP-PD.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TRP-PD.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was $2.08B for FY2025 (fiscal year ending 2025-12-31), up 55.5% year-over-year The FCF margin was 13.7%.

FY2025 Free Cash Flow$2.08B▲ +55.5% YoY
Trailing 12M (TTM)$3.80Btrailing 4 quarters sum
FCF Margin13.7%$2.08B ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGRN/AN/A — contains negative FCF
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
trp-pd.to free cash flow history · trp-pd.to free cash flow chart · trp-pd.to free cash flow growth rate · trp-pd.to free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest$2.08B▲ +55.5%13.7%
FY2024$1.34B▲ +251.9%9.7%
FY2023−$881.0M▼ 150.3%-6.6%
FY2022−$352.0M▼ 136.4%-2.9%
FY2021$966.0M▲ +189.7%7.2%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
trp-pd.to free cash flow 2025 · trp-pd.to free cash flow 2024 · trp-pd.to free cash flow 2023 · trp-pd.to operating cash flow

FCF valuation metrics

TC Energy Corporation (TRP-PD.TO) trades at a FCF yield of 3.83% and a price-to-free-cash-flow ratio of 6.8x. FCF per share stands at $3.66, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)
3.83%
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
$3.66
TTM FCF ÷ Shares Outstanding
Price / FCF
x6.8
Share Price ÷ FCF per Share
EV / FCF (TTM)
x42.0
Enterprise Value basis
Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
trp-pd.to price to free cash flow · trp-pd.to free cash flow yield · trp-pd.to free cash flow per share · trp-pd.to price to cash flow ratio

Cash flow statement summary

For FY2025, TC Energy Corporation generated $7.35B in operating cash flow and spent 5.27B in capital expenditures, yielding $2.08B in free cash flow.

Operating Activities
+$7.35B
Cash from core business operations
2025-12-31
Investing Activities
−$6.46B
CapEx, acquisitions & investments
2025-12-31
Financing Activities
−$1.52B
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($7.35B) − |CapEx| (5.27B) = FCF ($2.08B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
trp-pd.to cash flow statement · trp-pd.to cash flow statement 2025 · trp-pd.to operating cash flow · trp-pd.to cash flow from operations

Free cash flow vs peers (Energy)

#CompanyFree Cash FlowYoY
#1
TC Energy Corporation
TC Energy CorporationYOU
TRP-PD.TO
$2.08B+55.5%
#2
Exxon Mobil Corporation
Exxon Mobil Corporation
XOM
$23.61B-23.1%#3
Shell plc
Shell plc
SHEL
$21.82B-37.8%#4
Chevron Corporation
Chevron Corporation
CVX
$16.59B+10.3%#5
TotalEnergies SE
TotalEnergies SE
TTE
$10.81B-32.2%#6
Enbridge Inc.
Enbridge Inc.
ENB.TO
$3.98B-29.8%
Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

TC Energy Corporation (TRP-PD.TO) reported free cash flow of $2.08B for FY2025 (fiscal year ending 2025-12-31), up 55.5% year-over-year. The FCF margin was 13.7%.

Based on available data, TC Energy Corporation has maintained positive free cash flow for at least 5 fiscal year(s). FCF peaked at $2.08B in FY2025.

TC Energy Corporation's FCF yield is 3.83% and price-to-FCF ratio is 6.8x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

TRP-PD.TO free cash flow · 8 questions

TC Energy Corporation free cash flow was $2.08B for FY2025, up 55.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.80B.

TRP-PD.TO free cash flowTRP-PD.TO FCFTRP-PD.TO FCF 2025TRP-PD.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · TC Energy Corporation · TC Energy Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026