Cash generation is obscured by accounting adjustments, as evidenced by an OCF/NI ratio that reached 3.01 in 2025Q3, while capital intensity remains high with a CapEx/Revenue ratio that peaked at 121.2% in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 7.86B | 7.35B | 7.7B | 7.27B | 6.38B | 6.89B | 7.06B | 7.08B | 6.55B | 5.23B | 5.07B | 4.38B | 4.23B | 3.67B | 3.57B | 3.97B | 2.88B | 2.99B | 2.84B | 2.84B | 2.07B | 1.9B | 1.73B | 1.91B | 1.92B | 1.14B | 1.72B |
| Operating CF Margin % | - | 48.37% | 55.89% | 54.78% | 51.79% | 51.47% | 54.3% | 53.43% | 47.92% | 38.89% | 40.54% | 38.8% | 41.49% | 41.76% | 44.6% | 50.68% | 41.97% | 33.35% | 32.95% | 32.12% | 27.59% | 31.07% | 33.91% | 35.56% | 36.8% | 21.62% | 8.13% |
| Operating CF Growth % | 115.45% | -4.55% | 5.89% | 14.01% | -7.47% | -2.38% | -0.34% | 8.04% | 25.33% | 3.18% | 15.63% | 3.74% | 15.02% | 2.88% | -10.12% | 38.14% | -3.81% | 5.28% | 0.14% | 36.69% | 9.05% | 9.88% | -9.12% | -0.72% | 69.07% | -34.01% | - |
| Net Income | 3.44B | 4.09B | 5.38B | 2.92B | 785M | 2.05B | 4.91B | 4.43B | 3.52B | 3.4B | 485M | -1.14B | 1.99B | 1.91B | 1.47B | 1.71B | 1.39B | 1.48B | 1.44B | 1.22B | 1.08B | 1.21B | 980.32M | 801.24M | 805M | 737M | 729M |
| Depreciation & Amortization | 2.61B | 2.77B | 2.79B | 2.78B | 2.58B | 2.52B | 2.59B | 2.46B | 2.35B | 2.06B | 1.94B | 1.76B | 1.61B | 1.49B | 1.38B | 1.33B | 1.16B | 1.38B | 1.25B | 1.18B | 1.06B | 0 | 0 | 0 | 848M | 793M | 740M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 10M | 0 | 0 | 13M | 13M | 12M | 15M | 0 | 7M | 6M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 690.44M | 766M | 493M | 11M | 174M | -185M | -58M | 55M | 117M | -238M | 196M | -102M | 686M | 568M | 285M | 364M | 526M | 357M | 76M | 58M | 174.74M | 60.47M | 76.79M | 230.58M | 247M | 120M | 91M |
| Other Non-Cash Items | 698.49M | 220M | -1.16B | 1.35B | 3.46B | 2.79B | -60M | -176M | 660M | 279M | 2.19B | 4.21B | 118M | 30M | 147M | 336M | 82M | -130M | -58M | 161M | 65.24M | 682.64M | 645.55M | 762.59M | -14M | -685M | 576M |
| Working Capital Changes | 273.2M | -503M | 199M | 207M | -639M | -287M | -327M | 293M | -102M | -273M | 248M | -346M | -189M | -326M | 287M | 235M | -285M | -90M | 135M | 215M | -302.89M | -50.01M | 28.8M | 110.78M | 33M | 170M | -416M |
| Change in Receivables | 0 | -332M | -13M | -394M | -575M | -925M | 129M | 31M | -69M | -576M | -482M | -66M | -189M | -54M | 67M | -6M | -305M | 314M | -197M | 0 | 0 | 0 | 15.6M | 0 | -45M | 38M | -888M |
| Change in Inventory | 0 | -55M | -16M | -56M | -190M | -93M | -55M | -42M | -49M | -38M | -87M | -3M | -28M | -30M | 27M | 27M | 70M | -19M | 82M | -5.96M | 0 | -50.01M | 0 | 15.46M | -3M | 52M | 47M |
| Change in Payables | 0 | 12.99M | 365M | -206M | -83M | 890M | -162M | 352M | -70M | 151M | 424M | -153M | 377M | -290M | 127M | 300M | 84M | -154M | -18M | 0 | 0 | 0 | 0 | 0 | 120M | 105M | 1.06B |
| Cash from Investing | -5.63B | -6.46B | -6.91B | -12.29B | -7.01B | -7.71B | -6.05B | -6.87B | -10.02B | -3.7B | -18.78B | -4.88B | -4.14B | -5.12B | -3.26B | -3.05B | -5.3B | -6.91B | -6.5B | -6.21B | -2.12B | -1.34B | -1.61B | -1.15B | -942M | 233M | 1.28B |
| Capital Expenditures | -4.49B | -5.29B | -6.36B | -8.15B | -6.73B | -5.92B | -8.13B | -8.18B | -9.91B | -7.53B | -5.3B | -4.43B | -4.34B | -4.75B | -2.6B | -3.27B | -5.04B | -5.42B | -3.13B | -1.65B | -1.57B | -753.58M | -476.36M | -391.6M | -599M | -492M | -812M |
| CapEx % of Revenue | 28.51% | 34.8% | 46.17% | 61.42% | 54.65% | 44.25% | 62.58% | 61.73% | 72.48% | 55.98% | 42.4% | 39.19% | 42.58% | 54.02% | 32.45% | 41.77% | 73.5% | 60.42% | 36.36% | 18.7% | 20.9% | 12.31% | 9.33% | 7.31% | 11.49% | 9.37% | 3.84% |
| Acquisitions | -806M | -1.05B | -4.68B | -307M | -3.43B | -1.21B | -765M | -975M | -1.01B | -1.68B | -14.37B | -729M | -497M | -216M | -866M | 0 | -597M | -902M | -3.23B | -4.22B | -469.48M | -1.32B | -1.52B | -569.37M | -228M | -475M | -111M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -163.09M | -121M | 4.13B | -3.83B | 3.15B | 632M | 3.61B | 2.89B | 1.93B | 7.19B | 1.66B | 772M | 946M | 11M | 860M | 220M | 934M | -594M | -140M | -333.7M | -74.56M | 733.81M | 386.37M | -190.65M | -115M | 1.2B | 2.2B |
| Cash from Financing | -3.38B | -1.52B | -3.87B | 8.09B | 487M | -88M | -800M | 693M | 2.75B | -1.42B | 14.01B | 744M | -373M | 1.79B | -403M | -642M | 2.19B | 3.72B | 4.37B | 3.5B | 219.01M | -555.88M | -149.99M | -628.62M | -1.06B | -1.47B | -2.9B |
| Debt Issued (Net) | 935.39M | 2.83B | 378M | 5.81B | 2.94B | 4.47B | 1.57B | 2.61B | 3.5B | 26M | 6.4B | 2.48B | 334M | 2.48B | 960M | 126M | 2.35B | 2B | 2.7B | 2.56B | 869.06M | -13.96M | 281.98M | -104.34M | -568M | -716M | -2.04B |
| Equity Issued (Net) | -131.43M | -396M | 88M | 4M | 905M | -352M | 91M | 253M | 1.15B | -931M | 9.21B | -24M | 287M | 457M | 53M | 58M | 705M | 2.36B | 2.38B | 1.57B | 38.44M | 44.19M | 32.4M | 64.41M | 50M | -294M | -323M |
| Dividends Paid | -3.39B | -3.62B | -4.05B | -2.88B | -3.3B | -3.46B | -3.15B | -1.96B | -1.73B | -1.49B | -1.54B | -1.54B | -1.44B | -1.36B | -1.28B | -1.02B | -754M | -728M | -718M | -634M | -617.43M | -586.11M | -551.96M | -587.4M | -546M | -517M | -536M |
| Share Repurchases | -250M | -250M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.21B | -14M | -294M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -487.64M | 0 | 0 | 0 | 0 | 0 | -318M | -328M |
| Other Financing | -791.51M | -328M | -288M | 5.16B | -64M | -748M | 682M | -216M | -176M | 980M | -64M | -169M | 445M | 218M | -135M | 190M | -112M | 93M | 0 | 0 | -71.06M | 0 | 87.59M | -1.29M | 0 | 59M | 0 |
| Net Change in Cash | -1.21B | -633M | -2.88B | 3.06B | -53M | -857M | 187M | 897M | -643M | 73M | 166M | 361M | -438M | 376M | -103M | -6M | -233M | -311M | 804M | 105M | 187.56M | 20.93M | -153.59M | 124.95M | -87M | -210M | 98M |
| Free Cash Flow | 3.37B | 2.06B | 1.34B | -881M | -352M | 966M | -1.08B | -1.1B | -3.36B | -2.3B | -233M | -45M | -111M | -1.08B | 973M | 1.17B | -1.95B | -2.43B | -294M | 1.19B | 503.26M | 1.15B | 1.23B | 1.51B | 1.32B | 533M | 908M |
| FCF Margin % | 21.36% | 13.56% | 9.72% | -6.64% | -2.86% | 7.22% | -8.29% | -8.3% | -24.56% | -17.09% | -1.86% | -0.4% | -1.09% | -12.25% | 12.15% | 14.96% | -28.52% | -27.07% | -3.41% | 13.43% | 6.69% | 18.76% | 23.99% | 28.25% | 25.32% | 10.15% | 4.29% |
| FCF Growth % | 251.12% | 53.96% | 251.87% | -150.28% | -136.44% | 189.69% | 2.09% | 67.25% | -46.11% | -886.7% | -417.78% | 59.46% | 89.7% | -210.79% | -17.05% | 160.03% | 19.49% | -725.51% | -124.79% | 135.63% | -56.2% | -6.21% | -19.06% | 14.67% | 147.65% | -41.3% | - |
| FCF per Share | 3.23 | 1.98 | 1.29 | -0.86 | -0.35 | 0.99 | -1.15 | -1.18 | -3.72 | -2.63 | -0.31 | -0.06 | -0.16 | -1.52 | 1.38 | 1.67 | -2.82 | -3.72 | -0.51 | 2.23 | 1.03 | 2.35 | 2.52 | 3.13 | 2.74 | 1.12 | 1.91 |
| FCF Conversion (FCF/Net Income) | 0.98x | 2.09x | 1.64x | 2.49x | 8.52x | 3.52x | 1.53x | 1.71x | 1.77x | 1.66x | 21.76x | -3.83x | 2.30x | 2.06x | 2.64x | 2.51x | 2.25x | 2.17x | 1.97x | 2.32x | 1.92x | 1.57x | 1.68x | 2.24x | 2.39x | 1.65x | 2.18x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity and leverage
As reported in financial statements, TRP consistently demonstrates an OCF/NI ratio significantly above 1.0, reaching a peak of 3.01 in 2025Q3, which suggests that non-cash charges and accounting adjustments like AFUDC are creating a substantial wedge between reported net income and actual cash generation.
The persistent gap between net income and operating cash flow indicates that the company's earnings quality is heavily influenced by non-cash accounting items rather than pure operational performance. Investors should monitor this divergence, as it implies that reported profitability may be less indicative of the firm's true ability to fund its dividend and capital programs from internal sources.
Based on the provided quarterly data, TRP's free cash flow trajectory remains highly erratic, swinging from a negative $205 million in 2025Q1 to a robust $1.1 billion in 2026Q1, reflecting the lumpy nature of capital expenditures and the impact of ongoing divestiture-related cash flows.
The inconsistency in free cash flow margins suggests that the company's ability to generate surplus cash is frequently interrupted by the timing of large-scale infrastructure investments. This volatility complicates the assessment of dividend sustainability and necessitates a cautious view on the firm's capacity to deleverage without relying on external financing or asset sales.
According to recent SEC filings, TRP's capital intensity remains elevated, with CapEx/Revenue ratios peaking at 121.2% in 2024Q4, underscoring the massive reinvestment requirements inherent in maintaining and expanding its critical North American natural gas pipeline network.
The high level of capital expenditure relative to revenue suggests that a significant portion of operating cash flow is immediately consumed by growth and maintenance projects. This capital-intensive model leaves little room for error in project execution, as cost overruns directly impair the firm's ability to improve its free cash flow profile.
As indicated by the quarterly cash flow data, TRP consistently allocates substantial cash to dividends, often exceeding $900 million per quarter, which appears to limit the company's ability to aggressively pay down debt or fund growth projects without incurring additional financial strain.
The prioritization of dividend payments in the face of volatile free cash flow and high capital intensity suggests a management focus on shareholder returns that may come at the expense of balance sheet deleveraging. This strategy warrants further investigation into whether the current dividend payout ratio is sustainable given the company's stated goal of reducing its debt burden.
Quick answers to the most common questions about buying TRP stock.
TC Energy Corporation (TRP) generated $7.35B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TC Energy Corporation (TRP) generated $2.06B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TC Energy Corporation (TRP) spent $5.29B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TC Energy Corporation (TRP) returned $3.62B to shareholders via cash dividends and spent $250.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.