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Earnings by Segment
Reveals the profitability of each business unit, highlighting which segments are driving growth and which may be underperforming, crucial for understanding the company's strategic focus and operational efficiency.TC Energy’s earnings mix has shifted: the liquids-pipelines contribution effectively disappears after late 2024 (consistent with a divestiture or reclassification), leaving regulated gas networks and Power & Energy Solutions as the core drivers. US natural-gas pipelines are now the dominant, consistent earner while Canadian results recovered after a mid-cycle hit and Mexico is showing accelerating contribution—helpful for long-term cash flow stability. Corporate costs have trended smaller, but the company is now more concentrated in gas assets, reducing commodity volatility yet raising regulatory and execution concentration risk.
Date | Corporate | Canadian Natural Gas Pipelines | US Natural Gas Pipelines | Mexico Natural Gas Pipelines | Liquids Pipelines | Power and Energy Solutions |
|---|---|---|---|---|---|---|
Jun 30, 2026 | -C$1.00M | C$545.00M | C$992.00M | C$397.00M | C$0.00 | C$240.00M |
Mar 31, 2026 | -C$3.00M | C$509.00M | C$1.07B | C$389.00M | C$0.00 | C$201.00M |
Dec 31, 2025 | C$1.00M | C$564.00M | C$1.11B | C$377.00M | C$0.00 | C$136.00M |
Sep 30, 2025 | -C$3.00M | C$533.00M | C$801.00M | C$407.00M | C$0.00 | C$190.00M |
Jun 30, 2025 | -C$7.00M | C$551.00M | C$907.00M | C$191.00M | C$0.00 | C$312.00M |
Mar 31, 2025 | -C$5.00M | C$516.00M | C$1.11B | C$211.00M | C$0.00 | C$135.00M |
Dec 31, 2024 | -C$16.00M | C$506.00M | C$918.00M | C$214.00M | C$0.00 | C$276.00M |
Sep 30, 2024 | -C$37.00M | C$495.00M | C$1.33B | C$237.00M | C$240.00M | C$354.00M |
Jun 30, 2024 | -C$26.00M | C$514.00M | C$762.00M | C$266.00M | C$270.00M | C$220.00M |
Mar 31, 2024 | -C$58.00M | C$501.00M | C$1.04B | C$212.00M | C$316.00M | C$252.00M |