Cash Flow Statement

Operating Cash Flow

+23%

+9%

10Y

Currency: CAD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	686	700	698	681	747	754	765	788	801	807	993	988	1 032	998	810	1 044	1 209	1 250	1 294	1 160	1 079	1 071	1 084	1 115	1 223	1 407	1 474	1 540	1 440	1 325	1 315	1 270	1 476	1 445	1 479	1 554	1 393	1 551	1 598	1 609	1 710	1 650	1 567	1 547	1 472	1 563	1 659	1 782	1 911	1 908	1 972	1 944	1 993	1 973	1 995	1 960	(1 140)	(1 255)	(1 304)	(1 831)	485	905	1 435	2 187	3 395	3 489	3 416	3 748	3 517	3 795	4 116	3 927	4 433	4 572	4 733	4 906	4 913	2 678	2 314	2 120	2 046	3 396	3 307	3 359	785	1 732	1 080	37	3 068	3 118	3 988	5 812	5 379	5 157	4 981	4 094
Depreciation & Amortization	793	806	822	835	848	856	860	909	917	934	949	925	948	967	989	1 000	1 017	1 023	1 035	1 052	1 059	1 092	1 126	1 160	1 237	1 257	1 272	1 292	1 247	1 283	1 313	1 338	1 377	1 374	1 370	1 353	1 160	1 137	1 126	1 137	1 328	1 352	1 368	1 373	1 375	1 398	1 408	1 432	1 485	1 511	1 554	1 591	1 611	1 652	1 693	1 729	1 765	1 785	1 789	1 877	1 939	2 002	2 074	2 053	2 055	2 073	2 127	2 185	2 350	2 423	2 474	2 520	2 464	2 486	2 500	2 563	2 590	2 605	2 603	2 540	2 522	2 503	2 505	2 548	2 584	2 635	2 694	2 731	2 778	2 820	2 843	2 866	2 788	2 747	2 701	2 689
Change in Deffered Taxes	127	150	201	186	247	268	265	315	230	179	124	20	77	42	82	77	60	31	30	93	175	179	158	134	58	100	105	56	76	133	174	265	357	315	517	593	526	580	412	325	365	364	314	360	285	248	336	401	568	694	702	726	686	663	745	721	(102)	(205)	(210)	(683)	196	293	412	874	566	504	230	138	284	289	330	62	55	(276)	(425)	(157)	(58)	(452)	(319)	(426)	(185)	512	477	506	174	355	444	469	11	(75)	(129)	(1)	493	560	785	755
Other Non-Cash Items	(641)	(237)	(23)	53	44	(44)	(141)	(126)	(126)	(146)	(254)	(317)	(354)	(297)	(57)	(181)	(335)	(254)	(270)	(57)	65	99	132	131	103	197	190	162	258	124	79	69	(130)	(97)	(86)	(131)	82	(15)	58	185	48	141	111	23	152	120	152	120	36	73	(80)	(88)	(22)	31	30	122	3 990	4 248	3 980	5 262	2 201	1 865	1 737	305	(513)	(401)	0	14	506	338	156	429	(163)	294	142	(144)	(60)	2 358	2 780	2 966	2 794	535	479	504	3 471	2 639	3 270	4 339	1 204	1 523	871	(1 114)	(1 163)	(1 357)	(1 270)	(263)
Cash Taxes Paid	292	0	0	497	257	312	0	299	220	381	472	357	419	450	622	499	531	556	444	577	494	364	338	344	442	522	709	555	491	381	125	123	83	30	13	50	(53)	0	0	0	(84)	0	0	0	190	0	0	0	202	0	0	0	109	0	0	0	162	0	0	0	105	0	0	0	247	0	0	0	338	0	0	0	713	0	0	0	252	0	0	0	371	0	0	0	394	0	0	0	836	0	0	0	387	0	0	0
Cash Interest Paid	936	0	0	1 575	866	1 056	0	1 035	903	1 075	1 296	871	864	888	778	954	838	841	965	791	771	845	879	974	966	897	905	792	833	892	889	1 009	916	892	737	655	652	0	0	0	926	0	0	0	966	0	0	0	985	0	0	0	1 123	0	0	0	1 266	0	0	0	1 721	0	0	0	1 987	0	0	0	2 156	0	0	0	2 295	0	0	0	2 203	0	0	0	2 299	0	0	0	2 478	0	0	0	2 931	0	0	0	3 398	0	0	0
Change in Working Capital	170	164	193	31	33	79	105	184	93	59	(5)	61	29	(15)	(152)	(195)	(49)	33	121	(12)	(303)	(263)	(81)	94	63	33	(164)	(182)	135	211	561	246	(90)	(63)	(619)	(488)	(285)	(375)	(19)	131	235	47	15	170	287	246	118	(45)	(326)	(239)	77	176	(189)	(459)	(753)	(817)	(398)	(137)	225	8	248	225	(28)	(4)	(273)	(325)	19	(179)	(102)	247	(67)	357	293	(220)	(203)	(223)	(327)	(188)	(279)	(172)	(287)	(15)	(606)	(766)	(639)	(619)	(178)	(143)	207	(197)	(226)	(91)	199	(47)	368	261
Cash from Operating Activities	1 135 N/A	1 583 +39%	1 891 +19%	1 786 -6%	1 919 +7%	1 913 0%	1 854 -3%	2 070 +12%	1 915 -7%	1 833 -4%	1 807 -1%	1 677 -7%	1 732 +3%	1 695 -2%	1 672 -1%	1 745 +4%	1 902 +9%	2 083 +10%	2 210 +6%	2 236 +1%	2 075 -7%	2 178 +5%	2 419 +11%	2 634 +9%	2 684 +2%	2 994 +12%	2 877 -4%	2 868 0%	3 156 +10%	3 076 -3%	3 442 +12%	3 188 -7%	2 990 -6%	2 974 -1%	2 661 -11%	2 881 +8%	2 876 0%	2 878 +0%	3 175 +10%	3 387 +7%	3 686 +9%	3 554 -4%	3 375 -5%	3 473 +3%	3 571 +3%	3 575 +0%	3 673 +3%	3 690 +0%	3 674 0%	3 947 +7%	4 225 +7%	4 349 +3%	4 079 -6%	3 860 -5%	3 710 -4%	3 715 +0%	4 115 +11%	4 436 +8%	4 480 +1%	4 633 +3%	5 069 +9%	5 290 +4%	5 630 +6%	5 415 -4%	5 230 -3%	5 340 +2%	5 792 +8%	5 906 +2%	6 555 +11%	7 092 +8%	7 009 -1%	7 295 +4%	7 082 -3%	6 856 -3%	6 747 -2%	6 945 +3%	7 058 +2%	7 001 -1%	7 099 +1%	7 028 -1%	6 890 -2%	6 931 +1%	6 162 -11%	6 151 0%	6 375 +4%	6 742 +6%	7 310 +8%	7 433 +2%	7 268 -2%	7 189 -1%	7 347 +2%	7 472 +2%	7 696 +3%	7 060 -8%	7 565 +7%	7 536 0%
Investing Cash Flow
Capital Expenditures	(492)	(461)	(484)	(571)	(599)	(558)	(567)	(466)	(395)	(420)	(406)	(422)	(530)	(537)	(579)	(648)	(754)	(949)	(1 141)	(1 347)	(1 572)	(1 575)	(1 634)	(1 626)	(1 651)	(1 805)	(2 052)	(2 494)	(3 134)	(3 797)	(4 427)	(5 178)	(5 417)	(5 570)	(5 299)	(5 039)	(4 376)	(3 667)	(3 196)	(2 404)	(2 513)	(2 410)	(2 286)	(2 475)	(2 595)	(3 060)	(3 772)	(4 070)	(4 461)	(4 380)	(4 168)	(4 029)	(4 357)	(4 516)	(4 719)	(4 972)	(4 429)	(4 325)	(4 297)	(4 697)	(5 302)	(6 001)	(6 777)	(7 339)	(7 529)	(7 665)	(8 230)	(8 724)	(9 914)	(10 362)	(9 737)	(9 177)	(8 182)	(8 114)	(8 316)	(8 377)	(8 135)	(7 662)	(6 886)	(6 269)	(5 924)	(5 787)	(5 836)	(6 227)	(6 727)	(7 182)	(7 963)	(8 186)	(8 149)	(7 785)	(7 087)	(6 791)	(6 358)	(6 323)	(6 092)	(5 585)
Other Items	615	(45)	(371)	68	(343)	(787)	(746)	(1 055)	(701)	(321)	156	361	(1 118)	(930)	(1 978)	(1 430)	(582)	(732)	(453)	(987)	(544)	(4 861)	(4 565)	(4 642)	(4 376)	60	91	(2 760)	(3 685)	(4 104)	(4 303)	(2 001)	(1 496)	(1 403)	(1 182)	(730)	(920)	(790)	(914)	(808)	(541)	(708)	(709)	(698)	(661)	(460)	(580)	(708)	(659)	(649)	(428)	(474)	213	425	388	708	(181)	(1 458)	(13 795)	(13 768)	(13 481)	(12 288)	3 609	3 230	3 830	3 617	(89)	(31)	(105)	(29)	598	2 451	1 310	1 061	3 808	1 633	2 083	1 837	(1 880)	(2 233)	(1 788)	(1 567)	(794)	837	(282)	(770)	(2 226)	(4 199)	(4 138)	(3 581)	(2 692)	(514)	(551)	(467)	(501)	(1 746)
Cash from Investing Activities	123 N/A	(506) N/A	(855) -69%	(503) +41%	(942) -87%	(1 345) -43%	(1 313) +2%	(1 521) -16%	(1 096) +28%	(741) +32%	(250) +66%	(61) +76%	(1 648) -2 602%	(1 467) +11%	(2 557) -74%	(2 078) +19%	(1 336) +36%	(1 681) -26%	(1 594) +5%	(2 334) -46%	(2 116) +9%	(6 436) -204%	(6 199) +4%	(6 268) -1%	(6 027) +4%	(1 745) +71%	(1 961) -12%	(5 254) -168%	(6 819) -30%	(7 901) -16%	(8 730) -10%	(7 179) +18%	(6 913) +4%	(6 973) -1%	(6 481) +7%	(5 769) +11%	(5 296) +8%	(4 457) +16%	(4 110) +8%	(3 212) +22%	(3 054) +5%	(3 118) -2%	(2 995) +4%	(3 173) -6%	(3 256) -3%	(3 520) -8%	(4 352) -24%	(4 778) -10%	(5 120) -7%	(5 029) +2%	(4 596) +9%	(4 503) +2%	(4 144) +8%	(4 091) +1%	(4 331) -6%	(4 264) +2%	(4 610) -8%	(5 783) -25%	(18 092) -213%	(18 465) -2%	(18 783) -2%	(18 289) +3%	(3 168) +83%	(4 109) -30%	(3 699) +10%	(4 048) -9%	(8 319) -106%	(8 755) -5%	(10 019) -14%	(10 391) -4%	(9 139) +12%	(6 726) +26%	(6 872) -2%	(7 053) -3%	(4 508) +36%	(6 744) -50%	(6 052) +10%	(5 825) +4%	(8 766) -50%	(8 502) +3%	(7 712) +9%	(7 354) +5%	(6 630) +10%	(5 390) +19%	(7 009) -30%	(7 952) -13%	(10 189) -28%	(12 385) -22%	(12 287) +1%	(11 366) +7%	(9 779) +14%	(7 305) +25%	(6 909) +5%	(6 790) +2%	(6 593) +3%	(7 331) -11%
Financing Cash Flow
Net Issuance of Common Stock	(294)	(287)	(273)	(270)	50	51	57	56	65	62	44	41	32	30	44	46	44	41	28	30	39	1 721	1 723	1 327	1 223	(458)	772	1 162	2 384	2 386	2 941	3 476	2 359	2 696	1 249	714	705	378	37	45	58	51	51	54	53	657	675	662	457	89	73	96	287	290	285	259	(24)	(288)	4 574	4 536	9 207	9 236	4 391	4 434	274	596	1 023	1 371	1 148	876	522	251	253	266	177	97	91	44	(432)	(431)	(352)	(257)	(754)	984	905	779	1 751	9	4	1	0	21	88	118	138	154
Net Issuance of Debt	(716)	(837)	(685)	(393)	(568)	(92)	157	72	(115)	(359)	(509)	(355)	369	628	799	114	60	(55)	144	839	869	2 870	2 432	2 671	2 561	135	586	2 251	2 703	4 681	4 591	3 016	1 998	627	1 033	1 541	2 349	1 879	754	(68)	126	211	1 070	1 121	960	953	1 242	1 664	2 475	2 424	1 757	1 621	878	2 578	1 927	2 009	2 475	2 746	11 910	12 570	6 400	6 190	(4 360)	(3 888)	1 064	142	3 248	2 910	3 505	3 994	2 804	2 439	2 614	3 302	1 723	1 246	1 573	2 455	6 187	7 309	4 470	3 047	3 370	1 044	2 944	6 305	3 577	7 291	5 813	1 772	2 031	6 904	622	2 606	2 412	(4 388)
Cash Paid for Dividends	(517)	(530)	(536)	(545)	(546)	(558)	(567)	(577)	(510)	(511)	(512)	(514)	(552)	(552)	(551)	(548)	(586)	(595)	(602)	(609)	(617)	(624)	(599)	(677)	(546)	(520)	(526)	(435)	(577)	(603)	(659)	(702)	(728)	(760)	(762)	(760)	(754)	(766)	(769)	(893)	(1 016)	(1 126)	(1 252)	(1 266)	(1 281)	(1 286)	(1 313)	(1 337)	(1 356)	(1 386)	(1 400)	(1 418)	(1 439)	(1 457)	(1 484)	(1 512)	(1 538)	(1 563)	(1 591)	(1 624)	(1 536)	(1 487)	(1 433)	(1 401)	(1 494)	(1 552)	(1 605)	(1 668)	(1 729)	(1 791)	(1 878)	(1 921)	(1 958)	(2 244)	(2 540)	(2 841)	(3 146)	(3 201)	(3 289)	(3 373)	(3 458)	(3 542)	(3 569)	(3 591)	(3 298)	(3 087)	(2 782)	(2 481)	(2 879)	(3 194)	(3 602)	(4 019)	(4 052)	(3 947)	(3 838)	(3 730)
Other	59	0	0	0	0	0	0	0	(79)	0	9	9	1	(14)	(125)	(149)	(74)	(75)	(67)	(59)	(72)	276	262	255	260	(93)	(129)	(130)	(141)	(147)	(106)	(107)	93	93	89	86	(112)	(112)	210	205	190	184	(145)	(145)	(135)	(137)	247	236	218	208	(188)	(107)	(99)	(104)	(84)	(181)	(169)	(157)	(110)	(82)	(64)	(1 219)	(1 281)	(1 272)	(1 263)	(90)	(96)	(130)	(176)	(212)	(222)	(215)	(216)	(215)	(291)	229	682	48	164	(325)	(748)	(85)	(70)	(62)	(64)	(100)	(113)	(113)	5 155	4 896	5 298	5 010	(532)	(431)	(900)	(611)
Cash from Financing Activities	(1 468) N/A	(1 595) -9%	(1 435) +10%	(1 149) +20%	(1 064) +7%	(599) +44%	(353) +41%	(449) -27%	(639) -42%	(887) -39%	(968) -9%	(819) +15%	(150) +82%	92 N/A	167 +82%	(537) N/A	(556) -4%	(684) -23%	(497) +27%	201 N/A	219 +9%	4 243 +1 837%	3 818 -10%	3 576 -6%	3 498 -2%	(936) N/A	703 N/A	2 848 +305%	4 369 +53%	6 317 +45%	6 767 +7%	5 683 -16%	3 722 -35%	2 656 -29%	1 609 -39%	1 581 -2%	2 188 +38%	1 379 -37%	232 -83%	(711) N/A	(642) +10%	(680) -6%	(276) +59%	(236) +14%	(403) -71%	187 N/A	851 +355%	1 225 +44%	1 794 +46%	1 335 -26%	242 -82%	192 -21%	(373) N/A	1 307 N/A	644 -51%	575 -11%	744 +29%	738 -1%	14 783 +1 903%	15 400 +4%	14 007 -9%	12 720 -9%	(2 683) N/A	(2 127) +21%	(1 419) +33%	(904) +36%	2 570 N/A	2 483 -3%	2 748 +11%	2 867 +4%	1 226 -57%	554 -55%	693 +25%	1 109 +60%	(931) N/A	(1 269) -36%	(800) +37%	(654) +18%	2 630 N/A	3 180 +21%	(88) N/A	(837) -851%	(1 023) -22%	(1 625) -59%	487 N/A	3 897 +700%	2 433 -38%	4 706 +93%	8 093 +72%	3 475 -57%	3 727 +7%	7 916 +112%	(3 874) N/A	(1 654) +57%	(2 188) -32%	(8 575) -292%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	(37)	(54)	(50)	(51)	(72)	(87)	(89)	(68)	(22)	11	11	(20)	(7)	9	4	(12)	(29)	(50)	(24)	0	35	98	101	44	(38)	(110)	(153)	(60)	(5)	(7)	(2)	(38)	(3)	4	4	14	(27)	(15)	5	12	14	28	53	22	15	0	(4)	0	31	112	26	(34)	(43)	(127)	(65)	(16)	(35)	(39)	(15)	37	43	73	37	0	25	(6)	106	45	11	(19)	(155)	(94)	(41)	53	76	107	167	94	91	33	56	(16)	44	88	(65)	210	153	164	184
Net Change in Cash	(210) N/A	(518) -147%	(399) +23%	134 N/A	(87) N/A	(31) +64%	188 N/A	63 -66%	126 +100%	155 +23%	538 +247%	725 +35%	(153) N/A	231 N/A	(786) N/A	(892) -13%	21 N/A	(271) N/A	99 N/A	96 -3%	187 +95%	(11) N/A	26 N/A	(87) N/A	105 N/A	289 +175%	1 619 +460%	497 -69%	804 +62%	1 593 +98%	1 523 -4%	1 654 +9%	(311) N/A	(1 496) -381%	(2 271) -52%	(1 312) +42%	(239) +82%	(202) +15%	(741) -267%	(539) +27%	(6) +99%	(240) -3 900%	118 N/A	37 -69%	(103) N/A	247 N/A	184 -26%	151 -18%	376 +149%	306 -19%	(107) N/A	53 N/A	(438) N/A	1 072 N/A	23 -98%	57 +148%	361 +533%	(583) N/A	1 137 N/A	1 525 +34%	166 -89%	(344) N/A	(237) +31%	(856) -261%	73 N/A	373 +411%	80 -79%	(323) N/A	(643) -99%	(395) +39%	(904) -129%	1 148 N/A	897 -22%	1 018 +13%	1 353 +33%	(1 057) N/A	187 N/A	367 +96%	869 +137%	1 665 +92%	(857) N/A	(1 184) -38%	(1 384) -17%	(697) +50%	(53) +92%	2 778 N/A	(413) N/A	(190) +54%	3 058 N/A	(658) N/A	1 383 N/A	8 018 +480%	(2 877) N/A	(1 231) +57%	(1 052) +15%	(8 186) -678%
Free Cash Flow
Free Cash Flow	643 N/A	1 122 +74%	1 407 +25%	1 215 -14%	1 320 +9%	1 355 +3%	1 287 -5%	1 604 +25%	1 520 -5%	1 413 -7%	1 401 -1%	1 255 -10%	1 202 -4%	1 158 -4%	1 093 -6%	1 097 +0%	1 148 +5%	1 134 -1%	1 069 -6%	889 -17%	503 -43%	603 +20%	785 +30%	1 008 +28%	1 033 +2%	1 189 +15%	825 -31%	374 -55%	22 -94%	(721) N/A	(985) -37%	(1 990) -102%	(2 427) -22%	(2 596) -7%	(2 638) -2%	(2 158) +18%	(1 500) +30%	(789) +47%	(21) +97%	983 N/A	1 173 +19%	1 144 -2%	1 089 -5%	998 -8%	976 -2%	515 -47%	(99) N/A	(380) -284%	(787) -107%	(433) +45%	57 N/A	320 +461%	(278) N/A	(656) -136%	(1 009) -54%	(1 257) -25%	(314) +75%	111 N/A	183 +65%	(64) N/A	(233) -264%	(711) -205%	(1 147) -61%	(1 924) -68%	(2 299) -19%	(2 325) -1%	(2 438) -5%	(2 818) -16%	(3 359) -19%	(3 270) +3%	(2 728) +17%	(1 882) +31%	(1 100) +42%	(1 258) -14%	(1 569) -25%	(1 432) +9%	(1 077) +25%	(661) +39%	213 N/A	759 +256%	966 +27%	1 144 +18%	326 -72%	(76) N/A	(352) -363%	(440) -25%	(653) -48%	(753) -15%	(881) -17%	(596) +32%	260 N/A	681 +162%	1 338 +96%	737 -45%	1 473 +100%	1 951 +32%

Income Statement Balance Sheet Cash Flow Statement

TC Energy Corp
TSX:TRP

Cash Flow Statement

Cash Flow Statement
TC Energy Corp

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TC Energy Corp TSX:TRP

Cash Flow Statement

Cash Flow Statement TC Energy Corp

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TC Energy Corp
TSX:TRP

Cash Flow Statement
TC Energy Corp