TRP
TC Energy Corporation
TRP's fundamentals are strong: revenue grew 25% and it turned 23% of its revenue into free cash flow, though earnings per share fell 18%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
TRP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Weak |
TRP's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
TRP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $30.09 | -53% |
| Fair | 18x | $42.82 | -34% |
| Current | 27x | $64.53 | — |
| Expensive | 30x | $71.04 | +10% |
Historical ranges are pointers, not guarantees.
TRP's PE is 27x, but its earnings don't support one, so it isn't a reliable read right now.
TRP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect TRP's earnings to grow, with its revenue and profitability holding steady.
TRP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $2.35 | -18% |
| Q1 2026 | $2.24 | -25% |
| Q4 2025 | $2.30 | -26% |
| Q3 2025 | $2.29 | -34% |
| Q2 2025 | $2.88 | +23% |
| Q1 2025 | $2.97 | +60% |
| Q4 2024 | $3.12 | +60% |
| Q3 2024 | $3.45 | +$3.47 |
TRP's earnings per share have fallen from their peak: $2.35 over the past year, against $3.45 in late 2024.
TRP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.8B | +6.7% |
| Q1 2026 | $3B | +17% |
| Q4 2025 | $2.9B | +199% |
| Q3 2025 | $2.6B | -9.3% |
| Q2 2025 | $2.6B | +13% |
| Q1 2025 | $2.5B | +3.2% |
| Q4 2024 | $956.1M | -68% |
| Q3 2024 | $2.9B | +3.6% |
TRP's revenue is growing: $2.8B last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 45% | +1.4 points |
| Q1 2026 | 52% | +6.3 points |
| Q4 2025 | 44% | -3.7 points |
| Q3 2025 | 43% | +3.4 points |
| Q2 2025 | 43% | +2.4 points |
| Q1 2025 | 46% | 0 points |
| Q4 2024 | 48% | +5.4 points |
| Q3 2024 | 39% | -0.8 points |
TRP's operating margin was 45% last quarter, up 1.4 points from the same quarter a year ago.
TRP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $934M | +26% |
| Q1 2026 | $774.8M | +$918.9M |
| Q4 2025 | $382.5M | +25% |
| Q3 2025 | $466.1M | +34% |
| Q2 2025 | $743.8M | +350% |
| Q1 2025 | -$144.1M | -156% |
| Q4 2024 | $305.8M | +$461.9M |
| Q3 2024 | $347.1M | +$513M |
TRP generated $2.6B in free cash flow over the past year, up 104% from the year before.
TRP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.2% | +2M shares |
| 3 years | +1.5% | +15M shares |
| 5 years | +6.4% | +63M shares |
| Available history | +12% | +109M shares |
TRP has 1B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $175.8M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
TRP spent $176M buying back its own shares over the past year, after none the year before.
TRP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 5.5x | High |
| Q1 2026 | 5.3x | High |
| Q4 2025 | 5.4x | High |
| Q3 2025 | 5.8x | High |
| Q2 2025 | 5.4x | High |
| Q1 2025 | 5.7x | High |
| Q4 2024 | 5.6x | High |
| Q3 2024 | 5.9x | High |
TRP's net debt is about 5.5 years of its operating earnings (EBITDA), about the same as a year ago.
TRP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.4 | Neutral |
| Stochastic | 66.4 | Neutral |
TRP's weekly RSI is 53 (neutral) and its Stochastic is 66 (neutral).
TRP PE vs Energy Sector
| Metric | TRP | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 13x | 109% above |
| PE % | 77 | 61 | 16 pts above |
TRP is trading at 27x earnings, a 109% premium to the Energy sector's median of 13x, though its earnings don't support one.
TRP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $61.6 | 4.7% above |
| 20 week MA | $63.5 | 1.6% above |
| 50 week MA | $62.7 | 2.9% above |
| 100 week MA | $56.0 | 15% above |
| 200 week MA | $46.6 | 38% above |
TRP is in an uptrend: it's above all five of its weekly moving averages, and 38% above its 200-week average.
TRP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $49.0 | $37.7 | -23% |
| 2021 | $37.7 | $42.9 | +14% |
| 2022 | $42.9 | $37.1 | -14% |
| 2023 | $37.1 | $35.6 | -4% |
| 2024 | $35.6 | $46.3 | +30% |
| 2025 | $46.3 | $55.9 | +21% |
| 2026 YTD | $55.9 | $64.5 | +16% |
TRP has finished lower in three of the last six years. It's up 16% so far in 2026.