TransCanada PipeLines 6.25% Notes
Fixed-for-life junior subordinated notes issued by TC Energy’s operating subsidiary, due 2085.
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Profile
Represents junior subordinated debt issued by TC Energy’s principal operating subsidiary, not common equity in the parent. Cash flows come from natural-gas pipelines across Canada, the United States and Mexico, plus power and gas storage, while the notes rank below senior indebtedness and permit interest deferral.
Represents fixed-for-life junior subordinated debt issued by TransCanada PipeLines, the principal operating subsidiary of TC Energy. The NYSE-listed notes are obligations of the operating subsidiary, not common ownership in parent TC Energy.
Operating cash flows come from Canadian, U.S. and Mexican Natural Gas Pipelines plus Power and Energy Solutions. Capacity arrangements and transportation dominate revenue, alongside storage and power generation across North America. The network is concentrated in natural gas after the South Bow spinoff removed Liquids Pipelines.
Execution rests on regulated rates, long-term capacity contracts, transportation volumes and approvals in three countries. Interest may be deferred under the prospectus, and the notes rank below senior indebtedness.
Company facts
Key statistics
Year to date −11.5% · Average volume (30d) 28.8K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Fiscal year | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise |
|---|---|---|---|---|---|---|
| 2019 | — | $3.26 | — | — | $9.87B | — |
| 2018 | — | $2.10 | — | — | $10.12B | — |
| 2017 | — | $0.59 | — | — | $10.50B | — |
Financial highlights
| 12 quarters | Q2 FY20 | Q3 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q3 FY22 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.27B | $2.34B | $2.63B | $2.50B | $2.56B | $2.62B | |
| Gross profit | $1.12B | $1.11B | $1.41B | $1.21B | $1.16B | $1.18B | |
| Operating income | $970.6M | $975.5M | $1.25B | $1.05B | $1.01B | $1.02B | |
| Net income | $969.9M | $706.0M | −$810.8M | $818.9M | $638.4M | $622.9M | |
| Diluted EPS | $1.00 | $0.72 | −$0.88 | $0.81 | $0.63 | $0.61 | |
| Gross margin | 49.2% | 47.2% | 53.6% | 48.5% | 45.4% | 44.9% | |
| Operating margin | 42.8% | 41.7% | 47.7% | 42.2% | 39.5% | 39.0% |
Fiscal years (4-quarter sums)FY17 $10.50B · FY18 $10.12B · FY19 $9.87B
Balance sheet, Sep 30, 2022Cash & short-term investments $1.56B · Total debt $42.54B · Total assets $84.40B · Shareholders' equity $25.85B
Dividends
Last cut to $0.3906 from $0.4861 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 17, 2026 | Jul 17 | Aug 3 | $0.3906 | cut from $0.4861 |
| Jan 16, 2026 | Jan 16 | Feb 2 | $0.4861 |
Ownership
Shares outstanding 1.01B · Float 1.01B · 100.0% free float
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Enbridge
Broad rival across Canadian and U.S. gas transport, storage, and power
- Kinder Morgan
Large U.S. gas-pipeline and storage rival serving major demand centers
- Williams
Interstate gas-transmission and storage rival led by Transco
- Energy Transfer
Diversified U.S. midstream rival in gas transport and storage
- Sempra
Mexico pipeline and LNG-infrastructure rival with cross-border reach
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TransCanada PipeLines 6.25% Notes | $21.96 | +0.57% | $22.22B | 6.4 | — | 2.2 | — |
| Enbridge | $50.26 | +0.12% | $109.62B | 24.2 | 23.4 | 1.6 | +41.2% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Sempra | $84.31 | −0.01% | $55.12B | 24.4 | 16.1 | 4.1 | −0.1% |
| Median | 24.2 | 21.2 | 3.9 | +10.8% |