$TCPA

TRANSCANADA PIPELINES LTD

CIK:0000099070|SEC Filings

Consolidated statement of income - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues	$ 15,239	$ 13,771	$ 13,267
Income (Loss) from Equity Investments (Note 10)	1,274	1,558	1,310
Impairment of equity investment (Note 10)	0	0	(2,100)
Operating and Other Expenses
Plant operating costs and other	4,619	4,413	4,073
Commodity purchases resold	208	217	80
Property taxes	881	820	781
Depreciation and amortization	2,769	2,535	2,446
Total operating and other expenses	8,477	7,985	7,380
Net Gain (Loss) on Sale of Assets (Note 29)	0	620	0
Financial Charges
Interest expense (Note 19)	3,407	3,019	2,966
Allowance for funds used during construction	(453)	(784)	(575)
Foreign exchange (gains) losses, net (Note 21)	(157)	147	(320)
Interest income and other	(205)	(324)	(272)
Total financial charges	2,592	2,058	1,799
Income (Loss) from Continuing Operations before Income Taxes	5,444	5,906	3,298
Income Tax Expense (Recovery) from Continuing Operations (Note 18)
Current	367	495	864
Deferred	771	427	(22)
Income Tax Expense	1,138	922	842
Net Income (Loss) from Continuing Operations	4,306	4,984	2,456
Net Income (Loss) from Discontinued Operations, Net of Tax (Note 4)	(212)	395	612
Net Income (Loss)	4,094	5,379	3,068
Net income (loss) attributable to non-controlling interests (Note 22)	575	681	146
Net Income (Loss) Attributable to Controlling Interests	3,519	4,698	2,922
Preferred share dividends	119	104	93
Net income (loss) attributable to controlling interests from continuing operations	3,731	4,303	2,310
Net income (loss) attributable to common shares from continuing operations	3,612	4,199	2,217
Net income (loss) attributable to common shares from continuing operations	$ 3,400	$ 4,594	$ 2,829
Net Income (Loss) per Common Share - Basic and Diluted (Note 23)
Continuing operations, Basic (in dollars per share)	$ 3.47	$ 4.05	$ 2.15
Continuing operations, Diluted (in dollars per share)	3.47	4.05	2.15
Discontinued operations, Basic (in dollars per share)	(0.20)	0.38	0.60
Discontinued operations, Diluted (in dollars per share)	(0.20)	0.38	0.60
Basic (in dollars per share)	3.27	4.43	2.75
Diluted (in dollars per share)	3.27	4.43	2.75
Dividends Declared per Common Share (in dollars per share)	$ 3.40	$ 3.7025	$ 3.72
Weighted Average Number of Common Shares (millions) (Note 23)
Basic (in shares)	1,040	1,038	1,030
Diluted (in shares)	1,040	1,038	1,030
Operating segments
Revenues	$ 15,225	$ 13,763
Corporate
Revenues	14	8	$ 0
Income (Loss) from Equity Investments (Note 10)	0	0	0
Impairment of equity investment (Note 10)			0
Operating and Other Expenses
Depreciation and amortization	0	5	6
Canadian Natural Gas Pipelines
Revenues	5,785	5,600	5,173
Canadian Natural Gas Pipelines \| Operating segments
Revenues	5,785	5,600	5,173
Income (Loss) from Equity Investments (Note 10)	112	34	220
Impairment of equity investment (Note 10)			(2,100)
Operating and Other Expenses
Depreciation and amortization	1,523	1,382	1,325
U.S. Natural Gas Pipelines
Revenues	7,145	6,339	6,229
U.S. Natural Gas Pipelines \| Operating segments
Revenues	7,145	6,339	6,229
Income (Loss) from Equity Investments (Note 10)	301	341	324
Impairment of equity investment (Note 10)			0
Operating and Other Expenses
Depreciation and amortization	1,037	955	934
Mexico Natural Gas Pipelines
Revenues	1,450	870	846
Mexico Natural Gas Pipelines \| Operating segments
Revenues	1,450	870	846
Income (Loss) from Equity Investments (Note 10)	94	283	78
Impairment of equity investment (Note 10)			0
Operating and Other Expenses
Depreciation and amortization	96	92	89
Power and Energy Solutions
Revenues	845	954	1,019
Power and Energy Solutions \| Operating segments
Revenues	845	954	1,019
Income (Loss) from Equity Investments (Note 10)	767	900	688
Impairment of equity investment (Note 10)			0
Operating and Other Expenses
Depreciation and amortization	$ 113	$ 101	$ 92

Consolidated statement of cash flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Generated from Operations
Net income (loss)	$ 4,094	$ 5,379	$ 3,068
Depreciation and amortization	2,769	2,788	2,778
Deferred income taxes (Note 18)	766	493	11
(Income) loss from equity investments (Notes 5 and 10)	(1,274)	(1,608)	(1,377)
Impairment of equity investment (Note 10)	0	0	2,100
Distributions received from operating activities of equity investments (Note 10)	1,616	1,675	1,254
Employee post-retirement benefits funding, net of expense (Note 26)	3	11	(17)
Equity allowance for funds used during construction	(320)	(512)	(367)
Unrealized (gains) losses on financial instruments (Note 27)	(235)	340	(342)
Expected credit loss provision (Note 27)	83	(22)	(83)
Foreign exchange (gains) losses, net – intercompany loan	149	(216)	44
Net (gain) loss on sale of assets (Note 29)	0	(620)	0
Asset impairment charge and other (Note 4)	29	21	(4)
Other	169	(232)	(4)
(Increase) decrease in operating working capital (Note 28)	(503)	199	207
Net cash provided by operations	7,346	7,696	7,268
Investing Activities
Capital expenditures (Note 5)	(5,270)	(6,308)	(8,007)
Capital projects in development (Note 5)	(16)	(50)	(142)
Contributions to equity investments (Notes 5 and 10)	(1,051)	(4,683)	(4,149)
Other distributions from equity investments (Note 10)	5	3,686	23
Proceeds from sales of assets, net of transaction costs (Note 29)	0	791	33
Acquisitions, net of cash acquired (Note 29)	0	0	(307)
Loans to affiliate (issued) repaid, net	0	0	250
Deferred amounts and other	(126)	(345)	12
Net cash (used in) provided by investing activities	(6,458)	(6,909)	(12,287)
Financing Activities
Notes payable issued (repaid), net	876	341	(6,299)
Long-term debt issued, net of issue costs	5,413	8,089	15,884
Long-term debt repaid (Notes 19 and 20)	(6,116)	(9,273)	(3,772)
Junior subordinated notes issued, net of issue costs	2,545	1,465	0
Dividends on common shares	(3,507)	(3,953)	(2,787)
Dividends on preferred shares	(114)	(99)	(92)
Common shares issued, net of issue costs	104	88	4
Preferred shares redeemed (Note 24)	(250)	0	0
Distributions to non-controlling interests and other	(929)	(755)	(173)
Contributions from redeemable non-controlling interest	0	21	0
Cash received from factoring arrangement (Note 9)	351	0	0
Loan from affiliate (Note 11)	111	0	0
Disposition of equity interest, net of transaction costs (Note 29)	0	419	5,328
Cash transferred to South Bow, net of debt settlements	0	(244)	0
Gains (losses) on settlement of financial instruments	0	27	0
Net cash (used in) provided by financing activities	(1,516)	(3,874)	8,093
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents	(5)	210	(16)
Increase (Decrease) in Cash and Cash Equivalents	(633)	(2,877)	3,058
Cash and Cash Equivalents, Beginning of year	801	3,678	620
Cash and Cash Equivalents, End of year	$ 168	$ 801	$ 3,678

Consolidated balance sheet $ in Millions, $ in Millions	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 CAD ($)
Current Assets
Cash and cash equivalents	$ 168	$ 801
Accounts receivable	2,794	2,611
Inventories	782	747
Other current assets (Note 7)	2,375	1,339
Current assets of discontinued operations (Note 4)	197	235
Total current assets	6,316	5,733
Plant, Property and Equipment (Note 8)	71,054	77,501
Net Investment in Leases (Note 9)	8,110	2,477
Equity Investments (Note 10)	11,358	10,636
Restricted Investments	3,502	2,998
Regulatory Assets (Note 12)	2,913	2,682
Goodwill (Note 13)	13,016	13,670
Other Long-Term Assets (Note 14)	2,482	2,410
Long-Term Assets of Discontinued Operations (Note 4)	0	136
Total assets	118,751	118,243
Current Liabilities
Notes payable (Note 15)	1,200	387
Accounts payable and other (Note 16)	5,274	5,297
Dividends payable	901	874
Accrued interest	858	828
Current portion of long-term debt (Note 19)	1,545	2,955
Current liabilities of discontinued operations (Note 4)	181	170
Total current liabilities	9,959	10,511
Regulatory Liabilities (Note 12)	5,841	5,303
Other Long-Term Liabilities (Note 17)	1,034	1,051
Deferred Income Tax Liabilities (Note 18)	7,677	6,884
Long-Term Debt (Note 19)	45,247	44,976
Junior Subordinated Notes (Note 20)	12,094	11,048
Long-Term Liabilities of Discontinued Operations (Note 4)	0	110
Total liabilities	81,852	79,883
EQUITY
Common shares, no par value (Note 23)	30,218	30,101
Preferred shares (Note 24)	2,255	2,499
Retained earnings (Accumulated deficit)	(5,925)	(5,241)
Accumulated other comprehensive income (loss) (Note 25)	747	233
Controlling Interests	27,295	27,592
Non-Controlling Interests (Note 22)	9,604	10,768
Total Equity	36,899	38,360
Total Liabilities and Equity	$ 118,751	$ 118,243