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TC Energy Corporation (TRP)

TC Energy moves natural gas through pipelines in Canada, the United States and Mexico, and generates power. It operates two core businesses, Natural Gas Pipelines and Power and Energy Solutions, reported in four operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines and Power and Energy Solutions, with a Corporate segment holding the corporate and administrative functions that provide governance, financing and other support. Amounts are expressed in Canadian dollars.

TC Energy Corporation

TC Energy moves natural gas through pipelines in Canada, the United States and Mexico, and generates power. It operates two core businesses, Natural Gas Pipelines and Power and Energy Solutions, reported in four operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines and Power and Energy Solutions, with a Corporate segment holding the corporate and administrative functions that provide governance, financing and other support. Amounts are expressed in Canadian dollars.

The spin-off of the oil pipelines

On 27 July 2023 the company announced that it would split into two independent, investment-grade, publicly listed companies by spinning off its Liquids Pipelines business into a separate entity, South Bow Corporation. Shareholders approved the transaction at the 2024 annual and special meeting on 4 June 2024, it received final approval from the Court of King's Bench of Alberta the same day, and it completed on 1 October 2024. Under the plan of arrangement, holders of TC Energy common shares kept their interest in TC Energy and received a pro rata allocation of South Bow shares. A separation agreement signed that day set out the transfer of the Liquids Pipelines assets and the allocation of related liabilities, and during 2025 the company reached an agreement with South Bow releasing it from liabilities it had indemnified South Bow for.

The Canadian pipelines

The NGTL System has been expanded in successive programmes. The 2021 expansion completed in 2024, adding 344 km of new pipeline, three new compressor units and associated facilities and approximately 1.59 PJ/d of incremental capacity, at a capital cost of $3.6 billion. The 2022 programme completed in 2023, adding approximately 166 km of new pipeline, one compressor unit and associated facilities, and approximately 773 TJ/d of capacity against firm-receipt and intra-basin delivery requirements with eight-year minimum terms, at a cost of $1.4 billion. The Intra-Basin Expansion completed in 2024 with 23 km of new pipeline and two new compressor stations, underpinned by approximately 255 TJ/d of new firm-service contracts on 15-year terms, at a cost of $0.5 billion.

The corporate chain

The group runs through TransCanada PipeLines Limited in Canada and, in the United States, TransCanada PipeLine USA Ltd., TransCanada American Investments Ltd. and the Columbia chain: Columbia Pipeline Group, Columbia Pipelines Holding Company, Columbia Pipelines Operating Company and Columbia Gas Transmission. The Mexican business sits under TransCanada Mexican Investments Ltd.

Bruce Power

The Power and Energy Solutions business includes an interest in Bruce Power, the Ontario nuclear station, which is running a six-unit major component replacement life extension programme. Unit 6 completed in the third quarter of 2023. Unit 3 started in the first quarter of 2023 and Unit 4 in the first quarter of 2025, with expected completion in 2026 and 2028. The Unit 5 final cost and schedule estimate was verified by the IESO on 2 April 2025, with work expected to start in the fourth quarter of 2026 and a return to service in early 2030. Investment in the remaining two units is expected to continue through 2033, with each unit a discrete decision and specified off-ramps available to both Bruce Power and the IESO.

Project 2030

Alongside the life extension work, Bruce Power's Project 2030 has a stated goal of a site peak output of 7,000 MW by 2033, in support of Ontario's climate targets and future clean energy needs, through asset optimisation and new technology. It runs in three stages, with Stages 1, 2 and 3a fully approved for execution and all three being implemented in parallel with the life extension programme. The programme began in 2019 with site capability of 6,430 MW and closed 2025 at approximately 6,580 MW, a net gain of approximately 150 MW; and the filing states that on completion of those three stages the site is projected to reach 6,840 MW. Bruce Power's contract price has been raised several times under its contract terms, in April 2022 for the Unit 3 programme and the 2022 to 2024 asset management programme, in April 2024 after the IESO approved the Unit 4 programme, and in April 2025 for the 2025 to 2027 asset management programme plus a nine-year reset for salaries and pensions.

From TC Energy's annual report on Form 40-F for the year ended 31 December 2025. The business and the discussion are attached to that filing as exhibits, the Annual Information Form and the Management's Discussion and Analysis, each read as a whole document rather than from a separately located section. The filing

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TC Energy Corporation files a 40-F with the SEC once a year, in Canadian dollars. In the year to 31 December 2025 it reported revenue of CAD 15,239 million ($10.9 billion at the year's average rate), up 10.7% on the year before. Its profit attributable to shareholders was CAD 3,519 million, down 25.1%, and diluted earnings per share CAD 3.27.

TC Energy (TRP) in brief

TC Energy (TRP) reported revenue of CAD 15.2 billion for the year to 31 December 2025, up 10.7% on the year before.
Read moreProfit attributable to shareholders was CAD 3.5 billion and diluted earnings per share CAD 3.27. Revenue was CAD 13.8 billion in 2024, CAD 13.3 billion in 2023, CAD 12.3 billion in 2022 and CAD 13.4 billion in 2021. Profit attributable to shareholders in the same years was CAD 4.7 billion, CAD 2.9 billion, CAD 748 million and CAD 2.0 billion. Revenue grew 3.2% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of TC Energy was $66.1 billion, 27.4 times its earnings for 2025.

The share in the US

Last close$63.45 on 10 November 2026
52-week range$53.10 (7 January 2026) to $70.91 (22 May 2026)
Over one yearup 18.9%
Market cap$66.1 billion: 1,041,000,000 shares outstanding at 31 December 2025 (40-F), each US share standing for one ordinary share
P/E, latest fiscal year27.4: the last close over diluted EPS for the year to Dec 2025, CAD 3.27 per ordinary share, $2.32 at 1.41 CAD per US dollar on 6 November 2026 (FRED DEXCAUS). The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE12.9%
ROCE9.2%
Operating margin52.7%
Net margin23.1%
FCF marginn/a
Interest covern/a
Debt to equity2.20
Cash conversion2.09
Share count, last 12 months0.2%
Sales CAGR, 3 years7.4%
Profit CAGR, 3 years67.6%
EPS$2.32

At the close of 10 November 2026

Price$63.45
Market cap$66.1 billion
Stock P/E27.37
Price to book3.41
EV / EBITDAn/a
Dividend yield3.8%
Market cap / sales6.11
52-week high$70.91
52-week low$53.10
Price, 1 year18.9%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of TC Energy Corporation's balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
TRPgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on TRP

DividendsCAD 3.40 a share in FY2025
Filings21 in twelve months: 19 reports on Form 6-K, most often TC Energy reports strong third quarter 2026 operating and financial results (1); TC Energy reports strong second quarter 2026 operating and financial results (1); TC Energy reports strong first quarter 2026 operating and financial results (1); TCE_TCPL joint form 6-K dated March 20, 2026 (1)
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.36 by open interest at the 10 November 2026 close; the straddle prices a 4.8% move to 20 November 2026
13F holders705 funds reported a position for the quarter to 30 June 2026; largest Royal Bank of Canada
Congress0 House trades disclosed in six months
Short interest19.1 million shares short, 8.08 days to cover at 30 October 2026

Income statement (profit and loss), 16 fiscal years

Year toDec 2010Dec 2011Dec 2012Dec 2013 †Dec 2014 †Dec 2015 †Dec 2016Dec 2017Dec 2018Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Revenue6,8527,8398,0078,79710,18511,35312,54713,44913,67913,25512,99913,38712,30913,26713,77115,239
Cost of salesn/an/an/an/an/an/a2,1722,3821,4863650.087.022.080.0217208
Operating profit2,3873,1672,8293,4733,9311012,3134,6845,7646,5856,7734,0592,4505,0977,9648,036
Profit before tax1,7802,2851,9382,5222,824-1,1068373,3063,9495,1875,1072,1664743,2985,9065,444
Income tax38757546661183134.0352-89.04327541941203228429221,138
Profit for the year1,3931,7101,4721,9111,993-1,1404853,3953,5174,4334,9132,0467853,0685,3794,094
Profit attributable to shareholders1,2781,5811,3541,7861,840-1,1462333,1573,7024,1404,6161,9557482,9224,6983,519
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F
CAD million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the US GAAP tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2013, Dec 2014, Dec 2015, Dec 2019, Dec 2022, Dec 2023); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2010Dec 2011Dec 2012Dec 2013 †Dec 2014 †Dec 2015 †Dec 2016Dec 2017Dec 2018Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Diluted EPS1.782.171.84n/an/a-1.750.163.433.924.274.741.860.642.754.433.27
Basic EPS1.792.171.84n/an/a-1.750.163.443.924.284.741.870.642.754.433.27
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F

CAD per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by segment

Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
U.S. Natural Gas Pipelinesn/an/an/an/an/an/a2,5263,6354,3145,1425,1965,3786,0656,2296,3397,14546.9%
Canadian Natural Gas Pipelinesn/an/an/an/an/an/a3,6823,6934,0384,0104,4694,5194,7645,1735,6005,78538.0%
Mexico Natural Gas Pipelinesn/an/an/an/an/an/a3785706196037166056888468701,4509.5%
Power and Energy Solutionsn/an/an/an/an/an/an/an/an/an/a4327389361,0199548455.5%
Corporaten/an/an/an/an/an/an/an/an/an/an/an/a0.0n/a8.014.00.1%
Energy2,7302,7682,7043,1763,7254,0384,206n/a2,124n/an/an/an/an/an/an/an/a
Liquids Pipelinesn/an/a1,0391,1241,5471,8791,7552,0092,5842,8792,3712,306n/an/an/an/an/a
Natural Gas Pipelines4,1224,2444,2644,4974,9135,383n/an/an/an/an/an/an/an/an/an/an/a
Oil Pipelinesn/a827n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Power and Storagen/an/an/an/an/an/an/a3,593n/a804n/an/an/an/an/an/an/a
U.S. Natural Gas Pipelines FY2016 to FY2025Canadian Natural Gas Pipelines FY2016 to FY2025Mexico Natural Gas Pipelines FY2016 to FY2025Power and Energy Solutions FY2020 to FY2025Corporate FY2024 to FY2025Liquids Pipelines FY2012 to FY2021Power and Storage FY2017 to FY2019Energy FY2010 to FY2018Natural Gas Pipelines FY2010 to FY2015Oil Pipelines FY2011
7.8Dec 20118.8Dec 201311.3Dec 201513.5Dec 201713.4Dec 201913.5Dec 202113.3Dec 202315.2Dec 2025

CAD billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

CAD million, from the latest 40-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Revenue by product or service

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Share
of the parts, latest year
Capacity arrangements and transportation10,28011,27911,52211,1729,82410,69011,40687.3%
Natural gas storage and other7437299331,4561,8111,3941,39010.6%
Power generation1,7716621923244904272662.0%
Not assigned to a part in the filing885585352435n/a756709n/a
Capacity arrangements and transportationNatural gas storage and otherPower generation
12.8Dec 201812.7Dec 201912.6Dec 202013.0Dec 202112.1Dec 202212.5Dec 202313.1Dec 2024

CAD billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below

CAD million, from the latest 40-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Revenue by region

Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
United States2,7962,7523,2523,0294,7185,8727,2958,0067,7987,5586,8326,9535,9366,2636,3697,20447.3%
Canada - domestic3,1783,9293,5274,6593,9563,9303,6973,6184,1874,0594,3924,6034,9205,3375,5795,61736.9%
Mexico40.071.01071121972593785706196037166056888468701,4509.5%
Canada - export8381,0871,1219971,3141,2921,1771,2551,0751,0351,0591,2267658219539686.4%
United StatesCanada - domesticMexicoCanada - export
7.8Dec 20118.8Dec 201311.4Dec 201513.4Dec 201713.3Dec 201913.4Dec 202113.3Dec 202315.2Dec 2025

CAD billion; hover a block for its figure and share

CAD million, from the latest 40-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2010Dec 2011Dec 2012Dec 2013 †Dec 2014 †Dec 2015 †Dec 2016Dec 2017Dec 2018Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Cash from operationsn/an/a3,5713,6744,2264,3845,0695,2306,5557,0827,0586,8906,3757,2687,6967,346
Purchase of property, plant and equipment4,3762,5132,5954,2643,4893,9185,0077,3839,4187,4758,9007,1348,96112,2987,904n/a
Free cash flown/an/a976-59073746662.0-2,153-2,863-393-1,842-244-2,586-5,030-208n/a
Cash from investingn/an/a-3,256-5,120-4,291-4,879-18,783-3,699-10,019-6,872-6,052-7,712-7,009-12,287-6,909-6,458
Cash from financingn/an/a-4031,794-37374414,007-1,4192,748693-800-88.04878,093-3,874-1,516
Depreciation and amortisationn/a1,3281,3751,4851,6111,7651,9392,0552,3502,4642,5902,5222,5842,7782,7882,769
Buybacksn/an/an/a0.00.029414.00.00.0n/an/an/an/an/an/an/a
Dividends paid7109611,2261,2851,3451,4461,4361,3391,5711,7982,9873,3173,1922,7873,9533,507
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F
CAD million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2010Dec 2011Dec 2012Dec 2013 †Dec 2014 †Dec 2015 †Dec 2016Dec 2017Dec 2018Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Funded by
Equity attributable to shareholders17,51416,79416,91118,52519,07016,43824,25725,03929,33830,76331,39833,27133,99029,55327,59227,295
Non-controlling interestsn/a1,4651,4251,6111,5831,7171,7261,8521,6551,6341,6821251269,45510,7689,604
Borrowings, as filedn/an/an/a25,77028,38435,08344,85543,51150,24149,89949,55952,76658,30063,20159,36660,086
Other liabilitiesn/a29,07929,9977,9929,48811,16017,21315,69917,68616,98317,66118,05621,93222,82520,51721,766
Total equity and liabilitiesn/a47,33848,33353,89858,52564,39888,05186,10198,92099,279100,300104,218114,348125,034118,243118,751
Owned
Property, plant and equipmentn/a32,46733,71337,60641,77444,81754,47557,27766,50365,48969,77570,18275,94069,45177,50171,054
Goodwill3,4573,5343,4583,6964,0344,81213,95813,08414,17812,88712,67912,58212,84312,53213,67013,016
Other intangible assetsn/an/a1,4061,9552,6463,1023,0261,4841,9212,168n/an/an/an/an/an/a
Cash and cash equivalents6606545519274898501,0161,0894461,3431,5306736203,678801168
Trade and other receivablesn/a1,0941,0521,1221,3131,3872,0752,5222,5352,4222,1623,0923,6242,4272,6112,794
Inventoriesn/a248224251292323368378431452629724936771747782
Other assetsn/a9,3417,9298,3417,9779,10713,13310,26712,90614,51813,52516,96520,38536,17522,91330,937
Total assetsn/a47,33848,33353,89858,52564,39888,05186,10198,92099,279100,300104,218114,348125,034118,243118,751
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F
CAD million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2010Dec 2011Dec 2012Dec 2013 †Dec 2014 †Dec 2015 †Dec 2016Dec 2017Dec 2018Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Operating margin34.8%40.4%35.3%39.5%38.6%0.9%18.4%34.8%42.1%49.7%52.1%30.3%19.9%38.4%57.8%52.7%
Net margin18.7%20.2%16.9%20.3%18.1%-10.1%1.9%23.5%27.1%31.2%35.5%14.6%6.1%22.0%34.1%23.1%
Free cash flow marginn/an/a12.2%-6.7%7.2%4.1%0.5%-16.0%-20.9%-3.0%-14.2%-1.8%-21.0%-37.9%-1.5%n/a
Return on year-end equity7.3%9.4%8.0%9.6%9.6%-7.0%1.0%12.6%12.6%13.5%14.7%5.9%2.2%9.9%17.0%12.9%
Effective tax rate21.7%25.2%24.0%24.2%29.4%n/a42.1%-2.7%10.9%14.5%3.8%5.5%67.9%25.5%15.6%20.9%
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F40-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was TC Energy's revenue in 2025?

TC Energy (TRP) reported revenue of CAD 15.2 billion for the year to 31 December 2025, up 10.7% on the year before.

How much did TC Energy earn in 2025?

Profit attributable to shareholders was CAD 3.5 billion for the year to 31 December 2025, and diluted earnings per share CAD 3.27.

What is TC Energy's P/E ratio?

At the close of 10 November 2026, TC Energy traded at 27.4 times its earnings for 2025.

What is TC Energy's market cap?

The market cap of TC Energy was $66.1 billion at the close of 10 November 2026.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
National Grid plc NGG *$86.9 billion19.188.2%30.7%-3.8%1.192.5%
Williams Companies, Inc. WMB$84.4 billion26.5719.9%37.5%8.8%2.023.1%
Enterprise Products Partners L.P. EPD$80.1 billion12.30n/a12.7%21.5%n/an/a
Kinder Morgan, Inc. KMI$69.5 billion19.2511.4%29.0%11.7%1.053.8%
TC Energy Corporation TRP *$66.1 billion27.3712.9%52.7%10.7%2.203.8%
Targa Resources Corp. TRGP$60.3 billion24.9064.1%22.5%4.7%5.201.6%
Western Midstream Partners, LP WES$17.0 billion13.31n/a38.5%22.3%n/an/a
DT Midstream, Inc. DTM$12.1 billion25.869.8%49.4%13.4%0.682.9%
Antero Midstream Corp. AM$9.4 billion13.9430.5%81.3%7.3%1.424.5%
Kinetik Holdings Inc. KNTK$8.5 billion17.43n/a12.2%15.8%n/a6.2%
Archrock, Inc. AROC$4.9 billion14.3821.4%n/a3.7%1.473.2%
Kodiak Gas Services, Inc. KGS$4.3 billion24.717.5%31.0%14.5%1.264.6%
All 96 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
NextEra Energy Inc. NEE$180.9 billion15.5418.9%30.0%9.6%1.852.8%
Southern Co. SO$109.0 billion21.4311.1%24.7%7.9%1.653.2%
Duke Energy Corp. DUK$100.6 billion18.889.7%28.5%6.8%1.683.3%
Constellation Energy Corp. CEG$94.2 billion21.4513.4%17.5%37.9%0.710.6%
National Grid plc NGG *$86.9 billion19.188.2%30.7%-3.8%1.192.5%
Williams Companies, Inc. WMB$84.4 billion26.5719.9%37.5%8.8%2.023.1%
Enterprise Products Partners L.P. EPD$80.1 billion12.30n/a12.7%21.5%n/an/a
American Electric Power Co. Inc. AEP$69.6 billion20.8810.2%23.4%11.1%1.603.0%
Kinder Morgan, Inc. KMI$69.5 billion19.2511.4%29.0%11.7%1.053.8%
TC Energy Corporation TRP *$66.1 billion27.3712.9%52.7%10.7%2.203.8%
Targa Resources Corp. TRGP$60.3 billion24.9064.1%22.5%4.7%5.201.6%
Dominion Energy, Inc. D$60.2 billion22.729.1%22.5%21.5%1.663.9%
Cheniere Energy, Inc. LNG$59.9 billion20.4846.3%28.1%22.5%3.680.8%
ONEOK Inc. OKE$55.1 billion13.5717.4%14.2%36.8%1.224.9%
Entergy Corp. ETR$53.4 billion25.6810.3%24.6%10.3%1.752.3%
Sempra SRE$51.3 billion16.799.2%n/a-0.9%1.123.3%
Xcel Energy Inc. XEL$50.9 billion18.6710.5%21.7%4.5%1.592.9%
Exelon Corp. EXC$47.1 billion17.678.8%19.8%6.7%1.773.6%
Consolidated Edison Inc. ED$44.3 billion19.098.7%18.7%9.0%1.05n/a
Vistra Corp. VST$43.9 billion17.7042.9%20.6%19.8%3.350.7%
WEC Energy Group, Inc. WEC$38.5 billion21.2412.1%23.5%8.1%1.523.2%
Public Service Enterprise Group Inc. PEG$37.2 billion21.1010.2%21.6%5.3%1.483.5%
Ameren Corp. AEE$31.5 billion19.7711.3%25.2%-0.3%1.552.6%
Venture Global, Inc. VG$30.2 billion5.8049.2%40.0%69.4%4.030.2%
American Water Works Company, Inc. AWK$29.9 billion26.059.5%37.0%5.4%1.372.3%
Atmos Energy Corp. ATO$29.6 billion20.939.2%37.0%6.5%0.682.0%
Pg&E Corp. PCG$29.2 billion9.818.6%20.2%4.1%1.88n/a
Cheniere Energy Partners, L.P. CQP$29.1 billionn/an/a34.2%13.2%n/an/a
DTE Energy Co. DTE$28.9 billion21.1610.8%13.1%12.4%2.253.2%
Centerpoint Energy Inc. CNP$27.3 billion23.579.8%24.4%7.8%2.122.2%
Firstenergy Corp. FE$26.9 billion22.349.3%14.9%12.2%2.323.8%
PPL Corp. PPL$26.9 billion20.418.6%24.5%7.5%1.333.2%
Eversource Energy ES$26.2 billion18.378.7%21.5%4.6%1.764.5%
Edison International EIX$23.2 billion6.4020.3%31.8%2.6%2.335.8%
CMS Energy Corp. CMS$21.9 billion24.929.0%13.8%8.2%2.063.2%
Nisource Inc. NI$21.7 billion23.239.8%27.4%10.0%1.912.6%
Evergy, Inc. EVRG$20.7 billion19.709.7%27.4%8.5%1.473.1%
NRG Energy, Inc. NRG$20.4 billion16.8923.9%7.7%17.4%4.371.9%
Alliant Energy Corp. LNT$19.0 billion20.4012.0%22.6%5.4%1.612.9%
Talen Energy Corp. TLN$17.1 billionn/a-16.1%2.0%71.9%6.06n/a
Western Midstream Partners, LP WES$17.0 billion13.31n/a38.5%22.3%n/an/a
Essential Utilities, Inc. WTRG$12.9 billion22.707.9%72.4%9.2%1.223.2%
Pinnacle West Capital Corp. PNW$12.8 billion19.928.8%20.7%7.5%1.533.4%
DT Midstream, Inc. DTM$12.1 billion25.869.8%49.4%13.4%0.682.9%
OGE Energy Corp. OGE$10.5 billion19.1410.6%25.8%2.4%1.123.3%
Antero Midstream Corp. AM$9.4 billion13.9430.5%81.3%7.3%1.424.5%
Entergy Arkansas, LLC EAI$8.7 billion4.2110.3%24.6%n/a1.7513.3%
Idacorp Inc. IDA$8.7 billion22.789.2%23.5%4.5%0.952.3%
Kinetik Holdings Inc. KNTK$8.5 billion17.43n/a12.2%15.8%n/a6.2%
UGI Corp. UGI$8.1 billion12.5612.9%16.2%-0.5%1.354.0%
Clearway Energy, Inc. CWEN$7.1 billionn/a-1.7%14.0%21.2%1.675.3%
National Fuel Gas Co. NFG$7.1 billion10.3717.2%40.3%15.1%0.912.9%
Southwest Gas Holdings, Inc. SWX$6.7 billionn/an/an/an/a0.862.7%
Black Hills Corp. BKH$6.7 billion20.938.0%24.3%2.8%1.133.2%
Txnm Energy Inc. TXNM$6.4 billion28.026.3%24.4%10.0%1.652.9%
Ormat Technologies, Inc. ORA$5.7 billion42.955.1%16.7%28.6%0.600.5%
New Jersey Resources Corp. NJR$5.5 billion15.1213.9%24.8%6.4%1.403.5%
Portland General Electric Co. POR$5.5 billion19.706.3%14.4%1.2%1.164.6%
Spire Inc. SR$5.3 billion9.9615.3%19.7%4.1%2.033.6%
NorthWestern Energy Group, Inc. NWE$5.2 billion32.055.7%18.1%10.1%1.273.1%
One Gas, Inc. OGS$5.2 billion17.548.3%21.1%-1.9%1.003.3%
Archrock, Inc. AROC$4.9 billion14.3821.4%n/a3.7%1.473.2%
Kodiak Gas Services, Inc. KGS$4.3 billion24.717.5%31.0%14.5%1.264.6%
MDU Resources Group Inc. MDU$4.1 billion20.736.5%17.1%-0.7%0.872.9%
American States Water Co. AWR$3.6 billion24.6112.6%32.2%11.1%0.792.3%
Chesapeake Utilities Corp. CPK$3.4 billion22.199.0%27.2%13.9%1.042.0%
Avista Corp. AVA$3.4 billion13.498.7%18.9%-1.4%1.194.9%
Fervo Energy Co. FRVO$3.4 billionn/a-4.6%-28,809.1%n/a0.11n/a
Otter Tail Corp. OTTR$3.3 billion19.049.2%15.2%0.0%0.652.8%
California Water Service Group CWT$3.1 billion22.357.2%19.4%4.8%0.862.6%
MGE Energy Inc. MGEE$3.0 billion18.3910.9%22.5%8.0%0.632.3%
H2O America HTO$3.0 billion24.334.8%20.7%4.2%0.952.8%
Centuri Holdings, Inc. CTRI$2.3 billion40.296.0%3.1%31.5%0.90n/a
Northwest Natural Holding Co. NWN$2.2 billion17.198.3%22.9%3.2%1.843.8%
NGL Energy Partners LP NGL$2.0 billionn/an/a1.9%18.0%n/an/a
NextDecade Corp. NEXT$1.7 billionn/a-83.8%n/an/a107.19n/a
Hawaiian Electric Industries Inc. HE$1.6 billion6.8912.8%10.5%13.6%1.28n/a
Excelerate Energy, Inc. EE$1.2 billion25.742.1%23.8%16.2%0.460.9%
Middlesex Water Co. MSEX$1.1 billion21.219.5%30.5%8.9%0.802.5%
Unitil Corp. UTL$1.0 billion18.148.6%18.6%21.1%1.543.4%
New Fortress Energy Inc. NFE$1.0 billionn/an/a-84.3%-36.9%n/an/a
Xplr Infrastructure, LP XIFR$672 million4.481.4%6.4%-1.1%0.57n/a
York Water Co. YORW$514 million19.088.5%37.9%13.7%0.652.9%
Genie Energy Ltd. GNE$501 million17.5610.9%5.2%1.7%0.031.6%
Hallador Energy Co. HNRG$479 millionn/a-15.7%-1.0%-6.6%2.81n/a
Consolidated Water Co. Ltd. CWCO$419 million33.155.7%9.7%-5.7%0.002.1%
Clean Energy Fuels Corp. CLNE$402 millionn/a-13.6%-4.0%6.3%0.39n/a
Artesian Resources Corp. ARTNA$348 million14.779.2%25.0%5.9%0.723.7%
Summit Midstream Corp. SMC$322 millionn/a1.0%15.8%17.6%2.05n/a
Cadiz Inc. CDZI$279 millionn/a-789.7%-236.1%-21.3%18.65n/a
Pure Cycle Corp. PCYO$264 million17.989.7%37.7%22.9%0.09n/a
RGC Resources Inc. RGCO$239 million17.1311.4%17.3%13.8%1.213.7%
Global Water Resources, Inc. GWRS$208 million77.112.6%12.6%9.8%1.414.3%
Montauk Renewables, Inc. MNTK$169 million23.603.0%0.6%4.3%0.57n/a
Stabilis Solutions, Inc. SLNG$71 millionn/a-15.0%-19.4%-30.3%0.14n/a
Ocean Power Technologies, Inc. OPTT$4 millionn/an/a-1,088.8%-25.8%1.17n/a
13 companies share its SEC industry code (Natural Gas Transmission); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
40-F31 December 202513 February 2026EDGAR
40-F31 December 202414 February 2025EDGAR
40-F31 December 202316 February 2024EDGAR
40-F31 December 202214 February 2023EDGAR
40-F31 December 202115 February 2022EDGAR
40-F31 December 202018 February 2021EDGAR
40-F31 December 201913 February 2020EDGAR
40-F31 December 201814 February 2019EDGAR
40-F31 December 201715 February 2018EDGAR
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40-F31 December 201511 February 2016EDGAR
40-F31 December 201413 February 2015EDGAR