U.S. Natural Gas Pipelines was Tc Energy’s largest segment in fiscal 2025, bringing in $7.15B of $15.23B (47%).
| Segment | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Natural Gas Pipelines | $6.07B | $6.23B | $6.34B | $7.15B | ||||||||||
| Canadian Natural Gas Pipelines | $4.76B | $5.17B | $5.60B | $5.79B | ||||||||||
| Natural Gas Pipelines | — | — | — | — | ||||||||||
| Energy | — | — | — | — | ||||||||||
| Power & Storage | — | — | — | — | ||||||||||
| Liquids Pipelines | — | — | — | — | ||||||||||
| Oil Pipelines | — | — | — | — | ||||||||||
| Power & Energy Solutions | $936.00M | $1.02B | $954.00M | $845.00M | ||||||||||
| Mexico Natural Gas Pipelines | $688.00M | $846.00M | $870.00M | $1.45B | ||||||||||
| Corporate | -$144.00M | — | — | — | ||||||||||
| Total | $12.31B | $13.27B | $13.76B | $15.23B |
Tc Energy brought in $15.23B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 10.6% from $13.76B in fiscal 2024. U.S. Natural Gas Pipelines was the largest at $7.15B (46.9%), ahead of Canadian Natural Gas Pipelines at $5.79B (38.0%) and Mexico Natural Gas Pipelines at $1.45B (9.5%). The remaining segment, Power & Energy Solutions, brought in $845.00M.
Compared with fiscal 2024, Mexico Natural Gas Pipelines grew fastest, up 66.7% to $1.45B, while Power & Energy Solutions fell the most, down 11.4% to $845.00M.
United States was Tc Energy’s largest region in fiscal 2025, bringing in $7.20B of $15.24B (47%).
| Geography | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $5.94B | $6.26B | $6.37B | $7.20B | ||||||||||||
| U.S | — | — | — | — | ||||||||||||
| Us | — | — | — | — | ||||||||||||
| Canada – Domestic | $4.92B | $5.34B | $5.58B | $5.62B | ||||||||||||
| Canada - Domestic | — | — | — | — | ||||||||||||
| Canada Domestic | — | — | — | — | ||||||||||||
| Canada – Export | $765.00M | $821.00M | $953.00M | $968.00M | ||||||||||||
| Canada - Export | — | — | — | — | ||||||||||||
| Canada Export | — | — | — | — | ||||||||||||
| Mexico | $688.00M | $846.00M | $870.00M | $1.45B | ||||||||||||
| Mx | — | — | — | — | ||||||||||||
| Total | $12.31B | $13.27B | $13.77B | $15.24B |
Tc Energy brought in $15.24B from its four regions in fiscal 2025, the year ended December 31, 2025. That was up 10.7% from $13.77B in fiscal 2024. United States was the largest at $7.20B (47.3%), ahead of Canada – Domestic at $5.62B (36.9%) and Mexico at $1.45B (9.5%). The remaining region, Canada – Export, brought in $968.00M.
Compared with fiscal 2024, Mexico grew fastest, up 66.7% to $1.45B. Every region above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these regions grew from $12.31B to $15.24B, a compound annual growth rate of 7.4%. United States' share of the total fell from 48.2% to 47.3%.
Tc Energy (TRP) reports its revenue by segment and by geography. In fiscal 2025, U.S. Natural Gas Pipelines was its largest segment, bringing in $7.15B (46.9% of the total), followed by Canadian Natural Gas Pipelines at $5.79B (38.0%).
U.S. Natural Gas Pipelines was Tc Energy's largest segment in fiscal 2025, bringing in $7.15B, or 46.9% of the $15.23B total across its four segments.
United States was Tc Energy's largest region in fiscal 2025, bringing in $7.20B, or 47.3% of the $15.24B total across its four regions.
Among Tc Energy's segments that make up at least 2% of revenue, Mexico Natural Gas Pipelines grew fastest in fiscal 2025, up 66.7% from $870.00M to $1.45B.
Every figure comes from Tc Energy's annual financial filings, as reported. Each line keeps the name Tc Energy gives it, and years follow its fiscal calendar.
Tc Energy's revenue by segment goes back to fiscal 2010, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.