TRP Dividend Calculator
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Dividend growth rate (CAGR)
| Year | Start Balance | Start Shares | Share Price | Dividend / Share | Dividend Yield | Yield on Cost | Annual Dividend | Total Dividends | End Shares | End Balance |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | $10,000 | 150.11 | $70.16 | $3.51 | 5.00% | 4.88% | $605.25 | $605.25 | 193.92 | $13,607 |
| 2 | $13,607 | 193.92 | $73.90 | $3.76 | 5.09% | 5.49% | $813.09 | $1,418 | 238.40 | $17,617 |
| 3 | $17,617 | 238.40 | $77.83 | $4.03 | 5.18% | 6.11% | $1,051 | $2,469 | 283.73 | $22,083 |
| 4 | $22,083 | 283.73 | $81.97 | $4.32 | 5.27% | 6.74% | $1,322 | $3,791 | 330.16 | $27,062 |
| 5 | $27,062 | 330.16 | $86.33 | $4.63 | 5.36% | 7.42% | $1,632 | $5,423 | 377.90 | $32,624 |
| 6 | $32,624 | 377.90 | $90.92 | $4.96 | 5.45% | 8.14% | $1,987 | $7,410 | 427.20 | $38,842 |
| 7 | $38,842 | 427.20 | $95.76 | $5.31 | 5.55% | 8.93% | $2,393 | $9,803 | 478.35 | $45,806 |
| 8 | $45,806 | 478.35 | $100.85 | $5.69 | 5.64% | 9.79% | $2,858 | $12,661 | 531.60 | $53,614 |
| 9 | $53,614 | 531.60 | $106.22 | $6.10 | 5.74% | 10.73% | $3,391 | $16,052 | 587.29 | $62,381 |
| 10 | $62,381 | 587.29 | $111.87 | $6.53 | 5.84% | 11.77% | $4,002 | $20,055 | 645.73 | $72,238 |
S&P 500 is included only as a total-portfolio-value reference — it isn't the most meaningful benchmark for income-focused strategies. The 10% baseline reflects the index's long-term nominal total return (price + dividends), a reference rather than a forecast.
Historical dividends per share
Dividend-led pattern. Over 5 years TRP's dividend grew 7.14%/yr — roughly 1.2× VOO (5.91%) and 1.9× VYM (3.79%). Share price grew 5.32%/yr in the same window. Yield drifted from 4.6% to 6.5%.
For reinvesters, each DRIP buys cheaper income than the previous — yield-on-cost compounds upward. For total-return investors, dividend growth here is outpacing capital appreciation.
Based on dividends paid September 2011 to June 2026.
Recent dividends
| Ex-date | Cash amount | TTM yield | Fwd yield | Share price |
|---|---|---|---|---|
| 2026-06-30 | $0.88 | 5.19% | 5.27% | $66.62 |
| 2026-03-31 | $0.88 | 5.48% | 5.61% | $62.60 |
| 2025-12-31 | $0.85 | 6.18% | 6.18% | $55.01 |
| 2025-09-29 | $0.85 | 6.31% | 6.36% | $53.46 |
| 2025-06-30 | $0.85 | 7.14% | 6.97% | $48.79 |
| 2025-03-31 | $0.85 | 7.06% | 7.20% | $47.21 |
| 2024-12-31 | $0.82 | 6.86% | 7.07% | $46.53 |
| 2024-09-27 | $0.96 | 6.57% | 8.21% | $46.76 |
| 2024-06-28 | $0.70 | 7.39% | 7.40% | $37.90 |
| 2024-03-27 | $0.71 | 7.07% | 7.15% | $39.64 |
| 2023-12-28 | $0.70 | 7.10% | 7.18% | $39.16 |
| 2023-09-28 | $0.69 | 7.92% | 7.95% | $34.60 |
Source: Polygon.io. Last 12 dividend distributions, most recent first. TTM yield = sum of this payment + (frequency − 1) prior payments ÷ share price on ex-date. Forward yield = this payment × detected payout frequency ÷ share price on ex-date.
About TRP
TC Energy Corporation — ticker TRP — is a major North American energy infrastructure company headquartered in Calgary, Alberta. The business owns and operates one of the continent's largest natural gas pipeline systems, spanning the United States, Canada, and Mexico, alongside crude oil pipeline assets and a power and energy solutions segment. The pipeline operations are largely contracted under long-term take-or-pay agreements with creditworthy counterparties, which is the structural feature that produces the company's cash flow predictability and supports the dividend.
The dividend has been raised every year for more than two consecutive decades, placing TRP among the longer-running dividend grower track records in North American midstream energy. Annual hikes have historically been in the mid-single-digit percentage range, with management commentary explicitly tied to the company's expected three to five percent annual EBITDA growth target. The payout ratio measured against discretionary cash flow has typically sat in the seventy to eighty percent range — high relative to corporate averages but in line with midstream-pipeline norms, where the contracted nature of the cash flows is viewed as supporting a higher payout share.
What drives the dividend
The dividend is anchored to long-term contracted pipeline EBITDA. The natural gas pipeline business — by far the largest segment — earns the majority of its revenue under take-or-pay contracts with utility and industrial counterparties. That contract structure removes much of the commodity-price exposure that a producer-side oil and gas company would carry, and replaces it with throughput and counterparty credit risk. Annual growth in dividends has historically tracked rate-base and EBITDA growth from expansion projects. The company's stated dividend growth target — typically described as a three to five percent annual range — is therefore tied to the project backlog and to the regulatory and political environment for new pipeline construction.
Why income investors consider TRP
The combination of a multi-decade hike track record, contracted pipeline cash flows, and a stated dividend growth target makes TRP a recurring choice for income-oriented portfolios that want midstream pipeline exposure without the volatility of master limited partnership tax structures or single-commodity exposure. The yield typically runs higher than US utility names, reflecting the market's pricing of the higher payout ratio and the perceived risk of project execution and regulatory delay. Holders generally weigh TRP against US-listed pipeline peers (ENB being the most direct comparison) and against US regulated utilities, choosing among them based on yield versus stated dividend growth rate trade-offs.
Hypothetical scenarios
Scenario 1: TRP versus ENB — the North American pipeline pair
The natural comparison for TRP is Enbridge — ticker ENB — the other large-cap Canadian-headquartered North American pipeline operator with a multi-decade dividend hike track record. Income-oriented investors frequently weigh these two together because they share the same structural shape: contracted long-haul pipeline cash flows, North American footprint, listed on both Canadian and US exchanges, dividends paid in Canadian dollars and translated to US dollars for US-tax-resident holders.
The differences that drive the choice between them are around segment mix and growth profile. TRP is more weighted to natural gas pipelines with a meaningful Mexican footprint, while ENB carries a more significant crude oil pipeline component alongside its gas-distribution business. The dividend yields tend to run in similar ranges, with TRP typically a touch lower and ENB a touch higher across most windows. The dividend growth rates have historically been in similar mid-single-digit ranges, although the two companies' stated target rates do diverge in some years. Holding both TRP and ENB together is a common pattern when an income portfolio wants midstream pipeline exposure but wants to spread the project-execution and regulatory risks across two large operators rather than concentrate in one. The calculator on this page can be run for each ticker separately under identical assumptions to compare the projected income lines.
Scenario 2: contracted pipeline cash flows as a structural feature
The most relevant structural fact for a long-horizon TRP holder is the contract structure underneath the natural gas pipeline segment. The majority of revenue is generated under long-term take-or-pay agreements with utility and industrial counterparties. Under take-or-pay, the counterparty pays for the capacity reservation whether or not the gas actually flows. That structure removes most direct commodity-price exposure and replaces it with throughput utilization risk and counterparty credit risk. The practical effect is that pipeline EBITDA is much more predictable than upstream oil and gas producer EBITDA over multi-year windows.
For a dividend-projection exercise, the implication is that historical dividend growth rates are largely tied to project-backlog completion and to the regulatory environment for new pipeline construction, rather than to oil and gas commodity prices directly. The calculator can be used to model TRP's stated target dividend growth range against more conservative growth assumptions to see how much of the projected income line depends on the company hitting its growth target versus a slower pace. This sensitivity analysis is generally more useful for a TRP projection than for a pure utility-rate-base growth projection, because the project-execution risk introduces a wider range of plausible growth outcomes than a regulated utility carries.
Compare TRP with another ticker
Sources & methodology
Dividend history and price data come from Polygon.io's reference and aggregates endpoints. Forward yield is computed as the sum of the most recent four cash distributions divided by the previous-close share price. The dividend growth rate shown on this page is the compound annual growth rate of total annual distributions across the available history in this snapshot.
Last updated: 2026-05-30.
Information here is for educational purposes only and does not constitute investment advice. Past dividend history does not guarantee future payments. Verify all figures with the issuer or a registered financial advisor before making investment decisions.
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