0001232384-26-000038 | 11-K | XBRL Viewer

Party-in-interest and related party transactions	12 Months Ended
Dec. 31, 2025
EBP 001
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Party-in-interest and related party transactions	Party-in-interest and related party transactions Parties-in-interest are defined under Department of Labor Regulations as any fiduciary of the Plan, any party rendering service to the Plan, the Company, and certain others. Transactions resulting in Plan assets being transferred to or used by a related party are prohibited under ERISA unless a specific exemption is applied. Transactions involving the investments described below are permitted party-in-interest transactions. Fidelity is a party-in-interest as defined by ERISA given its position as record keeper and custodian of the Plan's assets. The Plan holds units of mutual funds and common collective trusts that are managed by an affiliate of Fidelity. TC Energy is a party-in-interest as the indirect parent of the Plan Sponsor. At December 31, 2025, Plan investments included $11,723,574 (2024 – $10,485,420) of TC Energy common stock and $9,061 (2024 – $8,438) in a stock purchase account.

Income taxes	12 Months Ended
Dec. 31, 2025
EBP 001
EBP, Tax Status [Line Items]
Income taxes	Income taxes The pre-approved plan document sponsor obtained an advisory opinion on June 30, 2020 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. Although the Plan was amended after receiving the opinion letter, the Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code. The Plan is exempt from federal income taxes. Accordingly, no provision for federal income taxes has been made in the accompanying financial statements. The Plan Administrator has analyzed any income tax assets and liabilities of the Plan and has concluded that as of December 31, 2025 and 2024, there are no uncertain income tax positions taken or expected to be taken that would require recognition of a liability or asset, or disclosure in the financial statements. The Plan is subject to audits by taxing jurisdictions. However, there are currently no audits in progress for any tax periods.

Description of plan (Details) - EBP 001 - USD ($)	12 Months Ended
Description of plan (Details) - EBP 001 - USD ($)	Dec. 31, 2025	Oct. 01, 2024
EBP, Description of Plan [Line Items]
Automatic eligible base pay percentage	10.00%
Contribution percentage increase	1.00%
Before tax participant contribution limit, as % of eligible compensation	60.00%
After tax contribution percentage	25.00%
Employer contribution, matching percentage	100.00%
Employer contribution, participation compensation matched percentage	5.00%
Employee contributions	$ 42,721,000
Permitted to invest in employer stock	20.00%
Maximum percentage of account value	20.00%
Rollover contributions permitted to invest in employer stock	20.00%
Shares received		1
Minimum borrowing, amount	$ 1,000
Plan participants maximum borrowing amount from account	$ 50,000
Plan participants maximum borrowing percent from account	50.00%
Service withdrawal holding period	24 months
Service withdrawal Participation period	60 months
Contribution vesting percentage	100.00%
South Bow
EBP, Description of Plan [Line Items]
Shares received		0.2
Discretionary profit sharing contribution
EBP, Description of Plan [Line Items]
Automatic eligible base pay percentage	5.00%
Profit sharing contribution percentage	7.00%
Contribution discretionary contribution	$ 20,237,846
Minimum
EBP, Description of Plan [Line Items]
Contribution percentage of bonus	1.00%
Participant loan interest rate	3.25%
Maximum
EBP, Description of Plan [Line Items]
Contribution percentage of bonus	100.00%
Note borrowing term	5 years
General loan, borrowing term	15 years
Participant loan interest rate	9.50%

Party-in-interest and related party transactions (Details) - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investments at fair value (Note 3)	$ 1,293,625,000	$ 1,107,054,000
Common stock \| EBP, Related Party and Party-in-Interest, Indirect Parent
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investments at fair value (Note 3)	11,723,574	10,485,420
EBP, Employer, Common Stock, Stock Purchase Account \| EBP, Related Party and Party-in-Interest, Indirect Parent
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investments at fair value (Note 3)	$ 9,061	$ 8,438

- Definition

Fair value of investment, excluding plan interest in master trust, held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)). Includes, but is not limited to, derivative, investment measured at net asset value per share as practical expedient, and insurance contract not meeting fully-benefit responsive investment criteria.

+ References

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+ Details

Investments (Details) - EBP 001 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	$ 1,293,625	$ 1,107,054
Interest bearing cash
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	9	8
Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	183,029	172,371
Participant directed brokerage account
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	14,541	2,418
Common collective trusts
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	1,083,323	920,741
TC Energy common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	11,733	10,494
South Bow common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	990	1,022
Level I
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	210,302	186,313
Level I \| Interest bearing cash
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	9	8
Level I \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	183,029	172,371
Level I \| Participant directed brokerage account
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	14,541	2,418
Level I \| Common collective trusts
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level I \| TC Energy common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	11,733	10,494
Level I \| South Bow common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	990	1,022
Level II
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level II \| Interest bearing cash
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level II \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level II \| Participant directed brokerage account
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level II \| Common collective trusts
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level II \| TC Energy common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level II \| South Bow common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level III
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level III \| Interest bearing cash
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level III \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level III \| Participant directed brokerage account
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level III \| Common collective trusts
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level III \| TC Energy common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
Level III \| South Bow common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
NAV
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	1,083,323	920,741
NAV \| Interest bearing cash
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
NAV \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
NAV \| Participant directed brokerage account
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
NAV \| Common collective trusts
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	1,083,323	920,741
NAV \| TC Energy common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	0	0
NAV \| South Bow common stock
EBP, Investment, Fair Value and NAV [Line Items]
Plan Identified Investments Held by Master Trust at Fair Value	$ 0	$ 0

Summary of accounting policies (Policies) - EBP 001	12 Months Ended
Summary of accounting policies (Policies) - EBP 001	Dec. 31, 2025
EBP, Accounting Policy [Line Items]
Basis of Accounting	Basis of Accounting The financial statements of the Plan are presented on an accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Amounts are stated in U.S. dollars unless otherwise indicated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Investment Valuation and Income Recognition	Investment Valuation and Income Recognition The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in fair value of investments consists of: (1) the unrealized gains or losses on investments held during the year and (2) the realized gains or losses recognized on the sale of investments during the year. Realized gains and losses from security transactions are reported on the average cost basis. Purchases and sales of securities are recorded on a trade-date basis.
Notes Receivable from Participants	Notes Receivable from Participants Notes receivable from participants includes the unpaid principal balance plus any accrued interest. Defaulted notes receivable from participants are recorded as a distribution based upon the terms of the plan document.
Contributions	Contributions Contributions from Plan participants and the matching contributions from the employer are recorded in the year in which the employee contributions are withheld from compensation.
Payment of Benefits	Payment of Benefits Benefits are recorded when paid.

- Definition

Disclosure of accounting policy for use of estimate in preparation of financial statement of employee stock purchase, saving, or similar plan (employee benefit plan (EBP)).

+ References + Details

Statements of net assets available for benefits - EBP 001 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Investments at fair value (Note 3)	$ 1,293,625	$ 1,107,054
Notes receivable from participants	16,441	15,289
Employer contribution receivable	1,820	1,511
Total Asset	1,311,886	1,123,854
Liabilities
Accrued management fees	0	1
Other liabilities (Note 4)	9	7
Total Liability	9	8
Net Assets Available for Benefits	$ 1,311,877	$ 1,123,846

Description of plan	12 Months Ended
Description of plan	Dec. 31, 2025
EBP 001
EBP, Description of Plan [Line Items]
Description of the Plan	Description of plan The TransCanada 401(k) and Savings Plan (the Plan) is a defined contribution plan that provides retirement benefits for employees of TransCanada USA Services Inc. (TCUSA or the Company) or its subsidiaries not covered by a collective bargaining agreement, unless participation is required by the agreement. The Plan excludes employees hired under the Company’s student program, until they reach age 21 and have completed at least 1,000 hours of service, special project employees, non-resident persons with no income from a United States source and non-resident persons who have been non-residents for a period of 183 days or more, unless the employee remains on the Company's payroll. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Board of Directors of TCUSA (the Board) has appointed the TransCanada USA Investment Committee and TransCanada USA Benefits Committee as the plan administrators and fiduciaries of the Plan. The Board has also appointed Fidelity Management Trust Company (Fidelity or the Trustee) as custodian and trustee of the Plan’s assets. Fidelity Investments Institutional Operations Company serves as the record keeper for the Plan. Employee and Employer Contributions Participants are automatically enrolled at a pre-tax contribution rate of five percent, which increases by 1 percent each January until reaching 10 percent. Participants may contact the Trustee to opt out of the automatic annual increase. Each year participants may elect to defer up to 60 percent of their eligible compensation into the Plan on a pre-tax basis, Roth after-tax basis or a combination of both, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the Code). Participants may also elect to contribute up to 25 percent of their compensation as an after-tax contribution, subject to certain limitations under the Code. Participants aged 50 or older who are making deferral contributions may also make catch-up contributions of up to $7,500. Effective January 1, 2025, participants aged 60 - 63 making deferral contributions may also make additional catch-up contributions of up to $3,750 for a total of $11,250. Subject to the deferral limit, eligible employees may contribute from 1 percent to 100 percent of any bonuses designated by the Company. The Company will match 100 percent of each participant’s contributions up to a maximum of the first five percent of the participant’s eligible compensation for the Plan year. The Company will also make annual enhanced profit sharing contributions in an amount equal to seven percent of a participant’s base salary, if the participant has elected, or is deemed to have elected, not to accrue credited service under the TransCanada USA Services Inc. Retirement Plan. Collectively bargained employees may be eligible for a different match and/or enhanced profit sharing contribution as defined in their collective bargaining agreement. In 2025, the Company made enhanced contributions of $20,237,846. Participants may also contribute amounts transferred to the Plan from another qualified plan at the participant’s request (rollover). Participant Accounts Each participant’s account is credited with the participant’s and Company’s contributions and an allocation of Plan earnings. Earnings are allocated from a particular fund based on the ratio of a participant’s account invested in the fund to all participants’ investments in that fund. Participants are responsible for investment decisions relating to the investment of assets in their account. In the event investment instructions are not received from the participant, contributions are allocated to the Plan's qualified default option, the Vanguard Target Retirement funds, based upon the participant's expected retirement date. Investment in TC Energy Corporation Investment options available to participants include a TC Energy Corporation (TC Energy) stock fund (the TC Energy Stock Fund). TC Energy is the indirect parent company to TCUSA. Participants may elect to invest up to 20 percent of contributions in the TC Energy Stock Fund. Participants may also elect to exchange up to 20 percent of their existing account balance into the TC Energy Stock Fund, subject to a 20 percent maximum account value. Additionally, no more than 20 percent of any rollover contribution can be invested in the TC Energy Stock Fund. On October 1, 2024, the indirect parent company of TCUSA, TC Energy, completed the spinoff of its Liquids Pipelines business into the new public company, South Bow Corporation (South Bow) (the Spinoff Transaction). As part of the Spinoff Transaction, shareholders of TC Energy common stock in the Plan received one new TC Energy common share and 0.2 of a South Bow common stock in exchange for each TC Energy common share held. South Bow common stock as a result of the Spinoff Transaction can be held as an investment; however, any net new additional South Bow common stock are not available as an investment option under the Plan. Vesting Participants are immediately vested in their contributions, including rollovers, employer contributions and any earnings thereon. Notes Receivable from Participants Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 reduced by the highest outstanding note balance in their account during the prior 12 month period or 50 percent of their vested account balance. Participants may only have two loans outstanding at any given time and may not refinance an existing loan or obtain an additional loan for the purpose of paying off an existing loan. Note terms range up to five years for general notes or up to 15 years for the purchase of a primary residence. The notes are secured by the balance in the participant’s account and bear interest at a reasonable interest rate, as determined by the Plan Administrator, based on prevailing market interest rates at the time. Interest rates remain fixed throughout the duration of the term. Interest rates on notes outstanding at December 31, 2025 and 2024 ranged from 3.25 percent to 9.5 percent. Principal and interest are paid through payroll deductions. A note receivable from a participant shall be considered in default if any scheduled repayment remains unpaid as of the last business day of the calendar quarter following the calendar quarter in which the note is initially considered past due. In the event of a default or termination of employment, the entire outstanding note and accrued interest is considered to be a deemed distribution to the participant. Payment of Benefits Participants are eligible to request a distribution of their vested amounts upon retirement, death, disability, severance of employment with the Company or, in very limited circumstances, in the event of financial hardship. Participants may withdraw rollover contributions at any time. Distributions are made in the form of a lump-sum payment, installment payments or a rollover to another qualified account. A participant’s normal retirement age is 65; however, participants may elect to withdraw all or a portion of their contributions after the age of 59½, subject to certain conditions. In certain circumstances, participants may elect to withdraw all or a portion of their vested matching and profit sharing contributions that have been in their account for at least 24 months or after they have at least 60 months of participation in the Plan. Forfeitures As participants are immediately 100 percent vested in their account balance, there are no forfeitures. Administrative Expenses The Plan Administrator is responsible for filing all required reports on behalf of the Plan. The Company provides or pays for certain accounting, legal and management services on behalf of the Plan. The Company has not charged the Plan for these expenses or services. Loans and other transaction-specific fees are charged to the accounts of participants electing such transaction. Certain investment-related expenses, including management fees, are deducted from the funds in which the Plan invests, including those sponsored by an affiliate of Fidelity. These expenses are presented as a reduction of investment income. Plan Termination Although it has not expressed any intent to do so, with approval from the Board, TCUSA has the right under the Plan to discontinue contributions at any time and to terminate the Plan, subject to the provisions of ERISA.

Investments (Tables)

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Investment, Fair Value and NAV [Line Items]

Schedule of Fair Value Hierarchy

The following tables set forth, by level within the fair value hierarchy, the Plan’s investment assets at fair value as of December 31, 2025 and 2024. As required, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:


	Fair Value Measurements at December 31, 2025
(thousands of U.S. dollars)	Total	Level I	Level II	Level III	Other1

Interest bearing cash	9	9	—	—	—
Mutual funds	183,029	183,029	—	—	—
Participant directed brokerage account	14,541	14,541	—	—	—
Common collective trusts	1,083,323	—	—	—	1,083,323
TC Energy common stock	11,733	11,733	—	—	—
South Bow common stock	990	990	—	—	—
Total	1,293,625	210,302	—	—	1,083,323

1Fair value is measured using net asset value as a practical expedient, and is therefore excluded from the fair value hierarchy.


	Fair Value Measurements at December 31, 2024
(thousands of U.S. dollars)	Total	Level I	Level II	Level III	Other1

Interest bearing cash	8	8	—	—	—
Mutual funds2	172,371	172,371	—	—	—
Participant directed brokerage account	2,418	2,418	—	—	—
Common collective trusts2	920,741	—	—	—	920,741
TC Energy common stock	10,494	10,494	—	—	—
South Bow common stock	1,022	1,022	—	—	—
Total	1,107,054	186,313	—	—	920,741

1Fair value is measured using net asset value as a practical expedient, and is therefore excluded from the fair value hierarchy.

2In 2024, the Fidelity® 500 Index Fund, Fidelity® Extended Market Index Fund, and Vanguard Total International Stock Index Fund were replaced with other common collective trusts.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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+ Details

- Definition

Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

+ References

+ Details

SCHEDULE H, PART IV, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Schedule of Asset Held for Investment [Line Items]

SCHEDULE H, PART IV, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

TRANSCANADA 401(k) AND SAVINGS PLAN

EIN #: 98-0460263

PLAN #: 001

SCHEDULE H, PART IV, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2025

(a)

(b) Identity of Issue, Borrower, Lessor or Similar Party

(d) Cost of Investment**

(e) Current Value

Interest Bearing Cash

Cash

8,751

Vanguard Federal Money Market Fund

Mutual Fund

43,013,194

JPMorgan Equity Income Fund Class R6

Mutual Fund

42,699,870

MFS International Diversification Fund R3

Mutual Fund

32,510,779

Janus Henderson Enterprise Fund Class T

Mutual Fund

21,020,581

Fidelity® U.S. Bond Index Fund

Mutual Fund

20,044,720

Baird Core Plus Bond Fund

Mutual Fund

18,172,467

Fidelity® Inflation-Protected Bond Index Fund

Mutual Fund

5,567,696

Total mutual funds

183,029,307

Fidelity® Growth Company Commingled Pool

Common Collective Trust

214,492,897

Fidelity® Spartan 500 Index Pool

Common Collective Trust

172,071,481

Vanguard Target Retirement 2050

Common Collective Trust

97,564,699

Vanguard Target Retirement 2040

Common Collective Trust

91,963,662

Vanguard Target Retirement 2045

Common Collective Trust

81,753,832

Vanguard Target Retirement 2030

Common Collective Trust

76,487,374

Vanguard Target Retirement 2035

Common Collective Trust

71,642,692

Vanguard Target Retirement 2055

Common Collective Trust

70,290,954

Fidelity® Spartan Extended Market Index Pool

Common Collective Trust

55,345,283

Vanguard Target Retirement 2025

Common Collective Trust

40,887,098

Vanguard Target Retirement 2060

Common Collective Trust

30,077,175

Fidelity® Spartan Total International Index Pool

Common Collective Trust

20,575,819

Allspring Special Mid-Cap Value

Common Collective Trust

15,747,633

Vanguard Target Retirement 2020

Common Collective Trust

14,593,246

Vanguard Institutional Target Retirement Income Fund

Common Collective Trust

13,725,389

Mellon Stable Value

Common Collective Trust

9,909,444

Vanguard Target Retirement 2065

Common Collective Trust

5,232,014

Vanguard Target Retirement 2070

Common Collective Trust

962,641

Total common collective trusts

1,083,323,333

TC Energy Corporation

Common Stock

11,723,574

TC Energy Stock Fund

Stock Purchase Account

9,061

Total TC Energy common stock

11,732,635

Fidelity® BrokerageLink

Participant Directed Brokerage Account

14,541,518

(a)

(b) Identity of Issue, Borrower, Lessor or Similar Party

(d) Cost of Investment**

(e) Current Value

South Bow Corporation

Common Stock

988,388

South Bow Stock Fund

Stock Purchase Account

1,366

Total South Bow common stock

989,754

Total investments on the Statement of net assets available for benefits

1,293,625,298

Participant Loans

Interest rates ranging from 3.25% to 9.50% maturing through 2041

16,440,591

Total Assets Held

1,310,065,889

*Represents a party-in-interest (Note 6).

**Cost omitted for participant-directed investments.

See accompanying Report of Independent Registered Public Accounting Firm.

Investments

12 Months Ended

Dec. 31, 2025

EBP 001

EBP, Investment, Fair Value and NAV [Line Items]

Investments

Participants direct the investment of their account balances into a broad range of investment securities offered by the Plan. Refer to Note 1, Description of plan, for additional information. Investment securities are exposed to various risks, such as counterparty credit risk, liquidity risk and market risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in value of these investments, it is reasonably possible that changes in the values of investment securities may occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the financial statements.

The Plan offers alternatives that may mitigate participant risks, including the opportunity to diversify investments across multiple participant-directed fund elections including active and passively managed funds covering multiple asset classes. Additionally, the investments within each participant-directed fund election are further diversified into various financial instruments, with the exception of the TC Energy Stock Fund, which invests in securities of a single issuer.

The Plan’s exposure to credit loss in the event of nonperformance of investments is limited to the carrying value of such instruments. The Plan’s concentrations of credit risk, interest rate risk and market risk are dictated by the Plan’s provisions as well as those of ERISA and the participants’ investment preference.

Fair Value Hierarchy

The Plan’s financial assets and liabilities recorded at fair value have been categorized into three levels based on a fair value hierarchy. In Level I, the fair value of assets and liabilities is determined by reference to quoted prices in active markets for identical assets and liabilities. In Level II, determination of the fair value of assets and liabilities includes valuations using inputs, other than quoted prices, for which all significant inputs are observable, directly or indirectly. This category includes fair value determined using valuation techniques, such as option pricing models and extrapolation using observable inputs. In Level III, determination of the fair value of assets and liabilities is based on inputs that are not readily observable and are significant to the overall fair value measurement. There were no Level II or Level III investments or transfers between levels in 2025 or 2024.

Interest bearing cash: Stated at cost which approximates fair value.

Common stock and exchange-traded funds: Valued at the closing price reported on the New York Stock Exchange.

Mutual funds: Valued at the daily closing price reported by the fund. Mutual funds held by the Plan are open end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Participant directed brokerage account: Consists of mutual funds, exchange-traded funds and interest bearing cash.

Common collective trusts: Common collective trusts hold underlying investments that have prices which are derived from quoted prices in active markets. The fair value of the Plan's interest in these funds is based on the funds' daily net asset value (NAV), which is considered to be the best approximation of fair value. The funds’ underlying assets are principally short-term money market funds, marketable equities and fixed income securities.

Units held in common collective trusts are valued at the unit value as reported by the investment managers as of December 31, 2025 and 2024. Participants are allowed to redeem units of common collective trusts held by the Plan on a daily basis; however, the Plan is subject to a twelve-month redemption notice period for the Mellon Stable Value Fund. There are no unfunded commitments.

The method described above for common collective trusts may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.


	Fair Value Measurements at December 31, 2025
(thousands of U.S. dollars)	Total	Level I	Level II	Level III	Other1

Interest bearing cash	9	9	—	—	—
Mutual funds	183,029	183,029	—	—	—
Participant directed brokerage account	14,541	14,541	—	—	—
Common collective trusts	1,083,323	—	—	—	1,083,323
TC Energy common stock	11,733	11,733	—	—	—
South Bow common stock	990	990	—	—	—
Total	1,293,625	210,302	—	—	1,083,323

1Fair value is measured using net asset value as a practical expedient, and is therefore excluded from the fair value hierarchy.


	Fair Value Measurements at December 31, 2024
(thousands of U.S. dollars)	Total	Level I	Level II	Level III	Other1

Interest bearing cash	8	8	—	—	—
Mutual funds2	172,371	172,371	—	—	—
Participant directed brokerage account	2,418	2,418	—	—	—
Common collective trusts2	920,741	—	—	—	920,741
TC Energy common stock	10,494	10,494	—	—	—
South Bow common stock	1,022	1,022	—	—	—
Total	1,107,054	186,313	—	—	920,741

1Fair value is measured using net asset value as a practical expedient, and is therefore excluded from the fair value hierarchy.

2In 2024, the Fidelity® 500 Index Fund, Fidelity® Extended Market Index Fund, and Vanguard Total International Stock Index Fund were replaced with other common collective trusts.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure for fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477509/962-325-45-6

+ Details

Statement of changes in net assets available for benefits - EBP 001 $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Contributions
Employee contributions	$ 43,912
Employee contributions	42,721
Employee rollovers	4,854
Total contributions	91,487
Investment Income
Net appreciation (depreciation) in fair value of investments	187,042
Interest and dividend income	12,182
Total investment income	199,224
Interest on notes receivable from participants	1,351
Other revenue	393
Total Additions	292,455
Deductions
Benefits paid to participants	104,194
Administrative expenses	230
Total Deductions	104,424
Increase (Decrease) in Net Assets Available for Benefits	188,031
Net assets available for benefits at beginning of year	1,123,846
Net assets available for benefits at end of year	$ 1,311,877

SCHEDULE H, PART IV, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Details) - EBP 001	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP, Schedule of Asset Held for Investment [Line Items]
Entity tax identification number	98-0460263
Plan number	001
Current Value	$ 1,293,625,298
Participant Loans	16,440,591
Total Assets Held	1,310,065,889
Mutual funds
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	183,029,307
Common collective trusts
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	1,083,323,333
TC Energy common stock
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	11,732,635
South Bow common stock
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	$ 989,754
Minimum
EBP, Schedule of Asset Held for Investment [Line Items]
Participant loan interest rate	3.25%
Maximum
EBP, Schedule of Asset Held for Investment [Line Items]
Participant loan interest rate	9.50%
Investment, Identifier [Axis]: Allspring Special Mid-Cap Value \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	$ 15,747,633
Investment, Identifier [Axis]: Baird Core Plus Bond Fund \| Mutual Fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	18,172,467
Investment, Identifier [Axis]: Fidelity® BrokerageLink \| Participant Directed Brokerage Account
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	14,541,518
Investment, Identifier [Axis]: Fidelity® Growth Company Commingled Pool \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	214,492,897
Investment, Identifier [Axis]: Fidelity® Inflation-Protected Bond Index Fund \| Mutual Fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	5,567,696
Investment, Identifier [Axis]: Fidelity® Spartan 500 Index Pool \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	172,071,481
Investment, Identifier [Axis]: Fidelity® Spartan Extended Market Index Pool \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	55,345,283
Investment, Identifier [Axis]: Fidelity® Spartan Total International Index Pool \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	20,575,819
Investment, Identifier [Axis]: Fidelity® U.S. Bond Index Fund \| Mutual Fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	20,044,720
Investment, Identifier [Axis]: Interest Bearing Cash \| Cash
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	8,751
Investment, Identifier [Axis]: JPMorgan Equity Income Fund Class R6 \| Mutual Fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	42,699,870
Investment, Identifier [Axis]: Janus Henderson Enterprise Fund Class T \| Mutual Fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	21,020,581
Investment, Identifier [Axis]: MFS International Diversification Fund R3 \| Mutual Fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	32,510,779
Investment, Identifier [Axis]: Mellon Stable Value \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	9,909,444
Investment, Identifier [Axis]: South Bow Corporation \| Common Stock
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	988,388
Investment, Identifier [Axis]: South Bow Stock Fund \| Stock Purchase Account
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	1,366
Investment, Identifier [Axis]: TC Energy Corporation \| Common Stock
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	11,723,574
Investment, Identifier [Axis]: TC Energy Stock Fund \| Stock Purchase Account
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	9,061
Investment, Identifier [Axis]: Vanguard Federal Money Market Fund \| Mutual Fund
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	43,013,194
Investment, Identifier [Axis]: Vanguard Institutional Target Retirement Income Fund \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	13,725,389
Investment, Identifier [Axis]: Vanguard Target Retirement 2020 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	14,593,246
Investment, Identifier [Axis]: Vanguard Target Retirement 2025 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	40,887,098
Investment, Identifier [Axis]: Vanguard Target Retirement 2030 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	76,487,374
Investment, Identifier [Axis]: Vanguard Target Retirement 2035 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	71,642,692
Investment, Identifier [Axis]: Vanguard Target Retirement 2040 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	91,963,662
Investment, Identifier [Axis]: Vanguard Target Retirement 2045 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	81,753,832
Investment, Identifier [Axis]: Vanguard Target Retirement 2050 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	97,564,699
Investment, Identifier [Axis]: Vanguard Target Retirement 2055 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	70,290,954
Investment, Identifier [Axis]: Vanguard Target Retirement 2060 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	30,077,175
Investment, Identifier [Axis]: Vanguard Target Retirement 2065 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	5,232,014
Investment, Identifier [Axis]: Vanguard Target Retirement 2070 \| Common Collective Trust
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	$ 962,641

Summary of accounting policies	12 Months Ended
Summary of accounting policies	Dec. 31, 2025
EBP 001
EBP, Accounting Policy [Line Items]
Summary of accounting policies	Summary of accounting policies Basis of Accounting The financial statements of the Plan are presented on an accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Amounts are stated in U.S. dollars unless otherwise indicated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Investment Valuation and Income Recognition The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in fair value of investments consists of: (1) the unrealized gains or losses on investments held during the year and (2) the realized gains or losses recognized on the sale of investments during the year. Realized gains and losses from security transactions are reported on the average cost basis. Purchases and sales of securities are recorded on a trade-date basis. Notes Receivable from Participants Notes receivable from participants includes the unpaid principal balance plus any accrued interest. Defaulted notes receivable from participants are recorded as a distribution based upon the terms of the plan document. Contributions Contributions from Plan participants and the matching contributions from the employer are recorded in the year in which the employee contributions are withheld from compensation. Other Revenue Certain mutual fund companies share their management fees with the Trustee. The agreement between the Trustee and the Plan includes a revenue sharing arrangement whereby the Trustee shares this revenue with the Plan. These deposits are included in the other revenue amount in the Statement of changes in net assets available for benefits. The funds can be allocated to participants. Income from revenue sharing during 2025 was $384,506, none of which was used to pay plan expenses. During 2025, $280,103 was allocated to participants. At December 31, 2025, $106,765 remained available for future allocation to participants in the revenue sharing account (2024 – nil). Other revenue during 2025 also includes $8,323 from a class action lawsuit commenced by former shareholders of Columbia Pipeline Group Inc. (CPG) related to the acquisition of CPG by TC Energy in 2016. During 2025, $498,713 of the proceeds received in 2024 from the class action lawsuit was allocated to participants. Payment of Benefits Benefits are recorded when paid.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
EBP 001
EBP, Subsequent Event [Line Items]
Subsequent events	Subsequent events The Plan has evaluated subsequent events through June 18, 2026, the date these financial statements were available to be issued.

Cover	12 Months Ended
Cover	Dec. 31, 2025
Document Information [Line Items]
Document Type	11-K
Entity Registrant Name	TC Energy Corporation
Entity Central Index Key	0001232384
Amendment Flag	false
EBP 001
Document Information [Line Items]
Document Type	11-K
Entity Registrant Name	TC Energy Corporation
Entity Central Index Key	0001232384
Amendment Flag	false

Other liabilities	12 Months Ended
Other liabilities	Dec. 31, 2025
EBP 001
EBP, Risk and Uncertainty [Line Items]
Other Liabilities	Other liabilities Other liabilities consist of non-monetary balances from an investment account that was separately managed by Baron Capital specifically for the Plan. Active investment in this account was discontinued in August 2024. Other liabilities as of December 31, 2025 and 2024 relate to outstanding amounts associated with this investment account.