TransCanada PipeLines (TCPA) shows 2.4x debt earnings coverage

Rhea-AI Filing Summary

TransCanada PipeLines Limited reports supplemental earnings coverage information for the twelve-month period ended December 31, 2025. The company’s earnings coverage on long-term debt and current liabilities was 2.4 times, based on net income prepared under U.S. GAAP.

For this period, the Corporation’s interest obligations totaled approximately $3.386 billion. Earnings from continuing operations before interest expense and income taxes were approximately $8.032 billion, which is 2.4 times the Corporation’s interest requirements for the year.

Insights

Credit analyst

TransCanada PipeLines shows 2.4x earnings coverage on interest.

TransCanada PipeLines Limited provides a single key credit metric: earnings coverage on long-term debt and current liabilities of 2.4% times for the twelve months ended December 31, 2025. This is calculated using earnings from continuing operations before interest expense and income taxes versus total interest obligations.

Earnings from continuing operations before interest and taxes were about $8.032 billion, compared with interest obligations of roughly $3.386 billion. This relationship produces the 2.4x coverage ratio cited, indicating that operating earnings were more than double interest requirements over the period.

The ratio and underlying figures come from unaudited supplemental information prepared under U.S. GAAP. Future filings may provide trends by comparing this coverage level with prior periods or subsequent years, which would help assess whether the company’s interest protection is strengthening or weakening over time.

Form 6-K: How Foreign Companies Report to the SEC →

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of February 2026

Commission File No. 1-8887

TransCanada PipeLines Limited

(Translation of Registrants’ Names into English)

450 - 1 Street S.W., Calgary, Alberta, T2P 5H1, Canada

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F                      o                      Form 40-F                      þ

Exhibit 99.1 to this report, furnished on Form 6-K, shall be incorporated by reference into the following Registration Statements under the Securities Act of 1933, as amended, of the registrant: Form F-10 (File Nos. 333-267323 and 333-283633).

EXHIBIT INDEX

99.1 Schedule of earnings coverage calculations at December 31, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 13, 2026			TRANSCANADA PIPELINES LIMITED
			By:			/s/ Sean P. O'Donnell
						Sean P. O'Donnell
						Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer
			By:						/s/ Yvonne Frame-Zawalykut
						Yvonne Frame-Zawalykut
						Vice-President and Corporate Controller

EXHIBIT 99.1

TransCanada PipeLines Limited

EARNINGS COVERAGE

Supplemental Financial Information (unaudited)

Exhibit to the December 31, 2025 Condensed Consolidated Financial Statements of TC Energy Corporation

December 31, 2025

The following financial ratio has been calculated on a consolidated basis for twelve-month period ended December 31, 2025 and is based on unaudited financial information of TransCanada PipeLines Limited (the Corporation). The financial ratio has been calculated based on financial information prepared in accordance with US generally accepted accounting principles. The following ratio has been prepared based on net income:

			December 31, 2025
Earnings coverage on long-term debt and current liabilities			2.4 times

The Corporation’s interest obligations for the twelve-month period ended December 31, 2025 amounted to approximately $3.386 billion. The Corporation’s earnings from continuing operations before interest expense and income taxes amounted to approximately $8.032 billion for the twelve-month period ended December 31, 2025 which is 2.4 times the Corporation’s interest requirements for that period.

FAQ

What earnings coverage ratio did TransCanada PipeLines Limited (TCPA) report for 2025?

TransCanada PipeLines Limited reported an earnings coverage ratio of 2.4 times. This measure, for the twelve months ended December 31, 2025, compares earnings from continuing operations before interest and taxes to total interest obligations on long-term debt and current liabilities.

Over what period was TCPA’s 2.4x earnings coverage ratio calculated?

The 2.4x earnings coverage ratio was calculated for the twelve-month period ended December 31, 2025. The figure is based on unaudited consolidated financial information of TransCanada PipeLines Limited prepared in accordance with U.S. generally accepted accounting principles.

How much were TransCanada PipeLines Limited’s interest obligations in 2025?

Interest obligations totaled approximately $3.386 billion for the period. This amount represents the Corporation’s interest requirements for the twelve months ended December 31, 2025, and is used as the denominator when assessing the 2.4 times earnings coverage ratio disclosed.

What were TCPA’s earnings from continuing operations before interest and taxes?

Earnings from continuing operations before interest expense and income taxes were about $8.032 billion. These earnings for the twelve months ended December 31, 2025, are compared against $3.386 billion of interest obligations to produce the 2.4 times coverage ratio.

Under which accounting standards was TCPA’s earnings coverage information prepared?

The earnings coverage information was prepared under U.S. generally accepted accounting principles (U.S. GAAP). The company notes that the ratio and underlying figures are based on unaudited consolidated financial information of TransCanada PipeLines Limited for the twelve-month period ended December 31, 2025.

What does TCPA’s earnings coverage on long-term debt and current liabilities represent?

The earnings coverage ratio shows how many times earnings can cover interest obligations. For TransCanada PipeLines Limited, earnings before interest and taxes were 2.4 times higher than interest requirements in the twelve months ended December 31, 2025, indicating the level of protection for debt servicing.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 EARNINGS COVERAGE RATIO 4.3 KB