TransCanada PipeLines (TCPA) reports 2.3x earnings coverage on debt costs

Rhea-AI Filing Summary

TransCanada PipeLines Limited reported an earnings coverage ratio of 2.3 times on its long-term debt and current liabilities for the twelve-month period ended March 31, 2026.

Over that period, the company’s interest obligations were approximately $3.376 billion, while earnings from continuing operations before interest expense and income taxes were approximately $7.903 billion, supporting this coverage level.

Insights

Credit analyst

TransCanada PipeLines shows 2.3x earnings coverage on interest obligations.

The company reports earnings from continuing operations before interest and income taxes of $7.903 billion over the twelve months ended March 31, 2026, versus interest obligations of $3.376 billion. This results in earnings coverage on long-term debt and current liabilities of 2.3 times.

Earnings coverage indicates how comfortably a business can meet its interest payments using operating earnings. A 2.3x ratio suggests headroom above interest requirements, though actual risk depends on future cash flows and refinancing conditions that are not detailed in this snapshot.

Key Figures

Earnings coverage ratio: 2.3 times Interest obligations: $3.376 billion Earnings before interest and taxes: $7.903 billion

3 metrics

Earnings coverage ratio 2.3 times On long-term debt and current liabilities for 12 months ended March 31, 2026

Interest obligations $3.376 billion Twelve-month period ended March 31, 2026

Earnings before interest and taxes $7.903 billion Earnings from continuing operations before interest expense and income taxes, twelve months ended March 31, 2026

Key Terms

Earnings coverage, long-term debt and current liabilities, continuing operations, US generally accepted accounting principles

4 terms

Earnings coverage financial

"The following financial ratio has been calculated on a consolidated basis for twelve-month period ended March 31, 2026"

long-term debt and current liabilities financial

"Earnings coverage on long-term debt and current liabilities | 2.3 times"

continuing operations financial

"earnings from continuing operations before interest expense and income taxes amounted to approximately $7.903 billion"

Continuing operations are the parts of a company's business that it expects to keep running into the future, excluding divisions or activities it has sold, closed, or classified as discontinued. Investors watch continuing operations because they show the company’s core ability to generate revenue and profit over time — like evaluating the healthy, ongoing crops on a farm rather than one-off harvests from fields you've already sold.

US generally accepted accounting principles financial

"based on financial information prepared in accordance with US generally accepted accounting principles"

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 May 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 No. 333-283633).

EXHIBIT INDEX

99.1 Schedule of earnings coverage calculations at March 31, 2026.

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: May 1, 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 March 31, 2026 Condensed Consolidated Financial Statements of TC Energy Corporation

March 31, 2026

The following financial ratio has been calculated on a consolidated basis for twelve-month period ended March 31, 2026 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:

			March 31, 2026
Earnings coverage on long-term debt and current liabilities			2.3 times

The Corporation’s interest obligations for the twelve-month period ended March 31, 2026 amounted to approximately $3.376 billion. The Corporation’s earnings from continuing operations before interest expense and income taxes amounted to approximately $7.903 billion for the twelve-month period ended March 31, 2026 which is 2.3 times the Corporation’s interest requirements for that period.

FAQ

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

TransCanada PipeLines Limited reported an earnings coverage ratio of 2.3 times. This means earnings from continuing operations before interest and income taxes were 2.3 times larger than its interest obligations over the twelve months ended March 31, 2026.

How much were TransCanada PipeLines Limited (TCPA) interest obligations for the period?

The company’s interest obligations were approximately $3.376 billion for the twelve-month period ended March 31, 2026. This figure is used in calculating the earnings coverage ratio on long-term debt and current liabilities disclosed in the supplemental information.

What were TransCanada PipeLines Limited (TCPA) earnings used in the coverage calculation?

TransCanada PipeLines Limited used earnings from continuing operations before interest expense and income taxes of approximately $7.903 billion. These earnings, over the twelve months ended March 31, 2026, form the numerator in the 2.3 times earnings coverage ratio.

What accounting standards were used for TransCanada PipeLines Limited (TCPA) earnings coverage data?

The earnings coverage calculation is based on financial information prepared under US generally accepted accounting principles. This ensures the $7.903 billion in earnings and $3.376 billion in interest obligations are measured consistently for the March 31, 2026 twelve-month period.

How is the TransCanada PipeLines Limited (TCPA) 2.3x earnings coverage ratio computed?

The ratio is computed by dividing earnings from continuing operations before interest expense and income taxes of about $7.903 billion by interest obligations of about $3.376 billion. This calculation for the twelve months ended March 31, 2026 yields earnings coverage of 2.3 times.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 EARNINGS COVERAGE RATIO 4.3 KB