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TC Energy (TRS) Q3 2026 Earnings Report

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DE:TRS Q3 2026 EPS Results

Actual EPS
EUR 0.59
Consensus EPS
EUR 0.56
Beat/Miss
Beat by +EUR 0.04
One Year Ago EPS
EUR 0.49

DE:TRS Q3 2026 Revenue Results

Actual Revenue
EUR 2.50B
Expected Revenue
EUR 2.52B
Beat/Miss
Missed by -EUR 14.91M
YoY Revenue Growth
+5.58%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
Before Open
Conference Call
Thursday, November 5, 2026
DE:TRS Upcoming Earnings

TC Energy's next earnings date is estimated for February 12, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:TRS Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:0.75%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by 13% year-over-year third-quarter and year-to-date comparable EBITDA growth, a 22% increase in comparable EPS, raised 2026 and 2027 guidance, strong project execution, improved leverage, substantial contracted growth opportunities, and progress in natural gas, LNG, power, Bruce Power, and AI initiatives. The principal challenges were the unresolved NGTL investment framework and the need to convert pending and origination projects to achieve the upper end of the long-term growth range. Highlights significantly outweighed the limited lowlights.

Company Guidance

TC Energy raised its 2026 comparable EBITDA outlook to $11.8 billion-$12 billion and expects comparable 2027 EBITDA of $12.3 billion-$12.5 billion; through 2031, it expects comparable EBITDA to grow at 5%-7% annually, while adhering to a debt-to-EBITDA target of 4.75x and growing its common share dividend at an annual rate of 3%-5%. Debt-to-EBITDA is expected to exit 2026 at 4.55x-4.6x. The company expects approximately $8 billion-$9 billion of annual net capital spending from 2029 through 2031, has $30 billion of sanctioned and pending approval project spend through 2031, more than $40 billion in origination, and is targeting an incremental $8 billion of project announcements in 2027, with IRRs consistent with 12%. It expects to achieve its $100 million goal of run rate, AI and innovation-driven comparable EBITDA in 2026, with a target of an incremental $100 million in 2027, while Bruce Power is expected to unlock an additional $2 billion-$3 billion of annual investment capacity by the early 2030s.

  • Strong Third-Quarter Financial PerformanceThird-quarter comparable EBITDA exceeded $3 billion, up 13% year-over-year, while comparable earnings per share reached $0.94, up 22%. Year-to-date comparable EBITDA was $9 billion, up 13% versus the first nine months of 2025, with all four business segments higher year-over-year.
  • Raised 2026 and 2027 EBITDA OutlookTC Energy raised its 2026 comparable EBITDA outlook to $11.8 billion-$12 billion, a $200 million increase versus the previous range and more than $500 million above the 2023 Investor Day outlook. The company now expects 2027 comparable EBITDA of $12.3 billion-$12.5 billion, compared with the prior $11.7 billion-$11.9 billion outlook.
  • Extended Long-Term Growth OutlookThe company expects comparable EBITDA to grow 5%-7% annually through 2031 while maintaining its debt-to-EBITDA target of 4.75x and growing the common share dividend at an annual rate of 3%-5%.
  • Improved Leverage and Financial CapacityTC Energy expects debt-to-EBITDA to exit 2026 at 4.55x-4.6x, below its long-term target of 4.75x. Comparable EBITDA has grown at a compound annual rate of 9% since 2022, while the company has performed at the low end of its annual CapEx outlook.
  • Shareholder Returns and Dividend Track RecordThe company reported total shareholder return of 118% and highlighted 26 consecutive years of dividend growth. It expects to continue growing the common share dividend at an annual rate of 3%-5%.
  • Large Sanctioned and Pending Project PipelineFollowing the announcement of $3 billion of new projects, TC Energy has $30 billion of sanctioned and pending approval project spend through 2031. More than 80% of this pipeline is represented by natural gas pipelines underpinned by long-term take-or-pay contracts or cost-of-service frameworks.
  • Expanded Origination Opportunity SetThe company increased its project origination opportunity set to more than $40 billion, roughly split 50/50 between the U.S. and Canada, with approximately $25 billion in natural gas pipeline opportunities and $15 billion in power opportunities. More than two-thirds of capital opportunities are tied to growing power demand.
  • Strong Project Execution95% of projects in development and construction are on or ahead of schedule, and projects from 2025 to today have been delivered in aggregate at more than 10% under budget. Year-to-date, TC Energy placed $2.5 billion of assets into service on time and under budget and expects to reach $3.4 billion by year-end.
  • Growth Project Sanctioning ProgressTC Energy has sanctioned $6 billion of growth projects so far in 2026, already reaching the low end of its $6 billion-$8 billion expectation for the full year. The company is targeting an incremental $8 billion of project announcements in 2027.
  • Natural Gas Pipeline Operating StrengthThe natural gas pipeline businesses delivered record EBITDA and set 10 new flow records so far in 2026 while operating safely and reliably. U.S. natural gas pipeline comparable quarterly EBITDA increased 17% year-over-year, benefiting from $2 billion of assets placed into service, commercial settlements, and innovative contract sales.
  • Commercial Settlement and Contracting MomentumTC Energy has reached eight consecutive win-win settlements with customers and regulators since 2024. The company said its Canadian Mainline settlement is driving strong discretionary revenue, while U.S. operations are capturing value through new and amended contracts and operating efficiencies.
  • Crossroads and American Midwest ProjectsThe $1.8 billion Crossroads project will add 1.4 Bcf per day of capacity and connect Appalachian supply to growing Midwest demand. The approximately $400 million American Midwest Project, with TC Energy's proportionate equity contribution of approximately $100 million, will enable up to 1 Bcf per day of east-to-west capacity across Northern Border. Both projects are backed by 20-year take-or-pay contracts, primarily with investment-grade utilities, have a build multiple of approximately six times, and are expected to enter service in 2030.
  • Crossroads Upside PotentialManagement stated that Crossroads could be upsized from 1.4 Bcf per day to over 2 Bcf per day with very limited capital and capital-efficient opportunities. Additional looping and targeted expansions could provide further capacity.
  • Coastal GasLink Phase 2 ExpansionCoastal GasLink Phase 2 will add five compressor stations and upgrade existing facilities, nearly doubling pipeline capacity and supplying LNG Canada with approximately 4.5 Bcf per day. The estimated total project cost is $4.9 billion, while TC Energy's committed equity contribution is up to $250 million. LNG Canada will lead execution, with Coastal GasLink retaining defined limits on capital and schedule risk.
  • AI-Driven EBITDA ContributionsTC Energy is on track to achieve its $100 million goal of run-rate AI- and innovation-driven comparable EBITDA in 2026, with a target of an incremental $100 million in 2027. AI-enabled capacity management initiatives across the U.S. and Canadian pipeline systems generated approximately $65 million of incremental EBITDA year-to-date.
  • Bruce Power Availability and MCR ExecutionBruce Power achieved 97% overall availability and benefited from a full quarter of contributions from Unit 3 following the early completion of its Major Component Replacement program, contributing to a 35% increase in Power and Energy Solutions EBITDA. Unit 3 returned seven months ahead of the original in-service schedule, while Unit 4's calandria tube installation was completed 25 days faster than Unit 3 and Unit 4 is now expected back online by the end of 2027, almost four months ahead of the in-service plan.
  • Bruce Power Investment CapacityBy the early 2030s, Bruce Power free cash flow is expected to unlock an additional $2 billion-$3 billion of annual investment capacity for TC Energy. Project 2030 is expected to increase Bruce Power output to approximately 7,000 MW, while Bruce C provides longer-term optionality for up to 4,800 MW of potential new nuclear capacity.
  • Power and Energy Solutions Growth PipelineThe Power and Energy Solutions portfolio includes more than $15 billion of projects in origination, representing almost 4 GW of capacity. More than 80% of these projects are currently expected to begin contributing EBITDA within the outlook period to 2031, and potential announcements by the end of 2026 represent $500 million-$1 billion of incremental investment.
  • Contracted Power Development FrameworkManagement stated that the power projects are being pursued with strong counterparties, contracted cash flows, and returns on and of capital within the contract period. Even contracts as short as 10 years are expected to provide return of capital and return on capital without terminal value risk.
  • Broad North American Demand OpportunityTC Energy expects 51 Bcf per day of North American demand growth through 2035, driven by U.S. LNG, LDC reliability, supply access, accelerating power demand, Canadian LNG, and infrastructure diversification. North American gas-fired generation is forecast to grow 83% between 2015 and 2035, while Canadian electricity demand is expected to double through 2050.
  • Natural Gas and Storage Network ScaleTC Energy operates more than 94,000 km of pipeline infrastructure, moves more than 30% of the natural gas consumed across North America, and has more than 4,600 MW of power generation. Its U.S. network includes 532 BCF of integrated storage, while its Columbia Gas system moves roughly 20% of Appalachian production and has over 285 BCF of storage in the region.
  • NGTL Capacity and Basin GrowthThe NGTL rate base increased from $6.1 billion in 2015 to approximately $18.7 billion, more than tripling over the last decade. TC Energy stated that it has exceeded its commitment to provide more than 1 Bcf per day of egress with less capital than originally estimated, and it has seen strong uptake on 1 Bcf per day of recently offered capacity.
  • LNG Connectivity InvestmentsFrom 2022 to 2026, TC Energy placed approximately $17 billion of projects into service supporting LNG growth and approximately 8.8 Bcf per day of capacity. The Gillis Access Extension Project entered service on November 1, and the Cedar Link Project is under construction to support additional West Coast LNG export access.
  • Defensive Cash Flow Profile and Internal FundingManagement stated that 98% of comparable EBITDA is generated from rate-regulated or long-term take-or-pay arrangements, with investment-grade customers in every jurisdiction. The five-year growth plan is designed to be internally funded, with no equity, M&A, or capital rotation required if the plan is delivered as expected.
  • Permitting and Policy TailwindsBill C-39 in Canada has proposed permitting reform that could reduce project timelines by one to two years while maintaining process rigor. Management also said that the states and provinces where TC Energy has chosen to participate have generally demonstrated constructive views toward data-center and energy infrastructure projects.
  • Mexico Asset Optimization and Capital RotationTC Energy is advancing small-scale laterals and capital-efficient projects in Mexico to connect existing assets to generation markets and support Plan México. The company recently announced the sale of its mature Guadalajara pipeline asset and said that its current $5 billion-$7 billion plan with $30 billion-$42 billion of capital does not require capital rotation or M&A.

DE:TRS Earnings History

DE:TRS earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 12, 20272026 (Q4)0.60-0.62――
Nov 05, 20262026 (Q3)0.560.590.4922.08% (+0.11)
Jul 30, 20262026 (Q2)0.530.590.5214.63% (+0.08)
May 01, 20262026 (Q1)0.610.630.64.21% (+0.03)
Feb 13, 20262025 (Q4)0.580.620.66-6.67% (-0.04)
Nov 06, 20252025 (Q3)0.490.490.65-25.24% (-0.16)
Jul 31, 20252025 (Q2)0.500.520.54-4.21% (-0.02)
May 01, 20252025 (Q1)0.620.600.71-15.93% (-0.11)
Feb 14, 20252024 (Q4)0.630.660.78-14.63% (-0.11)
Nov 07, 20242024 (Q3)0.610.650.5813.06% (+0.08)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed