EarningsQ2 2026 Earnings Report
MX:TRPN Q2 2026 EPS Results
Actual EPS$11.97
Consensus EPS$10.76
Beat/MissBeat by +$1.21
One Year Ago EPS$10.44
MX:TRPN Q2 2026 Revenue Results
Actual Revenue$50.84B
Expected Revenue$49.97B
Beat/MissBeat by +$871.72M
YoY Revenue Growth+9.67%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:TRPN Upcoming Earnings
TC Energy's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:TRPN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, solid 2Q financial results (12% comparable EBITDA growth), active project sanctioning (~$3B YTD) and a materially expanded origination pipeline (> $20B) supported by rising gas demand forecasts (51 Bcf/day by 2035). Key strengths include Bruce Power outperformance, upward guidance confidence, sustainability progress and secured equipment/contractor strategies. Principal risks highlighted were timing and funding of a large late‑decade investment ramp, dynamic FID timing for the origination backlog, and the need to finalize regulatory/return frameworks in Canada. On balance, the positive operational and commercial momentum significantly outweighs the risks, which management is actively addressing.Company Guidance
Strong Quarterly Financial Performance
Second-quarter comparable EBITDA grew 12% year-over-year; company now targeting the upper end of its 2026 comparable EBITDA outlook of $11.6B–$11.8B and a 2028 target of $12.6B–$13.1B (≈6% annualized midpoint growth from 2025).
Segment EBITDA Contributions and Operational Availability
Power & Energy Solutions EBITDA increased 20% (+$60M) driven by Bruce Power; U.S. gas EBITDA rose 12% (+$129M); Mexico EBITDA increased 28% (+$90M); Canada Gas EBITDA up 4% (+$38M). Natural gas pipeline daily average flows increased ~3% across the 3-country network.
Project Delivery and Sanctions
Approximately $2B of assets placed into service in H1 2026 (largely on time and on or under budget); expect ≈$3.5B into service by year-end. ~ $3B of growth projects sanctioned year-to-date at a weighted average unlevered after-tax IRR of ~12% (including U.S. Columbia projects at ~5.8x build multiple).
Expanding Backlog and Origination Pipeline
Pending approval (late-stage) bucket increased to ≈$7B (up $1B QoQ). Origination backlog surpassed $20B (up materially YoY), with roughly two-thirds tied to power generation demand and ~2/3 of the $20B roughly U.S.-based.
Robust Demand Outlook
Revised North American incremental natural gas demand outlook to ≈51 Bcf/day by 2035 — a 40% increase over 2025 and an 11 Bcf/day increase from the prior outlook; ~70% of demand growth concentrated in U.S. Heartland, Alberta and Mexico.
Bruce Power Operational Excellence
Bruce Power achieved 99% availability in the quarter; Unit 3 returned to service >7 months ahead of ISO schedule and ~15% below the cost of Unit 6 refurbishment. Bruce MCR program expected to unlock $2B–$3B/year of growth capital when final units complete (2031–2032).
Sustainability and Indigenous Engagement
Methane emissions intensity reduced 24% since 2019 while throughput rose 20% and natural gas comparable EBITDA increased 57% over the same period. Invested $5.4B with Indigenous and Native American businesses (2021–2025). Company targets 40%–55% methane intensity reduction by 2035 (from 2019).
AI and Commercial Innovation Early Wins
Company set a near-term 2026 target of $100M incremental EBITDA from AI initiatives and is ~50% of the way to that target after two quarters; AI pilots are producing results on selected pipeline segments and are being scaled through internal business-case competition.
Supply Chain and Execution Confidence
Management reports pipeline equipment for sanctioned projects is secured and strategic contractor relationships are in place; expects no supply-chain driven impacts to announced in-service dates to date.
MX:TRPN Earnings History
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