TC ENERGY (TRP) Company Report

Analyst Coverage

Research analysts who have asked questions during TC ENERGY earnings calls.

Jeremy Tonet

JPMorgan Chase & Co.

6 questions for TRP

Also covers: AEE, AEP, AM +46 more

Praneeth Satish

Wells Fargo

6 questions for TRP

Also covers: ARIS, CSIQ, ENB +13 more

Maurice Choy

RBC Capital Markets

5 questions for TRP

Also covers: ATGFF, BIP, EMA +7 more

Robert Catellier

CIBC Capital Markets

5 questions for TRP

Also covers: ATGFF, BIP, ENB +3 more

Theresa Chen

Barclays PLC

5 questions for TRP

Also covers: CQP, DINO, DTM +20 more

Aaron MacNeil

TD Cowen

4 questions for TRP

Also covers: BLDP, EFX, EFXT +4 more

Robert Hope

Scotiabank

4 questions for TRP

Also covers: AQN, ATGFF, BEP +10 more

Benjamin Pham

BMO Capital Markets

3 questions for TRP

Also covers: AQN, ATGFF, BEP +8 more

Ben Pham

BMO Capital Markets

3 questions for TRP

Also covers: EMA, EMRAF, ENB +2 more

John Mackay

Goldman Sachs Group, Inc.

3 questions for TRP

Also covers: AM, ARIS, CQP +17 more

Manav Gupta

UBS Group

3 questions for TRP

Also covers: ADM, AMTX, BE +35 more

Olivia Halferty

Goldman Sachs

3 questions for TRP

Also covers: AM

Keith Stanley

Wolfe Research, LLC

2 questions for TRP

Also covers: DK, DTM, ENB +13 more

Sam Burwell

Jefferies

2 questions for TRP

Also covers: ENB, SOBO

Burke Sansiviero

Wolfe Research, LLC

1 question for TRP

Also covers: KNTK, LNG, MPLX +2 more

Jessica Hoyle

Scotiabank

1 question for TRP

Also covers: AQN, BEP, BEPC +1 more

Patrick Kenny

National Bank Financial

1 question for TRP

Also covers: ATGFF, EMA, EMRAF +6 more

Robert Kwan

RBC Capital Markets

1 question for TRP

Also covers: ATGFF, BAM, BN +2 more

Teresa Chen

Barclays

1 question for TRP

Also covers: DTM, ENB, ET

Zackery Van Everen

Tudor, Pickering, Holt & Co.

1 question for TRP

Also covers: AM, DTM, EE +6 more

Latest news

Recent press releases and 8-K filings for TRP.

TC Energy Reports Strong 2025 Results and Reaffirms Future Outlook

TRP

Earnings

Guidance Update

New Projects/Investments

TC Energy reported a 9% year-over-year increase in comparable EBITDA for 2025 and a 13% year-over-year growth in comparable EBITDA for Q4 2025, with CAD 8.3 billion of projects placed into service on schedule and over 15% under budget.
The company reaffirmed its 2026 comparable EBITDA outlook of CAD 11.6 billion-CAD 11.8 billion and its 2028 outlook of CAD 12.6 billion-CAD 13.1 billion.
TC Energy maintains a robust project pipeline, with approximately CAD 8 billion in late-stage pending approval opportunities and an additional $12 billion in origination, supporting its $6 billion annual target in net capital expenditures through 2030.
The board declared a Q1 2026 dividend of CAD 0.8775 per common share, reflecting a 3.2% year-over-year increase and marking the 26th consecutive year of dividend growth.

Feb 13, 2026, 1:30 PM

Transcript

TC Energy Reports Strong Q4 and Full-Year 2025 Results, Raises Dividend for 26th Consecutive Year

TRP

Earnings

Dividends

New Projects/Investments

TC Energy reported a 13 per cent year-over-year increase in fourth quarter 2025 comparable EBITDA to $3.0 billion, and a 10 per cent increase for the full-year 2025 to $11.0 billion. Comparable earnings for Q4 2025 were $1.0 billion or $0.98 per common share, and for the full-year 2025 were $3.654 billion or $3.51 per common share.
The Board of Directors approved a 3.2 per cent increase in the quarterly common share dividend to $0.8775 per common share for Q1 2026, marking the 26th consecutive year of dividend growth. For 2026, comparable EBITDA is expected to be between $11.6 and $11.8 billion, with net capital expenditures anticipated to be $5.5 to $6.0 billion.
In 2025, the company placed $8.3 billion of projects into service and expects to place approximately $4 billion of capital into service in 2026. TC Energy also has $21.4 billion in total estimated project costs for secured projects, with $4.4 billion incurred by December 31, 2025.

Feb 13, 2026, 11:36 AM

6-K

TC Energy Reports Strong Q4 and Full-Year 2025 Results, Raises Dividend

TRP

Earnings

Dividends

New Projects/Investments

TC Energy reported a 13 percent year-over-year increase in fourth quarter 2025 comparable EBITDA and a 15 percent increase in segmented earnings. Full-year 2025 Comparable EBITDA reached $11.0 billion, up from $10.0 billion in 2024.
The Board of Directors approved a 3.2 percent increase in the quarterly common share dividend to $0.8775 per common share for the quarter ending March 31, 2026, marking the 26th consecutive year of dividend growth.
For 2026, the company anticipates comparable EBITDA to be between $11.6 and $11.8 billion and net capital expenditures of $5.5 to $6.0 billion.
The company achieved its strongest safety performance in five years, leading to 15 flow records across its systems in 2025 , and sanctioned $0.6 billion in new in-corridor expansion projects during Q4 2025.

Feb 13, 2026, 11:30 AM

Press Release

South Bow Reports Q3 2025 Results and Provides 2026 Outlook

TRP

Earnings

Guidance Update

Dividends

South Bow reported revenue of $461 million and net income of $93 million ($0.45/share) for the third quarter of 2025.
Normalized EBITDA for Q3 2025 was $254 million, representing a 2% increase from the second quarter of 2025, while distributable cash flow increased by $69 million to $236 million, primarily due to changes in U.S. tax legislation and tax optimization efforts.
The company declared dividends totaling $104 million ($0.50/share) for Q3 2025 and approved a quarterly dividend of $0.50/share payable on January 15, 2026.
South Bow reaffirmed its 2025 guidance for normalized EBITDA at $1,010 million and revised its 2025 distributable cash flow outlook to $700 million.
For 2026, South Bow projects Normalized EBITDA of approximately $1.03 billion and Distributable Cash Flow of approximately $655 million, with $10 million in growth capital expenditures planned for the Blackrod Connection Project.

Nov 13, 2025, 11:02 PM

Press Release

TC Energy Reports Strong Q3 2025 Performance and Reaffirms Growth Outlook

TRP

Earnings

Guidance Update

New Projects/Investments

TC Energy reported a 10% increase in comparable EBITDA for Q3 2025, reaching $2.7 billion, and an 8% year-over-year increase for the first nine months of 2025.
The company successfully placed $8 billion of assets into service on schedule, tracking approximately 15% under budget for projects with 2025 in-service dates, and announced $700 million in new growth projects, bringing the total sanctioned projects over the last 12 months to $5.1 billion.
Management reaffirmed its 2025 comparable EBITDA growth outlook of 7%-9% (from 2024) and anticipates 6%-8% growth in 2026, targeting $12.6 billion-$13.1 billion in comparable EBITDA by 2028 with 5%-7% growth.
Net capital expenditures for 2025 are expected at the low end of the $5.5 billion-$6 billion range , with a goal to fill out the $6 billion net annual investment allocation target through 2030 at 5x to 7x EBITDA build multiples.
The three-year funding plan requires approximately $31 billion, with 80% expected from operating cash flows, and no equity issuance required to deliver this plan.

Nov 6, 2025, 1:30 PM

Transcript

TRP Reports Strong Q3 2025 Results and Reaffirms Growth Outlook

TRP

Earnings

Guidance Update

New Projects/Investments

TRP reported a 10% year-over-year increase in comparable EBITDA for Q3 2025, reaching $2.7 billion. The company reaffirmed its 2025 comparable EBITDA outlook, expecting 7%-9% growth from 2024 to 2025, and anticipates 6%-8% growth for 2026.
The company announced an additional $700 million in new growth projects, bringing the total sanctioned projects over the last 12 months to $5.1 billion. TRP expects 2025 net capital expenditures to be at the low end of its $5.5 billion-$6 billion range.
Through the first nine months of 2025, comparable EBITDA increased 8% year over year, with $8 billion of assets placed into service on schedule and approximately 15% under budget for projects with 2025 in-service dates. The sanctioned portfolio for the year has an implied weighted average unlevered after-tax IRR of approximately 12.5%.

Nov 6, 2025, 1:30 PM

Transcript

TC Energy Reports Strong Q3 2025 Comparable EBITDA Growth and Updates Capital Expenditure Outlook

TRP

Earnings

Guidance Update

New Projects/Investments

TC Energy reported a 10% year-over-year increase in comparable EBITDA for Q3 2025, reaching $2.7 billion. For the first nine months of the year, comparable EBITDA increased 8% year over year.
The company successfully placed $8 billion of assets into service on schedule, approximately 15% under budget for projects with 2025 in-service dates. An additional $700 million in new growth projects were announced, bringing the total sanctioned projects to $5.1 billion over the last 12 months.
TC Energy expects 2025 net capital expenditures to be at the low end of its $5.5 billion-$6 billion range. The company reaffirmed its 2025 comparable EBITDA growth outlook of 7%-9% (from 2024) and anticipates 6%-8% growth for 2026, with a 2028 comparable EBITDA outlook of $12.6 billion-$13.1 billion.
The implied weighted average unlabored after-tax Internal Rate of Return (IRR) for sanctioned projects has increased to approximately 12.5%, up from 8.5% a few years ago. The company plans to fill its $6 billion net annual investment allocation target through 2030 with projects having build multiples in the 5-7 times range.
The three-year funding plan, requiring approximately $31 billion, is expected to be 80% funded by operating cash flows, with no equity issuance required.

Nov 6, 2025, 1:30 PM

Transcript

TC Energy Reports Q3 2025 Results and Updates Financial Outlook

TRP

Earnings

Guidance Update

New Projects/Investments

TC Energy reported Comparable EBITDA from continuing operations of $2.7 billion and Comparable earnings per common share from continuing operations of $0.77 for the third quarter of 2025.
The company extended its five to seven per cent annual comparable EBITDA growth outlook through 2028.
For 2025, Comparable EBITDA is expected to be in the range of $10.8 to $11.0 billion, and net capital expenditures are anticipated to be on the lower end of $5.5 to $6.0 billion.
TC Energy sanctioned $0.7 billion of new growth projects in the third quarter, contributing to over $5 billion of low-risk, accretive growth projects announced over the past 12 months.
The Liquids Pipelines business was spun off into South Bow Corporation on October 1, 2024, and is accounted for as a discontinued operation.

Nov 6, 2025, 1:25 PM

6-K

TC Energy Reports Strong Q3 2025 Results and Updates Financial Outlook Through 2028

TRP

Earnings

Guidance Update

New Projects/Investments

TC Energy reported Q3 2025 comparable EBITDA of $2.7 billion, an increase from $2.4 billion in Q3 2024, and comparable earnings of $0.77 per common share.
The company updated its 2025 comparable EBITDA outlook to $10.8 to $11.0 billion and expects 2026 comparable EBITDA to be $11.6 to $11.8 billion, representing six to eight percent year-over-year growth.
TC Energy extended its five to seven percent annual comparable EBITDA growth outlook through 2028, with an expected comparable EBITDA range of $12.6 to $13.1 billion for 2028.
The company sanctioned $0.7 billion in new growth projects during Q3 2025, contributing to over $5 billion in new growth projects announced over the past 12 months, all backed by long-term contracts.
A quarterly dividend of $0.85 per common share was declared for the quarter ending December 31, 2025.

Nov 6, 2025, 11:30 AM

Press Release

TC Energy announces closing of US$350 million notes offering and redemption of Series 11 Preferred Shares

TRP

Debt Issuance

Dividends

Delisting/Listing Issues

TC Energy Corporation (TRP) announced the closing of an offering of US$350 million of 6.250 per cent Fixed-for-Life Junior Subordinated Notes due November 1, 2085, by its subsidiary TransCanada PipeLines Limited.
The net proceeds from this offering will be used to redeem its outstanding Cumulative Redeemable First Preferred Shares, Series 11, on November 28, 2025.
The Series 11 Shares will be redeemed at a price of $25.00 per share.
A final quarterly dividend of $0.2094375 per Series 11 Share is expected to be declared, payable on November 28, 2025, to shareholders of record on November 17, 2025.
Subsequent to the redemption date, the Series 11 Shares will cease to be entitled to dividends and will be delisted from the Toronto Stock Exchange.