TC ENERGY (TRP) Company Report

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.

Oct 9, 2025, 9:36 PM

6-K

TC Energy Subsidiary Considers U.S. Junior Subordinated Notes Offering

TRP

Debt Issuance

TC Energy Corporation (TRP) announced on October 6, 2025, that its subsidiary, TransCanada PipeLines Limited (TCPL), is considering an offering of U.S. Junior Subordinated Notes.
If a successful offering is completed, the net proceeds are intended to redeem its issued and outstanding Cumulative Redeemable First Preferred Shares, Series 11, reduce indebtedness, and for general corporate purposes.
The company stated that there is no certainty that TCPL will ultimately complete the offering or as to the timing or terms on which such an offering might be completed.

Oct 6, 2025, 3:01 PM

6-K

TC Energy Commences Toll Collection for Southeast Gateway Pipeline

TRP

New Projects/Investments

Revenue Acceleration/Inflection

TC Energy Corporation has commenced the collection of tolls for the Southeast Gateway pipeline and received payment from the Comisi\u00f3n Federal de Electricidad (CFE) for May, on time.
The Southeast Gateway pipeline project was completed at a final cost of approximately US$3.9 billion, which is 13 per cent under the original cost estimate.
This 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed in less than three years and is designed to supply natural gas to fuel Mexico\u2019s economic growth.

Jun 27, 2025, 12:00 AM

6-K

TC Energy Strategic Initiatives, Governance Updates & Rights Plan Amendments

TRP

Dividends

Board Change

New Projects/Investments

Strategic Focus: Renewed emphasis on natural gas and power generation post Liquids Pipeline spin-off with significant capital projects, including the Northwoods expansion and a $1.1 billion nuclear investment .
Corporate Governance Update: 2024 Annual Report reviewed with board elections featuring the appointment of Scott Bonham and Dawn Madahbee Leach, alongside the retirement of two directors .
Shareholder Rights Plan Update: Issuance of new rights certificates, with supplements and amendments detailing provisions on fractional rights, fractional shares, and regulatory approvals, as well as session approval of amendments and a 3.3% dividend increase marking 25 consecutive years of growth .