TC ENERGY CORP (TRP): Financial results for Q3 2026
TC ENERGY CORP (TRP) furnished an SEC Form 6-K — earnings release. EXHIBIT 99.1 Quarterly Report to Shareholders TC Energy reports strong third quarter 2026 operating and financial results Revising 2026 outlook higher and extending to a five-year outlook through to 2031 Announced approximately $3 billion of new growth projects CALGARY, Alberta –
How this was made
The 30-second read
Why it matters
The raised EBITDA guidance signals stronger operational performance and may drive the stock higher.
Market read
First‑hand earnings release with upgraded guidance for a large cap energy company.
What to watch
Currency fluctuations (USD/CAD) and potential regulatory changes to natural gas pipelines.
TC Energy reports strong third quarter 2026 operating and financial results; revises 2026 outlook higher and extends to a five-year outlook through to 2031.
Third-quarter comparable EBITDA, segmented earnings, comparable earnings and net income attributable to common shares all increased from third quarter 2025, while the company raised its 2026 comparable EBITDA outlook to $11.8 to $12.0 billion and announced approximately $3 billion of new growth projects.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 net income attributable to common shares from continuing operationsGAAP | $1.03B | – | – |
| Q3 2026 net income attributable to common shares from continuing operations per common share, basicGAAP | $0.98 | – | – |
| Q3 2026 total segmented earningsGAAP | $2.26B | – | increased 17 per cent |
| Q3 2026 Canadian Natural Gas Pipelines segmented earningsGAAP | $531M | – | – |
| Q3 2026 U.S. Natural Gas Pipelines segmented earningsGAAP | $1.01B | – | – |
| Q3 2026 Mexico Natural Gas Pipelines segmented earningsGAAP | $411M | – | – |
| Q3 2026 Power and Energy Solutions segmented earningsGAAP | $308M | – | – |
| Q3 2026 Corporate segmented earningsGAAP | −$1M | – | – |
| Q3 2026 comparable EBITDA from continuing operationsnon-GAAP | $3.00B | – | increased 13 per cent |
| Q3 2026 Canadian Natural Gas Pipelines comparable EBITDA from continuing operationsnon-GAAP | $953M | – | – |
| Q3 2026 U.S. Natural Gas Pipelines comparable EBITDA from continuing operationsnon-GAAP | $1.25B | – | – |
| Q3 2026 Mexico Natural Gas Pipelines comparable EBITDA from continuing operationsnon-GAAP | $446M | – | – |
| Q3 2026 Power and Energy Solutions comparable EBITDA from continuing operationsnon-GAAP | $360M | – | – |
| Q3 2026 Corporate comparable EBITDA from continuing operationsnon-GAAP | −$1M | – | – |
| Q3 2026 depreciation and amortizationother | −$749M | – | – |
| Q3 2026 interest expense included in comparable earningsother | −$883M | – | – |
| Q3 2026 allowance for funds used during constructionother | $64M | – | – |
| Q3 2026 foreign exchange gains, net included in comparable earningsother | $11M | – | – |
| Q3 2026 interest income and other included in comparable earningsother | $16M | – | – |
| Q3 2026 income tax expense included in comparable earningsother | −$303M | – | – |
| Q3 2026 net income attributable to non-controlling interests included in comparable earningsother | −$149M | – | – |
| Q3 2026 preferred share dividendsother | −$28M | – | – |
| Q3 2026 comparable earnings from continuing operationsnon-GAAP | $983M | – | – |
| Q3 2026 comparable earnings per common share from continuing operationsnon-GAAP | $0.94 | – | – |
| Q3 2026 net cash provided by operationsGAAP | $1.78B | – | – |
| Q3 2026 comparable funds generated from operationsnon-GAAP | $2.24B | – | – |
| Q3 2026 capital spendingother | $1.41B | – | – |
| Q3 2026 dividends declared per common shareother | $0.8775 | – | – |
| Q3 2026 basic common shares outstanding, weighted average for the periodother | 1.04B | – | – |
| Q3 2026 basic common shares issued and outstanding at end of periodother | 1.04B | – | – |
| Nine months ended September 30, 2026 net income attributable to common shares from continuing operationsGAAP | $2.91B | – | – |
| Nine months ended September 30, 2026 net income attributable to common shares from continuing operations per common share, basicGAAP | $2.79 | – | – |
| Nine months ended September 30, 2026 total segmented earningsGAAP | $6.61B | – | – |
| Nine months ended September 30, 2026 comparable EBITDA from continuing operationsnon-GAAP | $9.04B | – | – |
| Nine months ended September 30, 2026 comparable earnings from continuing operationsnon-GAAP | $3.00B | – | – |
| Nine months ended September 30, 2026 comparable earnings per common share from continuing operationsnon-GAAP | $2.88 | – | – |
| Nine months ended September 30, 2026 net cash provided by operationsGAAP | $6.60B | – | – |
| Nine months ended September 30, 2026 comparable funds generated from operationsnon-GAAP | $6.57B | – | – |
| Nine months ended September 30, 2026 capital spendingother | $3.84B | – | – |
| Nine months ended September 30, 2026 dividends declared per common shareother | $2.6325 | – | – |
2026, 2027 and 2026 to 2031 outlook outlook
- Note2026 comparable EBITDA: $11.8 to $12.0 billion
- Note2026 comparable earnings per common share: higher than 2025
- Note2026 capital expenditures: at the lower end of $6.0 to $6.5 billion prior to adjustments for non-controlling interests
- Note2026 net capital expenditures: $5.5 to $6.0 billion
- Note2027 comparable EBITDA: $12.3 to $12.5 billion
- Note2027 capital expenditures: $6.7 to $7.2 billion prior to adjustments for non-controlling interests
- Note2027 net capital expenditures: $6.0 to $6.5 billion
- Note2026 to 2031 comparable EBITDA compound annual growth rate: five to seven per cent
- NoteDebt-to-EBITDA: below our 4.75 times long-term target
- NoteApproximately $3.4 billion of capital expected to be placed in service in 2026
- NoteApproximately $4.5 to 5.0 billion of capital expected to be placed in service in 2027
Capital returns
- Quarterly dividend declared: $0.8775 per common share for the quarter ending Dec. 31, 2026.
- Dividend equivalent to $3.51 on an annualized basis.
- Common share dividend payable on Jan. 29, 2027, to shareholders of record at the close of business on Dec. 31, 2026.
- The Board also declared dividends on outstanding Cumulative First Preferred Shares.
What drove it
- Canadian Natural Gas Pipelines deliveries averaged 24.3 Bcf/d, up 6 per cent compared to third quarter 2025.
- U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d, up 3 per cent compared to third quarter 2025.
- Mexico Natural Gas Pipelines flows averaged 3.7 Bcf/d, up 8 per cent compared to third quarter 2025.
- Bruce Power achieved 96.6 per cent availability in third quarter 2026.
- Management cited strong availability across assets, constructive settlements and commercial agreements across U.S. natural gas systems, incremental storage and park and loan revenues, incentive earnings under Canadian settlements, and projects placed in service ahead of schedule and under budget.
- TC Energy announced approximately $3 billion of new, low-risk, in-corridor growth projects; sanctioned capital projects year-to-date total approximately $6 billion at a weighted average build multiple of approximately 6.5 times.
- The Crossroads Expansion and American Midwest projects are supported by long-term take-or-pay contracts.
- Projects placed in service from 2025 to 2026 year-to-date were delivered more than 10 per cent under budget in aggregate.
Concerns
- The company stated that forward-looking information is based on assumptions and is not a guarantee of future performance.
- Identified risks include the ability to sanction and complete projects pending approval, the timing, cost and completion of capital projects, project-level financing, regulatory and permitting approvals, foreign exchange rates, interest rates, tax rates, inflation, and industry, market, economic and trade conditions.
- Cogeneration power plant fleet availability was 89.6 per cent in third quarter 2026, primarily reflecting fall planned outages.
- Net cash provided by operations was $1,782 million in third quarter 2026, compared to $1,920 million in third quarter 2025.
What to watch
- Execution and timing of the approximately $3.4 billion of capital expected to be placed in service in 2026 and the approximately $4.5 to 5.0 billion expected in 2027.
- FERC approval of the GTN Stipulation and Agreement of Settlement and implementation timing of settlement terms.
- Construction commencement in early 2027 and the anticipated early-2030s in-service date for Coastal GasLink Phase 2.
- The expected fourth-quarter 2026 closing of a second Coastal GasLink transaction involving additional First Nations.
- Progress in converting approximately $6 billion of projects pending approval and more than $40 billion of opportunities in origination into sanctioned projects.
- Delivery against 2026 comparable EBITDA outlook of $11.8 to $12.0 billion and the five to seven per cent comparable EBITDA compound annual growth rate outlook from 2026 to 2031.
Balance sheet and cash flow
- Q3 2026 net cash provided by operations was $1,782 million, compared to $1,920 million in third quarter 2025.
- Nine months ended September 30, 2026 net cash provided by operations was $6,602 million, compared to $5,452 million in the nine months ended September 30, 2025.
- Q3 2026 comparable funds generated from operations were $2,236 million, compared to $1,790 million in third quarter 2025.
- Q3 2026 capital spending was $1,412 million, compared to $1,506 million in third quarter 2025.
- Reported total debt was $60,086 million as of December 31, 2025.
- Cash and cash equivalents were $168 million as of December 31, 2025.
- Adjusted debt was $55,430 million as of December 31, 2025.
- Adjusted Debt/Adjusted Comparable EBITDA was 4.8 as of December 31, 2025.
Analysis
TC Energy reported stronger third-quarter results from continuing operations. Comparable EBITDA was $3,004 million, compared with $2,654 million in third quarter 2025, and total segmented earnings were $2,262 million, compared with $1,928 million. Comparable earnings from continuing operations were $983 million, or $0.94 per common share, compared with $805 million, or $0.77 per common share. Net income attributable to common shares from continuing operations was $1,026 million, or $0.98 per basic common share, compared with $813 million, or $0.78 per basic common share.
The broad operating footprint supported the quarter. U.S. Natural Gas Pipelines produced $1,246 million of comparable EBITDA, compared with $1,062 million, while Power and Energy Solutions produced $360 million, compared with $266 million. Canadian Natural Gas Pipelines comparable EBITDA was $953 million, compared with $913 million, and Mexico Natural Gas Pipelines comparable EBITDA was $446 million, compared with $416 million. Management attributed performance to asset availability, settlements and commercial agreements, storage and park and loan revenues, Canadian incentive earnings, and projects placed in service ahead of schedule and under budget.
Cash generation was mixed across the reported measures. Net cash provided by operations was $1,782 million in the quarter, compared with $1,920 million, while comparable funds generated from operations were $2,236 million, compared with $1,790 million. Capital spending was $1,412 million, compared with $1,506 million. The Board declared a $0.8775 per common share quarterly dividend for the quarter ending Dec. 31, 2026, equivalent to $3.51 on an annualized basis.
The company raised its 2026 comparable EBITDA outlook to $11.8 to $12.0 billion and said 2026 capital expenditures are anticipated to be at the lower end of $6.0 to $6.5 billion before adjustments for non-controlling interests. It also introduced 2027 comparable EBITDA outlook of $12.3 to $12.5 billion and a five-year comparable EBITDA compound annual growth rate outlook of five to seven per cent through 2031. The growth plan includes approximately $6 billion of sanctioned projects year-to-date, approximately $6 billion pending approval and more than $40 billion of opportunities in origination, with project execution, regulatory outcomes and capital discipline central to delivery of that outlook.
Management, verbatim
TC Energy's 75th year continues to demonstrate the strength of our integrated North American footprint. Through the first nine months of 2026, exceptional operational performance across our natural gas systems, constructive settlement outcomes and projects placed in service ahead of schedule and under budget have supported an increase to our 2026 comparable EBITDA 1 outlook to $11.8 to $12.0 billion.
François Poirier, President and Chief Executive Officer
Beyond 2026, we expect that our growth will be driven by the continued conversion of our origination pipeline into sanctioned capital projects. With approximately $6 billion of growth projects sanctioned year-to-date 2026 at a weighted average build multiple 2 of approximately 6.5 times, along with approximately $6 billion in pending approval and more than $40 billion of additional anticipated high-return, low-risk opportunities in origination, we have confidence in providing a five-year comparable EBITDA compound annual growth rate of five to seven per cent out to 2031.
François Poirier, President and Chief Executive Officer
Not in the filing
stated, not guessed- Total revenue was not reported.
- Segment revenue was not reported.
- Gross profit and gross margin were not reported.
- Operating income and operating margin were not reported.
- A current-period balance sheet, including current cash and debt balances as of September 30, 2026, was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Prior-quarter comparisons were not reported.
- Prior 2026 outlook was not provided, so comparisons of actual results with prior guidance cannot be made.
- Prior guidance ranges were not provided, so the magnitude of the 2026 outlook revision cannot be quantified from the supplied documents.
- The accounting framework was not explicitly identified as IFRS or another local GAAP framework in the supplied release.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
TC Energy filed a Form 6‑K with the SEC, providing its Q3 2026 earnings and revised outlook.
Ticker impact
TC Energy reported Q3 2026 results and raised its 2026 comparable EBITDA outlook to $11.8‑$12.0 bn.
likely upside as market prices in higher EBITDA outlook
Guidance lift is material for a large integrated energy company and comes directly from the SEC 6‑K filing.
Market effects
Higher EBITDA outlook may boost sentiment for North American midstream energy sector.
Positive for Canadian energy stocks and U.S. investors holding TRP ADRs.
Limited to energy infrastructure investors; no broad market effect.
Counterpoint
If capital expenditures rise faster than expected, the guidance lift could be offset.
Key entities
- companyTC Energy Corporation
Integrated North American energy infrastructure firm.
