TC Energy Corp Earnings
The third quarter of 2025 has been a significant period for TC Energy Corp (TSX, NYSE: TRP), with a notable degree of financial and operational accomplishments. The company has managed to maintain a robust trajectory of growth primarily driven by strong North American energy fundamentals. François Poirier, President and CEO of TC Energy, announced that the company has extended its annual EBITDA growth outlook of five to seven percent through 2028. This growth is supported by exceptional project execution and continued success in their strategy of low-risk, high-return projects.
TC Energy Corp Results
Key Financial Metrics (in Canadian Dollars)
| Metric | Q3 2025 | Q3 2024 | Year-over-Year Change |
|---|---|---|---|
| Comparable Earnings | $0.8 Billion | $0.9 Billion | -11.1% |
| EPS (Earnings Per Share) | $0.77 | $0.86 | -10.5% |
| Net Income Attributable to Common Shares | $0.8 Billion | $1.3 Billion | -38.5% |
| Comparable EBITDA | $2.7 Billion | $2.4 Billion | +12.5% |
| Segmented Earnings | $1.9 Billion | $2.4 Billion | -20.8% |
Despite a decline in both earnings per share and net income due in part to adjustments for certain non-GAAP specific measures, the company reported an appreciable growth in Comparable EBITDA. This key metric increased by approximately 12.5% from the same quarter in the previous year, highlighting the company's ability to achieve value through its core operations.
Revenue Breakdown
Revenue Performance by Segment
| Segment | Q3 2025 | Q3 2024 | Year-over-Year Change |
|---|---|---|---|
| Canadian Natural Gas Pipelines | 23.0 Bcf/day | 22.5 Bcf/day | +2% |
| U.S. Natural Gas Pipelines | 26.3 Bcf/day | 26.3 Bcf/day | 0% |
| Mexico Natural Gas Pipelines | 3.3 Bcf/day | 3.2 Bcf/day | +3.1% |
| LNG Facility Deliveries | 3.7 Bcf/day | 3.2 Bcf/day | +15.6% |
| Bruce Power Availability | 94% | N/A | N/A |
| Cogeneration Power Plant Fleet | 87.7% | N/A | N/A |
Segment Performance Analysis
TC Energy Corp's segments performed steadily across the board. The Canadian Natural Gas Pipelines and Mexico Natural Gas Pipelines saw increases in deliveries, with Canadian deliveries rising by 2% and Mexico's by 3.1%. Significantly, LNG deliveries established a new daily record, averaging 3.7 Bcf/day, a 15.6% increase from the previous year, underscoring the growing demand for liquefied natural gas.
Bruce Power and the Cogeneration Power Plant Fleet achieved robust operational availability, with figures of 94% and 87.7% respectively. These outcomes reflect the planned maintenance successfully executed within these segments.
Key Developments
Some critical developments took place over the third quarter, with TC Energy accomplishing several milestones in various projects:
- Valhalla North and Berland River (VNBR) Project : This section of the NGTL system was completed ahead of schedule, providing an incremental capacity boost of 0.4 Bcf/d.
- Columbia System's VR Project : Brought into service in November 2025, this project added substantial capacity from Greensville County to delivery points in Norfolk.
- ANR System's WR Project : Initiated in November 2025, this project improved mainline capacity in Wisconsin, ensuring enhanced service delivery.
Cumulatively, TC Energy placed approximately $8 billion of assets into service in the first nine months of 2025, exceeding project expectations by being on time and under budget.
Comments from Company Officers
François Poirier, the President and CEO of TC Energy Corp, highlighted the company's continued success in executing strategic priorities. Poirier noted the company’s effective asset capital allocation, emphasizing that their projects are backed by strong counterparties and long-term contracts, which dramatically lowers risk while providing predictable growth.
"Our rigorous strategy of disciplined capital allocation ensures we accomplish exceptional project execution. Our 12-month accumulation of over $5 billion in growth project sanctions is a demonstration of our robust framework and commitment to shareholder value without increasing exposure to risks," Poirier remarked.
Dividends and Share Repurchases
TC Energy declared a quarterly dividend of $0.85 per common share for Q4 2025, which amounts to an annualized dividend of $3.40 per share. This decision reflects TC Energy's commitment to returning value to shareholders through steady and sustainable dividend payments.
TC Energy Corp Stock Forecast
Analyzing TC Energy Corp's current financial standing and anticipated operational achievements, a diligent approach reveals promising projections for stock price movement. Based on recent growth rates and future outlook, TC Energy's stock price is expected to exhibit moderately bullish tendencies.
- High Projection : Based on strong financial metrics and successful project completions, TC Energy could see its stock potentially rising up to CAD 66-68 by the end of 2026.
- Low Projection : Challenging market conditions, if persistent, may temper stock growth, positioning the price around CAD 55-60.
These projections are inherently tied to TC Energy's ability to continuously deliver on its growth promise, capitalize on infrastructure improvements, and respond to any challenges within the energy sector.
In conclusion, TC Energy Corp's third quarter financial results illustrate a company strategically aligned with its operational goals and poised for long-term, low-risk growth driven by strong North American energy demand and excellent project execution. Their continued commitment to sustainable growth and shareholder value development strengthens the company's market position inherently.
