TC Energy reports strong third quarter 2026 operating and financial results

Projects placed in service from 2025 through 2026 year-to-date were delivered more than 10 per cent under budget in aggregate.

Rhea-AI Summary

TC Energy (TRP) raised its 2026 comparable EBITDA outlook after reporting higher third-quarter earnings and announcing new pipeline growth projects. Net income from continuing operations attributable to common shares rose to C$1,026 million, or C$0.98 per share, from C$813 million, or C$0.78, a year earlier. Comparable EBITDA, a non-GAAP earnings measure, increased to C$3,004 million from C$2,654 million.

The company now expects 2026 comparable EBITDA of C$11.8–C$12.0 billion, C$12.3–C$12.5 billion in 2027 and five to seven per cent annual compound growth through 2031. Approximately C$3 billion of newly announced growth projects bring 2026 sanctioned projects to approximately C$6 billion. Approvals include Crossroads, American Midwest, Coastal GasLink Phase 2 and ANR Optimization. Quarterly operating cash flow fell to C$1,782 million from C$1,920 million. The board declared a C$0.8775 quarterly dividend.

45 points · 1 major

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0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 comparable EBITDA outlook raised to C$11.8–C$12.0 billion; comparable EPS remains expected above 2025.
• Moderate pointThird-quarter continuing-operations net income rose to C$1,026 million from C$813 million; EPS increased to C$0.98 from C$0.78.
• Moderate pointThird-quarter comparable EBITDA rose 13 per cent year over year to C$3,004 million.
• Moderate pointThird-quarter comparable earnings increased to C$983 million, or C$0.94 per share, from C$805 million, or C$0.77.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2027 comparable EBITDA expected at C$12.3–C$12.5 billion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Comparable EBITDA compound annual growth expected at five to seven per cent through 2031.
• Moderate point2026 sanctioned projects total approximately C$6 billion, with an approximately 6.5 times weighted average build multiple.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Crossroads expansion approved with 1.4 billion cubic feet per day incremental capacity, long-term take-or-pay contracts and anticipated 2030 service.
• Moderate point. Forward-looking: it has not happened yet and may not happen.American Midwest approved with 1.0 billion cubic feet per day incremental capacity, long-term take-or-pay contracts and anticipated 2030 service.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Coastal GasLink Phase 2 approved to add approximately 2.0 billion cubic feet per day, reaching approximately 4.5 billion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Coastal GasLink Phase 2 construction expected in early 2027, with service anticipated in the early 2030s.
• Moderate pointCoastal GasLink secured project-level financing of up to C$3.3 billion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.ANR Optimization approved for approximately 0.3 billion cubic feet per day of firm service, anticipated in 2029.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Capital expected in service totals approximately C$3.4 billion in 2026 and approximately C$4.5–C$5.0 billion in 2027.
• Moderate pointProjects completed from 2025 through 2026 year-to-date came in more than 10 per cent under budget collectively.
• Moderate pointQuarterly Canadian pipeline deliveries rose 6 per cent to 24.3 billion cubic feet per day year over year.
• Moderate pointQuarterly U.S. pipeline flows rose 3 per cent to 27.0 billion cubic feet per day year over year.
• Moderate pointQuarterly Mexico pipeline flows rose 8 per cent to 3.7 billion cubic feet per day year over year.
• Moderate pointQuarterly comparable funds generated from operations increased to C$2,236 million from C$1,790 million year over year.
• Moderate pointNine-month operating cash flow increased to C$6,602 million from C$5,452 million year over year.

25 minor points

• Minor pointThird-quarter segmented earnings rose to C$2,262 million from C$1,928 million a year earlier.
• Minor pointDebt-to-EBITDA remains below the 4.75 times long-term target.
• Minor point. Forward-looking: it has not happened yet and may not happen.Crossroads and American Midwest each have expected build multiples of approximately 6.0 times.
• Minor pointCoastal GasLink Phase 2 structure includes defined limits on capital commitments and construction cost and schedule exposure.
• Minor pointProjects placed in service total approximately C$2.5 billion year-to-date.
• Minor pointGillis Access extension entered service November 1, 2026, connecting Haynesville basin supplies at Gillis.
• Minor pointBruce Power Unit 4 replacement is ahead of schedule and under budget; tube installation finished 25 days faster than Unit 3.
• Minor pointGreat Lakes rate settlement received FERC approval on September 15, 2026.
• Minor pointQuarterly NGTL receipts rose 2 per cent to 14.3 billion cubic feet per day year over year.
• Minor pointQuarterly Canadian Mainline Western receipts rose 7 per cent to 4.3 billion cubic feet per day year over year.
• Minor pointQuarterly U.S. power-generator deliveries rose 2 per cent to 3.7 billion cubic feet per day year over year.
• Minor pointQuarterly Mexico power-plant deliveries rose 4 per cent to 1.5 billion cubic feet per day year over year.
• Minor pointQuarterly U.S. pipeline segmented earnings increased to C$1,013 million from C$801 million year over year.
• Minor pointQuarterly Mexico pipeline segmented earnings increased to C$411 million from C$407 million year over year.
• Minor pointQuarterly Power and Energy Solutions segmented earnings increased to C$308 million from C$190 million year over year.
• Minor pointQuarterly Canadian pipeline comparable EBITDA increased to C$953 million from C$913 million year over year.
• Minor pointQuarterly U.S. pipeline comparable EBITDA increased to C$1,246 million from C$1,062 million year over year.
• Minor pointQuarterly Mexico pipeline comparable EBITDA increased to C$446 million from C$416 million year over year.
• Minor pointQuarterly Power and Energy Solutions comparable EBITDA increased to C$360 million from C$266 million year over year.
• Minor pointNine-month net income rose to C$2,912 million from C$2,653 million; EPS increased to C$2.79 from C$2.55.
• Minor pointNine-month comparable EBITDA increased to C$9,040 million from C$7,988 million year over year.
• Minor pointNine-month segmented earnings increased to C$6,606 million from C$5,848 million year over year.
• Minor pointNine-month comparable earnings rose to C$2,998 million, or C$2.88 per share, from C$2,636 million, or C$2.53.
• Minor pointNine-month comparable funds generated from operations increased to C$6,568 million from C$5,703 million year over year.
• Minor pointQuarterly dividend declared was C$0.8775 per share, compared with C$0.85 in third-quarter 2025.

Negative

• Moderate pointThird-quarter operating cash flow declined to C$1,782 million from C$1,920 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2027 capital expenditures expected at C$6.7–C$7.2 billion, or C$6.0–C$6.5 billion net of non-controlling interests.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Crossroads expansion estimated cost is approximately US$1.8 billion. 2.8% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.American Midwest estimated cost is approximately US$0.4 billion; TC Energy's equity contributions are approximately US$0.1 billion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Coastal GasLink Phase 2 estimated cost is C$4.9 billion; TC Energy's committed equity is up to approximately C$250 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.ANR Optimization estimated project cost is approximately US$0.1 billion.
• Moderate pointAdditional growth projects totaling approximately C$6 billion remain pending approval.

5 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 capital expenditures anticipated at the lower end of C$6.0–C$6.5 billion, or C$5.5–C$6.0 billion net.
• Minor pointGTN rate settlement filed October 15, 2026 remains subject to FERC approval.
• Minor pointQuarterly Canadian pipeline segmented earnings slipped to C$531 million from C$533 million year over year.
• Minor pointQuarterly interest expense included in comparable earnings rose to C$883 million from C$848 million year over year.
• Minor pointQuarterly depreciation and amortization increased to C$749 million from C$701 million year over year.

Key Figures

Q3 comparable EBITDA: $3.0 billion vs. $2.7 billion Comparable earnings per common share: $0.94 vs. $0.77 2026 comparable EBITDA outlook: $11.8 to $12.0 billion +4 more

Q3 comparable EBITDA

$3.0 billion vs. $2.7 billion

Third quarter 2026 vs. third quarter 2025

Comparable earnings per common share

$0.94 vs. $0.77

Third quarter 2026 vs. third quarter 2025

2026 comparable EBITDA outlook

$11.8 to $12.0 billion

Revised higher

2027 comparable EBITDA outlook

$12.3 to $12.5 billion

2027 outlook

Five-year comparable EBITDA CAGR

Five to seven per cent

Outlook through 2031

Quarterly dividend

$0.8775 per common share

Quarter ending Dec. 31, 2026

New growth projects

Approximately $3 billion

Announced with third-quarter results

Previous Earnings Reports

1 past event · Latest: Jul 30

Same Type 1 event

1. Jul 30

   Quarterly earnings

   24h Move

   +1.2%

   Q2 set 2026 EBITDA outlook at the upper end of $11.6–$11.8 billion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap measures, compound annual growth rate, take-or-pay contracts, firm transportation service

4 terms

non-gaap measures financial

"Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures"

Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.

compound annual growth rate financial

"five-year comparable EBITDA compound annual growth rate of five to seven per cent"

The compound annual growth rate (CAGR) shows how much an investment or value has grown, on average, each year over a specific period. It considers the effect of growth that compounds or builds upon itself, similar to how interest accumulates in a savings account. Investors use CAGR to compare different investments’ long-term performance and to understand how steady or consistent their growth has been over time.

take-or-pay contracts financial

"underpinned by 20-year take-or-pay contracts"

A take-or-pay contract is an agreement where a buyer promises to either take a set minimum of goods or services from a seller or still pay an agreed fee even if they don’t take delivery. Think of it like reserving a theater box: you pay whether you use all the seats or not. For investors, these contracts create predictable revenue for sellers but also signal potential liability if buyers stop needing the product, affecting cash flow and credit risk.

firm transportation service technical

"provide approximately 0.3 Bcf/d of firm transportation service"

A firm transportation service is a contract that guarantees a buyer the right to move a fixed amount of product (often natural gas or oil) through a pipeline or other transport system, with priority over non‑guaranteed shipments and usually a fixed fee for that capacity. For investors it signals predictable revenue and lower delivery risk for the transporter and assures the buyer of reliable access; think of it as reserving a guaranteed seat on a regularly scheduled train to avoid being bumped.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Revising 2026 outlook higher and extending to a five-year outlook through to 2031
Announced approximately $3 billion of new growth projects

CALGARY, Alberta, Nov. 05, 2026 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its third quarter results today. François Poirier, TC Energy's President and Chief Executive Officer commented, “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 EBITDA¹ outlook to $11.8 to $12.0 billion.” Poirier continued, “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 multiple² 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. Our continued delivery around project execution, operational and commercial excellence reflects our continued focus on executing our selective portfolio of growth projects to deliver solid growth, low risk and repeatable performance.”

Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

• Third quarter 2026 financial results from continuing operations:
  • Comparable earnings¹ of $1.0 billion or $0.94 per common share¹ compared to $0.8 billion or $0.77 per common share in third quarter 2025
  • Net income attributable to common shares of $1.0 billion or $0.98 per common share compared to $0.8 billion or $0.78 per common share in third quarter 2025
  • Comparable EBITDA of $3.0 billion compared to $2.7 billion in third quarter 2025
  • Segmented earnings of $2.3 billion compared to $1.9 billion in third quarter 2025
• TC Energy’s Board of Directors declared a quarterly dividend of $0.8775 per common share for the quarter ending Dec. 31, 2026
• 2026 outlook:
  • Comparable EBITDA is revised higher and now expected to be in the range of $11.8 to $12.0 billion³
  • Comparable earnings per common share (EPS) outlook is expected to be higher than 2025, consistent with our 2025 Annual Report
  • Capital expenditures are anticipated to be at the lower end of $6.0 to $6.5 billion prior to adjustments for non-controlling interests, or $5.5 to $6.0 billion of net capital expenditures⁴
• 2027 and 2031 outlooks:
  • 2027 comparable EBITDA is expected to be $12.3 to $12.5 billion
  • 2027 capital expenditures are expected to be $6.7 to $7.2 billion prior to adjustments for non-controlling interests, or $6.0 to $6.5 billion of net capital expenditures
  • Five-year comparable EBITDA compound annual growth rate is expected to be five to seven per cent.

______________________
¹ Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
² Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Weighted average build multiple is calculated across all projects based on each project's capital expenditures. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
³ Based on forecasted 2026 annual average USD/CAD foreign exchange rate of 1.38.
⁴ Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

Operational Highlights

• Canadian Natural Gas Pipelines deliveries averaged 24.3 Bcf/d, up 6 per cent compared to third quarter 2025
  • NGTL System receipts averaged 14.3 Bcf/d, up 2 per cent compared to third quarter 2025
  • Canadian Mainline Western receipts averaged 4.3 Bcf/d, up 7 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
  • Deliveries to power generators averaged 3.7 Bcf/d, up 2 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
  • Power plant deliveries averaged 1.5 Bcf/d, up 4 per cent compared to third quarter 2025
• Bruce Power achieved 96.6 per cent availability in third quarter 2026
• Cogeneration power plant fleet achieved 89.6 per cent availability in third quarter 2026, primarily reflecting fall planned outages.
  

Project Highlights

• Announced approximately $3 billion of new, low-risk, in-corridor growth projects. Year-to-date, sanctioned capital projects now total approximately $6 billion at a weighted average build multiple of approximately 6.5 times
  • Approved the Crossroads Expansion project with an expected build multiple of approximately 6.0 times. This is an expansion of our Crossroads pipeline system designed to provide incremental capacity of 1.4 Bcf/d to support growing power generation demand, including data centres, in the U.S. Midwest. The project is supported by long-term take-or-pay contracts. It has an anticipated in-service date in 2030, and the estimated project cost is approximately US$1.8 billion
  • Approved the American Midwest project in connection with the Crossroads Expansion project with an expected weighted average build multiple of approximately 6.0 times. The project is an expansion of our Northern Border pipeline system designed to provide incremental capacity of 1.0 Bcf/d to support growing power generation demand, including data centres, in the U.S. Midwest. It is supported by long-term take-or-pay contracts. It has an anticipated in-service date in 2030 and a total estimated project cost of approximately US$0.4 billion, of which our proportionate share of equity contributions is approximately US$0.1 billion
    
  • Approved the Coastal GasLink Phase 2 Expansion following a positive final investment decision by LNG Canada and its joint venture participants. With an estimated project cost of $4.9 billion, the project will add five compressor stations and associated facility modifications, increasing firm transportation capacity by approximately 2.0 Bcf/d to approximately 4.5 Bcf/d. Construction is expected to commence in early 2027, with an anticipated in-service date in the early 2030s. LNG Canada will lead project execution and construction, and the commercial structure includes defined limits on Coastal GasLink LP's capital commitments and exposure to construction cost and schedule risk. Coastal GasLink LP secured project-level financing of up to $3.3 billion, and our proportionate share of committed equity is up to approximately $250 million
    
  • Approved the ANR Optimization project, an expansion of our ANR pipeline system designed to provide approximately 0.3 Bcf/d of firm transportation service to support coal-to-gas conversion, with an anticipated in-service date in 2029 and an estimated project cost of approximately US$0.1 billion
• Completed a transaction with FN CGL Pipeline Limited Partnership, an Indigenous-led investment entity representing five First Nations, providing participating communities with an economic interest in the entity that holds our limited partner interest in Coastal GasLink. A second transaction involving additional First Nations is expected to close in fourth quarter 2026
• Year-to-date, we placed approximately $2.5 billion of projects in service, and we continue to expect approximately $3.4 billion of capital to be placed in service in 2026. We also expect to place approximately $4.5 to 5.0 billion of capital into service in 2027. Projects placed in service from 2025 to 2026 year-to-date were delivered more than 10 per cent under budget in aggregate, including:
  • Placed the Gillis Access project extension in service on Nov. 1, 2026, with a total project cost of approximately US$0.4 billion, to connect supplies from the Haynesville basin at Gillis
• Bruce Power commenced the Unit 5 Major Component Replacement (MCR) in November 2026. Unit 4 MCR is ahead of schedule and under budget; calandria tube installation using robotic tooling pioneered on Unit 3 was completed 25 days faster than on Unit 3. Bruce Power also set a world record of 20 calandria tubes installed in a 24-hour period
• Advanced U.S. rate case settlements. FERC approved the Great Lakes Stipulation and Agreement of Settlement on Sept. 15, 2026, and on Oct. 15, 2026, GTN filed the Stipulation and Agreement of Settlement with FERC subject to approval.
  
  

		three months ended September 30								nine months ended September 30
(millions of $, except per share amounts)			2026				2025				2026				2025
Income
Net income (loss) attributable to common shares from continuing operations			1,026				813				2,912				2,653
per common share – basic		$0.98				$0.78				$2.79				$2.55
Segmented earnings (losses)
Canadian Natural Gas Pipelines			531				533				1,585				1,600
U.S. Natural Gas Pipelines			1,013				801				3,080				2,817
Mexico Natural Gas Pipelines			411				407				1,197				809
Power and Energy Solutions			308				190				749				637
Corporate			(1	)			(3	)			(5	)			(15	)
Total segmented earnings (losses)			2,262				1,928				6,606				5,848
Comparable EBITDA from continuing operations
Canadian Natural Gas Pipelines			953				913				2,833				2,726
U.S. Natural Gas Pipelines			1,246				1,062				3,961				3,518
Mexico Natural Gas Pipelines			446				416				1,287				968
Power and Energy Solutions			360				266				964				791
Corporate			(1	)			(3	)			(5	)			(15	)
Comparable EBITDA from continuing operations			3,004				2,654				9,040				7,988
Depreciation and amortization			(749	)			(701	)			(2,209	)			(2,050	)
Interest expense included in comparable earnings			(883	)			(848	)			(2,581	)			(2,535	)
Allowance for funds used during construction			64				55				163				417
Foreign exchange gains (losses), net included in comparable earnings			11				22				40				67
Interest income and other included in comparable earnings			16				47				83				147
Income tax (expense) recovery included in comparable earnings			(303	)			(260	)			(935	)			(846	)
Net (income) loss attributable to non-controlling interests included in comparable earnings			(149	)			(136	)			(518	)			(468	)
Preferred share dividends			(28	)			(28	)			(85	)			(84	)
Comparable earnings from continuing operations			983				805				2,998				2,636
Comparable earnings per common share from continuing operations		$0.94				$0.77				$2.88				$2.53

		three months ended September 30						nine months ended September 30
(millions of $, except per share amounts)			2026			2025			2026			2025
Cash flows
Net cash provided by operations			1,782			1,920			6,602			5,452
Comparable funds generated from operations1			2,236			1,790			6,568			5,703
Capital spending2			1,412			1,506			3,842			4,694
Dividends declared
per common share		$0.8775			$0.85			$2.6325			$2.55
Basic common shares outstanding (millions)
– weighted average for the period			1,042			1,040			1,042			1,040
– issued and outstanding at end of period			1,042			1,041			1,042			1,041

1. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
2. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information of our Condensed consolidated financial statements for additional information.

CEO Message
In our 75th year, TC Energy continued to deliver strong third quarter results, reflecting the strength of our integrated North American footprint and consistent execution excellence across our businesses. Comparable EBITDA increased 13 per cent and segmented earnings increased 17 per cent compared to third quarter 2025. Based on our performance through the first nine months of the year, we have raised our 2026 comparable EBITDA outlook to $11.8 to $12.0 billion, while maintaining debt-to-EBITDA¹ below our 4.75 times long-term target. This outperformance is driven primarily by strong availability across our assets, constructive settlements and commercial agreements across our U.S. natural gas systems, incremental storage and park and loan revenues, incentive earnings under our Canadian settlements, and projects placed in service ahead of schedule and under budget.

Including new capital projects announced today, we have sanctioned approximately $6 billion in 2026 at a weighted average build multiple of approximately 6.5 times, within our targeted range of five to seven times and several accelerated in-service dates in 2029 and 2030. Disciplined execution continues to convert our capital program into financial results. To date we have placed approximately $2.5 billion of projects in service, and we continue to expect approximately $3.4 billion to be placed in service in 2026. Projects placed in service from 2025 to 2026 year-to-date were delivered more than 10 per cent under budget in aggregate. At Bruce Power, the Unit 5 Major Component Replacement (MCR) commenced in November. Innovations pioneered on Unit 3, including robotic tooling, continue to drive efficiencies on Unit 4, where calandria tube installation was completed 25 days faster than on Unit 3.

Supportive market fundamentals and policy developments across Canada, the U.S. and Mexico continue to reinforce our long-term growth outlook. We expect North American natural gas demand to grow by approximately 51 Bcf/d from 2025 to 2035, led by LNG exports and natural gas-fired power generation, with growth concentrated in regions served by our network. In Canada, power demand is expected to double by 2050, creating opportunities to leverage our existing natural gas and power footprint where we can selectively advance opportunities supported by long-term contracts, attractive returns and disciplined risk allocation.

This momentum is translating into a growing portfolio of high-quality projects at the intersection of natural gas and power. In U.S. Natural Gas Pipelines, we approved the Crossroads Expansion project and the American Midwest project, which will add 1.4 Bcf/d and 1.0 Bcf/d of capacity, respectively, into the U.S. Midwest where natural gas demand, including from data centres, is expected to grow by more than 5 Bcf/d by 2035. Together, they represent approximately US$1.9 billion of net capital at a build multiple of approximately 6.0 times, underpinned by 20-year take-or-pay contracts. These projects prove our network advantage where one expansion creates downstream opportunities for others.

In Western Canada, Coastal GasLink Phase 2 is proceeding following LNG Canada's positive final investment decision on its Phase 2 expansion. Phase 2 will add five compressor stations along the existing route, nearly doubling the pipeline's capacity without the construction of new pipe and will enable incremental capital-efficient access to global markets for Canadian natural gas. Under the Phase 2 agreements, LNG Canada will lead construction as execution manager, Coastal GasLink will remain owner and operator, and Coastal GasLink's capital commitments and overall exposure to construction cost and schedule risk are limited. In October, we also completed a transaction providing five First Nations with an economic interest in the entity that holds our limited partner interest in Coastal GasLink, and a second transaction involving additional First Nations is expected to close by the end of the year.

Our performance and nearly $25 billion of sanctioned projects underpin our extended five-year outlook. We now expect comparable EBITDA to grow at a compound annual growth rate of five to seven per cent from 2026 to 2031. That growth is also currently supported by approximately $6 billion of projects pending approval and more than $40 billion of additional opportunities in origination. With approximately 98 per cent of our comparable EBITDA generated from rate-regulated assets or long-term take-or-pay contracts, our growth remains low-risk and highly visible. The outlook also builds on our track record of meeting or exceeding our comparable EBITDA outlook in each year since 2021.

For 75 years, TC Energy has connected North America to the energy it needs. Our results through the first nine months of 2026 show that our strategy is working and that our assets are well positioned to serve the next generation of energy demand. As we enter our next chapter, our priorities remain unchanged: maximizing the value of our assets, executing our selective portfolio of growth projects, and ensuring financial strength and agility to create long-term value for our shareholders.

______________________
¹ Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

Dividends
TC Energy’s Board of Directors declared a quarterly dividend of $0.8775 per common share for the quarter ending Dec. 31, 2026, equivalent to $3.51 on an annualized basis. The common share dividend is payable on Jan. 29, 2027, to shareholders of record at the close of business on Dec. 31, 2026.

The Board of Directors also declared dividends on the outstanding Cumulative First Preferred Shares (preferred shares). Information related to the preferred shares dividends is available on our website under TC Energy – Shareholder Information.

Teleconference and Webcast
We will hold a teleconference and webcast on Thursday, Nov. 5, 2026, to discuss our third quarter financial results. The event will also include an update to the Company’s financial outlook along with other developments.

François Poirier, TC Energy President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer and other members of the executive leadership team will discuss the financial results as well as the Company’s strategic priorities, long-term outlook and growth objectives at 8:30 a.m. ET / 7:30 a.m. ABT.

Members of the investment community and other interested parties are invited to participate by calling 1-800-990-2777 (North America toll free) or 1-416-855-9085 (International toll). Conference ID: 20408. Please dial in 15 minutes prior to the start of the call.

A live video webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://meetings.lumiconnect.com/400-800-630-944. The webcast will be available for replay following the meeting.

The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

About TC Energy
We are a leader in North American energy infrastructure, spanning Canada, the U.S. and Mexico. For over 75 years, we have proudly connected the world to the energy it needs. Every day, we move more than 30 per cent of the natural gas used across the continent and connect LNG exports to global markets—powering communities and industries. Complemented by strategic ownership and low-risk investments in power generation, our infrastructure delivers affordable, reliable and sustainable energy across North America. 

We carry forward a legacy of nation‑building energy infrastructure and strong partnerships. By working with communities,  businesses and leaders across our extensive energy network, we create opportunities today and for generations to come. 

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

Forward-Looking Information
This release includes certain forward-looking information, including future oriented financial information or financial outlook, which is intended to help current and potential investors understand management’s assessment of our future plans and financial outlook, and our future prospects overall. Statements that are forward-looking are based on certain assumptions and on what we know and expect today and generally include words like anticipate, expect, believe, may, will, should, estimate or other similar words.

Our forward-looking information in this release includes, but is not limited to, statements related to: expectations with respect to our 2026 and 2027 comparable EBITDA outlooks, our 2031 comparable EBITDA outlook and the expected five-year comparable EBITDA compound annual growth rate from 2026 to 2031, comparable earnings in total and per common share, including our expectation that 2026 comparable EPS will be higher than 2025, and the sources and drivers thereof, expectations with respect to anticipated 2026 and 2027 capital expenditures and net capital expenditures and the timing thereof, expectations with respect to identified approved and future projects and associated capital expenditures, build multiples, contractual underpinnings, timelines, in-service dates, and outcomes, expectations with respect to the commercial structure, project execution, project-level financing and our committed equity contribution for the Coastal GasLink Phase 2 Expansion, expectations with respect to the approximate value of projects pending approval and opportunities in origination and our ability to convert such opportunities into sanctioned projects, expectations with respect to completed projects and transactions and expected impacts thereof, expectations on rate case settlements, including FERC approval of the GTN Stipulation and Agreement of Settlement, and timing of approved settlement terms, expectations with respect to the approximate value of projects to be placed in-service, expectations with respect to our strategic priorities, and the execution thereof, expectation on the value of and risk profile of our incremental growth projects, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expectations regarding financial ratio targets such as debt-to-EBITDA, including maintaining debt-to-EBITDA below our 4.75 times long-term target, expectations with respect to our environmental and sustainability targets, including our methane emissions intensity reduction target, expectations on long-term value creation, expected cost and schedules for planned projects, including projects under construction and in development, expectations about energy demand levels and drivers thereof, including expected growth in natural gas demand and power demand, and our ability to meet expected energy demand, expectations regarding the competitive positioning and long-term value contribution of specific assets and our ability to capture growth opportunities, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver low-risk, solid growth and repeatable performance, expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers.

Our forward-looking information is based on certain key assumptions and is subject to risks and uncertainties, including but not limited to: our ability to sanction and complete projects pending approval and to convert opportunities in origination into sanctioned projects at targeted build multiples; our ability to execute long-term commercial contracts, including take-or-pay and capacity contracts, on acceptable terms and within expected timeframes; the timing, cost and completion of capital projects; the availability of project-level financing; the timing and outcome of rate case settlements and the receipt of regulatory and permitting approvals; growth in natural gas and power demand; our ability to maintain credit ratings and financial ratios consistent with our targets; foreign exchange rates, interest rates, tax rates and inflation; and industry, market, economic and trade conditions over the five-year outlook period.

All forward-looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2025 Annual Report filed under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the "Forward-looking information" section of our Report on Sustainability which is available on our website at www.TCEnergy.com.

Non-GAAP and Supplementary Financial Measure
This release contains references to the following non-GAAP measures: comparable EBITDA, comparable EBITDA CAGR, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. With respect to comparable EBITDA CAGR, it represents the compound annual growth rate in comparable EBITDA over the applicable period, calculated using beginning-period and ending-period comparable EBITDA. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy's profile.

With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments and a Loan from affiliate as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. Beginning in 2025, we entered into a subordinated demand revolving credit facility to borrow funds from the Sur de Texas joint venture and received proceeds totaling $111 million during the year. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended Dec. 31, 2023, 2024 and 2025.

This release contains references to build multiple, which is a non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

Reconciliation
The following is a reconciliation of adjusted debt and adjusted comparable EBITDA¹.

		year ended December 31
(millions of Canadian $)		2025			2024			2023
Reported total debt		60,086			59,366			63,201
Management adjustments:
Debt treatment of preferred shares2		1,128			1,250			1,250
Equity treatment of junior subordinated notes3		(6,047	)		(5,524	)		(5,144	)
Cash and cash equivalents		(168	)		(801	)		(3,678	)
Operating lease liabilities		431			511			457
Adjusted debt		55,430			54,802			56,086
Comparable EBITDA from continuing operations4		10,952			10,049			9,472
Comparable EBITDA from discontinued operations4		—			1,145			1,516
Operating lease cost		112			117			105
Distributions received in excess of (income) loss from equity investments		342			67			(123	)
Loan from affiliate		111			—			—
Adjusted Comparable EBITDA		11,517			11,378			10,970
Adjusted Debt/Adjusted Comparable EBITDA1		4.8			4.8			5.1

1. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
2. 50 per cent debt treatment on $2.3 billion of preferred shares as of Dec. 31, 2025.
3. 50 per cent equity treatment on $12.1 billion of junior subordinated notes as of Dec. 31, 2025. U.S. dollar-denominated notes translated at Dec. 31, 2025, USD/CAD foreign exchange rate of 1.37.
4. Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2025 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

Download full report here: tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2026/tce-2026-q3-quarterly-report.pdf

Media Inquiries:
Media Relations
media@tcenergy.com
403.920.7859 or 800.608.7859

Investor & Analyst Inquiries: 
Investor Relations
investor_relations@tcenergy.com
403.920.7911 or 800.361.6522

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were TC Energy's third-quarter 2026 earnings?

TC Energy reported continuing-operations net income attributable to common shares of C$1,026 million, or C$0.98 per share, compared with C$813 million, or C$0.78, a year earlier. Comparable earnings, a non-GAAP measure, were C$983 million, or C$0.94 per share.

What is TC Energy's updated 2026 and longer-term earnings outlook?

TC Energy expects 2026 comparable EBITDA of C$11.8–C$12.0 billion, followed by C$12.3–C$12.5 billion in 2027. The company expects five to seven per cent compound annual growth through 2031. Its 2026 outlook uses a forecast annual average USD/CAD exchange rate of 1.38.

How will TC Energy's Coastal GasLink Phase 2 expansion be financed and built?

Coastal GasLink secured up to C$3.3 billion of project-level financing, and TC Energy's proportionate committed equity is up to approximately C$250 million. LNG Canada will lead execution and construction. The commercial structure defines limits on Coastal GasLink's capital commitments and exposure to construction cost and schedule risk.

What Indigenous ownership transaction did TC Energy complete for Coastal GasLink?

TC Energy completed a transaction with FN CGL Pipeline Limited Partnership, an Indigenous-led entity representing five First Nations. Participating communities received an economic interest in the entity holding TC Energy's limited partner interest in Coastal GasLink. A second transaction involving additional First Nations is expected to close in fourth-quarter 2026.

What maintenance milestones did TC Energy report at Bruce Power in 2026?

Bruce Power began the Unit 5 Major Component Replacement in November 2026, while Unit 4's replacement remained ahead of schedule and under budget. Unit 4 calandria tube installation finished 25 days faster than Unit 3 using robotic tooling pioneered there. Bruce Power's third-quarter availability was 96.6 per cent.