TransCanada PipeLines Limited (TCPA) calculated earnings coverage on long-term debt and current liabilities at 2.5 times for the twelve-month period ended September 30, 2026. For that period, earnings from continuing operations before interest expense and income taxes were approximately $8.562 billion, while interest obligations were approximately $3.418 billion.
TransCanada PipeLines Limited reported TC Energy Corporation’s third-quarter 2026 results and updated outlook. TC Energy’s comparable EBITDA from continuing operations was $3.004 billion, up from $2.654 billion a year earlier; net income attributable to common shares from continuing operations was $1.026 billion versus $813 million. Comparable earnings were $983 million versus $805 million, while net cash provided by operations was $1.782 billion versus $1.920 billion. Amounts are in Canadian dollars unless noted.
TC Energy raised its 2026 comparable EBITDA outlook to $11.8–$12.0 billion and expects capital expenditures at the lower end of $6.0–$6.5 billion before adjustments for non-controlling interests. Its comparable EBITDA CAGR outlook is 5%–7% from 2026 through 2031. The board declared a $0.8775 quarterly common-share dividend payable January 29, 2027, to shareholders of record December 31, 2026.
TC Energy announced approximately $3 billion of new growth projects. Crossroads and American Midwest expansions are designed to add 1.4 Bcf/d and 1.0 Bcf/d, respectively, with anticipated 2030 in-service dates. Coastal GasLink Phase 2 is designed to add approximately 2.0 Bcf/d; its estimated project cost is $4.9 billion, with project-level financing of up to $3.3 billion.
TransCanada PipeLines Limited reported supplemental earnings coverage information on a consolidated, unaudited basis for the twelve-month period ended June 30, 2026, prepared under US generally accepted accounting principles. Earnings from continuing operations before interest expense and income taxes were approximately $8.035 billion, versus interest obligations of approximately $3.382 billion, producing an earnings coverage ratio on long-term debt and current liabilities of 2.4 times, indicating how many times earnings covered interest requirements over that period.
TC Energy Corporation reported stronger results for the quarter and six months ended June 30, 2026. From continuing operations, second‑quarter comparable earnings were $984 million, or $0.94 per share, and net income attributable to common shares was $987 million, or $0.95 per share. Comparable EBITDA rose to $2,948 million from $2,625 million a year earlier, while segmented earnings increased to $2,173 million from $1,954 million.
Management now expects 2026 comparable EBITDA to be at the upper end of its $11.6–$11.8 billion outlook and continues to expect 2026 comparable earnings per share to exceed 2025. About $0.7 billion of new low‑risk growth projects were sanctioned in the quarter, bringing 2026 announcements to approximately $3 billion, and $1.8 billion of projects were placed into service. The Board declared a quarterly dividend of $0.8775 per common share for the quarter ending September 30, 2026. TC Energy also highlighted a debt‑to‑EBITDA ratio of 4.8x for 2025 and progress on safety and methane‑intensity reduction goals.
TransCanada PipeLines Limited reported an earnings coverage ratio of 2.3 times on its long-term debt and current liabilities for the twelve-month period ended March 31, 2026.
Over that period, the company’s interest obligations were approximately $3.376 billion, while earnings from continuing operations before interest expense and income taxes were approximately $7.903 billion, supporting this coverage level.
TransCanada PipeLines Limited has entered an underwriting agreement to issue an aggregate US$1.0 billion of junior subordinated notes due 2056 under its Form F-10 shelf.
The company will sell US$500 million of 6.125% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 and US$500 million of 6.375% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056, both priced at 100% of principal with a 1.000% underwriting commission.
The 6.125% Series 2026-A tranche pays 6.125% to October 17, 2031, then resets every five years to the Five-Year Treasury Rate plus 2.250%, with a floor at 6.125%. Interest is deferrable, at the company’s option, for up to ten consecutive years, and the notes include optional redemption features and tax- and rating-event redemption rights.
TC Energy Corporation has filed a Form 6-K furnishing its 2026 Management Information Circular and notice of a virtual-only annual meeting of common shareholders on May 7, 2026 at 10 a.m. MDT. Shareholders of record on March 20, 2026 can vote on electing 13 directors, appointing KPMG as auditor, and an advisory say-on-pay resolution.
The circular outlines detailed instructions for online participation and proxy voting, describes strong governance practices with 92% independent directors and 38% gender diversity, and explains TC Energy’s pay-for-performance compensation philosophy, auditor independence framework, and sustainability and ESG oversight, including climate and Indigenous relations initiatives.
TransCanada PipeLines Limited reports supplemental earnings coverage information for the twelve-month period ended December 31, 2025. The company’s earnings coverage on long-term debt and current liabilities was 2.4 times, based on net income prepared under U.S. GAAP.
For this period, the Corporation’s interest obligations totaled approximately $3.386 billion. Earnings from continuing operations before interest expense and income taxes were approximately $8.032 billion, which is 2.4 times the Corporation’s interest requirements for the year.
TC Energy Corporation and its wholly owned subsidiary TransCanada PipeLines Limited filed their 2025 annual report on Form 40-F, using TC Energy’s Canadian continuous disclosure documents by exemption. Common shares of TC Energy Corporation outstanding at December 31, 2025 were 1,040,835,168, alongside multiple series of preferred shares.
At December 31, 2025, TransCanada PipeLines Limited had 992,720,977 common shares outstanding, all owned by TC Energy. The companies report having no off-balance sheet arrangements other than specified guarantees and commitments, maintain a Code of Business Ethics with only non-material 2025 changes and no waivers, and identify Una Power as an independent audit committee financial expert, with KPMG LLP serving as independent auditor.