TC Energy (NYSE: TRP) posts Q1 2026 growth and approves US$1.5B Appalachia gas expansion
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
TC Energy reported strong first quarter 2026 results, with comparable EBITDA rising to $3.1 billion, up 14 per cent, and segmented earnings increasing 10 per cent versus first quarter 2025. Comparable earnings were $1.0 billion or $0.99 per share.
The company approved the US$1.5 billion Appalachia Supply Project on its Columbia Gas system, a low‑risk expansion backed by a 20‑year take‑or‑pay contract, designed to add up to 0.8 Bcf/d of capacity by 2030. U.S. natural gas pipeline flows grew 5 per cent to 32.6 Bcf/d, while LNG deliveries rose 12 per cent to 3.9 Bcf/d.
TC Energy reaffirmed its 2026 outlook, expecting comparable EBITDA of $11.6–$11.8 billion and net capital expenditures of $5.5–$6.0 billion. The Board declared a quarterly dividend of $0.8775 per common share, or $3.51 annualized.
Positive
- Strong EBITDA growth: Comparable EBITDA increased to $3.088 billion, up 14 per cent from $2.709 billion in first quarter 2025, with segmented earnings up 10 per cent.
- Major contracted growth project: Approval of the US$1.5 billion Appalachia Supply Project on Columbia Gas, backed by a 20‑year take‑or‑pay contract and targeting a 7.3x build multiple, enhances long‑term growth visibility.
- Reaffirmed 2026 outlook: The company continues to expect 2026 comparable EBITDA of $11.6–$11.8 billion and net capital expenditures of $5.5–$6.0 billion, supporting a clear medium‑term plan.
- Stronger cash generation: Net cash provided by operations rose to $2.603 billion from $1.359 billion year‑over‑year, improving internal funding capacity for capex and dividends.
Negative
- None.
Insights
TC Energy posts double‑digit EBITDA growth and commits to a major U.S. gas expansion while reaffirming 2026 guidance.
TC Energy delivered a solid quarter operationally and financially. Comparable EBITDA increased from $2.709 billion to $3.088 billion, a 14 percent gain, while comparable earnings per share rose from $0.95 to $0.99. Net cash provided by operations jumped to $2.603 billion from $1.359 billion, supporting capital spending and dividends.
Growth visibility improved with approval of the US$1.5 billion Appalachia Supply Project on Columbia Gas. It is designed to add up to 0.8 Bcf/d of capacity, supported by a 20‑year take‑or‑pay contract and an expected build multiple of 7.3x, aligning with the company’s low‑risk, regulated‑style model.
Management reaffirmed a 2026 comparable EBITDA outlook of $11.6–$11.8 billion and net capital expenditures of $5.5–$6.0 billion. A quarterly dividend of $0.8775 per share, or $3.51 annualized, underscores the income profile, while a reported 2025 adjusted debt‑to‑adjusted comparable EBITDA ratio of 4.8x shows leverage remains an important metric to track.
Key Figures
Comparable EBITDA Q1 2026: $3.088 billion
Comparable earnings Q1 2026: $1.031 billion
Net income attributable to common shares: $899 million
+5 more
8 metrics
Comparable EBITDA Q1 2026
$3.088 billion
Quarter ended March 31, 2026 vs $2.709 billion in 2025
Comparable earnings Q1 2026
$1.031 billion
Quarter ended March 31, 2026; $0.99 per common share
Net income attributable to common shares
$899 million
Quarter ended March 31, 2026; $0.86 per basic share
Appalachia Supply Project cost
US$1.5 billion
Columbia Gas expansion, 0.8 Bcf/d capacity, in-service 2030
Quarterly dividend
$0.8775 per share
Quarter ending June 30, 2026; $3.51 annualized
Net cash provided by operations
$2.603 billion
Quarter ended March 31, 2026 vs $1.359 billion in 2025
2026 EBITDA outlook
$11.6–$11.8 billion
Expected comparable EBITDA for full year 2026
Adjusted debt-to-EBITDA 2025
4.8x
Adjusted debt $55.43 billion; adjusted comparable EBITDA $11.517 billion
Key Terms
comparable EBITDA, take‑or‑pay contract, build multiple, non-GAAP measures, +2 more
6 terms
comparable EBITDA financial
"comparable EBITDA of $3.1 billion compared to $2.7 billion in first quarter 2025"
Comparable EBITDA is a measure of a company’s underlying operating profit before interest, taxes, depreciation and amortization, adjusted to remove one-time items or irregular costs so different periods or companies can be compared evenly. Investors use it like comparing the cleaned-up scores of two teams after removing unusual events — it helps judge ongoing performance and cash-generating ability without being misled by temporary gains or losses.
take‑or‑pay contract financial
"The expansion project is supported by a 20‑year take‑or‑pay contract backed by an investment‑grade utility"
build multiple financial
"Approved the Appalachia Supply Project with an expected build multiple of 7.3x"
non-GAAP measures financial
"Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release"
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.
debt-to-EBITDA financial
"our long‑term target of 4.75x debt-to-EBITDA"
Debt-to-EBITDA is a leverage ratio that compares a company’s total debt to its operating cash-earning power, where EBITDA stands for earnings before interest, taxes, depreciation and amortization — a rough measure of cash generated by the business. Investors use it to judge how many years of current operating cash flow would be needed to pay off debt; a higher number signals greater financial strain and risk, like needing more paychecks to clear a mortgage.
segmented earnings financial
"Segmented earnings of $2.2 billion compared to $2.0 billion in first quarter 2025"
Segmented earnings are the profits or losses a company reports separately for each distinct part of its business—such as product lines, divisions or regions—rather than just giving one overall number. For investors this is like getting a breakdown of a household budget by room: it shows which parts are making or losing money, helps spot strengths, weaknesses and growth drivers, and makes it easier to judge where management should invest or cut costs.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May 2026
TC Energy Corporation
(Commission File No. 1-31690)
TransCanada PipeLines Limited
(Commission File No. 1-8887)
(Translation of Registrants’ Names into English)
450 - 1 Street S.W., Calgary, Alberta, T2P 5H1, Canada
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F o Form 40-F þ
Exhibits 13.1 and 13.2 to this report, furnished on Form 6-K, shall be incorporated by reference into each of the following Registration Statements under the Securities Act of 1933, as amended: Form S-8 (File Nos. 333-5916, 333-8470, 333-9130, 333-151736, 333-184074, 333-227114 and 333-237979), Form F-3 (File Nos. 33-13564 and 333-6132) and Form F-10 (File No. 333-283633).
Exhibits 31.1, 31.2, 32.1, 32.2 and 99.1 to this report, furnished on Form 6-K, are furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrants under the Securities Act of 1933, as amended.
Explanatory Note
TransCanada PipeLines Limited (“TransCanada PipeLines”) is a wholly owned subsidiary of TC Energy Corporation (“TC Energy”). TransCanada PipeLines is relying on the continuous disclosure documents filed by TC Energy pursuant to an exemption from the requirements of National Instrument 51-102 - Continuous Disclosure Obligations and as provided in the decision of the Alberta Securities Commission and Ontario Securities Commission in Re TransCanada Corporation, 2019 ABASC 1, issued on January 3, 2019. Consistent with the exemptive relief, information contained in this Form 6-K is that provided by TC Energy.
EXHIBIT INDEX
| 13.1 | Management’s Discussion and Analysis of Financial Condition and Results of Operations of TC Energy Corporation as at and for the period ended March 31, 2026. | ||||
| 13.2 | Consolidated comparative interim unaudited financial statements of TC Energy Corporation for the period ended March 31, 2026 (included in TC Energy Corporation's First Quarter 2026 Quarterly Report to Shareholders). | ||||
| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||
| 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||
| 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||
| 99.1 | A copy of the registrant's news release of May 1, 2026. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: May 1, 2026 | TC ENERGY CORPORATION TRANSCANADA PIPELINES LIMITED | |||||||
| By: | /s/ Sean P. O'Donnell | |||||||
| Sean P. O'Donnell | ||||||||
| Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer | ||||||||
| By: | /s/ Yvonne Frame-Zawalykut | |||||||
| Yvonne Frame-Zawalykut | ||||||||
| Vice-President and Corporate Controller | ||||||||
EXHIBIT 99.1
Quarterly Report to Shareholders |  | |||||||
TC Energy reports strong first quarter 2026 operating and financial results
Safety and operational excellence drive seven delivery records across North America
Approves US$1.5 billion Columbia Gas expansion project, extending reach into high-demand market
CALGARY, Alberta – May 1, 2026 – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its first quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, "We entered 2026 with strong momentum. Our best safety performance in six years drove seven delivery records across North America, while consistent execution delivered strong financial results, with comparable EBITDA1 up 14 per cent and segmented earnings up 10 per cent compared to first quarter 2025.” Poirier continued, "Constructive market conditions continue to translate into attractive, disciplined growth opportunities. Today, I’m pleased to announce the Appalachia Supply Project, a US$1.5 billion, low‑risk, strategic expansion on our Columbia Gas system that is expected to strengthen our position and create a new platform for capital-efficient opportunities in a high‑growth power and industrial corridor. Customer demand continues to validate our strategy; our recent 2.5x oversubscribed open season on Crossroads reinforces the strength of our project origination backlog and provides clear visibility to long-term, high-quality growth.”
Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)
•First quarter 2026 financial results:
◦Comparable earnings1 of $1.0 billion or $0.99 per common share1 compared to $1.0 billion or $0.95 per common share in first quarter 2025
◦Net income attributable to common shares of $0.9 billion or $0.86 per common share compared to $1.0 billion or $0.94 per common share in first quarter 2025
◦Comparable EBITDA of $3.1 billion compared to $2.7 billion in first quarter 2025
◦Segmented earnings of $2.2 billion compared to $2.0 billion in first quarter 2025
•TC Energy’s Board of Directors declared a quarterly dividend of $0.8775 per common share for the quarter ending June 30, 2026
•Reaffirming 2026 outlook:
◦We expect our 2026 comparable EBITDA and comparable earnings per common share (EPS) outlooks to be higher than 2025, consistent with our 2025 Annual Report
◦Comparable EBITDA is expected to be $11.6 to $11.8 billion
◦Capital expenditures are anticipated to be $6.0 to $6.5 billion prior to adjustments for non-controlling interests, or $5.5 to $6.0 billion of net capital expenditures.2
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 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 29.7 Bcf/d, up three per cent compared to first quarter 2025 and set a new all-time delivery record of 33.2 Bcf on Jan. 22, 2026
◦Total NGTL system receipts averaged 14.6 Bcf/d, comparable to first quarter 2025
◦NGTL System deliveries set a new all-time delivery record of 18.3 Bcf on Jan. 22, 2026
◦Canadian Mainline Western receipts averaged 5.0 Bcf/d, in line with first quarter 2025
•U.S. Natural Gas Pipelines daily average flows were 32.6 Bcf/d, up five per cent compared to first quarter 2025
◦U.S. Natural Gas Pipelines achieved an all-time delivery record of 39.9 Bcf on Jan. 29, 2026
◦ANR System deliveries set a new all-time delivery record of 10.6 Bcf on Jan. 29, 2026
◦Six individual pipelines set new all-time delivery records in first quarter 2026
◦Deliveries to LNG facilities averaged 3.9 Bcf/d, up 12 per cent compared to first quarter 2025
•Mexico Natural Gas Pipelines flows averaged 2.8 Bcf/d, lower than first quarter 2025 primarily attributed to adjustments to pipeline flows
◦Deliveries to power generation facilities averaged 1.2 Bcf/d in first quarter 2026, in line with first quarter 2025
•Bruce Power achieved 88.2 per cent availability in first quarter 2026, primarily reflecting a planned outage on Unit 8
•Cogeneration power plant fleet achieved 99.5 per cent availability in first quarter 2026.
Project Highlights
•Approved the Appalachia Supply Project with an expected build multiple1 of 7.3x: an expansion project of our Columbia Gas system designed to provide up to 0.8 Bcf/d of capacity to facilitate expanded new natural gas-fired power generation. The project has an anticipated in-service date of 2030 and an estimated project cost of approximately US$1.5 billion.
•Coastal GasLink Limited Partnership (Coastal GasLink LP) entered into commercial agreements with LNG Canada, establishing a framework for advancing a proposed CGL Phase 2 Expansion. The commercial structure of the agreements includes limits on CGL’s capital commitments and overall liability for construction cost and schedule risks.
•Reached settlement agreements with customers on Canadian Mainline, ANR and Great Lakes:
◦Canadian Mainline: filed an application with the Canada Energy Regulator seeking approval of a four‑year negotiated settlement for the period from January 2027 through December 2030. The proposed settlement maintains a return on equity of 10.1 per cent on 40 per cent deemed common equity and includes an incentive mechanism which provides the ability to outperform the approved rate of return. In addition, TC Energy has committed up to $200 million of capital to support incremental capacity, with targeted returns that exceed the approved return on equity.
◦ANR: on Mar. 18, 2026, ANR notified FERC that it has reached a settlement-in-principle with its customers on the ANR Section 4 Rate Case. The final settlement is expected to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, which is anticipated in third quarter 2026.
◦Great Lakes: on April 28, 2026, Great Lakes notified FERC that it has reached a settlement-in-principle with its customers, subject to revision following completion and approval of settlement terms, which we anticipate in fourth quarter 2026.
•Advanced key projects and placed projects into service:
◦Placed $0.4 billion of capacity projects in service on the NGTL System, including $0.1 billion of Multi-Year Growth (MYGP) projects
▪Completed construction of the Berland River non‑emitting electric compressor unit on the Valhalla North and Berland River project with a capital cost of approximately $0.3 billion. The unit is expected to be operational in the second half of 2026.
1 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. 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.
| three months ended March 31 | ||||||||||||||
| (millions of $, except per share amounts) | 2026 | 2025 | ||||||||||||
| Income | ||||||||||||||
| Net income (loss) attributable to common shares | 899 | 978 | ||||||||||||
| per common share – basic | $0.86 | $0.94 | ||||||||||||
| Segmented earnings (losses) | ||||||||||||||
| Canadian Natural Gas Pipelines | 509 | 516 | ||||||||||||
| U.S. Natural Gas Pipelines | 1,075 | 1,109 | ||||||||||||
| Mexico Natural Gas Pipelines | 389 | 211 | ||||||||||||
| Power and Energy Solutions | 201 | 135 | ||||||||||||
| Corporate | (3) | (5) | ||||||||||||
| Total segmented earnings (losses) | 2,171 | 1,966 | ||||||||||||
| Comparable EBITDA | ||||||||||||||
| Canadian Natural Gas Pipelines | 919 | 890 | ||||||||||||
| U.S. Natural Gas Pipelines | 1,497 | 1,367 | ||||||||||||
| Mexico Natural Gas Pipelines | 432 | 233 | ||||||||||||
| Power and Energy Solutions | 243 | 224 | ||||||||||||
| Corporate | (3) | (5) | ||||||||||||
| Comparable EBITDA | 3,088 | 2,709 | ||||||||||||
| Depreciation and amortization | (723) | (678) | ||||||||||||
| Interest expense | (838) | (840) | ||||||||||||
| Allowance for funds used during construction | 39 | 248 | ||||||||||||
| Foreign exchange gains (losses), net included in comparable earnings | 1 | (10) | ||||||||||||
| Interest income and other | 33 | 51 | ||||||||||||
| Income tax (expense) recovery included in comparable earnings | (316) | (292) | ||||||||||||
| Net (income) loss attributable to non-controlling interests included in comparable earnings | (225) | (177) | ||||||||||||
| Preferred share dividends | (28) | (28) | ||||||||||||
| Comparable earnings | 1,031 | 983 | ||||||||||||
| Comparable earnings per common share | $0.99 | $0.95 | ||||||||||||
| three months ended March 31 | ||||||||||||||
| (millions of $, except per share amounts) | 2026 | 2025 | ||||||||||||
| Cash flows | ||||||||||||||
| Net cash provided by operations | 2,603 | 1,359 | ||||||||||||
Comparable funds generated from operations1 | 2,336 | 1,949 | ||||||||||||
Capital spending2 | 1,307 | 1,809 | ||||||||||||
| Dividends declared | ||||||||||||||
| per common share | $0.8775 | $0.85 | ||||||||||||
Basic common shares outstanding (millions) | ||||||||||||||
| – weighted average for the period | 1,041 | 1,039 | ||||||||||||
| – issued and outstanding at end of period | 1,042 | 1,040 | ||||||||||||
1Comparable 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.
2Capital 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
Throughout the first quarter of 2026, TC Energy continued to build on momentum and demonstrate strong execution against a clear set of strategic priorities. Our unwavering focus on safety and operational excellence continues to support the availability and reliability of our assets that continue to drive strong operational and financial results. For the three months ended Mar. 31, 2026, comparable EBITDA increased 14 per cent and segmented earnings increased 10 per cent compared to first quarter 2025. Our consistent results reinforce the strength and resilience of our low-risk business model and our ability to deliver solid growth and repeatable performance despite ongoing macroeconomic volatility. Additionally, during Winter Storm Fern, our team continued to deliver exceptional reliability that contributed in part to the seven delivery records we achieved on our system during the quarter. We remain focused on maximizing the value of our assets through safety and operational excellence, executing our selective portfolio of growth projects, and ensuring financial strength and agility.
Sustained growth in natural gas and power demand in the U.S. continues to translate into attractive investment opportunities across our diversified portfolio. Consistent with our capital allocation priorities, we have announced a strategic expansion project on our Columbia Gas system that reinforces visibility to incremental growth into the next decade. The US$1.5 billion Appalachia Supply Project on our Columbia Gas system extends our reach into a corridor that serves multiple high‑growth power and industrial markets. The expansion project is supported by a 20‑year take‑or‑pay contract backed by an investment‑grade utility and is expected to deliver a 7.3x build multiple. The project is designed to provide up to 0.8 Bcf/d of capacity to facilitate expanded new natural gas-fired power generation and has an anticipated in-service date in 2030. The project is capable of up to 2.0 Bcf/d through future expansions, creating additional opportunities to pursue capital‑efficient, high‑value growth projects as diversified demand from electrification, economic development, and data centres is anticipated to accelerate long‑duration load growth in the U.S. Heartland market. The project represents a deliberate investment in a strategic, high‑growth corridor that further strengthens the long‑term competitive positioning of the Columbia Gas Transmission system and establishes a durable platform for repeatable value creation into the next decade.
Supported by strong customer demand, on Feb. 9, 2026, we launched a non-binding expansion project open season on our Crossroads Pipeline system for up to 1.5 Bcf/d of capacity to serve growing markets in Northern Indiana, Illinois, Iowa, and South Dakota. The open season was 2.5 times oversubscribed, reflecting the asset’s unique connectivity and bi-directional flexibility. By linking multiple major pipeline systems, the Crossroads pipeline is well positioned to support the anticipated substantial growth in Midwest power demand, and our established footprint enables capital‑efficient expansion and reduced execution risk. The Crossroads open season builds off the momentum of the non-binding expansion project open season on our Columbia Gas Transmission system that closed on Jan. 9 , 2026 and received bids at three times the proposed project capacity. These developments illustrate how connectivity between our systems enables highly competitive pathways from premium supply to high‑quality demand markets and reinforces the value and scalability of our integrated footprint.
Broader market dynamics, including volatility and structural change in the global LNG market, continue to underscore our role as a critical conduit for North American supply to global markets. As the only company serving every major LNG export shoreline in North America, transporting approximately 30 per cent of feedgas bound for export, we continue to see strong demand across our system. Deliveries to U.S. LNG facilities increased 12 per cent year‑over‑year, averaging 3.9 Bcf/d in the first quarter 2026. Against this backdrop, we reached an important milestone as Coastal GasLink LP entered into commercial agreements with LNG Canada, establishing a framework to advance a proposed CGL Phase 2 Expansion. The commercial structure of the agreements includes limits on CGL’s capital commitments and overall liability for construction cost and schedule risks, reflecting our disciplined approach to risk allocation as we advance critical infrastructure projects across North America.
In both Canada and the U.S., we made meaningful progress reaching settlement agreements with customers on the Canadian Mainline, ANR and Great Lakes. On the Canadian Mainline, we filed an application with the CER seeking approval of a four‑year negotiated settlement covering the period from January 2027 through December 2030, maintaining a return on equity of 10.1 per cent on 40 per cent deemed common equity, with an incentive mechanism designed to encourage cost management and revenue optimization and provides the opportunity to outperform the approved rate of return. In addition, TC Energy has committed up to $200 million of capital to support incremental capacity, with targeted returns that exceed the
approved return on equity. On ANR, we reached a settlement‑in‑principle with customers in the Section 4 rate case, which is expected to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, which we anticipate in third quarter of 2026. On Great Lakes, we reached a settlement-in-principle with customers, subject to revision following completion and approval of settlement terms, which we anticipate in fourth quarter 2026. Together, these developments reinforce the stability and long‑term strength of our regulated earnings profile.
Execution remained strong across the portfolio. During the quarter, we placed approximately $0.4 billion of capacity projects into service on the NGTL System, including $0.1 billion of MYGP projects, on time and on budget. We completed construction of the approximately $0.3 billion Berland River unit, a non‑emitting electric compressor on the Valhalla North and Berland River project which is expected to be operational in the second half of 2026. At Bruce Power, we continue to track to cost and schedule on the Major Component Replacement (MCR) Unit 3 and 4.
Disciplined execution and prudent capital spending continue to strengthen the balance sheet and advance our strategic priorities, while keeping us on track to achieve our long‑term target of 4.75x debt-to-EBITDA.1 Together, these milestones reflect the strength and resilience of our asset base, our ability to execute reliably at scale, and our focused, capital‑efficient approach to growth that enhances long‑term value for TC Energy shareholders.
Dividends
TC Energy’s Board of Directors declared a quarterly dividend of $0.8775 per common share for the quarter ending June 30, 2026, equivalent to $3.51 on an annualized basis. The common share dividend is payable on July 31, 2026, to shareholders of record at the close of business on June 30, 2026.
The Board of Directors also declared dividends on the outstanding Cumulative First Preferred Shares (preferred shares). Information related to the preferred shares dividends are available on our website under TC Energy – Shareholder Information.
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 measures 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.
Teleconference and Webcast
We will hold a teleconference and webcast on Friday, May 1 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our first quarter 2026 financial results. Presenters will include François Poirier, President and Chief Executive Officer; Sean O'Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.
Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.
A live webcast of the teleconference will be available on TC Energy's website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/14393. The webcast will be available for replay following the meeting.
A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on Friday, May 8, 2026. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 4884355.
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. Every day, our dedicated team proudly connects the world to the energy it needs, moving over 30 per cent of the cleaner-burning natural gas used across the continent. Complemented by strategic ownership and low-risk investments in power generation, our infrastructure fuels industries and generates affordable, reliable and sustainable power across North America, while enabling LNG exports to global markets.
Our business is based on the connections we make. By partnering with communities, businesses and leaders across our extensive energy network, we unlock opportunity 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 contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate" or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources and drivers thereof, expectations with respect to anticipated capital expenditures and net capital expenditures and the timing thereof, expectations with respect to identified approved and future projects, including associated capital expenditures, timelines, in-service dates, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations on rate case settlements and timing of approved settlement terms, expectations with respect to our ability to deploy capital at targeted build multiples and achieve expected returns on invested capital, expectations with respect to the approximate value of projects to be placed in-service in subsequent years, 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, expectations on repeatable value creation through the next decade, expected cost and schedules for planned projects, including projects under construction and in development, expectations about energy demand levels and drivers thereof, 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 subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management's assessment of TC Energy's and its subsidiaries' future plans and financial outlook. 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 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. 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 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 | |||||||||||||||||
1Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
250 per cent debt treatment on $2.3 billion of preferred shares as of Dec. 31, 2025.
350 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.
4Comparable 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.
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FAQ
How did TC Energy (TRP) perform financially in the first quarter of 2026?
TC Energy reported comparable earnings of $1.031 billion, or $0.99 per share, in first quarter 2026. Comparable EBITDA rose to $3.088 billion from $2.709 billion a year earlier, reflecting strong performance across its natural gas pipelines and power businesses.
What major growth project did TC Energy (TRP) approve in this period?
TC Energy approved the US$1.5 billion Appalachia Supply Project on its Columbia Gas system. The expansion is designed to add up to 0.8 Bcf/d of capacity by 2030 and is supported by a 20‑year take‑or‑pay contract with an investment‑grade utility.
What is TC Energy’s 2026 outlook for EBITDA and capital spending?
For 2026, TC Energy expects comparable EBITDA of $11.6–$11.8 billion. Anticipated capital expenditures are $6.0–$6.5 billion before non‑controlling interest adjustments, implying $5.5–$6.0 billion of net capital expenditures aligned with its growth plans.
How did TC Energy’s natural gas pipeline systems perform operationally in Q1 2026?
U.S. Natural Gas Pipelines flows averaged 32.6 Bcf/d, up 5 per cent year‑over‑year, and LNG deliveries averaged 3.9 Bcf/d, up 12 per cent. Canadian systems set several all‑time delivery records, including 33.2 Bcf on the Canadian network on January 22, 2026.
What is TC Energy’s current leverage based on its debt-to-EBITDA metric?
For 2025, TC Energy reported adjusted debt of $55.43 billion and adjusted comparable EBITDA of $11.517 billion, resulting in an adjusted debt-to-adjusted comparable EBITDA ratio of 4.8x. Management continues to target a long‑term debt‑to‑EBITDA ratio of 4.75x.