The Investor
05 Nov 2026, 15:04
TC Energy Rises 3% as Q3 Earnings Improve and 2026 EBITDA Outlook Increases
TC Energy (NYSE: TRP) shares rose about 3% after the company reported stronger third-quarter earnings, raised its 2026 EBITDA outlook and announced roughly C$3 billion of new growth projects.
Third-quarter comparable earnings increased to C$1.0 billion, or C$0.94 per share, from C$0.8 billion, or C$0.77 per share, a year earlier. Comparable EBITDA rose to C$3.0 billion from C$2.7 billion.
TC Energy raised its 2026 comparable EBITDA guidance to C$11.8-C$12.0 billion. For 2027, it expects comparable EBITDA of C$12.3-C$12.5 billion and projects a five-year EBITDA CAGR of 5%-7% through 2031.
The company also sanctioned approximately C$3 billion of new projects, including pipeline expansions aimed at supporting rising power generation and data center demand in the U.S. Midwest, as well as the Coastal GasLink Phase 2 expansion.
Operationally, Canadian natural gas pipeline deliveries increased 6%, U.S. pipeline flows rose 3%, and Mexico pipeline flows increased 8% year over year.
The 3% share gain appears to reflect the higher 2026 outlook, stronger earnings and increased visibility into long-term growth from newly sanctioned infrastructure projects.
TC Energy (NYSE: TRP) shares rose about 3% after the company reported stronger third-quarter earnings, raised its 2026 EBITDA outlook and announced roughly C$3 billion of new growth projects.
Third-quarter comparable earnings increased to C$1.0 billion, or C$0.94 per share, from C$0.8 billion, or C$0.77 per share, a year earlier. Comparable EBITDA rose to C$3.0 billion from C$2.7 billion.
TC Energy raised its 2026 comparable EBITDA guidance to C$11.8-C$12.0 billion. For 2027, it expects comparable EBITDA of C$12.3-C$12.5 billion and projects a five-year EBITDA CAGR of 5%-7% through 2031.
The company also sanctioned approximately C$3 billion of new projects, including pipeline expansions aimed at supporting rising power generation and data center demand in the U.S. Midwest, as well as the Coastal GasLink Phase 2 expansion.
Operationally, Canadian natural gas pipeline deliveries increased 6%, U.S. pipeline flows rose 3%, and Mexico pipeline flows increased 8% year over year.
The 3% share gain appears to reflect the higher 2026 outlook, stronger earnings and increased visibility into long-term growth from newly sanctioned infrastructure projects.
