Overview
- Third‑quarter revenue rose to $3.70 billion, but comparable EPS of C$0.77 missed estimates and U.S. natural gas pipelines profit fell to C$801 million from C$1.3 billion.
- Management extended its 5–7% annual comparable EBITDA growth outlook through 2028, guiding to $11.6–$11.8 billion in 2026 and $12.6–$13.1 billion for 2025–2028.
- Over the past year, TC Energy sanctioned more than $5 billion of growth, including three in‑corridor natural gas pipeline projects backed by 20‑year take‑or‑pay or cost‑of‑service contracts.
- The company expects to place about $8.2 billion of projects into service by year‑end, tracking roughly 15% under budget, and plans roughly $4 billion entering service in 2026 including Bruce Power Unit 3.
- TC Energy forecasts North American gas demand to rise by about 45 Bcf/d by 2035, driven by a tripling of LNG exports, data‑centre power needs and coal‑to‑gas switching, and it reports 14 new pipeline flow records this year.