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Keyera Corp. (TSE:KEY)
TSX:KEY
Earnings Data
Report Date
May 19, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.27Last Year’s EPS
0.57Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely positive operational and financial picture: record fee-for-service results, disciplined capital allocation, strategic sanctions of high-quality growth projects, and a transformational acquisition that should expand scale and fee-based cash flow. Offsetting these positives are a substantial year-over-year decline in Marketing realized margin (≈ -38%), an unplanned AEF outage with an estimated ~$110 million impact and short-term throughput variability. Management emphasized conservative dividend policy, low leverage, and reinvestment in fee-for-service growth. On balance, the highlights — including strong fee-based performance and strategic M&A — outweigh the lowlights, which are significant but appear manageable and being actively addressed.Company Guidance
Strong Overall Financial Results
Annual adjusted EBITDA (ex-deal/integration costs) of $1.16 billion; distributable cash flow of $767 million ($3.35 per share); annual net earnings of $432 million, reflecting stable performance and strong cash generation.
Record Fee-for-Service Segment Performance
Gathering & Processing realized margin of $439 million, up from $413 million year-over-year (+6.3%), driven by higher throughput and growing contributions from Wapiti and Simonette plants. Liquids Infrastructure realized margin of $593 million, up from $558 million (+6.3%), supported by higher storage contracting, condensate system utilization and KAPS ramp-up.
Sanctioned High-Quality Growth Projects
Sanctioned three strategic, capital-efficient projects (two KFS frac expansions and KAPS Zone 4). Projects are highly contracted and expected to support growth and high-quality fee-based cash flow; company reiterated 7%-8% fee-for-service EBITDA growth target to 2027.
Transformational M&A and Portfolio Optimization
Announced acquisition of Plains' Canadian NGL business (transformational and accretive; expected to expand national platform and strengthen integrated value chain). Completed Simonette area gas plant capacity addition and divestiture of noncore WildHorse asset, demonstrating disciplined portfolio management and capital recycling. Simonette deal meets the company's 10%-15% return-on-capital threshold.
Capital Allocation Discipline and 2026 Guidance
2026 guidance includes growth capital of $400–$475 million, maintenance capital $140–$160 million, and cash taxes $60–$70 million. Company maintains a conservative dividend payout philosophy (50%–70% target range), priority on funding sanctioned growth and reducing leverage to the low end of target range; pro forma guidance to follow Plains close.
TSE:KEY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:KEY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 12, 2026 | C$49.08 | C$51.03 | +3.97% |
Nov 14, 2025 | C$41.30 | C$42.76 | +3.54% |
Aug 07, 2025 | C$41.82 | C$42.35 | +1.28% |
May 15, 2025 | C$42.70 | C$41.77 | -2.19% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Keyera Corp. (TSE:KEY) report earnings?
Keyera Corp. (TSE:KEY) is schdueled to report earning on May 19, 2026, After Close (Confirmed).
What is Keyera Corp. (TSE:KEY) earnings time?
Keyera Corp. (TSE:KEY) earnings time is at May 19, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:KEY EPS forecast?
TSE:KEY EPS forecast for the fiscal quarter 2026 (Q1) is 0.27.