The earnings call highlighted TC Energy's strong financial performance, successful project completions, and increased forecasts for natural gas demand, outweighing the challenges posed by lower Alberta power prices and currency impacts. The company's strategic investments and sustainability efforts further emphasize a positive outlook.

Company Guidance

During TC Energy's second-quarter 2025 conference call, the company provided robust guidance metrics, demonstrating strong performance and future growth prospects. The company reported a 12% year-over-year increase in comparable EBITDA for the second quarter and raised its 2025 comparable EBITDA outlook to between $10.8 billion and $11 billion, marking an approximate 9% increase over 2024. This growth is supported by a 26% increase in pre-filed FTS rates on the Columbia Gas system and the completion or activation of around $5.8 billion in capacity projects. TC Energy expects to place about $8.5 billion of assets into service in 2025, with a focus on brownfield expansions. The fundamentals of their business remain strong, with North American natural gas demand forecasted to grow by 45 Bcf per day by 2035. Their financial outlook anticipates further deleveraging to about 4.75x by 2026, with a projected EBITDA growth rate of 5% to 7% over three years.

Strong Financial Performance

TC Energy delivered a 12% year-over-year increase in comparable EBITDA, with an increased 2025 outlook to $10.8 billion to $11 billion, representing an approximately 9% increase over 2024.

Columbia Gas System Settlement

Reached a settlement in principle with customers on the Columbia Gas system, resulting in a 26% increase in pre-filed FTS rates, underscoring demand and effective collaboration with stakeholders.

Completion of Major Projects

Approximately $5.8 billion of capacity projects were completed or placed into service, including Southeast Gateway and East Lateral XPress Project.

Increased Natural Gas Demand Forecast

North American natural gas demand is now forecast to grow by 45 Bcf per day by 2035, up from a prior forecast of 40 Bcf per day.

Improved Project Returns

The average unlevered after-tax IRR of sanctioned projects increased to approximately 12% in 2025, up from 8.5% a few years ago.

Bruce Power Investment

Bruce Power's availability improved to an expected average in the low 90s for 2025, with investments expected to nearly double equity income by 2035.

Sustainability Achievements

TC Energy reduced absolute methane emissions by 12% over the last 5 years while increasing throughput by 15%.

TC Energy (TSE:TRP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:TRP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	0.82 / -	1.03	―	―	―
Jul 31, 2025	2025 (Q2)	0.79 / 0.82	0.856	-4.21% (-0.04)
May 01, 2025	2025 (Q1)	0.97 / 0.95	1.13	-15.93% (-0.18)
Feb 14, 2025	2024 (Q4)	0.99 / 1.05	1.23	-14.63% (-0.18)
Nov 07, 2024	2024 (Q3)	0.96 / 1.03	0.911	13.06% (+0.12)
Aug 01, 2024	2024 (Q2)	0.82 / 0.86	0.874	-2.06% (-0.02)
May 03, 2024	2024 (Q1)	1.05 / 1.13	1.102	2.54% (+0.03)
Feb 16, 2024	2023 (Q4)	1.00 / 1.23	1.011	21.66% (+0.22)
Nov 08, 2023	2023 (Q3)	0.89 / 0.91	0.975	-6.56% (-0.06)
Jul 27, 2023	2023 (Q2)	0.87 / 0.87	0.911	-4.06% (-0.04)

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:TRP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	C$65.02	C$66.16	+1.75%
May 01, 2025	C$68.77	C$68.41	-0.52%
Feb 14, 2025	C$65.53	C$63.52	-3.07%
Nov 07, 2024	C$64.88	C$66.29	+2.18%

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 TC Energy (TSE:TRP) report earnings?

TC Energy (TSE:TRP) is schdueled to report earning on Nov 05, 2025, TBA (Confirmed).

What is TC Energy (TSE:TRP) earnings time?

TC Energy (TSE:TRP) earnings time is at Nov 05, 2025, TBA (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:TRP EPS forecast?

TSE:TRP EPS forecast for the fiscal quarter 2025 (Q3) is 0.82.

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