TC Energy (TSE:TRP)
TSX:TRP
Earnings Data
Report Date
May 01, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1Last Year’s EPS
0.95Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational execution, notable project delivery and cost-out performance (including >15% under-budget delivery and sizable project placements), clear visibility to multi-year EBITDA growth (reaffirmed 2026 and 2028 ranges), and a deep pipeline (pending approval ~$8B and origination ~$12B). Offsetting items were temporary impacts from Bruce Power outages, evolving balance-sheet planning for larger projects and some regional currency/tax and regulatory complexities. Overall, the positives around execution, backlog and financial guidance materially outweighed the challenges discussed.Company Guidance
Comparable EBITDA Growth (Full Year and Q4)
Full-year comparable EBITDA increased ~9% year-over-year, and fourth-quarter comparable EBITDA grew 13% year-over-year, with the quarter generating nearly $3.0 billion of EBITDA.
Strong Project Execution and Cost Performance
Placed $8.3 billion of projects into service on schedule and over 15% under budget; in Q4 specifically placed $2.0 billion of assets into service on time and under budget, and expect roughly $4.0 billion to be placed into service in 2026.
Pipeline of Growth Opportunities
High-conviction pending approval portfolio at ~$8.0 billion and an additional ~$12.0 billion in origination (conservative view). Added $600 million of new projects in Q4 and advanced ~$5.0 billion of projects at various stages during the quarter.
Capital Allocation Targets Reaffirmed
Management reaffirmed the plan to fully allocate a $6.0 billion annual net capital expenditure target through 2030, with potential to surpass that level toward the latter part of the decade and targeted build multiples of 5x–7x EBITDA.
Concrete Near-Term EBITDA Visibility and Outlook
Reaffirmed 2026 comparable EBITDA outlook of $11.6 billion to $11.8 billion and 2028 outlook of $12.6 billion to $13.1 billion, reflecting sustained base-business momentum.
Operational Safety and Delivery Records
Reported best safety performance in five years; pipeline businesses set new all-time high delivery records (cited as driving operational and financial results).
Bruce Power Operational Progress
Bruce Power availability improving with expected availability in the low-90s percent range for 2026; every available unit day equates to roughly $1 million per day of incremental revenue; Unit 3 planned to return to service in 2026.
Geographic and Market Footprint Strength
Company serves 7 LNG facilities representing 30% of North American LNG feed gas across 3 countries, 170 power plants (near high-growth markets such as PJM and MISO), and is proximate to ~60% of projected U.S. data center growth—supporting durable demand drivers.
Regional Earnings Upside — Mexico and U.S.
Mexico EBITDA increased by $163 million (a ~70% increase year-over-year) due largely to completion of Southeast Gateway; U.S. EBITDA increased by $188 million driven by Columbia Gas settlement, contract sales and marketing gains; Canada Gas EBITDA up $110 million from incentives and depreciation flow-through on NGTL and Mainline.
Dividend Growth and Shareholder Return
Board declared Q1 2026 dividend of $0.8775 per common share ($3.51 annualized), a 3.2% year-over-year increase and the 26th consecutive year of dividend growth (management target 3%–5% annual dividend growth).
TSE:TRP 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:TRP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 13, 2026 | C$82.75 | C$85.65 | +3.50% |
Nov 06, 2025 | C$69.61 | C$69.78 | +0.24% |
Jul 31, 2025 | C$62.93 | C$64.03 | +1.75% |
May 01, 2025 | C$66.56 | C$66.21 | -0.52% |
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 May 01, 2026, TBA (Confirmed).
What is TC Energy (TSE:TRP) earnings time?
TC Energy (TSE:TRP) earnings time is at May 01, 2026, 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 2026 (Q1) is 1.