TC Energy (NYSE:TRP) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

TC Energy (NYSE:TRP) (TSE:TRP) posted its quarterly earnings data on Thursday. The pipeline company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07, Zacks reports. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter last year, the company earned $0.82 EPS.

Here are the key takeaways from TC Energy’s conference call:

• Second-quarter comparable EBITDA rose 12% year over year, with strong pipeline utilization, high asset availability and Bruce Power performance. TC Energy now expects 2026 EBITDA to reach the upper end of its CAD 11.6–11.8 billion guidance range.
• The company sanctioned approximately CAD 3 billion of growth projects year to date at an estimated 12% weighted average unlevered after-tax IRR, while its pending-approval backlog expanded to about CAD 7 billion. Management expects Crossroads to be sanctioned in the fourth quarter and sees potential for CAD 6–8 billion of sanctions in 2026.
• TC Energy raised its outlook for incremental North American natural-gas demand by 2035 to approximately 51 Bcf per day, driven primarily by power generation, LNG, data centers and industrial demand. Nearly 70% of the growth is concentrated in regions where TC Energy has incumbent infrastructure.
• Bruce Power Unit 3 returned to service more than seven months ahead of schedule and about 15% below the cost of Unit 6, contributing to 99% availability in the quarter. Management expects the broader refurbishment program to unlock CAD 2–3 billion of annual growth capital capacity beginning around 2031–2032.
• Management acknowledged that the ultimate regulatory and return framework for future NGTL investments remains under discussion, while substantial growth could require capital-market funding or asset rotation before Bruce Power’s cash-flow inflection. Executives said they expect to determine the least-cost funding approach closer to 2028.

TC Energy Stock Performance

Shares of NYSE:TRP traded down $0.68 during midday trading on Friday, reaching $67.41. 807,488 shares of the company’s stock traded hands, compared to its average volume of 2,518,010. The company has a market cap of $70.24 billion, a price-to-earnings ratio of 29.26 and a beta of 0.66. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. TC Energy has a one year low of $46.93 and a one year high of $71.47. The stock has a 50 day moving average of $68.45 and a 200 day moving average of $64.39.

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a $0.8775 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.2%. TC Energy’s payout ratio is currently 107.39%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TRP shares. Barclays reissued an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. Weiss Ratings lowered TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Royal Bank Of Canada upped their price target on shares of TC Energy from $104.00 to $106.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, TD Securities reissued a “hold” rating on shares of TC Energy in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $89.00.

Institutional Investors Weigh In On TC Energy

Several large investors have recently bought and sold shares of the business. Arax Advisory Partners boosted its holdings in shares of TC Energy by 7.9% in the fourth quarter. Arax Advisory Partners now owns 3,029 shares of the pipeline company’s stock valued at $167,000 after acquiring an additional 221 shares in the last quarter. Ewing Morris & Co. Investment Partners Ltd. increased its stake in TC Energy by 0.6% in the 2nd quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 37,962 shares of the pipeline company’s stock valued at $1,873,000 after purchasing an additional 234 shares in the last quarter. Private Advisor Group LLC grew its holdings in TC Energy by 1.7% in the third quarter. Private Advisor Group LLC now owns 14,391 shares of the pipeline company’s stock valued at $783,000 after purchasing an additional 235 shares during the last quarter. Cresset Asset Management LLC grew its stake in TC Energy by 5.6% in the 3rd quarter. Cresset Asset Management LLC now owns 4,662 shares of the pipeline company’s stock valued at $256,000 after acquiring an additional 246 shares during the last quarter. Finally, Allworth Financial LP grew its position in shares of TC Energy by 16.4% in the third quarter. Allworth Financial LP now owns 2,151 shares of the pipeline company’s stock valued at $117,000 after purchasing an additional 303 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

Key Stories Impacting TC Energy

Here are the key news stories impacting TC Energy this week:

• Positive Sentiment: Second-quarter adjusted earnings reached $0.68 per share, exceeding the $0.61 analyst consensus, while revenue of $2.80 billion also topped estimates of $2.75 billion. The company cited strong performance across its North American operations. Reuters article
• Positive Sentiment: Reported second-quarter profit increased to approximately $987 million from $833 million a year earlier. Management said solid execution and asset performance support the higher end of its 2026 financial outlook. TC Energy second-quarter results
• Positive Sentiment: TC Energy approved approximately C$700 million of additional natural-gas pipeline expansion projects. Including prior approvals, the company has sanctioned about C$3 billion of low-risk, accretive growth projects in 2026, potentially supporting future cash flow. Pipeline expansion projects article
• Positive Sentiment: US Capital Advisors raised multiple earnings forecasts, including 2026 EPS to $2.63 from $2.52, 2027 EPS to $2.76 from $2.62, and 2028 EPS to $2.83 from $2.65. The revisions indicate improving expectations for operating performance.
• Positive Sentiment: TC Energy declared a quarterly dividend of $0.8775 per share, equivalent to approximately $3.51 annually and a reported 5.2% yield, reinforcing the stock’s income appeal. TC Energy dividend information
• Neutral Sentiment: The company’s reported net margin was 22.22%, return on equity was 10.74%, and subsidiary TransCanada PipeLines reported 2.4-times earnings coverage on debt. These figures provide support but also highlight the importance of maintaining cash flow amid substantial leverage and expansion spending.
• Negative Sentiment: One comparison showed quarterly EPS below the prior-year level, reflecting the potential for year-over-year earnings pressure despite the estimate beat. TC Energy also faces execution, financing, and regulatory risks as it commits significant capital to new pipeline projects.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.