TC Energy (NYSE:TRP) Posts Earnings Results, Beats Expectations By $0.03 EPS

07 Nov 2026, 20:12 by Teresa Graham · The Cerbat Gem

TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) posted its quarterly earnings results on Thursday. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.03, Zacks reports. The business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.79 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%. During the same period in the prior year, the company posted $0.77 EPS.

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

Results beat the prior outlook: Third-quarter comparable EBITDA rose 13% year over year to more than CAD 3 billion, while comparable EPS increased 22% to CAD 0.94. TC Energy raised its 2026 EBITDA guidance to CAD 11.8–12.0 billion and expects CAD 12.3–12.5 billion in 2027.
Long-term growth and dividend outlook extended: The company forecasts 5%–7% annual comparable EBITDA growth through 2031 and 3%–5% annual dividend growth, while targeting debt-to-EBITDA of no more than 4.75 times. Management said the low end of the growth range is supported by sanctioned and pending projects, while the upper end depends on advancing additional projects.
Significant investment pipeline, with execution and conversion still key: TC Energy cited CAD 30 billion of sanctioned and pending projects and more than CAD 40 billion in origination, including CAD 15 billion of power opportunities. It expects annual net capital spending of roughly CAD 8–9 billion from 2029–2031 to support the midpoint of its outlook; reaching the high end would require converting more opportunities into approved projects.
New contracted projects expand the network: Announced projects include the USD 1.8 billion Crossroads expansion and the approximately USD 400 million American Midwest project, both backed by 20-year take-or-pay contracts and targeted for 2030 service. Coastal GasLink Phase 2 is also advancing, with LNG Canada leading execution and TC Energy’s equity contribution capped at up to CAD 250 million.
Optimization and AI are adding value to existing assets: AI-enabled capacity management initiatives generated approximately CAD 65 million of incremental EBITDA year to date. Management is on track for a CAD 100 million run rate in 2026 and targets an additional CAD 100 million in 2027.

TC Energy Stock Performance

Shares of TRP traded down $0.63 during midday trading on Friday, hitting $61.95. 2,730,756 shares of the stock traded hands, compared to its average volume of 2,233,635. The business’s 50 day moving average price is $61.34 and its two-hundred day moving average price is $63.84. The firm has a market capitalization of $61.95 billion, a PE ratio of 23.03 and a beta of 0.64. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy has a 1-year low of $50.72 and a 1-year high of $71.47.

TC Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 29th. Stockholders of record on Thursday, December 31st will be issued a dividend of C$0.88 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $3.51 annualized dividend and a dividend yield of 5.7%. TC Energy’s payout ratio is 104.98%.

Key Stories Impacting TC Energy

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

Positive Sentiment: Third-quarter EPS of $0.67 beat the $0.64 consensus, while revenue of $2.88 billion exceeded estimates of $2.79 billion. TC Energy Surpasses Q3 Earnings and Revenue Estimates
Positive Sentiment: TC Energy raised its 2026 profit outlook, extended its outlook through 2031, and announced about C$3 billion in new pipeline growth projects. Stronger guidance and planned investment may support future earnings growth. TC Energy raises 2026 profit outlook and announces projects
Positive Sentiment: The company declared a quarterly dividend of C$0.88 per share, equivalent to an indicated annualized yield of about 5.6%, which may appeal to income-focused investors.
Positive Sentiment: Management plans to unveil a further NGTL expansion proposal in December, adding a potential source of future pipeline investment and growth. TC Energy to unveil NGTL expansion plan
Neutral Sentiment: Despite the favorable earnings and outlook news, TRP was lower in the supplied trading snapshot. The provided coverage does not point to a clear company-specific negative headline explaining the decline.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. TD Securities reaffirmed a “buy” rating on shares of TC Energy in a report on Friday, October 16th. Barclays reissued an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Thursday, August 20th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $99.00 price target on shares of TC Energy in a report on Friday, July 31st. Finally, Royal Bank Of Canada reaffirmed a “moderate buy” rating and set a $106.00 price objective on shares of TC Energy in a research report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $93.75.

View Our Latest Stock Analysis on TC Energy

About TC Energy

(Get Free Report)

TC Energy (NYSE: TRP) is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers.

The company’s pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario.