TC Energy Corporation

Latest Results (19.10.2025):

TC Energy Corporation reported strong financial and operational results for the second quarter of 2025. The company achieved significant growth in comparable EBITDA and segmented earnings compared to the same period in 2024, supported by robust execution, asset performance, and increasing demand across its North American portfolio. Additionally, TC Energy has raised its 2025 comparable EBITDA outlook and continues to invest in substantial growth projects to meet market demand.

Financial Performance

In the second quarter of 2025, TC Energy Corporation reported comparable earnings of $0.82 per common share, up from $0.79 in the second quarter of 2024. Net income attributable to common shares also increased to $0.83 per share from $0.78. Comparable EBITDA rose to $2.6 billion, up from $2.3 billion in the same quarter last year. Segmented earnings saw an increase to $1.95 billion compared to $1.73 billion in Q2 2024.

2025 Financial Outlook

TC Energy has raised its 2025 comparable EBITDA outlook to a range of $10.8 to $11.0 billion, up from the previous forecast of $10.7 to $10.9 billion. The company maintains a consistent outlook for comparable earnings per share, which remains expected to be lower than in 2024. Capital expenditures for 2025 are anticipated to be between $6.1 and $6.6 billion on a gross basis. TC Energy also declared a quarterly dividend of $0.85 per common share for the quarter ending September 30, 2025.

Operational Highlights

Deliveries from Canadian Natural Gas Pipelines averaged 23.4 Bcf/d, a 5% increase compared to Q2 2024. The NGTL System set a new receipt record of 15.5 Bcf on April 13, 2025. Additionally, U.S. Natural Gas Pipelines maintained steady flows at 25.7 Bcf/d, while deliveries to LNG facilities rose by 6% to average 3.5 Bcf/d. Mexico Natural Gas Pipelines flows increased by 3% to 3.6 Bcf/d, setting a daily flow record of 4.4 Bcf on April 22, 2025. The company's power assets also demonstrated high availability, with Bruce Power achieving 98% and the cogeneration power plant fleet reaching 93.4% availability in Q2 2025.

Project Highlights

TC Energy announced $4.5 billion in new growth projects over the past nine months to meet increasing demand, including upsized capacity on the Maysville and Pulaski projects. The Southeast Gateway pipeline commenced toll collections from the Comisión Federal de Electricidad in May 2025, and the East Lateral XPress (ELXP) project was placed in service in May 2025 with total costs of approximately $0.3 billion. Additionally, the company reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case, with final terms expected in Q4 2025. TC Energy also secured positive FID on $0.4 billion of expansion projects as part of its Multi-Year Growth Plan, targeting service to system demand growth and new supply on the NGTL System by 2027.