)
Visual
test
TC Energy
TC Energy (TRP) investor relations material
TC Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Extended 5–7% annual comparable EBITDA growth outlook through 2028, supported by robust North American energy fundamentals and strong asset performance.
Over $5 billion in new low-risk, accretive growth projects sanctioned in the past 12 months, including $0.7 billion in Q3, all underpinned by long-term contracts and targeting power generation and data center demand.
Approximately $8 billion of assets placed into service year-to-date, 15% under budget, with additional $8.2 billion expected by year-end.
S&P upgraded outlook to stable, reflecting improved financial strength and consistent delivery on capital and operational commitments.
Liquids Pipelines business was spun off as South Bow Corporation on October 1, 2024; results reflect continuing operations.
Financial highlights
Q3 2025 comparable EBITDA from continuing operations was $2.7 billion, up 10% year-over-year from $2.4 billion in Q3 2024, driven by natural gas pipeline performance.
Net income attributable to common shares for Q3 2025 was $0.8 billion ($0.78/share), down from $1.3 billion ($1.29/share) in Q3 2024.
Revenues from continuing operations were $3.7 billion, up from $3.4 billion in Q3 2024.
Net cash provided by operations for Q3 2025 was $1.92 billion; capital spending was $1.51 billion.
Dividends declared at $0.85 per common share for Q3 and Q4 2025.
Outlook and guidance
2025 comparable EBITDA expected between $10.8–$11.0 billion; 2026 guidance raised to $11.6–$11.8 billion, a 6–8% year-over-year increase.
2028 comparable EBITDA projected at $12.6–$13.1 billion, implying 5–7% annual growth from 2025–2028.
Dividend growth expected at the low end of the 3%–5% range, prioritizing capital for high-return projects.
Capital expenditures for 2025 anticipated at the lower end of $6.1–$6.6 billion gross, $5.5–$6.0 billion net.
Data center growth impact on gas demand?
Primary drivers for Q3 comparable EPS decline?
Bruce Power MCRs: current impact & recovery outlook?
What factors drive 2025 EPS lower despite EBITDA growth?
Describe the risk profile of recently sanctioned projects.
What are the key drivers of long-term energy demand?
What enables CapEx above $6B post-2028?
Mexico asset monetization: timing and triggers?
Sustaining project execution outperformance?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 7 FebEVK
FY 2025 guidance met with strong cash flow; stable 2026 outlook and new dividend policy set. - 7 FebSBIN
Q3 FY26 net profit hit INR 21,028 crore, driven by strong income and strategic divestments. - 7 FebGICRE
Net profit for the nine months surged to ₹6,62,217 lakhs, with a robust solvency ratio of 3.87. - 7 Feb517271
Strong revenue and profit growth, interim dividend, and major investments approved. - 7 Feb514167
Quarterly and nine-month results reflect solid revenue, profit, and compliance with new labour codes. - 7 FebMGL
Strong revenue growth offset by lower margins and profit; interim dividend declared. - 7 FebPGIL
Strong revenue and margin growth, with India set for further expansion and upgraded ratings. - 7 Feb504614
Strong revenue and profit growth in Q3 FY26, led by power and steel segments. - 7 FebCHEMPLASTS
Net losses widened and revenue fell year-over-year amid regulatory and market headwinds. - 6 FebHTOO
Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist.
Next TC Energy earnings date
Q4 202513 Feb, 2026
TC Energy
Next TC Energy earnings date
Q4 202513 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
TC Energy Corporation develops and operates energy infrastructure including pipelines, power generation, and natural gas storage. The company operates assets across North America, transporting natural gas and liquids to a range of markets. It is headquartered in Calgary, Canada, and its shares are listed on the TSX.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage