TC Energy (TRP) Q2 2026 earnings summary

Executive summary

• Achieved 12% year-over-year growth in comparable EBITDA for Q2 2026, driven by operational excellence, strong segment performance, and a diversified, low-risk asset portfolio.

• Placed $1.8–2 billion of projects into service in H1 2026, with $3.5 billion expected by year-end, and sanctioned $3 billion in new growth projects.

• Bruce Power Unit 3 refurbishment completed over seven months ahead of schedule and under budget, returning $150 million to Ontario ratepayers.

• Project backlog exceeds $20 billion, with two-thirds tied to power generation and significant growth expected post-2030.

• Net income attributable to common shares increased to $987 million, up from $833 million in Q2 2025.

Financial highlights

• Q2 2026 comparable EBITDA reached $2.95 billion, up from $2.63 billion in Q2 2025.

• Comparable earnings for Q2 2026 were $1.0 billion ($0.94/share), up from $0.8 billion ($0.82/share) in Q2 2025.

• Power and Energy Solutions segment achieved 20% EBITDA growth year-over-year.

• Revenues for Q2 2026 were $3.96 billion, up from $3.74 billion in Q2 2025.

• Declared quarterly dividend of $0.8775 per common share.

Outlook and guidance

• Targeting the upper end of 2026 comparable EBITDA range of $11.6–$11.8 billion, with 2028 EBITDA targeted at $12.6–$13.1 billion.

• Capital expenditures for 2026 projected at $6.0–$6.5 billion (gross), or $5.5–$6.0 billion (net).

• Long-term debt-to-EBITDA target of 4.75x remains on track.

• Project backlog and origination pipeline expected to drive sustained growth, with major capital investments paced for 2029, 2030, and beyond.