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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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TC Energy (TRP) investor relations material
TC Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Achieved 12% year-over-year comparable EBITDA growth in Q2 2025, raising full-year outlook to $10.8–$11.0 billion, driven by strong operational execution and project completions.
Placed $5.8 billion of capacity projects into service year-to-date, with $8.5 billion expected for 2025, tracking 15% below budget.
Safety performance remains exceptional, with incident rates at five-year lows and sustainability initiatives advancing.
Announced $4.5 billion in new growth projects over the past nine months, all underpinned by long-term contracts.
Declared a quarterly dividend of $0.85 per share, annualized at $3.40 per share.
Financial highlights
Q2 2025 comparable EBITDA from continuing operations rose 12% year-over-year to $2.63 billion, with all business units contributing.
Comparable earnings from continuing operations were $848 million ($0.82 per share), up from $822 million ($0.79 per share) in Q2 2024.
Power and Energy Solutions segment delivered 33% comparable EBITDA growth year-over-year, led by Bruce Power and Alberta cogen fleet.
Net cash provided by operations was $2.17 billion in Q2 2025, up from $1.66 billion in Q2 2024.
Revenues from continuing operations were $3.74 billion, up from $3.33 billion in Q2 2024.
Outlook and guidance
2025 comparable EBITDA guidance raised to $10.8–$11.0 billion, reflecting strong H1 results and confidence in execution.
2027 EBITDA targeted at $11.7–$11.9 billion, implying a 5–7% three-year CAGR.
Net capital expenditures for 2025 forecast at $5.5–$6.0 billion, in line with plan.
Deleveraging to a long-term debt-to-EBITDA ratio of 4.75x targeted by 2026.
Annual dividend growth target of 3–5% maintained, supported by organic EBITDA growth and deleveraging.
What is driving demand for capacity projects?
What is the status of the Tula pipeline?
What is the expected timeline for Unit 5 MCR?
How will rising data center demand impact projects?
What's driving Bruce Power's improved availability?
What's the plan for NGTL capital allocation?
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Next TC Energy earnings date
Q3 20256 Nov, 2025
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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.
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