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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?
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Q4 202513 Feb, 2026
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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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