TC Energy (TRP) Q1 2026 earnings summary

Executive summary

• Achieved best safety performance in six years, with seven delivery records across North America and a 14% year-over-year increase in comparable EBITDA, reflecting strong operational and financial results.

• Announced and approved the $1.5 billion Appalachia Supply Project on Columbia Gas, supported by a 20-year contract and a 7.3x build multiple, expanding reach into high-demand markets.

• Reached key settlement agreements on Canadian Mainline, ANR, and Great Lakes assets, reinforcing regulated earnings stability.

• Maintained disciplined capital allocation and strengthened the balance sheet, targeting long-term value creation and a 4.75x debt-to-EBITDA ratio.

• Strong customer demand validated by oversubscribed open seasons in Ohio and Crossroads systems.

Financial highlights

• Comparable EBITDA rose 14% year-over-year to $3.1 billion, surpassing CAD 3 billion for the first time in a quarter.

• Comparable earnings were $1.0 billion ($0.99/share), up from $0.95/share; net income attributable to common shares was $0.9 billion ($0.86/share), down from $0.94/share year-over-year.

• Revenues increased to $3.86 billion from $3.62 billion year-over-year.

• Net cash provided by operations was $2.6 billion, up from $1.4 billion year-over-year.

• Quarterly dividend declared at $0.8775 per common share for Q2 2026, annualized at $3.51.

Outlook and guidance

• 2026 comparable EBITDA outlook reaffirmed at $11.6–$11.8 billion, with a path to $12.6–$13.1 billion by 2028 and higher comparable EPS than 2025.

• Capital expenditures projected at $6.0–$6.5 billion (gross), or $5.5–$6.0 billion (net) annually through 2030.

• Long-term debt-to-EBITDA target remains at 4.75x.

• Project backlog and execution excellence underpin confidence in continued growth and shareholder value.

• Up to CAD 6 billion annual net capital deployment planned, with flexibility to exceed as Bruce MCR program concludes post-2030.