NYSE$TRP
TC Energy Corporation · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
TC Energy Q1 2026: $3.1B comparable EBITDA, $0.99 adjusted EPS as pipeline deliveries hit records
TC Energy reported strong first-quarter 2026 results on May 1, 2026, with comparable EBITDA of $3.09 billion, up 14% from $2.71 billion a year earlier, and comparable earnings of $1.03 billion, or $0.99 per common share, versus $0.95 in Q1 2025. Net income attributable to common shares was $899 million, or $0.86 per share. Segmented earnings rose 10% to $2.17 billion as U.S. natural gas pipelines earned $1.08 billion and Mexico pipelines $389 million. The company declared a quarterly dividend of $0.8775 and approved the US$1.5 billion Appalachia Supply Project on Columbia Gas. Management reaffirmed 2026 comparable EBITDA guidance of $11.6–$11.8 billion and net capital expenditures of $5.5–$6.0 billion. Operations set seven delivery records across North America, including an all-time U.S. pipeline delivery record of 39.9 Bcf/d.
- Comparable EBITDA $3.09B (+14%); comparable EPS $0.99 vs $0.95.
- Net income attributable to common shares $899M ($0.86/share).
- Segmented earnings $2.17B (+10%); U.S. gas pipelines $1.08B.
- Approved US$1.5B Appalachia Supply Project on Columbia Gas system.
- Reaffirmed 2026 comparable EBITDA outlook of $11.6–$11.8B.
Headline financials
Revenue & EPS history
TC Energy · Revenue · Quarterly
C$2.81B
Forward guidance
TC Energy reaffirmed 2026 comparable EBITDA of $11.6–$11.8 billion and net capital expenditures of $5.5–$6.0 billion, with comparable EPS expected above 2025.
Tailwinds
- Record pipeline delivery volumes
- Appalachia Supply Project approval
- Strong customer demand for expansions
Headwinds
- Mexico pipeline flows below prior year
- Bruce Power availability 88.2% on planned outage
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+0.1%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+0.5%
Avg return
30 days after
60%
29 / 48 earnings
Positive
+6.6%
Q4 2017
Best reaction
-7.8%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.9% | -2.2% | -0.5% | |
| Q3 2025 | +0.3% | +6.4% | +8.4% | |
| Q2 2025 | +1.8% | +4.0% | +10.7% | |
| Q4 2024 | -3.1% | +0.3% | +0.5% | |
| Q1 2025 | -0.9% | +0.3% | +0.5% | |
| Q3 2024 | +0.9% | +0.0% | -0.2% | |
| Q2 2024 | +0.9% | +3.1% | +11.5% | |
| Q1 2024 | +3.3% | +4.0% | +5.9% | |
| Q4 2023 | +2.8% | +3.2% | +4.2% | |
| Q3 2023 | +0.2% | -0.1% | +5.8% | |
| Q2 2023 | -7.8% | -3.9% | -4.7% | |
| Q1 2023 | +2.5% | +0.6% | -2.1% | |
| Q4 2022 | +1.4% | +1.3% | -10.0% | |
| Q3 2022 | +5.8% | +5.9% | -5.5% | |
| Q2 2022 | -3.2% | -6.9% | -8.4% | |
| Q1 2022 | -5.5% | -0.1% | +2.6% | |
| Q4 2021 | +0.3% | +0.2% | +4.4% | |
| Q3 2021 | -5.4% | -6.4% | -14.0% | |
| Q2 2021 | -1.3% | -1.2% | -4.0% | |
| Q1 2021 | +0.8% | -1.5% | +3.4% | |
| Q4 2020 | +0.3% | -0.2% | +2.5% | |
| Q3 2020 | -1.7% | -0.7% | +12.8% | |
| Q2 2020 | -1.0% | +3.1% | +3.1% | |
| Q1 2020 | -0.9% | +1.8% | -2.9% | |
| Q4 2019 | +1.2% | +1.6% | -23.9% | |
| Q3 2019 | +0.4% | +0.0% | +1.2% | |
| Q2 2019 | -0.8% | -1.8% | +4.7% | |
| Q1 2019 | -0.1% | -0.3% | +3.6% | |
| Q4 2018 | +1.9% | +2.5% | +7.5% | |
| Q3 2018 | +2.6% | +5.0% | +8.5% | |
| Q2 2018 | +0.8% | -1.0% | -5.1% | |
| Q1 2018 | +0.1% | +0.7% | -1.9% | |
| Q4 2017 | +6.6% | +4.9% | -0.5% | |
| Q3 2017 | +1.5% | +2.0% | +0.7% | |
| Q2 2017 | +1.1% | +1.7% | -0.4% | |
| Q1 2017 | +3.4% | +2.8% | +3.1% | |
| Q4 2016 | -0.1% | -0.6% | -3.5% | |
| Q3 2016 | -5.0% | -3.5% | -2.3% | |
| Q2 2016 | +2.8% | +2.6% | +2.5% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +1.3% | — | — | |
| Q3 2015 | +1.7% | — | — | |
| Q2 2015 | -2.5% | — | — | |
| Q1 2015 | +0.8% | — | — | |
| Q4 2014 | -1.5% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q4 2013 | -0.9% | — | — | |
| Q4 2012 | -1.3% | — | — |
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