NYSE$TRP
TC Energy Corporation · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
TC Energy lifts 2025 EBITDA outlook after Q2 comparable EPS of C$0.82 on C$2.6B EBITDA
TC Energy reported strong second-quarter 2025 results with comparable EBITDA from continuing operations of C$2.63 billion, up from C$2.35 billion in Q2 2024. Comparable earnings were C$848 million or C$0.82 per common share versus C$822 million or C$0.79 a year ago. Net income attributable to common shares was C$862 million or C$0.83 per share. Segmented earnings reached C$1.95 billion. Management raised its full-year 2025 comparable EBITDA outlook to C$10.8-C$11.0 billion from C$10.7-C$10.9 billion. The company announced C$4.5 billion of new growth projects over nine months, expects to place ~C$8.5 billion of capital projects in service in 2025, and declared a C$0.85 quarterly dividend. Operational highlights included record NGTL system receipts and Southeast Gateway pipeline entering service.
- Q2 comparable EBITDA C$2.63B vs C$2.35B; comparable EPS C$0.82 vs C$0.79
- Net income attributable to common shares C$862M (C$0.83/share)
- 2025 comparable EBITDA outlook raised to C$10.8-C$11.0B
- C$4.5B of new growth projects announced in past nine months
- Q2 dividend C$0.85/share; ~C$8.5B of 2025 capital projects expected in service
Headline financials
Revenue & EPS history
TC Energy · Revenue · Quarterly
C$2.81B
Forward guidance
TC Energy raised 2025 comparable EBITDA guidance to C$10.8-C$11.0 billion and expects capital expenditures of C$6.1-C$6.6 billion gross (C$5.5-C$6.0 billion net), with compelling fundamentals unlocking incremental capacity projects across North America.
Tailwinds
- Raised full-year EBITDA outlook on strong asset reliability and execution
- Southeast Gateway pipeline in service; multiple expansion projects advancing
Headwinds
- Comparable EPS full-year outlook expected lower than 2024 per annual report
- Mexico segmented earnings declined vs prior year on regulatory timing
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 Q2 2025
+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% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro