NYSE$TRP
TC Energy Corporation · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
TC Energy Q3 2025: C$2.65B comparable EBITDA (+10% YoY), extends 5-7% growth outlook through 2028
TC Energy Corporation reported Q3 2025 results for the period ended September 30, 2025, with comparable EBITDA from continuing operations of C$2.65 billion, up from C$2.41 billion in Q3 2024. Comparable earnings were C$805 million or C$0.77 per share, versus C$894 million or C$0.86 per share a year ago. Net income attributable to common shares was C$813 million or C$0.78 per share, compared to C$1.34 billion or C$1.29 per share in Q3 2024 (prior year included liquids pipelines). The company extended its five-to-seven percent annual comparable EBITDA growth outlook through 2028, targeting C$11.6-C$11.8B in 2026 and C$12.6-C$13.1B in 2028. It sanctioned C$0.7B of new in-corridor pipeline projects in Q3 and placed ~C$8B of assets into service year-to-date on time and under budget. A C$0.85 quarterly dividend was declared.
- Comparable EBITDA C$2.65B (+10% YoY); comparable earnings C$0.77/share vs C$0.86 prior year
- Net income C$813M (C$0.78/share); segmented earnings C$1.93B from continuing operations
- 2025 comparable EBITDA outlook C$10.8-C$11.0B; 2026 target C$11.6-C$11.8B (+6-8% YoY)
- Extended growth outlook to 2028 at C$12.6-C$13.1B comparable EBITDA (5-7% CAGR from 2025)
- Sanctioned C$0.7B new projects in Q3; placed ~C$8B assets in service YTD; C$0.85 dividend declared
Headline financials
Revenue & EPS history
TC Energy · Revenue · Quarterly
C$2.81B
Forward guidance
2025 comparable EBITDA C$10.8-C$11.0B; 2026 C$11.6-C$11.8B (+6-8%); 2028 C$12.6-C$13.1B (5-7% CAGR); capex on lower end of C$5.5-C$6.0B net range
Tailwinds
- Over C$5B new growth projects sanctioned in past 12 months at ~5.9x build multiple
- Strong North American natural gas and power demand fundamentals
Headwinds
- Comparable EPS expected lower than 2024 per annual report outlook
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 Q3 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% | — | — |
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