NYSE$TRP
TC Energy Corporation · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
TC Energy Q1 comparable EPS $0.95; sanctions $2.4B in new growth projects
TC Energy reported solid Q1 2025 results from continuing operations with comparable earnings of $983 million, or $0.95 per common share, compared with $1.02 in Q1 2024. Net income attributable to common shares was $978 million ($0.94 basic EPS). Comparable EBITDA from continuing operations was $2.71 billion, roughly flat year over year, while segmented earnings rose to $1.97 billion. The company reaffirmed 2025 comparable EBITDA guidance of $10.7–10.9 billion and declared a $0.85 quarterly dividend. TC Energy approved the Northwoods pipeline expansion (~US$0.9B) and Bruce Power Unit 5 MCR ($1.1B), and expects Southeast Gateway to enter service by end of May 2025.
- Comparable EPS of $0.95 vs $1.02 prior year; comparable EBITDA $2.71B roughly flat
- Segmented earnings $1.97B (+1% YoY) led by U.S. Natural Gas Pipelines at $1.11B
- Sanctioned Northwoods (0.4 Bcf/d, ~US$0.9B) and Bruce Power Unit 5 MCR ($1.1B)
- Southeast Gateway pipeline ready for service pending Mexican regulatory approval
- Reaffirmed 2025 comparable EBITDA guidance of $10.7–10.9B; $0.85 quarterly dividend declared
Headline financials
Revenue & EPS history
TC Energy · Revenue · Quarterly
C$2.81B
Forward guidance
TC Energy reaffirmed 2025 comparable EBITDA of $10.7–10.9 billion (USD/CAD 1.35), expects ~$8.5B of projects in service in 2025, and net capital expenditures of $5.5–6.0B.
Tailwinds
- 97% of comparable EBITDA underpinned by rate regulation or long-term take-or-pay contracts
- Southeast Gateway and other 2025 project completions tracking under budget
Headwinds
- Comparable EPS expected lower than 2024 per annual report outlook
- Bruce Power MCR outages reduced Power segment earnings versus prior year
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 Q4 2024
+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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