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TC Energy Corporation (TSX, NYSE: TRP) reported its third-quarter results for 2025, showcasing robust performance and updating its financial outlook through 2028. The company, led by CEO François Poirier, highlighted strong asset performance and strategic project execution, which have positioned it for continued growth.
Earnings Surpass Expectations As Core Pipeline Operations Drive Growth
TC Energy’s third-quarter performance in 2025 has been noteworthy, with the company reporting comparable earnings of $0.8 billion, or $0.77 per common share, slightly below the previous year’s $0.86 per share. Despite this, the company’s comparable EBITDA increased to $2.7 billion from $2.4 billion in the third quarter of 2024, reflecting a solid operational performance. This growth in EBITDA is indicative of the company’s ability to leverage its strong asset base and capitalize on favorable market conditions.
When compared to market expectations, TC Energy’s earnings per share (EPS) of $0.77 surpassed the anticipated $0.56, showcasing the company’s ability to outperform analyst predictions. However, the reported revenue of $2.65 billion was in line with expectations, demonstrating stable financial management and strategic execution.
Operationally, TC Energy’s Canadian Natural Gas Pipelines delivered an average of 23.0 Bcf/d, a two percent increase compared to the third quarter of 2024. The U.S. Natural Gas Pipelines maintained daily average flows of 26.3 Bcf/d, consistent with the previous year, while deliveries to LNG facilities saw a 15 percent increase, setting a new daily record of 4.0 Bcf on August 7, 2025. These operational highlights underline the company’s commitment to enhancing capacity and efficiency across its network.
TC Energy Raises 2028 Outlook, Targets Up To 7% Annual EBITDA Growth
Looking ahead, TC Energy has extended its financial outlook to 2028, driven by clear investment visibility and strong demand signals. The company expects its 2026 comparable EBITDA to range between $11.6 billion and $11.8 billion, representing a six to eight percent growth over 2025. By 2028, TC Energy anticipates a comparable EBITDA of $12.6 billion to $13.1 billion, implying a compounded annual growth rate of five to seven percent from 2025.
In terms of capital expenditures, TC Energy projects spending at the lower end of $6.1 billion to $6.6 billion on a gross basis for 2025, with net capital expenditures ranging from $5.5 billion to $6.0 billion. This reflects the company’s focus on capital efficiency and successful project execution. The recent approval of $0.7 billion in new growth projects, backed by long-term contracts, further exemplifies TC Energy’s disciplined approach to capital allocation.
TC Energy’s strategic priorities remain centered around executing a selective portfolio of growth projects, maintaining financial strength, and maximizing asset value through safety and operational excellence. With a quarterly dividend of $0.85 per common share declared for the quarter ending December 31, 2025, the company continues to deliver consistent value to shareholders. As TC Energy advances its strategic initiatives, it is well-positioned to capitalize on long-term growth opportunities and meet the evolving energy needs of North America.
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