TC Energy stock: Higher guidance supports new pipeline growth

TC Energy raised its financial outlook and sanctioned approximately 3 billion Canadian dollars of new growth projects on Thursday, Nov. 5, after reporting stronger third-quarter results. In its news release, the company said comparable EBITDA from continuing operations reached 3.0 billion Canadian dollars, compared with 2.7 billion Canadian dollars a year earlier.

Comparable earnings increased to 1.0 billion Canadian dollars, or 0.94 Canadian dollars per common share, from 0.8 billion Canadian dollars, or 0.77 Canadian dollars, in the third quarter of 2025. Net income attributable to common shareholders was 1.0 billion Canadian dollars, or 0.98 Canadian dollars per share, versus 0.8 billion Canadian dollars, or 0.78 Canadian dollars, in the prior-year quarter.

Higher guidance follows strong execution

TC Energy now expects 2026 comparable EBITDA of 11.8 billion to 12.0 billion Canadian dollars, up from its previous range of 11.6 billion to 11.8 billion Canadian dollars. The company expects comparable earnings per share to exceed the 2025 level and projects capital expenditures toward the lower end of its 6.0 billion to 6.5 billion Canadian dollar range before non-controlling interests.

For 2027, management expects comparable EBITDA of 12.3 billion to 12.5 billion Canadian dollars and capital expenditures of 6.7 billion to 7.2 billion Canadian dollars before non-controlling interests. TC Energy also set a five-year comparable EBITDA growth target of 5% to 7% annually from 2026 through 2031.

Management linked the outlook to asset availability, commercial agreements and projects delivered ahead of schedule and under budget. Approximately 2.5 billion Canadian dollars of projects had entered service by the end of the third quarter, while the company expects 3.4 billion Canadian dollars of capital to enter service during 2026.

Pipeline projects target Midwest demand

The newly sanctioned portfolio includes the Crossroads Expansion and American Midwest projects. Together they are designed to add 2.4 Bcf/d of capacity for U.S. Midwest demand, including gas-fired power generation and data centres. Crossroads carries an estimated cost of 1.8 billion U.S. dollars and adds 1.4 Bcf/d, while American Midwest adds 1.0 Bcf/d at an estimated total cost of 0.4 billion U.S. dollars. Both projects are supported by long-term take-or-pay contracts and are expected to enter service in 2030.

TC Energy also approved Coastal GasLink Phase 2 and the ANR Optimization project. The company said approximately 6 billion Canadian dollars of growth projects had been sanctioned in 2026, with another 6 billion Canadian dollars pending approval and more than 40 billion Canadian dollars of additional opportunities in origination.

TC Energy stock traded at 54.55 euros on Lang & Schwarz at 14:43 CET on Monday, Nov. 9, 2026. Investors can follow the real-time quote of TC Energy stock.

Canada's energy infrastructure outlook remains tied to rising natural gas and power demand across North America. See current market reports.

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