TC Energy stock lifts 2026 outlook after strong Q3

TC Energy reported stronger third-quarter results on Thursday, November 5, 2026, and raised its full-year outlook. In its news release, the Calgary-based energy infrastructure company also announced approximately C$3 billion of new growth projects.

Comparable earnings rose to C$983 million, or C$0.94 per common share, from C$805 million, or C$0.77 per share, in the third quarter of 2025. Comparable EBITDA increased to C$3.004 billion from C$2.654 billion, while segmented earnings reached C$2.262 billion compared with C$1.928 billion a year earlier. Net income attributable to common shareholders was C$1.026 billion, or C$0.98 per share, versus C$813 million, or C$0.78 per share.

Higher guidance and new projects

TC Energy now expects 2026 comparable EBITDA of C$11.8 billion to C$12.0 billion, compared with its previous range of C$11.6 billion to C$11.8 billion. Capital spending is expected at the lower end of the C$6.0 billion to C$6.5 billion range before adjustments for non-controlling interests, or C$5.5 billion to C$6.0 billion on a net basis.

For 2027, management forecasts comparable EBITDA of C$12.3 billion to C$12.5 billion and net capital expenditures of C$6.0 billion to C$6.5 billion. The company expects comparable EBITDA to grow at a compound annual rate of 5% to 7% from 2026 through 2031.

TC Energy sanctioned approximately C$6 billion of projects during 2026 at a weighted average build multiple of about 6.5 times. The Crossroads Expansion in the U.S. Midwest is designed to add 1.4 billion cubic feet per day of capacity, while the American Midwest project is expected to add another 1.0 billion cubic feet per day. Both projects are supported by long-term take-or-pay contracts and are targeted for service in 2030.

Coastal GasLink Phase 2 also received approval after LNG Canada and its partners made a positive final investment decision. The C$4.9 billion expansion is expected to add about 2.0 billion cubic feet per day of firm transportation capacity, lifting the system to approximately 4.5 billion cubic feet per day. Construction is expected to begin in early 2027, with service targeted for the early 2030s.

Operational performance supports outlook

Canadian natural gas pipeline deliveries averaged 24.3 billion cubic feet per day, up 6% from the third quarter of 2025. U.S. natural gas pipeline flows rose 3% to 27.0 billion cubic feet per day, while Mexico flows increased 8% to 3.7 billion cubic feet per day. Bruce Power reported 96.6% availability during the quarter.

Management attributed the improved performance to asset availability, settlements and commercial agreements in the U.S. natural gas business, additional storage and park-and-loan revenue, incentive earnings under Canadian settlements, and projects completed ahead of schedule and under budget. TC Energy said about 98% of comparable EBITDA comes from rate-regulated assets or long-term take-or-pay contracts, supporting visibility into cash generation while the company expands its capital program.

TC Energy stock traded at EUR 55.96 on Lang & Schwarz at 14:46 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of TC Energy stock for the latest market level.

The S&P/TSX Composite provides the broader market setting for Canadian-listed infrastructure companies; current market reports cover the wider Canadian market.

TC Energy declared a quarterly dividend of C$0.8775 per common share for the quarter ending December 31, 2026, payable on January 29, 2027. More details on the company, its projects and upcoming developments are available in More news and analyses on TC Energy stock.