TC Energy (TRP) Q2 2026 earnings summary

Executive summary

• Achieved 12% year-over-year growth in comparable EBITDA for Q2 2026, with strong contributions from all business units and high system availability across pipeline assets.

• Placed approximately $2 billion of assets into service in H1 2026, expecting $3.5 billion by year-end, and sanctioned $3 billion of growth projects at a weighted average unlevered after-tax IRR of 12%.

• Bruce Power Unit 3 refurbishment completed over seven months ahead of schedule and under budget, contributing to strong Power and Energy Solutions performance and $150 million in cost savings.

• Expanded project backlog with $7 billion pending approval and over $20 billion in advanced origination, primarily driven by power generation and data center demand.

• Net income attributable to common shares increased to $987 million in Q2 2026, up from $833 million in Q2 2025.

Financial highlights

• Q2 2026 comparable EBITDA reached $2.95 billion, up from $2.63 billion in Q2 2025, with double-digit growth across all major segments.

• Comparable earnings for Q2 2026 were $1.0 billion, up from $0.8 billion in Q2 2025.

• Power and Energy Solutions segment achieved 20% EBITDA growth year-over-year.

• Declared quarterly dividend of $0.8775 per common share.

Outlook and guidance

• Targeting the upper end of 2026 comparable EBITDA range of $11.6–$11.8 billion, with 2028 target of $12.6–$13.1 billion, representing 6% annualized midpoint growth from 2025.

• Capital expenditures for 2026 projected at $6.0–$6.5 billion (gross), or $5.5–$6.0 billion (net).

• Long-term debt-to-EBITDA target of 4.75x remains on track.

• North American natural gas demand forecast revised to 51 Bcf/d by 2035, a 40% increase over 2025, with 16 Bcf/d incremental growth from power demand.