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Sep 30, 2025
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TC Energy Q3 2025 Earnings Report
TC Energy reported a solid performance in Q3 2025, supported by strong pipeline deliveries and the commissioning of new infrastructure projects.
Key Takeaways
TC Energy posted net income of $813 million and revenue of $2.654 billion for Q3 2025, with strong operational metrics across its gas pipeline segments. Despite a decline in net income from the prior year, the company remains focused on executing long-term growth projects backed by secure contracts.
Net income attributable to common shares was $813 million, or $0.78 per share.
Comparable earnings were $805 million, or $0.77 per share.
Revenue (Comparable EBITDA) was $2.654 billion, up from $2.412 billion in Q3 2024.
Canadian, U.S., and Mexico pipeline segments all saw increased deliveries and revenue.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TC Energy expects continued EBITDA growth through 2028, driven by strong demand, new in-service projects, and regulatory momentum.
Positive Outlook
- Extended 5–7% comparable EBITDA growth outlook through 2028
- 2026 comparable EBITDA expected between $11.6 and $11.8 billion
- $5B in new low-risk growth projects sanctioned in past 12 months
- New projects backed by long-term, cost-of-service contracts
- Bruce Power Unit 3 on track for service in 2026 under IESO contract
Challenges Ahead
- Comparable EPS for 2025 expected to be lower than 2024
- Segmented earnings declined year-over-year
- Power & Energy segment revenue declined vs. prior year
- Capital expenditures slightly below previous expectations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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