TC Energy Q2 2026: Comparable EBITDA Climbs 12%, Full-Year Outlook Raised to Upper End
TRP sits 44% above its 52-week low of $46.61.
Summary
TC Energy reported Q2 2026 comparable EBITDA of $2.9 billion, up 12% year-over-year, and raised its full-year comparable EBITDA outlook to the upper end of its $11.6–$11.8 billion range. The company also sanctioned $0.7 billion in new growth projects and completed the Bruce Power Unit 3 refurbishment ahead of schedule.
Key Events · Earnings and Guidance · TRP
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Q2 Comparable EBITDA Up 12%
Comparable EBITDA reached $2.948 billion, driven by higher contributions from U.S. and Mexico natural gas pipelines and Bruce Power. Comparable earnings per share rose to $0.94 from $0.82 a year ago.
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Full-Year Outlook Raised
Management now expects 2026 comparable EBITDA at the upper end of the $11.6–$11.8 billion range, up from prior guidance of 'higher than 2025,' reflecting strong first-half execution and confidence in the second half.
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$0.7B in New Growth Projects Sanctioned
Approved the Central Virginia Capacity project (US$0.3B, 0.4 Bcf/d), the Clark project (US$0.1B, 0.3 Bcf/d), and an NGTL System expansion ($0.1B), all backed by long-term contracts with weighted average build multiples of ~5.8x.
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Bruce Power Unit 3 Refurbishment Complete
Unit 3 returned to service on June 12, 2026, seven months ahead of the IESO schedule and within its $1.1 billion budget (TC Energy share), de-risking future power segment earnings.
Analysis · TRP · Energy & Transportation
A strong second quarter saw comparable EBITDA climb 12% to $2.9 billion, while comparable earnings per share advanced 15% to $0.94. Reflecting confidence in sustained operational momentum, management now expects full-year comparable EBITDA at the upper end of its $11.6–$11.8 billion range. The quarter also brought $0.7 billion in newly sanctioned low-risk expansion projects, including two U.S. natural gas pipeline projects backed by 20-year take-or-pay contracts, reinforcing the company's growth pipeline. Bruce Power's Unit 3 refurbishment was completed ahead of schedule and within budget, a milestone that de-risks future earnings from the power segment. With rate case settlements advancing on ANR and the Canadian Mainline, regulatory visibility is improving. The results and guidance raise the bar for full-year performance, though the stock's reaction will depend on whether the market had already priced in a beat.
At the time of this filing, TRP was trading at $67.14 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $67.3B. The 52-week trading range was $46.61 to $71.47. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.