Canada's TC Energy Q2 profit beats; EBITDA up 12%
Canada's TC Energy Q2 profit beats; EBITDA up 12%
Overview
Canada energy infrastructure firm's Q2 adjusted EPS beat analyst expectations
Comparable EBITDA rose 12% yr/yr, driven by strong asset performance
Company sanctioned C$0.7 bln in new growth projects in Q2, totaling C$3 bln for 2026
Outlook
TC Energy expects 2026 comparable EBITDA at the upper end of C$11.6 bln to C$11.8 bln range
Company anticipates 2026 capital expenditures of C$6.0 bln to C$6.5 bln, or C$5.5 bln to C$6.0 bln net
TC Energy sees strong North American natural gas demand supporting long-term growth outlook
Result Drivers
PIPELINE THROUGHPUT - Increased deliveries and flows on U.S. and Canadian natural gas pipelines, including record volumes to LNG facilities and power generation customers, supported Q2 results
PROJECT EXECUTION - Placement of C$1.8 bln in new projects into service, including capacity expansions on the NGTL System and Bison XPress, contributed to higher earnings
NUCLEAR AVAILABILITY - Bruce Power achieved 98.5% availability in Q2, with Unit 3 refurbishment completed ahead of schedule and within budget, supporting stable power segment performance
Company press release: ID:nGNX2xgBXL
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted EPS | Beat | C$0.94 | C$0.83 (12 Analysts) |
Q2 Net Income |
| C$987 mln |
|
Q2 Dividend |
| C$0.88 |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for TC Energy Corp is C$100.00, about 5.7% above its July 29 closing price of C$94.61
The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 23 three months ago
Reuters Recommended Reads
July 30 - Canada's AltaGas Q2 adjusted EPS beats estimates, lifts 2026 outlook
July 27 - Canada's Gibson Energy Q2 net income rises on record Infrastructure segment EBITDA
July 29 - Germany's Uniper firms up 20-year LNG purchase deal with Canada
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)