TC Energy stock: Higher outlook follows strong third quarter

TC Energy reported stronger third-quarter results on Thursday, November 5, 2026, and raised its full-year outlook. In a TC Energy news release, Chief Executive Officer François Poirier cited operating performance, settlements and projects entering service ahead of schedule and under budget.

Comparable EBITDA reached 3.0 billion Canadian dollars in the quarter, compared with 2.7 billion Canadian dollars a year earlier. Comparable earnings rose to 983 million Canadian dollars, or 0.94 Canadian dollars per share, from 805 million Canadian dollars, or 0.77 Canadian dollars per share. Net income attributable to common shareholders was 1.026 billion Canadian dollars, up from 813 million Canadian dollars.

Higher guidance supports longer outlook

TC Energy now expects 2026 comparable EBITDA of 11.8 billion to 12.0 billion Canadian dollars. The company said the revised range is 200 million Canadian dollars above its previous guidance. It also expects 2027 comparable EBITDA of 12.3 billion to 12.5 billion Canadian dollars and projects comparable EBITDA compound annual growth of 5 percent to 7 percent through 2031.

Management linked the outlook to regulated assets, long-term contracts and continued project execution. About 6 billion Canadian dollars of growth projects had been sanctioned during 2026 by the time of the announcement, while another 6 billion Canadian dollars remained pending approval. The company also cited more than 40 billion Canadian dollars of opportunities in its origination pipeline.

Midwest projects target power demand

The largest new U.S. natural gas projects are the Crossroads Expansion and the American Midwest project. Crossroads is designed to add 1.4 Bcf/d of capacity, while the Northern Border expansion would add 1.0 Bcf/d. Both projects are supported by 20-year take-or-pay contracts and are intended to serve growing power-generation demand in the U.S. Midwest, including demand from data centers.

Crossroads carries an estimated cost of 1.8 billion US dollars and is expected to enter service in 2030. The American Midwest project has an estimated cost of 0.4 billion US dollars, with TC Energy's proportionate equity contribution estimated at 0.1 billion US dollars. TC Energy also approved the Coastal GasLink Phase 2 expansion in Western Canada, which is expected to increase firm transportation capacity by about 2.0 Bcf/d.

Execution remains central for investors

TC Energy said it had placed 2.5 billion Canadian dollars of projects into service during the year through September and continued to expect 3.4 billion Canadian dollars of capital to enter service in 2026. Projects placed into service from 2025 through the third quarter were more than 10 percent under budget in aggregate, according to the company.

For income-oriented investors, the board declared a quarterly common-share dividend of 0.8775 Canadian dollars for the quarter ending December 31, 2026. The payment is scheduled for January 29, 2027, to shareholders of record at the close of business on December 31, 2026.

TC Energy stock traded at 58.32 euros on Lang & Schwarz at 14:15 CET on Thursday, November 12, 2026.

Canadian shares remain part of a broader North American market shaped by energy demand, interest rates and infrastructure investment; see Current market reports.

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