TC Energy's third quarter 2026 comparable EBITDA of C$3.0B beat estimates, supported by U.S. pipeline growth

TC Energy reported third quarter 2026 results demonstrating strong organic growth in its natural gas infrastructure segments following its structural separation from the liquids business. Comparable EBITDA of C$3.0 billion beat consensus estimates, driven primarily by higher transportation rates on the ANR and Columbia Gas systems and the return of Bruce Power Unit 3 to service. While revenue of C$4.03 billion was slightly below the C$4.15 billion estimate, comparable earnings per share of C$0.94 significantly outperformed the C$0.64 expectation.

Key Highlights

• Comparable EBITDA from continuing operations increased 13% year-over-year to C$3.0 billion.
• U.S. Natural Gas Pipelines EBITDA rose to US$890 million from US$770 million, driven by new contract sales and rate adjustments on the ANR system.
• Power and Energy Solutions EBITDA grew 35% to C$360 million following the return of Bruce Power Unit 3 from its Major Component Replacement outage.
• The company reached a Final Investment Decision (FID) for the Coastal GasLink Phase 2 Expansion, contributing C$75 million in pre-tax earnings during the period.