TC Energy Targets Earnings Growth Through 2028; Quarterly Revenue Rises

By Robb M. Stewart

TC Energy extended its target for underlying earnings growth through to 2028 as it continues to green light new projects and after revenue rose in the third quarter as pipeline deliveries increased.

The Canadian energy company on Thursday reported income attributable to shareholders of 609 million Canadian dollars ($432 million), or C$0.58 a share, compared with C$1.46 billion, or C$1.40, in the same period a year earlier.

Comparable earnings before interest, taxes, depreciation and amortization--a measure of profit followed by industry analysts--increases to C$2.65 billion from continuing operations from C$2.41 billion last year. That was in line with the mean forecast of analysts polled by FactSet.

Revenue for the three months increased 10% to C$3.70 billion, meeting the consensus expectation.

Natural gas pipeline deliveries in Canada averaged 23 billion cubic feet per day in the latest quarter, up about 2% on a year earlier. Average daily gas flows in the U.S. were 26.3 billion cubic feet a day, in line with a year earlier, and in Mexico flows averaged 3.3 billion cubic feet daily, up 2%.

TC Energy a year ago completed its exit from its oil pipeline business, South Bow, to leave it focused on almost 58,000 miles of natural gas pipeline in Canada, the U.S. and Mexico plus seven power-generation facilities, including the Bruce nuclear plant to supplies roughly 30% of the province of Ontario's electricity.

TC Energy said it is targeting comparable Ebitda of C$11.6 billion to C$11.8 billion in 2026, a rise of between 6% and 8% year-over-year, and earnings of C$12.6 billion to C$13.1 billion in 2028, for annual growth of 5% to 7%.

The company has given the go ahead to more than C$5 billion in new projects across its North American natural gas and power portfolio over the last 12 months, including three new natural gas pipeline projects. The company forecasts North American natural gas demand will increase by 45 billion cubic feet a day by 2035, driven by a tripling liquefied natural gas exports and power demand from data centres and coal-to-gas conversions.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 06, 2025 07:56 ET (12:56 GMT)

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