TC Energy reported comparable earnings of C$0.94 per share in the third quarter, above the earnings calendar estimate of C$0.88. The pipeline operator also raised its 2026 EBITDA outlook.
TC Energy Corp. (TSX: TRP) released its third-quarter 2026 results before markets opened on Nov. 5. Comparable earnings rose from C$0.77 per share a year earlier. The company also raised its 2026 comparable EBITDA outlook and set a five-year growth target. A separate news report uses a different adjusted-EPS measure, so compare the figures with their sources and definitions in mind.
Recent earnings trend
TC Energy Corp
TRP.TO
TRP.TO
TC Energy Corp
WealthAwesomeMarket cap
$91.18B
P/E
24.5x
Div. yield
3.89%
Div. / share
$3.46
52W high
$98.71
52W low
$70.01
1W change
-0.91%
Beta
0.92
Analyst Price Targets
Based on analyst covering TRP · as of Oct 29, 2026
Wall Street analysts forecast TRP stock price to rise 14.1% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$100.05
+14.1% Upside
Previously C$100.09 on Oct 23, 2026
Current Price
C$87.72
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on TRP's historical volatility
30-Day Vol
20.5%
Annualized
90-Day Vol
20.6%
Annualized
Trend (90d)
+0.1%
Annualized drift
90d Mean
C$87.74
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$87.73 | C$81.72 – C$94.17 |
| 60 trading days | C$87.74 | C$79.37 – C$96.99 |
| 90 trading days | C$87.74 | C$77.60 – C$99.21 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 11 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-05 | 0.9400 | 0.8800 | +6.8% |
| 2026-06-30 | 2026-07-29 | 0.9400 | 0.8500 | +10.6% |
| 2026-03-31 | 2026-05-01 | 0.9900 | 0.9700 | +2.1% |
| 2025-12-31 | 2026-02-13 | 0.9800 | 0.9100 | +7.7% |
| 2025-09-30 | 2025-11-06 | 0.7700 | 0.7800 | -1.3% |
| 2025-06-30 | 2025-07-31 | 0.8200 | 0.7800 | +5.1% |
Investor takeaway: TC Energy reported comparable EBITDA of C$3.0 billion, up from C$2.7 billion a year earlier, and raised its 2026 outlook to C$11.8–C$12.0 billion. Management expects comparable EBITDA of C$12.3–C$12.5 billion in 2027 and annual growth of 5%–7% through 2031. The declared quarterly dividend is C$0.8775 per common share. These are company-reported results and forecasts, not guarantees of future performance.
C$0.94 comparable EPS, 6.8% above the calendar estimate
For the quarter ended Sept. 30, 2026, the earnings calendar lists comparable EPS of C$0.94 against an estimate of C$0.88. TC Energy also reported net income attributable to common shares of C$0.98 per share, up from C$0.78 a year earlier. A separate AP/Zacks news report lists adjusted EPS of C$0.67 against its estimate of C$0.64. The measures and estimate sources differ.
Bull case
TC Energy’s comparable EPS has topped the supplied estimate in each of the past four reported quarters. In Q3, comparable earnings rose to C$0.94 per share from C$0.77 a year earlier, while comparable EBITDA grew about 11%. The company pointed to strong natural-gas system operations, constructive settlements, and projects that entered service ahead of schedule and under budget. It also announced about C$3 billion in new growth projects and outlined more potential opportunities.
Bear case
The earnings beat doesn’t eliminate execution and financing risks. TC Energy expects capital expenditures of C$6.0–C$6.5 billion in 2026 and C$6.7–C$7.2 billion in 2027, before adjustments for non-controlling interests. Its growth targets depend on completing projects and turning proposed opportunities into approved investments. The supplied figures also use different earnings measures: the calendar lists comparable EPS of C$0.94, while an AP/Zacks report gives adjusted EPS of C$0.67 against an estimate of C$0.64. Investors should compare like-for-like measures rather than treat these figures as equivalent.
Earnings and estimates
TC Energy’s third-quarter results cover the period ended Sept. 30, 2026. The earnings calendar lists comparable EPS of C$0.94 against an estimate of C$0.88, a 6.8% beat. That’s also above the C$0.77 reported for Q3 2025. The company reported net income attributable to common shares of C$1.0 billion, or C$0.98 per share, compared with C$0.8 billion, or C$0.78 per share, a year earlier.
A separate AP/Zacks report lists adjusted EPS of C$0.67 against an estimate of C$0.64, along with revenue of C$2.88 billion. These figures use a different earnings measure and estimate source from the calendar’s comparable-EPS data. The company release provided here doesn’t include revenue, so the revenue figure comes only from that news report. The earnings trend table and chart appear elsewhere in this article.
Outlook and operations
TC Energy raised its 2026 comparable EBITDA outlook to C$11.8–C$12.0 billion. Q3 comparable EBITDA was C$3.0 billion, up from C$2.7 billion a year earlier. Segmented earnings rose to C$2.3 billion from C$1.9 billion. The company said Canadian natural-gas pipeline deliveries averaged 24.3 billion cubic feet per day, up 6% year over year. U.S. natural-gas pipeline flows averaged 27.0 billion cubic feet per day, up 3%.
Management expects comparable EBITDA of C$12.3–C$12.5 billion in 2027 and annual growth of 5%–7% over the five years through 2031. TC Energy also announced about C$3 billion in new growth projects. These targets outline the company’s growth plan, but approvals, construction and execution remain key factors. See the TRP.TO stock page for more company information.
Analyst targets
The supplied analyst data show an average target of C$100.05, compared with the last close of C$87.72, a difference of 14.1%. The data describe the consensus as “Moderately Bullish,” based on the average target relative to the last close. A formal rating isn’t available for Canadian listings. Analyst targets are estimates, not promises. See the analyst ratings section for details.
90-day price model
Wealth Awesome’s statistical 90-day price model gives a mean forecast of C$87.74, close to the C$87.72 reference price dated Nov. 5, 2026. The model’s 68% range is C$77.60–C$99.21, and its 95% range is C$68.64–C$112.17. This is a statistical model, not financial advice or a price target. See the price prediction section for details.
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