Tc Energy Stock Earnings Reports

TC Energy reported a strong Q2 2026 driven by execution across its pipeline and power businesses. Key highlights: comparable EBITDA grew 12% YoY and management now expects to be at the upper end of the 2026 comparable EBITDA guidance ($11.6B–$11.8B). About $2B of assets were placed into service in H1 and management expects ~$3.5B placed in service by year-end. Approximately $3B of growth projects have been sanctioned year-to-date at a ~12% weighted average unlevered after-tax IRR; the pending-approval bucket rose to ~$7B and an origination backlog exceeds $20B (about two-thirds power-related). Crossroads (Midwest) has precedent agreements with anchor customers and is expected to sanction in Q4 2026. Management raised its North American incremental gas demand outlook to ~51 Bcf/d by 2035 (up 11 Bcf/d vs prior), with much of the demand concentrated in the U.S. Heartland, Alberta and Mexico. Bruce Power outperformed operationally (Unit 3 returned >7 months ahead of schedule), improving near-term availability and supporting future free cash flow upside; Bruce MCR program is expected to unlock sizable incremental funding capacity in the early 2030s. TC is piloting AI/optimization initiatives (targeting $100M incremental EBITDA in 2026) and is focused on disciplined project underwriting, supply‑chain management, Indigenous procurement, and maintaining a target leverage of ~4.75x while evaluating funding options (organic cash flow, capital rotation, hybrids, partners) to finance the expected growth cadence into 2029–2031.