TC Energy Corporation: EPS $0.67 vs $0.64 expected; revenue $2.01B
Key Facts
Q3 FY2026 results
| Metric | Actual | Estimate | Surprise | Year ago |
|---|---|---|---|---|
| EPS (USD) | 0.67 | 0.64 | +4.7% | 0.56 |
| Revenue (USD bn) | 2.01 | — | — | 2.66 |
Recent reports: actual vs estimate
| Reported | Period | EPS (USD) | Estimate | Surprise | Revenue (USD bn) | Estimate | Surprise |
|---|---|---|---|---|---|---|---|
| Nov 5, 2026 | Q3 FY2026 | 0.670 | 0.64 | +4.7% | 2.01 | — | — |
| Jul 30, 2026 | Q2 FY2026 | 0.680 | 0.61 | +11.5% | 2.80 | 2.78 | +0.6% |
| May 1, 2026 | Q1 FY2026 | 0.617 | 0.70 | −11.9% | 3.04 | 2.89 | +5.2% |
| Feb 13, 2026 | Q4 FY2025 | 0.700 | 0.65 | +7.7% | 3.03 | 2.98 | +1.8% |
| Nov 6, 2025 | Q3 FY2025 | 0.560 | 0.56 | 0.0% | 2.66 | 2.94 | −9.6% |
| Jul 31, 2025 | Q2 FY2025 | 0.590 | 0.56 | +5.4% | 2.00 | 1.88 | +6.1% |
| May 1, 2025 | Q1 FY2025 | 0.660 | 0.70 | −5.7% | 1.82 | 1.81 | +0.5% |
| Feb 14, 2025 | Q4 FY2024 | 0.750 | 0.68 | +10.3% | 1.75 | — | — |
Source: Figures from the EL7 database. Estimates are the analyst consensus carried by our data vendor (FMP), not official figures. Figures are in USD as carried for this US-traded line; the company reports in another currency.
TC Energy Corporation results: EPS $0.67 vs $0.64 expected; revenue $2.01B. The results cover the company's Q3 FY2026. EPS came in above analysts' estimate by 4.7%; revenue is not compared with the analysts' estimate: the estimate's currency could not be confirmed. Figures are in USD as carried for this US-traded line; the company reports in CAD.
Revenue was down 24.5% from $2.66 billion a year earlier (Q3 FY2025). EPS was up 19.6% from $0.56 a year earlier. On its record, EPS topped analysts' estimates in 4 of 7 earlier comparable reports.
What the results mean
According to the company's results release, management raised its financial outlook.
TC Energy’s results reflect strong natural gas network operations, with increased flows across Canada, the United States and Mexico and growing deliveries to power generators. Management attributed performance to operational strength, constructive settlements and projects entering service with shorter construction schedules and reduced costs.
The sanctioned projects highlight the connection between the company’s business and gas demand for power generation, including data centres and coal-to-gas conversion, alongside liquefied natural gas exports. Expansions in the American Midwest are supported by long-term contracts requiring customers to pay even when contracted capacity is unused, strengthening revenue visibility.
Management emphasized selective project investment and disciplined execution within existing pipeline corridors. The Coastal GasLink expansion illustrates the importance of commercial structures and project-level financing in defining limits on the company’s capital commitments and exposure to construction costs and scheduling risk.
What to watch on the earnings call: The durability of gas flows and power-generation demand, the nature and repeatability of the settlements supporting performance, and how data-centre demand translates into binding transportation contracts. Other topics include expansion cost controls, the allocation of construction and financing risk among partners, and the impact of planned outages on cogeneration fleet availability.
For the full analysis of TC Energy Corporation stock — valuation, scores and financial statements — see the stock page linked with this story.