TC Energy (NYSE:TRP) Announces Earnings Results, Beats Estimates By $0.05 EPS

TC Energy (NYSE:TRP) (TSE:TRP) released its earnings results on Friday. The pipeline company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.65 by $0.05, Zacks reports. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.94 billion. TC Energy had a return on equity of 10.61% and a net margin of 23.86%.During the same period in the previous year, the firm posted $1.05 EPS.

Here are the key takeaways from TC Energy’s conference call:

• TC Energy reported strong operational and financial results — management highlighted a roughly 9% year‑over‑year increase in comparable EBITDA for 2025, with Q4 comparable EBITDA up ~13% YoY, driven by high pipeline deliveries and asset contributions.
• Execution strength — the company placed CAD 8.3 billion of projects into service in 2025 on schedule and over 15% under budget, and expects about CAD 4 billion to enter service in 2026.
• Robust growth pipeline — late‑stage “pending approval” projects total ~CAD 8 billion and there is an additional ~CAD 12 billion in origination; management reaffirms a target of CAD 6 billion annual net capex through 2030 and sees optionality to surpass it later in the decade.
• Bruce Power momentum — Unit 3 is on track to return this year, overall availability is trending to the low‑90s% in 2026, and the MCR program is expected to meaningfully increase long‑term cash flow once complete.
• Balance‑sheet and funding considerations — management prioritizes maintaining investment‑grade metrics (notably a 4.75x debt/EBITDA focus) and plans to use asset recycling, commercial/AI optimizations and staged financing if needed to support any step‑up in capital intensity, implying potential future financing activity or divestitures.

TC Energy Trading Up 3.4%

Shares of NYSE TRP traded up $2.12 on Friday, reaching $63.52. 3,386,004 shares of the company traded hands, compared to its average volume of 2,481,877. The company has a 50 day moving average of $56.15 and a 200 day moving average of $53.49. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.60. TC Energy has a fifty-two week low of $43.59 and a fifty-two week high of $63.94. The stock has a market capitalization of $66.13 billion, a PE ratio of 27.38 and a beta of 0.73.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be issued a $0.8775 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, March 31st. This represents a $3.51 annualized dividend and a yield of 5.5%. TC Energy’s dividend payout ratio (DPR) is presently 106.90%.

Institutional Investors Weigh In On TC Energy

Several institutional investors have recently bought and sold shares of TRP. GQG Partners LLC grew its stake in shares of TC Energy by 586.5% during the fourth quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock valued at $890,711,000 after acquiring an additional 13,801,371 shares in the last quarter. BROOKFIELD Corp ON acquired a new position in shares of TC Energy in the 2nd quarter valued at approximately $78,443,000. Morgan Stanley boosted its stake in shares of TC Energy by 10.7% during the 4th quarter. Morgan Stanley now owns 5,043,528 shares of the pipeline company’s stock valued at $277,445,000 after buying an additional 487,178 shares during the last quarter. Scotia Capital Inc. grew its position in shares of TC Energy by 3.7% during the third quarter. Scotia Capital Inc. now owns 9,155,004 shares of the pipeline company’s stock worth $493,475,000 after buying an additional 330,694 shares in the last quarter. Finally, Sourcerock Group LLC acquired a new stake in TC Energy in the second quarter valued at $15,096,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRP has been the topic of a number of analyst reports. Wall Street Zen raised TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research note on Monday, October 20th. Morgan Stanley reissued an “overweight” rating on shares of TC Energy in a research report on Wednesday, January 28th. Canadian Imperial Bank of Commerce raised TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of TC Energy in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $84.00.

TC Energy News Summary

Here are the key news stories impacting TC Energy this week:

• Positive Sentiment: Q4 results topped consensus estimates, sending investor optimism about near-term cash generation. Management reported EPS above street forecasts and solid margins. MarketBeat Q4 earnings
• Positive Sentiment: Shares rose to near all-time highs after the earnings beat, reflecting positive market reception alongside peer strength (Enbridge). MSN: Enbridge, TC Energy rise to all-time highs
• Positive Sentiment: Operational performance was highlighted: strongest safety performance in five years, 15 flow records in 2025, and management signaled progress in commercial discussions that could lead to incremental project announcements in 2026. The company also raised its dividend for the 26th consecutive year. GlobeNewswire: Q4 and full-year results
• Neutral Sentiment: TC Energy filed its 2025 audited consolidated financial statements and annual disclosure documents, providing more detail for investors to review (MD&A, AIF). These disclosures support transparency but are informational rather than catalytic. GlobeNewswire: annual disclosure filing
• Neutral Sentiment: Quarterly materials and the conference call/slide deck are available for investors to assess guidance, project updates and segment detail. Press release / slide deck
• Negative Sentiment: Despite beating estimates, reported EPS was lower than the same quarter a year ago (quarterly comparisons mixed across sources), which could temper enthusiasm about growth trajectory. Reuters: beats Q4 profit estimates
• Negative Sentiment: Balance-sheet and liquidity metrics remain potential headwinds: low quick/current ratios (around 0.56/0.63) and a debt-to-equity near 1.6 increase sensitivity to rate and funding risks for capital projects. Investors should weigh the dividend reliability against leverage.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.