Financial Performance - Revenues for the three months ended September 30, 2025, increased to CAD 3,704 million, up 10.3% from CAD 3,358 million in the same period of 2024[1] - Net income for the three months ended September 30, 2025, was CAD 764 million, a decrease of 53.8% compared to CAD 1,651 million in the same period of 2024[4] - For the three months ended September 30, 2025, net income attributable to controlling interests was CAD 637 million, a decrease of 57% compared to CAD 1,483 million in the same period of 2024[14] - Net income attributable to common shares for Q3 2025 was CAD 609 million, compared to CAD 1,457 million in Q3 2024, reflecting a decrease of 58%[41] - The company reported a net income from continuing operations of CAD 968 million for Q3 2025, down from CAD 1,483 million in Q3 2024, a decline of 34.5%[41] Operational Metrics - Cash generated from operations for the nine months ended September 30, 2025, was CAD 5,452 million, down 2.8% from CAD 5,612 million in the same period of 2024[8] - Operating expenses for the three months ended September 30, 2025, totaled CAD 2,121 million, an increase of 6.5% from CAD 1,991 million in the same period of 2024[1] - Operating costs for Q3 2025 were CAD 1,420 million, compared to CAD 1,363 million in Q3 2024, reflecting an increase of 4.2%[41] - The company recognized a net cash provided by operations of CAD 12 million for the three months ended September 30, 2025, a significant decrease from CAD 534 million in 2024[33] Assets and Liabilities - Total assets as of September 30, 2025, were CAD 120,234 million, an increase from CAD 118,243 million as of December 31, 2024[11] - Long-term debt as of September 30, 2025, was CAD 44,364 million, a slight decrease from CAD 44,976 million as of December 31, 2024[11] - The accumulated deficit at the end of the period increased to CAD (6,026) million from CAD (2,378) million year-over-year[14] - Total equity decreased to CAD 37,576 million as of September 30, 2025, down from CAD 40,477 million in 2024[14] Dividends - The company declared dividends on common shares amounting to CAD 885 million for the three months ended September 30, 2025, compared to CAD 996 million in the same period of 2024[8] - TC Energy declared a quarterly dividend of CAD 0.85 per common share for Q3 2025, down from CAD 0.96 in Q3 2024, and CAD 2.55 for the nine months ended September 30, 2025, compared to CAD 2.88 in the same period last year[9] Discontinued Operations - The company reported a net loss from discontinued operations of CAD 204 million for the three months ended September 30, 2025, compared to a net income of CAD 119 million in the same period of 2024[1] - Revenues from discontinued operations were CAD 0 for the three months ended September 30, 2025, compared to CAD 725 million in the same period of 2024[31] - The spinoff of the Liquids Pipelines business resulted in a net loss from discontinued operations of CAD (204) million for the three months ended September 30, 2025[35] Capital Expenditures - Capital expenditures for Q3 2025 totaled CAD 1,255 million, up from CAD 1,673 million in Q3 2024, indicating a decrease of 25%[41] - Capital projects in development for Q3 2025 included CAD 2 million, compared to CAD 8 million in Q3 2024, indicating a decrease of 75%[41] - Capitalized interest for the nine months ended September 30, 2025, was CAD 7 million, significantly lower than CAD 200 million in 2024[70] Tax and Regulatory Matters - The effective income tax rate increased to 22% for the nine months ended September 30, 2025, compared to 16% in 2024, primarily due to foreign exchange exposure and higher flow-through income taxes[65] - The company is currently assessing the impact of new accounting standards effective January 1, 2025, which will enhance income tax disclosures[26] Other Comprehensive Income - The company reported other comprehensive income of CAD 424 million for Q3 2025, a significant recovery from a loss of CAD 273 million in Q3 2024[78][79] - For the nine months ended September 30, 2025, TC Energy recorded a total other comprehensive loss of CAD 682 million, compared to a gain of CAD 502 million in the same period of 2024[81] Credit Risk and Derivatives - TC Energy's exposure to counterparty credit risk includes cash and cash equivalents, accounts receivable, and derivative assets, with a focus on monitoring creditworthy entities[89][90] - The company reported no significant credit losses or concentrations of credit risk as of September 30, 2025[94] - The fair value of derivative instrument assets at September 30, 2025, was CAD 516 million, with liabilities totaling CAD (529) million, resulting in a net liability of CAD (13) million[127] Strategic Initiatives - The Southeast Gateway pipeline was completed in Q2 2025, contributing to the company's strategic initiatives in the energy sector[92] - The strategic alliance with CFE resulted in a cash and non-cash consideration of CAD 561 million (USD 411 million) for a 13.01% equity interest in TGNH[140]

Canadian pipeline operator TC Energy missed estimates for third-quarter profit on Thursday, hurt by weakness in its U.S. operations and in the power and energy solutions business. ...

Core Insights - Canadian business jet maker Bombardier reported an 11% increase in third-quarter revenue, driven by higher demand in its aftermarket services and the delivery of four additional planes [1] Revenue Performance - The company experienced an 11% rise in revenue for the third quarter, indicating strong performance in its aftermarket services business [1] - The increase in revenue was also supported by the delivery of four more planes during the quarter [1]

Core Viewpoint - TC Energy Corporation has extended its financial outlook through 2028, projecting a 5% to 7% annual growth in comparable EBITDA, supported by strong North American energy fundamentals and a robust project pipeline [1][13]. Financial Highlights - Comparable earnings for Q3 2025 were $0.8 billion or $0.77 per share, down from $0.9 billion or $0.86 per share in Q3 2024 [4][7]. - Net income attributable to common shares was $0.8 billion or $0.78 per share, compared to $1.3 billion or $1.29 per share in Q3 2024 [4][5]. - Comparable EBITDA for Q3 2025 was $2.7 billion, an increase from $2.4 billion in Q3 2024 [4][5]. - The 2025 outlook for comparable EBITDA is projected to be between $10.8 billion and $11.0 billion [4][13]. - A quarterly dividend of $0.85 per common share has been declared for the quarter ending December 31, 2025 [14]. Operational Highlights - Year-to-date, TC Energy has placed approximately $8 billion of assets into service on time and under budget [11]. - Canadian Natural Gas Pipelines deliveries averaged 23.0 Bcf/d, a 2% increase compared to Q3 2024 [4]. - U.S. Natural Gas Pipelines daily average flows were 26.3 Bcf/d, consistent with Q3 2024 [4]. - Deliveries to LNG facilities averaged 3.7 Bcf/d, a 15% increase compared to Q3 2024, setting a new daily record of 4.0 Bcf on August 7, 2025 [4]. Project Highlights - Over the past 12 months, TC Energy has sanctioned over $5 billion in new growth projects, including $0.7 billion in the third quarter [1][12]. - The projects are expected to deliver a weighted average build-multiple of approximately 5.9 times and are backed by 20-year take-or-pay or cost-of-service contracts [1][12]. - Significant projects include the TCO Connector and Midwest Connector, designed to provide approximately 0.6 Bcf/d of capacity for new natural gas-fired power generation [11][12]. Strategic Outlook - The company expects 2026 comparable EBITDA to be between $11.6 billion and $11.8 billion, reflecting a 6% to 8% year-over-year growth [4][13]. - The 2025 to 2028 outlook includes an expected comparable EBITDA range of $12.6 billion to $13.1 billion, indicating a compounded annual growth rate of 5% to 7% [13]. - TC Energy's strategy focuses on executing a selective portfolio of growth projects while maintaining financial strength and maximizing asset value [13].

Core Viewpoint - TC Energy (TRP) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended September 2025, with the actual results having a significant impact on its near-term stock price [1][2]. Earnings Expectations - The upcoming earnings report is scheduled for November 6, and if the results exceed expectations, the stock may rise; conversely, a miss could lead to a decline [2]. - The consensus estimate for TC Energy's quarterly earnings is $0.56 per share, reflecting a year-over-year decrease of 26.3%, while revenues are projected at $2.64 billion, down 11.8% from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised down by 2.93%, indicating a reassessment by analysts regarding the company's earnings prospects [4]. - The Most Accurate Estimate for TC Energy is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -1.07%, suggesting a bearish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the deviation of actual earnings from consensus estimates, with a positive reading being a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [9][10]. - TC Energy currently holds a Zacks Rank of 3 (Hold), making it challenging to predict an earnings beat conclusively [12]. Historical Performance - In the last reported quarter, TC Energy was expected to post earnings of $0.56 per share but actually delivered $0.59, resulting in a surprise of +5.36% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Industry Comparison - Excelerate Energy (EE), another player in the Zacks Alternative Energy - Other industry, is expected to report earnings of $0.30 per share for the same quarter, indicating a year-over-year change of -14.3%, with revenues projected at $306.62 million, up 58.5% from the previous year [18][19].

Core Viewpoint - TC Energy Corporation will hold a teleconference on November 6, 2025, to discuss its third quarter financial results and provide updates on its financial outlook and strategic priorities for 2026 [1][2]. Group 1: Teleconference Details - The teleconference will feature TC Energy's President and CEO François Poirier, CFO Sean O'Donnell, and other executive team members discussing financial results and strategic objectives [2]. - Participants can join the call by dialing 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll) without a passcode, and are encouraged to call in 15 minutes early [3]. - A live webcast will be available on TC Energy's website, with a replay accessible two hours after the call until midnight ET on November 13, 2025 [4]. Group 2: Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico, and is responsible for moving over 30% of the continent's cleaner-burning natural gas [5]. - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy across North America and enabling LNG exports to global markets [5]. - TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [6].

Market Overview - The infrastructure sector delivered positive returns in Q3, although it lagged behind global equities due to a risk-on market environment driven by animal spirits [3] - U.S. utilities, renewables, and North American natural gas and pipelines performed well, supported by high demand for power from AI-focused data centers [4][12] - European utilities faced challenges, particularly U.K. water utilities, which were negatively impacted by rising interest rates [4] Sector Performance - North American rails showed strong performance following news of a proposed merger, which could unlock significant value [5] - French toll roads declined due to political uncertainty and rising sovereign risk linked to the French budget fallout [6] - Communication towers were the weakest performers, experiencing slower growth in carrier capital expenditures during the current 5G cycle [6] Regional Highlights - The U.S. and Canada were the top contributors for the quarter, with Entergy and TC Energy leading the performance [7] - Entergy, a regulated electric utility, saw its share price increase due to ongoing data center deals [7] - TC Energy manages extensive natural gas pipelines and power assets, benefiting from stable cash flows and favorable project origination conditions [8] Detractors - Severn Trent and Vinci were the largest detractors, with Severn Trent facing concerns over U.K. fiscal policy [9] - Vinci operates a significant portion of France's toll road network and was affected by political uncertainty, although its operations remained stable [10] Future Outlook - Strong opportunities are anticipated in the infrastructure sector driven by decarbonization and energy transition, particularly in electric utilities across the U.S., EU, and U.K. [11] - Investments in electric and water utilities are expected to enhance grid resiliency and accommodate increased load growth due to reshoring and AI-focused data centers [12] Portfolio Highlights - The infrastructure strategy saw positive contributions from four out of seven sectors, with electric and gas utilities and airports being the top contributors [15] - The strategy underperformed relative to the FTSE Global Core Infrastructure 50/50 Index, primarily due to stock selection issues in the electric and water utility sectors [16] - Top contributors to absolute returns included Entergy, TC Energy, and WEC Energy, while Vinci and Severn Trent were the main detractors [17] Investment Actions - A new position was initiated in Spanish electric utility Iberdrola, while positions in Eletrobras, United Utilities, and Pembina Pipeline were exited [18]

Core Points - TC Energy Corporation announced the closing of a US$350 million offering of 6.250% Fixed-for-Life Junior Subordinated Notes due Nov. 1, 2085 [1] - The net proceeds from the offering will be used to redeem its Cumulative Redeemable First Preferred Shares, Series 11, on Nov. 28, 2025, at a price of $25.00 per share [2] - A final quarterly dividend of $0.2094375 per Series 11 Share is expected to be declared, payable on the same date as the redemption [3] Financial Details - The Notes were issued through a syndicate of underwriters, co-led by Morgan Stanley, BofA Securities, J.P. Morgan, RBC Capital Markets, and Wells Fargo [1] - The redemption of Series 11 Shares aims to reduce indebtedness and support general corporate purposes [2] - The Series 11 Shares will cease to be entitled to dividends after the redemption date and will be delisted from the Toronto Stock Exchange [3] Company Overview - TC Energy is a leader in North American energy infrastructure, moving over 30% of the continent's cleaner-burning natural gas [6] - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy [6] - TC Energy's common shares are traded on the Toronto and New York stock exchanges under the symbol TRP [7]

Core Viewpoint - TC Energy Corporation is considering an offering of U.S. Junior Subordinated Notes to redeem its outstanding preferred shares, reduce debt, and for general corporate purposes [1][2]. Group 1: Offering Details - The offering, if successful, will utilize net proceeds to redeem Cumulative Redeemable First Preferred Shares, Series 11 [2]. - There is no certainty regarding the completion, timing, or terms of the offering [2]. - The Notes would be issued via a prospectus supplement to TCPL's short form base shelf prospectus dated December 5, 2024 [3]. Group 2: Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico [5]. - The company moves over 30% of the cleaner-burning natural gas used in North America and has strategic investments in power generation [5]. - TC Energy's common shares are traded on the Toronto and New York stock exchanges under the symbol TRP [6].

Group 1: Energy Infrastructure Development - Alberta Premier Danielle Smith announced a commitment of $14 million to initiate a new oil pipeline project to the British Columbia coast, aiming to transport up to one million barrels of crude oil per day to Asian markets [3][8] - The project is backed by a technical advisory group that includes major Canadian crude pipeline operators such as Enbridge Inc., Trans Mountain Corp., and South Bow Corp, but faces significant opposition from British Columbia's Premier and Coastal First Nations due to environmental concerns [4][8] - The Alberta government plans to submit a formal application to the federal Major Projects Office by spring 2026, with potential operations starting in the early 2030s [3][8] Group 2: Trade Agreement Review - The review process for the USMCA trade agreement has officially begun, with all three signatory nations initiating public consultations ahead of the mandated July 2026 review [5][8] - U.S. and Mexican officials have indicated that upcoming negotiations may lean towards bilateral discussions rather than trilateral, suggesting a focus on specific trade irritants [5][6] - Premier Smith has expressed a preference for a bilateral trade agreement with the U.S., potentially excluding Mexico, due to concerns over Mexico's trade surplus with the U.S. and its investment ties with China [6][8]