TC Energy (NYSE:TRP) Releases Earnings Results, Beats Expectations 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 business had revenue of $2.20 billion for the quarter, compared to the consensus estimate 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 company posted $1.05 earnings per share.

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 Price Performance

Shares of TC Energy stock traded up $2.12 during trading hours on Friday, reaching $63.52. The stock had a trading volume of 3,386,004 shares, compared to its average volume of 2,481,877. The firm has a market capitalization of $66.13 billion, a PE ratio of 27.38 and a beta of 0.73. TC Energy has a twelve month low of $43.59 and a twelve month high of $63.94. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.60. The stock’s 50 day moving average is $56.15 and its 200 day moving average is $53.49.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.85. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Tuesday, March 31st. TC Energy’s payout ratio is presently 106.90%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. GQG Partners LLC increased its position 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 worth $890,711,000 after acquiring an additional 13,801,371 shares during the period. BROOKFIELD Corp ON purchased a new position in TC Energy in the second quarter valued at $78,443,000. Morgan Stanley increased its holdings in TC Energy by 10.7% in the fourth 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. boosted its position in shares of TC Energy by 3.7% during the 3rd quarter. Scotia Capital Inc. now owns 9,155,004 shares of the pipeline company’s stock worth $493,475,000 after acquiring an additional 330,694 shares in the last quarter. Finally, Sourcerock Group LLC acquired a new position in TC Energy in the second quarter valued at approximately $15,096,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TRP shares. Citigroup reiterated a “neutral” rating on shares of TC Energy in a research report on Thursday, November 20th. Wall Street Zen upgraded TC Energy from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TC Energy in a research note on Monday, December 29th. Morgan Stanley reissued an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research note on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target 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.

About TC Energy

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.