TC Energy raises 2026 profit outlook, announces C$3 billion in pipeline projects
TRP•TC Energy raised its 2026 adjusted core profit forecast to C$11.8 billion–C$12.0 billion and approved about C$3 billion in pipeline projects. Third-quarter adjusted earnings were 94 Canadian cents per share, above analysts’ 86-cent estimate.
1. Higher outlook and projects
TC Energy raised its 2026 adjusted core profit forecast to C$11.8 billion–C$12.0 billion from C$11.6 billion–C$11.8 billion and announced about C$3 billion in new growth projects. The Crossroads Expansion and American Midwest project will add a combined 2.4 billion cubic feet per day of capacity to serve U.S. Midwest power demand.
2. Pipeline expansion plans
The company approved the C$4.9 billion Coastal GasLink Phase 2 expansion after LNG Canada and its partners made a final investment decision. The project would raise system capacity to about 4.5 billion cubic feet per day, with service expected in the early 2030s. TC Energy also sanctioned a roughly $100 million ANR Optimization project.
3. Quarterly earnings and 2027 forecast
Third-quarter adjusted earnings were 94 Canadian cents per share, beating analysts’ average estimate of 86 cents. Adjusted core profit from U.S. natural gas pipelines rose more than 17% to C$1.25 billion, while Canadian natural gas pipeline earnings increased 4.4% to C$953 million. For 2027, TC Energy forecast adjusted core profit of C$12.3 billion–C$12.5 billion and net capital spending of C$6.0 billion–C$6.5 billion.
