Earnings call briefThird-quarter 2026
TC Energy expects comparable EBITDA to grow 5% to 7% a year through 2031
The company now expects debt-to-EBITDA to exit 2026 at 4.55x to 4.6x, providing ample headroom to its long-term target of 4.75x.
GetSignal TC Energy TRP
On its third-quarter call, TC Energy said it has $30 billion of sanctioned and pending-approval project spend through 2031, including $3 billion announced on the call.
The company said more than $40 billion of projects are in origination, roughly split 50/50 between the U.S. and Canada, with $25 billion for gas pipelines and $15 billion for power. The company said it is targeting an incremental $8 billion of project announcements in 2027.
Quotes from the call
“This year, we are extending our outlook to 2031 and expect comparable EBITDA to grow at 5%-7% annually over the next five years.”
“We focused on enhancing capital discipline and driving EBITDA outperformance, and we now expect our debt-to-EBITDA to exit 2026 at 4.55x-4.6x, providing ample headroom to our long-term target of 4.75x.”
Key facts from the call
- Expected 2026 exit debt-to-EBITDA
- 4.55x to 4.6x, against a long-term target of 4.75x
- Comparable EBITDA growth outlook, next five years
- 5% to 7% annually
- Common dividend growth outlook
- 3% to 5% annually
- 2027 project announcement target
- Incremental $8 billion
Source: TC Energy's third-quarter 2026 earnings call, November 5, 2026.
Written by GetSignal with AI from the company's earnings call.
Not investment advice.
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