TC Energy
Connects North American gas supply with utilities, power markets, industry, and LNG exporters.
Something off on this page? Send us feedback.
Profile
Transports and stores natural gas across Canada, the United States, and Mexico, connecting supply basins with utilities, industry, power markets, and LNG export facilities. Power and Energy Solutions adds generation led by Bruce Power, while regulated or contracted infrastructure and system integrity shape performance.
Transports and stores natural gas across Canada, the United States, and Mexico through Canadian, U.S., and Mexico Natural Gas Pipelines. Systems including NGTL, Canadian Mainline, Columbia Gas, ANR, Sur de Texas, and Coastal GasLink connect supply basins with utilities, industry, power markets, and LNG export facilities.
Power and Energy Solutions adds nuclear, gas-fired, wind, and solar generation, anchored by a minority interest in Bruce Power. Long-lived regulated or contracted infrastructure, continuous control centers, and system-integrity work underpin network availability and flows.
Following the South Bow separation, oil pipelines such as Keystone no longer belong to the portfolio. Performance depends on regulatory approvals, tariff settlements, permits, counterparties, construction execution, pipeline integrity, and Bruce Power availability and refurbishment, while TC Energy does not operate Bruce Power.
Company facts
Key statistics
Year to date +10.6% · Average volume (30d) 1.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | BMO Capital | Reiterate | Outperform | $99 | ||
| Apr 20, 2026 | Goldman Sachs | Upgrade | Sell | Neutral | ||
| Apr 19, 2026 | Goldman Sachs | Target | $53 | $62 | ||
| Feb 18, 2026 | Goldman Sachs | Reiterate | Sell | $45 | $53 | |
| Feb 17, 2026 | CIBC | Downgrade | Outperform | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.61 | $0.68 | +11.5% | $2.76B | $2.80B | +1.5% | +1.20% |
| May 1, 2026Q1 FY26 | $0.70 | $0.72 | +2.9% | $2.21B | $2.04B | −7.5% | −0.80% |
| Feb 13, 2026Q4 FY25 | $0.65 | $0.70 | +7.7% | $2.96B | $2.23B | −24.8% | −2.09% |
| Nov 6, 2025Q3 FY25 | $0.56 | $0.56 | 0.0% | $2.94B | $2.66B | −9.6% | +3.53% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.61B | $2.69B | $2.66B | $2.93B | $3.05B | $2.87B | |
| Gross profit | $1.36B | $1.33B | $1.29B | $1.46B | $1.73B | $1.45B | |
| Operating income | $1.19B | $1.17B | $1.14B | $1.29B | $1.59B | $1.29B | |
| Net income | $723.7M | $619.4M | $458.2M | $729.5M | $668.6M | $731.2M | |
| Diluted EPS | $0.68 | $0.58 | $0.42 | $0.68 | $0.62 | $0.68 | |
| Gross margin | 52.0% | 49.2% | 48.5% | 49.7% | 56.7% | 50.4% | |
| Operating margin | 45.8% | 43.4% | 42.7% | 44.2% | 52.1% | 44.7% |
Fiscal years (4-quarter sums)FY21 $9.63B · FY22 $10.77B · FY23 $11.46B · FY24 $8.83B · FY25 $10.89B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.49B · Total debt $45.87B · Total assets $89.18B · Shareholders' equity $19.98B
Dividends
Last cut to $0.6177 from $0.6288 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 31 | $0.6177 | cut from $0.6288 |
| Mar 31, 2026 | Mar 31 | Apr 30 | $0.6288 | raised from $0.6201 |
| Dec 31, 2025 | Dec 31 | Jan 30 | $0.6201 | raised from $0.6113 |
| Sep 29, 2025 | Sep 29 | Oct 31 | $0.6113 | cut from $0.6241 |
| Jun 30, 2025 | Jun 30 | Jul 31 | $0.6241 | raised from $0.5911 |
| Mar 31, 2025 | Mar 31 | Apr 30 | $0.5911 | raised from $0.5716 |
| Dec 31, 2024 | Dec 31 | Jan 31 | $0.5716 | cut from $0.7099 |
| Sep 27, 2024 | Sep 27 | Oct 31 | $0.7099 | raised from $0.7015 |
Ownership
Shares outstanding 1.04B · Float 999.01M · 96.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Royal Bank of Canada | 79.40M | 7.63% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 52.72M | 5.10% | 13D/G | Nov 8, 2024 |
| Capital Research Global Investors | 43.52M | 4.18% | 13F | Aug 12, 2026 |
| Bank of Montreal /Can/ | 37.26M | 3.58% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 29.94M | 2.88% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Enbridge
Broad gas-transmission rival across Canada and the United States
- Kinder Morgan
Large U.S. gas rival across transmission, storage, LNG, and Mexico routes
- Williams
U.S. gas-transmission rival centered on Transco and Northwest Pipeline
- Energy Transfer
Diversified U.S. rival in interstate gas transportation and storage
- Pembina Pipeline
Western Canadian rival through Alliance Pipeline and gas infrastructure
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TC Energy | $61.70 | −0.23% | $64.40B | 25.7 | 23.9 | 5.6 | +1.9% |
| Enbridge | $50.26 | +0.12% | $109.62B | 24.2 | 23.4 | 1.6 | +41.2% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Pembina Pipeline | $48.15 | +0.33% | $27.91B | 23.6 | 22.7 | 4.9 | −17.9% |
| Median | 23.6 | 22.7 | 3.9 | +10.8% |