TC Energy Corporation
TC Energy Corporation Q2 FY26 Results — Earnings Call Analysis
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q2 FY26 call signalled
2 of 4 strong
The short version
- Natural gas demand is growing strongly, particularly in the U.S. - 2026 comparable EBITDA outlook is reaffirmed at $11.6 billion to $11.8 billion, representing ~7% growth to midpoint versus 2025 and 8% versus 2024.
From TC Energy Corporation's Q2 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- Natural gas demand is growing strongly, particularly in the U.S. Midwest and Columbia Gas systems, with expected incremental demand of about 4 Bcf/day through 2035 and 5+ Bcf/day growth across the Midwest corridor over the next decade (Pages 2, 6).
- Columbus, Ohio and Crossroads open seasons were heavily oversubscribed (3x and 2.5x respectively), indicating robust demand and growth opportunities (Pages 2, 15).
- The company targets a 6% annualized EBITDA growth rate through 2028, supported by sanctioned projects moving toward in-service (Page 3).
- Investment backlog totals approximately $23 billion secured, plus $6 billion pending approval, and $15 billion in origination, demonstrating a multi-year growth runway (Pages 10, 12).
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Profitability & Margins
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Capital Expenditure Plans
- The company is optimizing and bringing forward capital to support up to $6 billion of annual net capital deployment over the next couple of years, with potential to exceed this later in the decade. (Page 4)
- A $15 billion backlog of projects in origination competing for capital through 2028 and beyond, mostly targeting in-service dates between 2028 and 2031. (Pages 4, 7, 10, 13)
- Recent sanctioned projects include the Appalachia supply project (~$2.2 billion), with opportunities to expand capacity up to 2 Bcf with minor facility modifications. (Pages 4, 5, 6, 13)
- Open seasons launched on NGTL indicating increased demand and discussion of a new investment framework for post-2029 growth beyond the existing settlement. (Pages 5, 12, 13)
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Fundraising & Capital Structure
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Order Book & Pipeline
- TC Energy's project backlog comprises:
- $23 billion secured projects
- $6 billion in pending approval projects (late-stage, high bar for inclusion)
- $15 billion+ in origination projects (early stages, competitive bidding underway)
- Recent open seasons in the U.S. (Crossroads, Columbia Gas) were highly oversubscribed, signaling strong demand but these are mostly in the $15 billion origination bucket, not yet pending.
- The $6 billion pending approval bucket is fairly diversified across assets.
- Canadian NGTL expansions are mostly not included in the $15 billion backlog due to early-stage discussions and new investment framework development.
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Frequently Asked Questions
What were TC Energy Corporation Q2 FY26 results?
- Natural gas demand is growing strongly, particularly in the U.S. - 2026 comparable EBITDA outlook is reaffirmed at $11.6 billion to $11.8 billion, representing ~7% growth to midpoint versus 2025 and 8% versus 2024.
What is TC Energy Corporation share price analysis?
TC Energy Corporation currently shows a below-average growth signal. The stock trades at a P/E of 28.4 with a market cap of $70,455. Investors should review the full earnings analysis for detailed insights.
Is TC Energy Corporation planning capital expenditure?
- The company is optimizing and bringing forward capital to support up to $6 billion of annual net capital deployment over the next couple of years, with potential to exceed this later in the decade.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.