TC Energy Reports Q2 Non-GAAP EPS of C$0.82, Updates FY Outlook

TC Energy reported Q2 non-GAAP EPS of C$0.82, up from C$0.82 in Q2 2024. Comparable EBITDA increased to C$2.6 billion from C$2.3 billion in Q2 2024. Segmented earnings rose to C$2.0 billion from C$1.7 billion in Q2 2024. The company updated its FY outlook, with comparable EBITDA expected to be between C$10.5 billion and C$11.5 billion in 2025.

TC Energy Corporation (TSX, NYSE: TRP) has released its second quarter 2025 financial results, highlighting robust operational performance and an upward revision to its 2025 financial outlook. The company reported non-GAAP EPS of C$0.82, up from C$0.82 in Q2 2024 [1]. Comparable EBITDA increased to C$2.6 billion, a rise of C$0.3 billion from the same period last year [1]. Segmented earnings also saw an increase, rising to C$2.0 billion compared to C$1.7 billion in Q2 2024 [1].

The company's President and Chief Executive Officer, François Poirier, commented on the results, stating that "Our commitment to safety and operational excellence continues to drive strong reliability, availability and financial performance, and we now expect our 2025 comparable EBITDA outlook to be higher, in the range of $10.8 to $11.0 billion” [1].

Operational highlights include the Southeast Gateway pipeline coming into service and the commencement of toll collection from the Comisión Federal de Electricidad (CFE) in May 2025 [1]. Additionally, the East Lateral XPress (ELXP) project, an expansion on the Columbia Gulf system, was placed in service in May 2025 [1]. The company also reported strong availability rates for its Bruce Power and Cogeneration power plant fleets, achieving 98% and 93.4% availability, respectively, in the second quarter [1].

TC Energy’s financial outlook for 2025 has been revised upward, with comparable EBITDA now expected to be between C$10.5 billion and C$11.5 billion [1]. The company also expects to place approximately C$8.5 billion of capital projects into service this year, on time and approximately 15% below budget [1].

The company's performance underscores the strength of its business model and its ability to deliver solid growth, low risk, and repeatable performance. TC Energy’s Board of Directors approved a quarterly common share dividend of C$0.85 per common share for the quarter ending September 30, 2025, equivalent to C$3.40 per common share on an annualized basis [1].

References:
[1] https://www.nasdaq.com/press-release/tc-energy-reports-strong-second-quarter-2025-operating-and-financial-results-2025-07