TC Energy Corporation

TC Energy reported second-quarter 2026 comparable EBITDA up 12% year over year. Canada Gas EBITDA increased by $38 million, or 4%; U.S. EBITDA increased by $129 million, or 12%; Mexico EBITDA increased by $90 million, or 28%; and Power and Energy Solutions EBITDA increased by $60 million, or 20%. Bruce Power achieved 99% availability, and Unit 3 returned to service more than 7 months ahead of the ISO schedule and approximately 15% below the cost of Unit 6. For 2026, management now expects comparable EBITDA at the upper end of the $11.6 billion to $11.8 billion range, and for 2028 it continues to target $12.6 billion to $13.1 billion. The company also said it has sanctioned $3 billion of growth projects year-to-date, expects about $3.5 billion to be placed into service by year-end, and plans to sanction Crossroads in the fourth quarter.

Francois Poirier emphasized that TC Energy is converting demand growth in LNG, power, data centers, and regional gas markets into high-return projects from an incumbent position in key markets. He highlighted disciplined execution, saying the company placed about $2 billion of assets into service in the first half largely on time and on budget or better, and framed the backlog as evidence of durable growth visibility beyond 2030. His tone was confident and strategic, but still disciplined: growth is being pursued only where returns, risk, and balance sheet strength remain attractive.

Sean O'Donnell said Q2 comparable EBITDA grew 12% year over year and that strong asset performance, project delivery, and commercial optimization are supporting the upper end of the 2026 EBITDA outlook. He broke out year-over-year EBITDA gains by segment and pointed to strong operating metrics such as 3% higher daily average flows across the network and 99% availability at Bruce Power. On capital allocation, he reiterated the 4.75x leverage target, said the company remains disciplined on build multiples and risk-adjusted returns, and described a funding framework that relies first on EBITDA growth and project quality, with additional capital-market tools available if needed later in the decade.

Analysts focused on Alberta demand, the size and economics of Crossroads, the growing backlog, AI optimization, Canadian regulatory returns, Mexico strategy, supply chain capacity, Bruce Power funding, and whether data center opposition could slow projects. Management said the Crossroads project is slightly north of $1 billion and fits within its 5 to 7x build multiple range, while the broader origination backlog is about $20 billion with roughly two-thirds in the U.S. and one-third in Canada. On AI, Francois Poirier said pilots are still small and non-linear, but TC is on track for $100 million of AI-related incremental EBITDA in 2026; on supply chain, Tina Faraca said equipment is secured for sanctioned projects and the company sees no in-service date risk. Management also said Canada’s return framework discussions are ongoing, and that data center pushback appears region-specific and has not slowed TC’s long-term pipeline growth view.