TC Energy Q3 Earnings Match Estimates, Revenues Beat, Both Fall Y/Y

TC Energy Corporation TRP reported third-quarter 2025 adjusted earnings of 56 cents per share, which came in line with the Zacks Consensus Estimate.This performance was driven by robust results from the company’s Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines and Mexico Natural Gas Pipelines segments. However, the bottom line decreased from 76 cents reported in the year-ago period. This year-over-year underperformance can be attributed to weak results in the Power and Energy Solutions segment.This North America’s energy infrastructure provider's quarterly revenues of $3.7 billion outpaced the Zacks Consensus Estimate by $49 million. However, the figure decreased 10.1% year over year.TC Energy’s comparable EBITDA was C$2.7 billion, down from C$2.8 billion in the prior year. Moreover, the figure missed our estimate of C$2.8 billion.TRP’s board of directors declared a quarterly dividend of 85 Canadian cents per common share for the quarter ending Dec. 31, 2025, translating to an annualized dividend rate of $3.40.TC Energy Corporation Price, Consensus and EPS Surprise TC Energy Corporation price-consensus-eps-surprise-chart | TC Energy Corporation QuoteTRP’s Segmental InformationCanadian Natural Gas Pipelines reported a comparable EBITDA of C$913 million, up 8% from the year-ago quarter’s level. This was driven by increased contributions from Coastal GasLink. However, the figure missed our estimate of C$979 million.The company reported continued growth across the Canadian Natural Gas Pipelines, with deliveries on its Natural Gas Pipelines averaging 23.0 Bcf/d, up 2% from the third quarter of 2024. It also noted that NGTL system receipts averaged 14.0 Bcf/d, reflecting a 1% year-over-year increase.U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,062 million, indicating a 6% increase from the prior-year quarter’s actual. The rise in U.S. Natural Gas Pipelines’ comparable EBITDA was mainly driven by higher earnings from Columbia Gas, supported by increased transportation rates that took effect on April 1, 2025, pending final approval in the ongoing rate case.The company also benefited from incremental earnings from newly placed projects and additional contract sales. Additionally, the figure beat our estimate of C$980.1 million.The company reported that its U.S. Natural Gas Pipelines segment continued to operate at stable levels, with average daily flows of 26.3 Bcf/d, essentially unchanged from the third quarter of 2024. It also noted a surge in LNG-related activity, as deliveries to LNG facilities averaged 3.7 Bcf/d, up 15% year over year, and reached a new peak of 4.0 Bcf on Aug. 7, 2025.Mexico Natural Gas Pipelines reported a comparable EBITDA of C$416 million, up 57% from the year-ago quarter’s reported figure of C$265 million. The figure exceeded our estimate of C$314.2 million.The sharp increase in Mexico Natural Gas Pipelines’ comparable EBITDA was mainly driven by higher earnings from TGNH following the completion of the Southeast Gateway pipeline. The company reported that flows through its Mexico Natural Gas Pipelines averaged 3.3 Bcf/d, representing a 2% increase compared with the third quarter of 2024.Power and Energy Solutions registered a comparable EBITDA of C$266 million, down 18.4% from the year-ago quarter’s level of C$326 million. The figure also missed our estimation of C$328 million. The decrease in Power and Energy Solutions’ comparable EBITDA was mainly due to lower net contributions from Bruce Power, reflecting reduced generation caused by the Unit 4 Major Component Replacement, and further pressured by lower realized power prices in Canadian Power.TRP’s Expenditure and Balance SheetAs of Sept. 30, 2025, TC Energy’s capital investments amounted to C$1.5 billion.TRP had cash and cash equivalents worth C$1.8 billion and long-term debt of C$44.4 billion, with a debt-to-capitalization of 59.5% as of the same date.TRP’s 2025 GuidanceTC Energy expects 2025 to deliver comparable EBITDA between C$10.8-C$11 billion, supported by strong project execution and disciplined operations. At the same time, the company anticipates capital expenditures to trend toward the lower end of its $6.1-$6.6 billion guidance, with net spending likely to settle within the $5.5-$6 billion range thanks to enhanced efficiency. Looking into 2026, the company expects EBITDA to rise to C$11.6-C$11.8 billion, signaling a healthy 6-8% year-over-year increase as new projects come online.Extending its outlook further, the company anticipates EBITDA to reach C$12.6-C$13.1 billion by 2028, reflecting a solid 5-7% annual growth rate driven by long-term contracted assets and steady demand.Additionally, the company expects its comparable earnings per common share (EPS) outlook to remain aligned with the guidance provided in its 2024 Annual Report. TC Energy anticipates that EPS will come in lower than the prior year’s level.Alongside this financial momentum, the company expects to maintain its long-term leverage target of 4.75x debt-to-EBITDA while advancing low-risk, in-corridor expansions supported by take-or-pay and cost-of-service agreements.TRP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Important Earnings at a GlanceWhile we have discussed TRP’s third-quarter results in detail, let us take a look at three other key reports in this space.Liberty Energy Inc. LBRT, a leading pressure pumping and oilfield services firm headquartered in Denver, posted a third-quarter 2025 adjusted net loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 1 cent. Moreover, the bottom line decreased sharply from the year-ago quarter’s profit of 45 cents. The company's underperformance can be attributed to macroeconomic headwinds accompanied by a slowdown in the industry’s frac activity and market pricing pressure.As of Sept. 30, Liberty Energy had approximately $13.4 million in cash and cash equivalents. The pressure pumper’s long-term debt of $253 million represented a debt-to-capitalization of 10.9%.San Antonio-based Valero Energy Corporation VLO, a leading independent refiner and marketer of transportation fuels and petrochemical products, reported third-quarter 2025 adjusted earnings of $3.66 per share, which beat the Zacks Consensus Estimate of $2.95. The bottom line improved from the year-ago quarter’s level of $1.16. Better-than-expected quarterly results can be primarily attributed to an increase in refining margins, higher ethanol margins and lower total cost of sales.The company had cash and cash equivalents of $4.8 billion at the end of the third quarter. As of Sept. 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.2 billion.Houston-based Halliburton Company HAL, one of the world’s largest oilfield services providers specializing in drilling and well completions, posted third-quarter 2025 adjusted net income per share of 58 cents, beating the Zacks Consensus Estimate of 50 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 73 cents due to softer activity in North America.As of Sept. 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 41.1.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They includeStock #1: A Disruptive Force with Notable Growth and ResilienceStock #2: Bullish Signs Signaling to Buy the DipStock #3: One of the Most Compelling Investments in the MarketStock #4: Leader In a Red-Hot Industry Poised for GrowthStock #5: Modern Omni-Channel Platform Coiled to SpringMost of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.Download Atomic Opportunity: Nuclear Energy's Comeback free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Halliburton Company (HAL): Free Stock Analysis Report Valero Energy Corporation (VLO): Free Stock Analysis Report TC Energy Corporation (TRP): Free Stock Analysis Report Liberty Energy Inc. (LBRT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks