Analyst Consensus ?
ConsensusBuy19 ratings
Bullish1157.9%
Neutral842.1%
Bearish00.0%
TC Energy Corporation · TRP · FY2026 Q3 · Calendar Q4 2026
TC Energy Raises EBITDA Outlook as Q3 Growth Accelerates
TC Energy’s Q3 call strengthens the case that demand for gas transportation, LNG connectivity and power infrastructure can support further EBITDA growth. The raised outlook and cited AI-enabled operating contribution are constructive, but the expansion program brings execution, financing and contract-return questions that temper the growth case.
Why did TRP fall 0.0% after beating EPS estimates in FY2026 Q3?
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Reported Before market openNYSEEnergy
$65.19B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.67
Consensus $0.64
EPS surprise
+4.7%
Reported versus consensus
Reported revenue
$2.01B
Consensus $2.79B
Revenue surprise
-28.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.0%
Event window
SPY move
-4.4%
Same window
Abnormal move
+4.4%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
TRPSPY benchmark
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Why did TRP fall 0.0% after beating EPS estimates in FY2026 Q3?What changed in TRP's guidance and outlook in FY2026 Q3?Give me the bull and bear case for TRP after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Management reported comparable EBITDA growth of 13% year over year and raised its 2026 and 2027 EBITDA outlooks. It cited approximately $65 million of incremental Q3 EBITDA from AI-enabled capacity management and announced $3 billion of new projects. Reported EPS exceeded consensus, while reported revenue was below consensus.
Guidance delta
Raised 2026 EBITDA guidance to $11.8–$12 billion and introduced a 2027 target range of $12.3–$12.5 billion, according to the supplied transcript analysis. Management also described a 5%–7% annual EBITDA growth outlook.
Key takeaways
- Comparable Q3 EBITDA was reported at $3 billion, up 13% year over year, and management raised its 2026 and 2027 EBITDA outlooks.
- The supplied scorecard shows EPS of $0.67 versus $0.64 estimated, while revenue of $2.006 billion was below the $2.795 billion estimate.
- Management said AI-enabled capacity management generated approximately $65 million of incremental EBITDA in Q3; it plans to scale these tools.
- Growth plans span gas pipelines, LNG connectivity and power projects, with $3 billion of new projects announced and a larger capital program ahead.
Management priorities
- Advance pipeline and LNG capacity projects, including Crossroads, American Midwest and Coastal GasLink Phase 2.
- Develop power-generation opportunities while balancing capital allocation between gas infrastructure and power.
- Scale AI-enabled capacity management and operational optimization.
- Execute an expanded capital program while improving leverage and maintaining a repeatable, contract-supported business profile.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$62.3Current
$45Low
$60.87Average
$99High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 6, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Goldman Sachs | Buy | Neutral | Upgrade | Oct 1, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Sep 11, 2026 |
| CIBC | Neutral | Outperform | Downgrade | Feb 17, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Nov 20, 2024 |
| Credit Suisse | Outperform | Neutral | Upgrade | Jan 21, 2021 |
| Wells Fargo | Perform | Outperform | Downgrade | Nov 25, 2020 |
| TD Securities | Hold | Buy | Downgrade | Nov 25, 2020 |
| National Bank Financial | Perform | Underperform | Upgrade | Nov 25, 2020 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Nov 25, 2020 |
| Macquarie | Outperform | Neutral | Upgrade | Nov 25, 2020 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 25, 2020 |
| Desjardins | Buy | Hold | Upgrade | Nov 25, 2020 |
| Citigroup | Buy | Buy | Maintain | Nov 25, 2020 |
| Canaccord Genuity | Buy | Hold | Upgrade | Nov 25, 2020 |
| Barclays | Buy | Buy | Maintain | Nov 25, 2020 |
| B of A Securities | Buy | Neutral | Upgrade | Nov 25, 2020 |
| Bank of America | Buy | Buy | Maintain | Sep 1, 2016 |
| JP Morgan | Overweight | Overweight | Maintain | Dec 15, 2015 |
| National Bank Financial Inc | Sector Perform | Underperform | Upgrade | Jan 23, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $62.3. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| CIBC | Analyst unavailable | $99 | $61.55 | +58.9% | Oct 22, 2026 |
| Goldman Sachs | Analyst unavailable | $71 | $57.78 | +14.0% | Sep 30, 2026 |
| BMO Capital | Ben Pham | $99 | $68.09 | +58.9% | Jul 31, 2026 |
| Goldman Sachs | Analyst unavailable | $62 | $60.62 | -0.5% | Apr 20, 2026 |
| Goldman Sachs | Analyst unavailable | $53 | $62.21 | -14.9% | Feb 18, 2026 |
| CFRA | Stewart Glickman | $45 | $42.1 | -27.8% | Aug 5, 2024 |
| Scotiabank | Robert Hope | $57.29 | $51.67 | -8.0% | Feb 14, 2022 |
| J.P. Morgan | Jeremy Tonet | $54.91 | $50.72 | -11.9% | Feb 2, 2022 |
| Goldman Sachs | Michael Lapides | $45 | $50.27 | -27.8% | Jan 13, 2022 |
| Wells Fargo | Ned Baramov | $50.13 | $44.62 | -19.5% | Dec 16, 2021 |
| Morgan Stanley | Robert Kad | $58.09 | $44.78 | -6.8% | Dec 3, 2021 |
| Barclays | Theresa Chen | $50.13 | $45.66 | -19.5% | Nov 30, 2021 |
| UBS | Shneur Gershuni | $50.93 | $48.24 | -18.3% | Nov 15, 2021 |
| Wolfe Research | Steve Fleishman | $50 | $48.45 | -19.7% | May 10, 2021 |
Track every rating change on TRP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationTC Energy Corporation (TRP), headquartered in Calgary, Canada, is a significant North American energy infrastructure enterprise, established in 1951. Its extensive operations are strategically divided into five key business units: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexican Natural Gas Pipelines, Liquids Pipelines, and Power & Storage. The company is responsible for constructing and managing a vast natural gas pipeline network, which stretches for 93,300 kilometers. This critical infrastructure facilitates the movement of natural gas from production basins to a variety of destinations, including local utility providers, electricity generating facilities, industrial sites, interconnected pipelines, liquefied natural gas (LNG) export terminals, and other commercial clients.…
Energy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| EOG EOG Resources, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.9% | +2.2% | EOG pairs record Q3 production with premium-gas investments |
| PBA Pembina Pipeline Corporation | FY2026 Q3 · Calendar Q4 2026 | +13.5% | +1.0% | Pembina raises 2026 EBITDA outlook as NGL strength lifts Q3 |
| ENB Enbridge Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -2.7% | Enbridge reiterates guidance as acquisitions and CEO transition reshape growth story |
| COP ConocoPhillips | FY2026 Q3 · Calendar Q4 2026 | +7.2% | -1.1% | COP beats Q3 expectations as management reiterates its 2029 cash-flow target |
Latest beats and misses
Who reports nextBeat on EPS
- EOGFY2026 Q3 · November 5, 2026+8.9% EPS+2.2% move
- PBAFY2026 Q3 · November 5, 2026+13.5% EPS+1.0% move
- FNFFY2026 Q3 · November 5, 20260.0% EPS+6.6% move
- MTDFY2026 Q3 · November 5, 2026+3.6% EPS+4.8% move
- IAGFY2026 Q3 · November 5, 2026+16.7% EPS+4.6% move
- GMABFY2026 Q3 · November 5, 2026+55.6% EPS-4.3% move
Missed on EPS
- DKNGFY2026 Q3 · November 5, 2026-29.2% EPS-23.4% move
- WPMFY2026 Q3 · November 5, 2026-1.1% EPS+2.2% move
- CPTFY2026 Q3 · November 5, 2026-27.2% EPS-3.1% move
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
- NTRAFY2026 Q3 · November 5, 2026-49.3% EPS-15.2% move
- TIGOFY2026 Q3 · November 5, 2026-40.8% EPS+2.6% move
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Sources
- Earnings call transcript and parsed analysis · 2026-11-05T20:21:18.022255+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T09:00:47.406672+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T09:00:47.403889+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-06. For educational purposes only; not investment advice.