We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
TC Energy's Q1 Earnings Surpass Estimates, Revenues Miss
Read MoreHide Full Article
Key Takeaways
TC Energy posted Q1 EPS of 72 cents, beating estimates and rising from last year's 66 cents.
TRP's revenues hit $2.8B, missing estimates but rising 11.5% YoY on strong segment performance.
TC Energy declared an annual dividend of C$3.51 and reaffirmed the 2026 EBITDA outlook of C$11.6B-C$11.8B.
TC Energy Corporation (TRP - Free Report) reported first-quarter 2026 adjusted earnings of 72 cents per share, which beat the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line increased from 66 cents reported in the year-ago period. This outperformance was driven by robust results from all the reportable segments of the company.
This North American energy infrastructure provider's quarterly revenues of $2.8 billion missed the Zacks Consensus Estimate by 5%. However, the figure increased 11.5% year over year.
TC Energy Corporation Price, Consensus and EPS Surprise
TC Energy’s comparable EBITDA increased to C$3.1 billion from C$2.7 billion in the prior year.
TRP’s board of directors declared a quarterly dividend of 87.75 Canadian cents per common share for the quarter ending June 30, 2026, translating to an annualized dividend rate of C$3.51. The dividend will be payable on July 31, 2026, to its shareholders of record on June 30.
TRP’s Q1 Segmental Information
Canadian Natural Gas Pipelines reported a comparable EBITDA of C$919 million, up 3.3% from the year-ago quarter’s level. TRP reported that Canadian Natural Gas Pipelines deliveries averaged 29.7 billion cubic feet per day (Bcf/d), marking a 3% increase from the year-ago quarter’s level and achieving a new all-time delivery record of 33.2 Bcf on Jan. 22, 2026. The company posted that Canadian Mainline Western receipts averaged 5 Bcf/d, in line with the year-ago quarter’s level.
U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,497 million, indicating a 9.5% increase from the prior-year quarter’s actual. U.S. Natural Gas Pipelines recorded daily average flows of 32.6 Bcf/d, marking a 5% increase from the first quarter of 2025. The segment also reached a new all-time delivery record of 39.9 Bcf on Jan. 29, 2026. Deliveries to LNG facilities averaged 3.9 Bcf/d, up 12% from the prior-year quarter.
Mexico Natural Gas Pipelines reported a comparable EBITDA of C$432 million, up 85.4% from the year-ago quarter’s reported figure of C$233 million. TRP reported that Mexico Natural Gas Pipelines flows in the first quarter averaged 2.8 Bcf/d, which was lower than the year-ago quarter’s level due to adjustments made to the pipeline flows. Additionally, deliveries to power generation facilities averaged 1.2 Bcf/d in the first quarter of 2026, in line with first-quarter 2025.
Power and Energy Solutions registered a comparable EBITDA of C$243 million, up 8.5% from the year-ago quarter’s level of C$224 million. The company reported that Bruce Power achieved 88.2% availability in the first quarter of 2026, impacted by a planned outage on Unit 8. Additionally, the cogeneration power plant fleet achieved 99.5% availability in the first quarter of 2026.
TRP’s Expenditure and Balance Sheet
As of March 31, 2026, TC Energy’s capital investments amounted to C$1.3 billion.
The company had cash and cash equivalents worth C$1.1 billion and long-term debt of C$45.4 billion, with a debt-to-capitalization of 60% as of the same date.
TRP’s 2026 Guidance
This Zacks Rank #3 (Hold) company reaffirmed its 2026 outlook, expecting its strong operational and financial momentum to continue into 2026. The company anticipates its full-year 2026 comparable EBITDA to be between C$11.6 billion and C$11.8 billion, with comparable earnings per share also projected to be higher than 2025 levels.
TRP’s management expects to place approximately C$4 billion of projects into service during the year, which will contribute to this growth. The company also anticipates net capital expenditures for 2026 to be in the range of C$5.5 billion to C$6 billion.
Looking at its operations, the Bruce Power segment is expected to achieve availability in the low 90% range for the year, with Unit 3 returning to service as planned.
Looking further ahead, TRP anticipates fully allocating its C$6 billion annual net capital expenditure target through 2030. Furthermore, given the strength of the project pipeline, the company anticipates it has the visibility to potentially surpass this level of investment in the latter part of the decade. All new projects are expected to achieve build multiples within the targeted 5-7 times range.
While we have discussed TRP’s first-quarter results in detail, let us take a look at three other key reports in this space.
Halliburton Company (HAL - Free Report) reported first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents due to softer activity in the North American region and the negative impact of geopolitical conflict in the Middle East, which hurt both of the company’s segments.
Meanwhile, revenues of $5.4 billion were 0.3% lower year over year but beat the Zacks Consensus Estimate of $5.3 billion.
Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.
Range Resources Corporation (RRC - Free Report) reported first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents.
Total quarterly revenues of $1,018.3 million topped the Zacks Consensus Estimate of $919.3 million. The top line increased from the prior-year figure of $854 million.
Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.
At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.
EQT Corporation (EQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Zacks
TC Energy's Q1 Earnings Surpass Estimates, Revenues Miss
Key Takeaways
TC Energy Corporation (TRP - Free Report) reported first-quarter 2026 adjusted earnings of 72 cents per share, which beat the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line increased from 66 cents reported in the year-ago period. This outperformance was driven by robust results from all the reportable segments of the company.
This North American energy infrastructure provider's quarterly revenues of $2.8 billion missed the Zacks Consensus Estimate by 5%. However, the figure increased 11.5% year over year.
TC Energy Corporation Price, Consensus and EPS Surprise
TC Energy Corporation price-consensus-eps-surprise-chart | TC Energy Corporation Quote
TC Energy’s comparable EBITDA increased to C$3.1 billion from C$2.7 billion in the prior year.
TRP’s board of directors declared a quarterly dividend of 87.75 Canadian cents per common share for the quarter ending June 30, 2026, translating to an annualized dividend rate of C$3.51. The dividend will be payable on July 31, 2026, to its shareholders of record on June 30.
TRP’s Q1 Segmental Information
Canadian Natural Gas Pipelines reported a comparable EBITDA of C$919 million, up 3.3% from the year-ago quarter’s level. TRP reported that Canadian Natural Gas Pipelines deliveries averaged 29.7 billion cubic feet per day (Bcf/d), marking a 3% increase from the year-ago quarter’s level and achieving a new all-time delivery record of 33.2 Bcf on Jan. 22, 2026. The company posted that Canadian Mainline Western receipts averaged 5 Bcf/d, in line with the year-ago quarter’s level.
U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,497 million, indicating a 9.5% increase from the prior-year quarter’s actual. U.S. Natural Gas Pipelines recorded daily average flows of 32.6 Bcf/d, marking a 5% increase from the first quarter of 2025. The segment also reached a new all-time delivery record of 39.9 Bcf on Jan. 29, 2026. Deliveries to LNG facilities averaged 3.9 Bcf/d, up 12% from the prior-year quarter.
Mexico Natural Gas Pipelines reported a comparable EBITDA of C$432 million, up 85.4% from the year-ago quarter’s reported figure of C$233 million. TRP reported that Mexico Natural Gas Pipelines flows in the first quarter averaged 2.8 Bcf/d, which was lower than the year-ago quarter’s level due to adjustments made to the pipeline flows. Additionally, deliveries to power generation facilities averaged 1.2 Bcf/d in the first quarter of 2026, in line with first-quarter 2025.
Power and Energy Solutions registered a comparable EBITDA of C$243 million, up 8.5% from the year-ago quarter’s level of C$224 million. The company reported that Bruce Power achieved 88.2% availability in the first quarter of 2026, impacted by a planned outage on Unit 8. Additionally, the cogeneration power plant fleet achieved 99.5% availability in the first quarter of 2026.
TRP’s Expenditure and Balance Sheet
As of March 31, 2026, TC Energy’s capital investments amounted to C$1.3 billion.
The company had cash and cash equivalents worth C$1.1 billion and long-term debt of C$45.4 billion, with a debt-to-capitalization of 60% as of the same date.
TRP’s 2026 Guidance
This Zacks Rank #3 (Hold) company reaffirmed its 2026 outlook, expecting its strong operational and financial momentum to continue into 2026. The company anticipates its full-year 2026 comparable EBITDA to be between C$11.6 billion and C$11.8 billion, with comparable earnings per share also projected to be higher than 2025 levels.
TRP’s management expects to place approximately C$4 billion of projects into service during the year, which will contribute to this growth. The company also anticipates net capital expenditures for 2026 to be in the range of C$5.5 billion to C$6 billion.
Looking at its operations, the Bruce Power segment is expected to achieve availability in the low 90% range for the year, with Unit 3 returning to service as planned.
Looking further ahead, TRP anticipates fully allocating its C$6 billion annual net capital expenditure target through 2030. Furthermore, given the strength of the project pipeline, the company anticipates it has the visibility to potentially surpass this level of investment in the latter part of the decade. All new projects are expected to achieve build multiples within the targeted 5-7 times range.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Earnings at a Glance
While we have discussed TRP’s first-quarter results in detail, let us take a look at three other key reports in this space.
Halliburton Company (HAL - Free Report) reported first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents due to softer activity in the North American region and the negative impact of geopolitical conflict in the Middle East, which hurt both of the company’s segments.
Meanwhile, revenues of $5.4 billion were 0.3% lower year over year but beat the Zacks Consensus Estimate of $5.3 billion.
Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.
Range Resources Corporation (RRC - Free Report) reported first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents.
Total quarterly revenues of $1,018.3 million topped the Zacks Consensus Estimate of $919.3 million. The top line increased from the prior-year figure of $854 million.
Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.
At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.
EQT Corporation (EQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.