TC Energy set its third quarter 2025 call for Thursday, November 6, 2025, flagging an update to the financial outlook and 2026 priorities at 8:30 a.m. ET. Calendar invites are already live. The company also reiterated that replay and webcast access will follow, useful for anyone tracking guidance, leverage, and capital deployment against a still busy North American build program.
Watch Guidance and Cash Flows
The near term focus is guidance. In July, management lifted its 2025 comparable EBITDA outlook to 10.8 to 11.0 billion dollars, citing stronger operating performance and project execution. One line matters. “we now expect our 2025 comparable EBITDA outlook to be higher, in the range of $10.8 to $11.0 billion,” said François Poirier.
That upgrade came alongside disclosure that roughly 8.5 billion dollars of capital projects were tracking to enter service in 2025, and that 4.5 billion dollars of new growth had been sanctioned over the prior nine months, factors that tighten the bridge between capex, in service dates, and cash generation, particularly given the take‑or‑pay profile across gas transmission.
Deliveries in Q2 averaged 23.4 Bcf per day on Canadian systems and 25.7 Bcf per day on U.S. systems, offering throughput support to the outlook as long as rate cases and settlements hold. Expect investors to probe free cash flow cadence into 2026, post‑ramp contributions from Mexico’s Southeast Gateway and U.S. expansions, and any dividend implications within the existing three to five percent growth framework.
Track Capital Structure Moves
Balance sheet actions continue. On October 9, TransCanada PipeLines Limited placed a US 350 million 6.25 percent fixed‑for‑life junior subordinated note due 2085, with stated uses that include redeeming the TRP.PR.G preferred series and reducing indebtedness, the deal offered through a syndicate co‑led by Morgan Stanley, BofA Securities, J.P. Morgan, RBC Capital Markets and Wells Fargo Securities. Costs of capital matter.
The instrument sits deeply subordinated, it is perpetual‑like in economic tenor, and it is consistent with preserving equity credit while retiring higher cost preferreds and smoothing the maturity ladder for 2026 to 2028. Watch refinancing of near‑term maturities, preferred share overhang, and any incremental hybrid capacity parameters discussed on the call, since those affect covenant headroom and ratings thresholds as much as absolute leverage.
Monitor Regulated Rate Steps
Since separating Liquids on October 1, 2024, the company has leaned into a gas‑first, rate‑regulated profile, supported by negotiated settlements and ongoing U.S. filings. The Canadian Energy Regulator approved a five‑year NGTL revenue requirement settlement effective January 1, 2025, and Columbia Gas filed, then progressed, a Section 4 rate case at FERC, both central to how 2026 earnings roll forward and how incremental expansions are tolled.
One reminder stands. “we now expect comparable EBITDA to be at the upper end of our 2024 outlook,” said [François Poirier], a framing that paired lower capital intensity with deleveraging after the liquids spinoff and set the base for 2025 guidance.
As a practical matter, predictable regulation and schedule discipline drive returns, and those remain the two levers most likely to change the tone of this November update.
Note also the diversified base, over 30 percent of North American gas moved daily and meaningful power exposure, which together temper single‑asset risk while still leaving room for rate and execution variance. The webcast will be recorded.
