Trans Mountain reported Q2 2025 revenue of $719 million, up 82% year over year from $396 million, with transportation revenue growing 85% year over year. The quarter logs results as its 890,000-barrel-per-day expanded system logged its first full comparable quarter from last year.
Operating expenses rose 44% to $380 million from $264 million in Q2 2024: pipeline operating costs increased 53% to $75 million, depreciation and amortization climbed 45% to $219 million, salaries and benefits rose 23% to $49 million, administration nearly doubled to $17 million, and taxes other than income taxes reached $20 million from $15 million. This leads to operating income rising to $339 million from $132 million.
Net income came in at $150 million versus a $48 million loss last year, driven by a slimmer interest expense of $136 million compared to last year’s $313 million, countering the wider income tax expense at $54 million versus a $15 million recovery last year.
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Adjusted EBITDA rose 97% to $558 million from $283 million. Adjusted funds from operations improved to $397 million from a $59 million deficit.
Cash from operations increased to $283 million from $65 million, investing outflows dropped to $65 million from $599 million as capex fell to $52 million from $591 million, and financing used $163 million in cash flow, reflecting dividends. Cash balance ended at $464 million, up from $295 million a year ago.
Average mainline throughput was 703,000 bpd, up 49% from 471,000 bpd last year, but down 7% from 757,000 bpd in Q1 due to planned refinery maintenance. Utilization was 79% versus 68% last year and 85% in Q1.
Payments to Canada TMP Finance totaled $313 million, split between $150 million of interest and $163 million of dividends, bringing year-to-date returns to $729 million.
Tolls remain interim under the Canada Energy Regulator process, with final arguments scheduled for early 2026. Management is evaluating optimization that could add 200,000–300,000 bpd, including drag-reducing agents.
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