Worries over the government shutdown surged in the early part of November, pushing consumer sentiment In to its lowest in more than three years and just off its worst level ever, according to a University of Michigan survey Friday.
The current conditions index slid to 52.3, a drop of nearly 11% from last month, while the future expectations measure fell to 49.0, down 2.6%. On a year-ago basis, the two measures respectively slumped 18.2% and 36.3%.
Enbridge ENB-T +0.20%increase said on Friday it plans early next year to formally gauge commercial interest in a second phase of capacity expansion on its Mainline crude pipeline network.
The Calgary, Canada-based pipeline operator said if the project goes ahead, it could add 250,000 barrels per day of additional capacity on the Mainline by 2028, helping to meet rising demand for export access from Canadian oil shippers.
The project would be in addition to a planned first phase of expansion, on which the company expects to make a final investment decision before the end of the year. The first phase would add 150,000 bpd of capacity and be placed into service by 2027, Enbridge said.
Enbridge missed third-quarter profit estimates on Friday, pressured by higher financing costs from capital investments including U.S. gas utility acquisitions.
But the company said its Mainline pipeline, which has the capacity to move 3 million barrels per day of crude from Western Canada to markets in Eastern Canada and the U.S. Midwest, shipped a record 3.1 million bpd on average during the quarter, reflecting strong customer demand for Canadian oil.
Canada’s oil sands industry has shown resilience during the global oil industry downturn, buoyed by years of investment that have made it among the lowest-cost basins in North America.
Canadian oil production hit a record high of 5.1 million bpd on average last year, and Enbridge is forecasting the country will see 500,000 to 600,000 bpd of supply growth by the end of the decade.
The Canadian government is in talks with the oil-producing province of Alberta, which wants to see a new crude pipeline built in tandem with a massive carbon capture and storage project aimed at lowering emissions from the oil sands.
No private sector proponent has indicated willingness to build such a pipeline, but the federal government on Tuesday said it could scrap a cap on oil and gas emissions in favor of other measures like strengthened industrial carbon pricing.
Optimizing the Mainline pipeline is the “quickest and most cost-effective way” to address Canada’s rising oil production, said Enbridge executive vice-president Colin Gruending, on a conference call.
If the Canadian government does scrap some of the regulatory and policy hurdles that have inhibited investment in the sector in recent years, he said, even more pipeline space could be required.
“There could be much more upside to monetize the trillions of dollars of value up in northern Alberta,” Gruending said.
Enbridge reported adjusted core profit of $2.31-billion from its liquid pipelines unit, down from $2.34-billion a year earlier, due to lower contributions from the Flanagan South and Spearhead pipelines.
The company reported adjusted profit of 46 cents per share for the quarter ended Sept. 30, missing analysts’ average expectation of 51 cents per share, according to LSEG data.
The Canadian economy enjoyed a burst of hiring activity for the second consecutive month in October, offsetting summer job losses and bolstering calls that the Bank of Canada is done cutting interest rates for now.
The labour market added 67,000 jobs last month and the unemployment rate fell to 6.9 per cent from 7.1 per cent, Statistics Canada said Friday in a report. Financial analysts were expecting a small loss of 5,000 positions.
Over September and October, the country added a cumulative 127,000 jobs, fully recovering the 106,000 positions that were shed over July and August.
While the Canadian economy has been sideswiped by U.S. tariffs this year, it has also shown some resilience, and early data suggest the country will narrowly avoid a recession. The labour market, which had been weak as the Trump administration started implementing its tariffs, is looking more lively of late.
“It’s too early to tell, but this could end up being the first sign of recovery for an economy that’s been reeling,” Royce Mendes, head of macro strategy at Desjardins Securities, said in a client note. “This reinforces our revised call that the Bank of Canada moves back to the sidelines next month, leaving rates unchanged after easing in September and October.”
The odds are slim that the Bank of Canada will cut interest rates at its next decision on Dec. 10. Interest rate swaps, which capture market expectations of monetary policy, are pricing in a 5-per-cent chance of a reduction next month, down from 13-per-cent odds on Thursday, according to Bloomberg data.
Last week, the central bank trimmed its benchmark interest rate to 2.25 per cent, a second consecutive cut after several pauses to assess the fallout of protectionist U.S. trade policies. Bank of Canada Governor Tiff Macklem stressed that monetary policy can only accomplish so much when the economy is going through structural changes because of trade frictions, and that rates may be “at about the right level” to keep inflation in check.
Despite a challenging business climate, Friday’s labour report showed some rebounds in distressed areas.
Ontario, for example, added 55,000 jobs in October. The province’s economy has been slammed by U.S. tariffs targeting the automotive and steel industries, a sluggish real estate sector and layoffs in postsecondary education.
Doug Porter, chief economist at Bank of Montreal, said in a research note that “there were lots of signs that the Blue Jays run made a mark” in provincial hiring, with sizeable gains seen in hospitality, recreation and retail.
The national youth unemployment rate, meanwhile, fell to 14.1 per cent from 14.7 per cent in September, the first decline since February. The jobless rate for the 15-to-24 age cohort had previously reached its highest level in 15 years, excluding the early pandemic years of 2020 and 2021.
There were, however, some weak spots in Friday’s report. The entirety of October’s job gains were in part-time work, and most industries shed positions during the month. Statscan noted that from January to October, employment in goods-producing industries has fallen by 54,000, largely because of losses in construction and manufacturing.
The outlook is hardly certain, as well. The North American trade agreement is up for renegotiation next year, and Ottawa has been unable to secure relief for certain industries getting battered by hefty U.S. tariffs. A recent Bank of Canada survey of businesses found that most are not planning to increase the size of their work forces over the next year.
“The Canadian labour market appears to be recovering, although truer tests of the strength of that recovery are still to come given the recent volatility seen in this data release,” Andrew Grantham, senior economist at CIBC Capital Markets, said in a client note. “We expect that employment gains will slow down again but, with population growth also decelerating, the unemployment rate should continue a gradual move lower during 2026.”
Mr. Grantham added: “That would be in-line with the Bank of Canada’s current thinking that interest rates are low enough to support a recovery within the economy, and because of that we continue to forecast no more cuts from here.”
Canadian Tire Corp. Ltd. raised its dividend as it reported its third-quarter profit fell compared with a year ago on restructuring and other transformation and advisory costs. The retailer says it will pay a quarterly dividend of $1.80 per share, up from $1.775 per share. The increased payment to shareholders came as Canadian Tire reported its net income attributable to shareholders from continuing operations amounted to $169.1 million or $3.13 per diluted share for the quarter ended Sept. 27. The result compared with a profit of $198.5 million or $3.55 per diluted share in the same quarter last year. On an normalized basis, the company says it earned $3.78 per diluted share in its latest quarter, up from an normalized profit of $3.55 per diluted share a year ago. Revenue for the quarter totalled $4.11 billion, up from $3.99 billion a year ago, as consolidated comparable sales rose 1.8 per cent. Comparable sales at Canadian Tire stores were up 1.2 per cent, while SportCheck comparable sales gained 4.2 per cent. Mark’s comparable sales rose 2.5 per cent. This report by The Canadian Press was first published Nov. 6, 2025. Companies in this story: (TSX:CTC.A)
Sun Life Financial Inc. SLF-T -3.03%decrease reported $1.1 billion in net income during the third quarter, down from $1.35-billion during the same period a year earlier.
Earnings for the period ended Sept. 30 worked out to $1.97 per share, down from $2.33 per share a year ago.
The Toronto-based insurer says assets under management reached $1.6-trillion, rising by seven per cent from the same period last year.
The company also raised its common share dividend to 92 cents per share, up from 88 cents per share.
Sun Life CEO Kevin Strain says the company’s latest results reflect strong underlying net income in both Canada and Asia.
Nutrien Ltd. NTR-T +4.00%increase has announced that it is putting its phosphate business up for strategic review in a bid to enhance the company’s long-term value.
Saskatchewan-based Nutrien’s phosphate division is worth around US$2.4-billion, according to Royal Bank of Canada analyst reports.
The global fertilizer major has six facilities across the United States, making it the second-largest producer in North America after the Florida-based Mosaic Co.
But of the four divisions within the company, phosphate is the smallest. In 2024, the division generated US$384-million in adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization. Nitrogen and potash each generated upward of US$1.8-billion. The agricultural retail side of the business generated US$1.7-billion.
The move, announced Wednesday with the release of Nutrien’s third-quarter earnings, is therefore in keeping with the company’s commitment to streamline operations, pare back its portfolio and generate cash flow.
“We continue to progress our strategic initiatives and take actions to simplify our portfolio,” Ken Seitz, Nutrien’s president and chief executive officer, said in a press release Tuesday. He said the moves are aimed at “enhancing earnings quality, improving cash conversion and supporting growth in free cash flow per share over the long term.”
Phosphate is mined from underground deposits formed by marine sediment. It is essential to plant photosynthesis, maturing and reproduction. It is one of three key fertilizers used in major agricultural operations, alongside nitrogen and potassium. Phosphate is also used in animal feed for muscle repair and skeletal development, and it is used in soft drinks and food additives.
Globally, the largest phosphate producer is China, accounting for 36 per cent of worldwide output. North American producers mine 11 per cent of the world’s phosphate.
Mosaic is the largest producer on the continent, supplying two-thirds of the phosphate fertilizer used by American farmers. Nutrien is the only other major North American producer. It is also the continent’s largest producer of purified phosphoric acid, which it processes into solid and liquid fertilizers, feed and industrial acids.
Nutrien’s primary phosphate market is North America, and it reaches farmers through the company’s downstream network of agricultural retail operations. It owns 1,300 stores across North America, 200 in South America and 400 in Australia.
The company’s phosphate division suffered from a poor 2024 performance. Last year, sales volumes fell from almost US$2-billion to around US$1.7-billion, in part because Hurricane Helene temporarily shuttered Nutrien’s White Springs, Fla., facility in late September, stalling production. The hurricane also led to increased water treatment costs, which boosted production expenses.
This is not the first strategic review for Nutrien’s phosphate division. In 2019, the company closed facilities in Redwater, Alta., and Geismar, La., to focus production in its two major U.S. operations in Aurora, N.C., and White Springs. Nutrien said it was focused on fully integrating its assets. It wanted to mine rock onsite, which was possible in its U.S. operations.
The current review is part of Nutrien’s company-wide plans to generate strong cash flow and simplify its portfolio. At an investor day in June, 2024, the company rolled out plans to reduce controllable costs across operations and corporate functions by US$200-million by 2026 and maintain capital expenditures of US$2.2-billion to US$2.3-billion through to 2026. This would allow the company to “pursue high conviction capital deployment opportunities,” it said in a statement at the time.
This past September, Nutrien announced it would sell its 50-per-centequity position in Argentina-based nitrogen producer Profertil SA for approximately US$600-million.
Potential buyers for Nutrien’s phosphate operations could include Mosaic, and other fertilizer heavyweights such as Israel’s ICL Group Ltd. and Germany’s K+S AG, alongside private equity funds.
Kinaxis ® (TSX:KXS), a global leader in end-to-end supply chain orchestration, reported results for its third quarter ended September 30, 2025. All amounts are in U.S. dollars. All figures are prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise indicated.
“Our momentum continues as record new business for a third quarter drove accelerated ARR growth and allows us to confidently target even stronger results for fiscal 2025. Our AI-powered orchestration message is resonating well with exciting new global brands, the installed base, and business partners looking to work with a leader in the supply chain space” said Bob Courteau, interim chief executive officer at Kinaxis . “We just launched our initial Maestro Agents, which creates the opportunity for a new revenue stream for Kinaxis and allows for faster and better outcomes for our customers. One early adopter of the agents, a top-10 global pharmaceutical company, boosted planner productivity as much as tenfold in its work to identify inventory risks. We will be rolling out additional capabilities in coming months, reflecting a strong AI product pipeline.”
Q3 2025 Highlights
$ USD thousands, except as otherwise indicated
Q3 2025
Q3 2024
Change
Total Revenue
134,592
121,528
11%
(constant currency1)
132,296
9%
SaaS
91,955
78,621
17%
(constant currency1)
90,509
15%
Subscription term licenses
79
2,250
(96)%
Professional services
37,022
35,471
4%
Maintenance and support
5,536
5,186
7%
Gross profit
85,949
76,365
13%
Margin
64%
63%
Profit
16,846
6,751
150%
Per diluted share
$0.58
$0.23
Adjusted EBITDA 1
33,922
30,013
13%
Margin
25%
25%
Cash from operating activities
33,645
29,945
12%
(1) “Adjusted EBITDA” and constant currency metrics are non-IFRS measures that are not a recognized, defined or standardized measure under IFRS. These measures as well as any other non-IFRS financial measures reported by Kinaxis are defined in the “Non-IFRS Measures” section of this news release.
Key Performance Indicators
The company’s Annual Recurring Revenue 2 (ARR), which includes subscription amounts related to both SaaS and on-premise contracts, rose to $407 million at the end of the quarter, or 17% growth as-reported and 17% in constant currency 1 .
$USD millions
Q3 2025
Q3 2024
Change
Annual recurring revenue 2
407
347
17%
(2) Annual Recurring Revenue (ARR) is the total annualized value of recurring subscription amounts (ultimately recognized as SaaS, Subscription term licenses and Maintenance and support revenue) of all subscription contracts at a point in time. Annualized subscription amounts are determined solely by reference to the underlying contracts, normalizing for the varying revenue recognition treatments under IFRS 15 for cloud-based versus on-premise subscription amounts. It excludes one-time fees, such as for non-recurring professional services, and assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal, unless such renewal is known to be unlikely. We believe that this measure provides a more current indication of our performance in the growth of our subscription business than other metrics.
The nature of the company’s long-term contracts provides visibility into future, contracted revenue. The following table presents revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at September 30, 2025.
$USD millions
2025
2026
2027 and later
Total
SaaS
92.3
314.5
403.2
810.0
Maintenance and support
5.3
14.6
15.3
35.2
Subscription term licenses
0.8
0.1
—
0.9
Total
98.4
329.2
418.5
846.1
Financial Guidance
Kinaxis is updating its fiscal 2025 financial guidance, as follows.
FY 2025 Guidance
Total revenue
$535-550 million
Constant currency1
$535-550 million
SaaS
15-17% growth
Constant currency1
14-16% growth
Subscription term license
$15-16 million
Adjusted EBITDA 1 margin
24-26%
“Q3 was an outstanding quarter for Kinaxis. Ongoing strength in winning new business positions us well to exit 2025 with a higher ARR growth rate than we did last year, and to target our normalized 25% adjusted EBITDA target a full year ahead of plan. Our updated subscription term license revenue guidance reflects our success converting on-premise business to SaaS, so customers can take advantage of exciting new innovations that are only available in our cloud environments,” said Blaine Fitzgerald, chief financial officer at Kinaxis . “Overall, I am very pleased with the momentum in our business. We’ve been successful in simultaneously improving growth and profitability in recent quarters, which is testimony to demand in our space, and our company-wide efforts to achieve scalability and focus on our very best opportunities.”
Guidance in this press release is provided to enhance visibility into Kinaxis’ expectations for financial targets for the periods indicated. Please refer to the section regarding forward-looking statements that forms an integral part of this release. This press release along with the financial statements and MD&A for the quarter ended September 30, 2025 are available on Kinaxis’ website and on SEDAR+ at www.sedarplus.ca .
TC Energy TRP-T -0.40%decrease missed estimates for third-quarter profit on Thursday, hurt by weakness in the pipeline operator’s U.S. operations and in its power and energy solutions business.
AI-driven power demand, industrial applications and LNG exports are driving up natural gas consumption, yet price pressures and competition from coal remain ongoing market challenges.
U.S. natural gas futures fell over 4 per cent sequentially, extending a decline that began in the second quarter after snapping four consecutive quarters of gains.
The drop in prices weighed on TC Energy’s transport volumes.
Net income from the company’s U.S. natural gas pipelines, its largest segment, fell to $801-million in the third quarter, from $1.3-billion a year ago.
Adjusted core profit in the power and energy solutions business was $266-million in the quarter, down 18.4 per cent from a year ago.
However, its Canadian natural gas pipelines saw adjusted core earnings rise to $913-million in the quarter ended Sept. 30, from $845-million a year ago.
The company operates a 58,100 mile-long network of pipelines, supplying more than 30 per cent of the clean-burning natural gas consumed daily across North America.
The company expects adjusted core profit for 2026 to be in the range of US$11.6-billion to US$11.8-billion, nearly 6 per cent to 8 per cent growth year-over-year.
It also anticipates 2028 core profit to be in the range of US$12.6-billion to US$13.1-billion, representing a 5 per cent to 7 per cent annual growth rate between 2025 and 2028.
On an adjusted basis, the Calgary-based company earned 77 Canadian cents per share for the three months, compared with analysts’ average expectation of 80 Canadian cents, according to data compiled by LSEG.
Canadian Natural Resources CNQ-T -0.67%decrease on Thursday posted quarterly earnings that narrowly beat analysts’ estimates, as record oil and gas production helped offset a decline in crude prices.
The country’s oil sands producers, including Canadian Natural Resources, have shown resilience during the global oil industry downturn, buoyed by years of investment that have made them among the lowest-cost operators in North America.
Quarterly production jumped about 19 per cent from a year earlier to a record 1.62 million barrels of oil equivalent per day (boepd), driven by both acquisitions and strong operational performance.
The Calgary-based company raised its 2025 production guidance to between 1.56 million and 1.58 million boepd from a prior range of 1.51 million to 1.55 million boepd, citing newly integrated assets and stable field performance.
Following its asset swap with Shell Canada SHEL-N -0.05%decrease on Nov. 1, Canadian Natural now fully owns and operates the Albian oil sands mines and associated reserves, and holds an 80-per-cent non-operated stake in the Scotford Upgrader and Quest facilities.
The deal adds about 31,000 barrels per day of low-decline bitumen output, further strengthening its oil sands business.
The company kept its annual capital budget steady at about $5.9-billion.
While weaker Western Canadian Select differentials and maintenance work have tempered margins at times, Canadian producers remain well-positioned heading into 2026 with disciplined capital spending.
For Canadian Natural, realized price of exploration and production liquids fell 8.3 per cent in the reported quarter to $72.57 per barrel.
The quarter included a $700-million charge related to updated cost estimates for its Ninian and T-Block assets in the North Sea.
On an adjusted profit of 86 cents a share for the three months ended Sept. 30, compared with analysts’ average estimate of 85 cents, according to data compiled by LSEG.
