TC Energy Delivers Exceptional 2025 Results With Record Safety Performance and Landmark Dividend Growth

TC Energy Corporation closed out 2025 with striking financial and operational achievements, capping off a transformative year marked by industry-leading safety performance and a milestone dividend increase. The Calgary-based energy infrastructure leader announced its full-year results on February 13, 2026, showcasing the strength of its disciplined strategy and resilient business model amid volatile market conditions.

The company’s comparable EBITDA expanded approximately 9 percent for the full year, while segmented earnings held steady at $8.0 billion compared to 2024 levels. More impressively, the fourth quarter demonstrated accelerating momentum with comparable EBITDA climbing 13 percent year-over-year and segmented earnings jumping 15 percent—underscoring strengthening operational execution and asset availability across TC Energy’s North American footprint.

Financial Performance: Quarters of Solid Results and Strategic Confidence

Q4 2025 financial results from continuing operations reflect the company’s operational excellence. Comparable earnings totaled $1.0 billion or $0.98 per common share, while net income attributable to common shares reached $0.92 per share. For the full 12 months, comparable EBITDA grew to $11.0 billion versus $10.0 billion in 2024, demonstrating sustained growth across the company’s diversified asset base.

“Our safety-first culture is driving exceptional operational performance,” noted François Poirier, President and Chief Executive Officer. “Strong asset availability and reliability drove a 13 percent year-over-year increase in fourth quarter comparable EBITDA and a 15 percent increase in segmented earnings.”

The financial strength reflects a business model engineered for stability: 98 percent of comparable EBITDA is underpinned by rate-regulated or long-term take-or-pay contracts, providing insulation from commodity price volatility and ensuring predictable cash generation across market cycles. This defensive positioning proved particularly valuable during 2025’s geopolitical uncertainty and trade policy shifts.

Operational Excellence: 15 Flow Records Demonstrate Pipeline Mastery

TC Energy’s commitment to safety translated into record-breaking operational performance in 2025. The company achieved 15 delivery records across its North American systems—the most impressive operational showing in recent years. These records span critical infrastructure across Canada, the United States, and Mexico.

Canadian natural gas pipelines led the charge with deliveries averaging 27.2 Bcf/d in Q4, up 5 percent year-over-year. The NGTL System set an all-time delivery record of 18.3 Bcf/d on January 22, 2026, while Canadian Mainline Western receipts climbed 3 percent to 4.8 Bcf/d. The Canadian pipeline portfolio’s strongest-ever performance reflects surging demand from LNG export facilities and industrial growth.

U.S. natural gas pipelines posted even more dramatic results. Daily average flows reached 29.6 Bcf/d in Q4, surging 9.5 percent versus the prior year. Most strikingly, the U.S. system achieved an all-time delivery record of 39.9 Bcf on January 29, 2026—a testament to the infrastructure’s critical role feeding power generation and export demand. Deliveries to LNG facilities alone jumped 21 percent to average 3.9 Bcf/d, including a single-day record near 4.4 Bcf on December 4, 2025.

Specialized systems also shattered previous benchmarks. Columbia Gulf, GTN, and Gillis Access each posted all-time delivery records in December 2025, while Mexico’s pipeline system maintained steady performance at 2.7 Bcf/d—representing approximately 20 percent of Mexico’s total Q4 gas demand.

Power Generation Assets Strengthen Portfolio Resilience

TC Energy’s strategic power and energy solutions segment provided portfolio diversification and stable returns. Bruce Power, the company’s flagship nuclear generation asset in Ontario, achieved 85.7 percent availability in Q4 2025, with full-year 2025 availability reaching 91 percent. Management expects availability to stabilize in the low-90 percent range for 2026, providing Ontario with reliable, non-emitting power as the province addresses growing electricity demands.

The cogeneration power plant fleet maintained strong operational rhythm, posting 89.5 percent availability in Q4 2025. These assets support industrial operations and commercial customers while contributing predictable cash flows to the corporation.

Strategic Capital Deployment: Sanctioning Growth While Maintaining Discipline

TC Energy’s capital allocation strategy balanced immediate value creation with disciplined risk management. In Q4 2025, the company sanctioned $0.6 billion of low-risk, in-corridor expansion projects that strengthen long-term growth visibility.

NGTL System Multi-Year Growth Plan represents a cornerstone initiative. The company approved $0.5 billion of expansion facilities designed to deliver incremental growth on North America’s premier natural gas backbone, with in-service timing targeted for 2028. As of December 31, 2025, approximately $1.1 billion of MYGP facilities have achieved final investment decision status, positioning the company for accelerated deployment.

A $0.1 billion equity contribution in a U.S. brownfield compression expansion project demonstrates TC Energy’s selectivity—the project targets a five times build multiple and carries an anticipated 2028 in-service date, exemplifying the 5-7x build multiple targeting that guides capital allocation.

Expansion Projects: Capturing Explosive Demand Growth From Data Centres

Market dynamics are reshaping pipeline demand. The explosive expansion of data centre infrastructure and artificial intelligence workload concentration are driving unprecedented power generation growth—and corresponding surges in natural gas demand to fuel that growth.

Columbia Gas Transmission open season showcased this emerging opportunity. On January 9, 2026, TC Energy successfully closed a non-binding expansion project open season for up to 0.5 Bcf/d of incremental capacity serving the Columbus area, including New Albany. The response was overwhelming: approximately 1.5 Bcf/d of total bids arrived—three times the proposed project capacity. This robust demand, driven by data centre power-load growth, validates TC Energy’s strategic footprint and signals substantial unmet market need.

Building on this momentum, Crossroads Pipeline expansion launched on February 9, 2026. The non-binding open season targets up to 1.5 Bcf/d of incremental capacity serving Northern Indiana, Illinois, Iowa, and South Dakota. The expansion would respond to recently announced power generation and data centre developments across the U.S. Midwest, with the open season closing mid-March 2026.

Project Execution: Delivering Capital On Time and Under Budget

TC Energy’s project execution track record reinforces investor confidence. In 2025, the company successfully placed $8.3 billion of projects into service on schedule while achieving cost performance approximately 15 percent under the Board-approved budget—a striking validation of the company’s execution discipline.

Recent project completions include the VR project on the Columbia system, placed in service in November 2025 with total costs of approximately US$0.5 billion. The project delivers incremental capacity from Greensville County, Virginia to Norfolk-area delivery points. Simultaneously, the WR project on the ANR System in Wisconsin commenced operations in November 2025 with project costs of approximately US$0.7 billion, providing critical mainline capacity to multiple Wisconsin delivery points.

The Cedar Link project continues progressing ahead of schedule while tracking below its Board-approved $1.2 billion budget, with additional upside potential through disciplined execution.

Looking ahead to 2026, TC Energy expects to place approximately $4 billion of capital into service. This pipeline includes the Bison XPress Project on Northern Border Pipeline, the remainder of Valhalla North and Berland River Project on the NGTL System, and Bruce Power Unit 3 as part of the Major Component Replacement program.

Strategic Growth Trajectory: Positioning for Decade-Long Value Creation

TC Energy’s long-term outlook reflects confidence in North American energy fundamentals. The company forecasts natural gas demand will expand 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035—driven by LNG exports, rising power generation from data centre and AI infrastructure, and increasing reliability needs from local distribution companies.

“As commercial discussions advance across a diverse set of high-quality opportunities, we remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030 and have greater visibility to potentially surpass this level of investment in the latter part of the decade,” Poirier stated.

This confidence translates into concrete capital planning. TC Energy anticipates capital expenditures of $6.0 to $6.5 billion in 2026 prior to non-controlling interest adjustments, or $5.5 to $6.0 billion in net capital expenditures. Management maintains discipline in this deployment, targeting build multiples in the 5-7x range and continuing to de-risk opportunities ahead of formal sanctioning.

Financial Outlook: Comparable EBITDA and Earnings Growth Expected

Looking forward to 2026, management guidance signals continued momentum. The company expects 2026 comparable EBITDA and comparable earnings per common share to exceed 2025 levels. Specifically:

• Comparable EBITDA is expected to reach $11.6 to $11.8 billion
• Capital expenditures are anticipated at $6.0 to $6.5 billion prior to non-controlling interest adjustments

This guidance reflects confidence in continued operational excellence, successful execution of the growth capital program, and sustained momentum from favorable energy market fundamentals.

Dividend: 26-Year Consecutive Growth Marks Shareholder Confidence

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend, escalating the payment to $0.8775 per common share for the quarter ending March 31, 2026—equivalent to $3.51 on an annualized basis. The dividend remains payable on April 30, 2026 to shareholders of record at March 31, 2026.

This marks the 26th consecutive year of dividend increase—a remarkable track record underscoring management’s confidence in sustaining and growing cash distributions through the coming decade. For context, the company declared dividends of $3.40 per common share in 2025 and $3.7025 in 2024, reflecting the company’s sustained commitment to shareholder returns despite volatile market conditions.

Strategic Priorities Unchanged: Positioning for Sustained Value Creation

As TC Energy enters 2026, management priorities remain laser-focused on three core objectives:

First, delivering solid growth, low-risk and repeatable performance by maximizing asset value through safety and operational excellence. The 15 operational records achieved in 2025 demonstrate this discipline in action.

Second, executing TC Energy’s selective portfolio of growth projects while maintaining disciplined capital allocation and build multiple targeting. The projects sanctioned and under development exemplify this selective approach.

Third, ensuring financial strength and agility to capitalize on emerging market opportunities. The company’s debt-to-EBITDA trajectory, dividend growth, and capital deployment flexibility position it to capture meaningful growth opportunities emerging from North America’s energy evolution.

TC Energy’s 2025 results demonstrate that disciplined execution, safety-first culture, and strategic focus deliver results even amid market uncertainty. With natural gas demand accelerating across the continent and data centre proliferation reshaping power and energy infrastructure, TC Energy is positioned at the center of North America’s energy transformation—capturing value through every phase of the energy transition.