TC Energy Delivers Strong 2025 Results Amid Record Operational Performance and 26-Year Dividend Growth

TC Energy Corporation has released its fourth quarter and full-year 2025 financial results, showcasing exceptional operational performance underpinned by the company’s strongest safety record in five years. The Calgary-based energy infrastructure leader achieved 15 delivery records across its North American pipeline systems while maintaining disciplined capital allocation and advancing a robust portfolio of growth projects. François Poirier, President and Chief Executive Officer, highlighted the momentum generated by this performance: “Our unwavering commitment to safety has translated into exceptional results across all our operations, driving double-digit growth in comparable EBITDA and segmented earnings while positioning us for sustained long-term value creation.”

Safety Excellence Drives Unprecedented Operational Milestones

The foundation of TC Energy’s 2025 performance rests on its safety-first operational culture, which enabled the company to set an impressive 15 flow records across its integrated pipeline systems. This achievement reflects disciplined execution and asset reliability that consistently meets growing customer demand across North America.

Record-breaking performance extended to major pipeline systems throughout the fourth quarter and early 2026. The U.S. Natural Gas Pipelines segment achieved an all-time delivery record of 39.9 Bcf on January 29, 2026, while the Canadian Natural Gas Pipelines system set a new benchmark of 33.2 Bcf on January 22, 2026. The NGTL System specifically reached an all-time delivery record of 18.3 Bcf on the same date. These milestones underscore the company’s ability to respond dynamically to accelerating energy demand driven by data centre proliferation, coal-to-gas conversions, and expanding LNG export capacity.

Additional operational achievements included record capacity on Columbia Gulf, GTN, and Gillis Access systems in December 2025, as well as elevated flows to LNG facilities, which averaged 3.9 Bcf/d in the fourth quarter—a 21 percent surge compared to the same period in 2024. Deliveries to power generation facilities also increased 11 percent year-over-year to 1.2 Bcf/d, reflecting robust demand from clean energy infrastructure expansion across the continent.

Financial Performance Demonstrates Double-Digit Growth

TC Energy’s financial results reflect the operational excellence delivered across its diversified portfolio. For the fourth quarter 2025, comparable EBITDA surged 13 percent to $3.0 billion compared to $2.6 billion in the corresponding 2024 period. Segmented earnings similarly advanced 15 percent to $2.2 billion, demonstrating the company’s ability to convert operational excellence into shareholder value.

Full-year 2025 comparable EBITDA reached $11.0 billion, representing a nine percent increase from 2024’s $10.0 billion, while maintaining comparable earnings per common share of $3.51 for the year. This performance reflects the company’s 98 percent revenue exposure to rate-regulated or long-term take-or-pay contracts, providing exceptional cash flow visibility and insulating the business from commodity price volatility during periods of geopolitical uncertainty.

Net income attributable to common shares for the full year totaled $3.6 billion, with the company maintaining its disciplined approach to capital deployment. These results position TC Energy to support its Board-approved dividend increase of 3.2 percent on the common share dividend, marking the 26th consecutive year of dividend growth—a testament to sustained confidence in the company’s financial trajectory.

Strategic Capital Allocation Accelerates Growth Trajectory

During 2025, TC Energy successfully placed $8.3 billion of infrastructure projects into service, delivering over 15 percent cost savings against the Board-approved capital budget while maintaining project schedules. This execution excellence demonstrates the company’s capability to de-risk capital deployment while achieving targeted returns.

Looking to 2026 and beyond, TC Energy outlined a robust capital allocation strategy designed to fully deploy $6 billion of net annual capital expenditures through 2030, with greater visibility to potentially exceed this level in the latter part of the decade. The company targets build multiples within the five-to-seven times range, ensuring disciplined capital discipline while capturing high-quality growth opportunities.

Recent capital project placements included the VR project on the Columbia system (completed November 2025, approximately US$0.5 billion) and the WR project on the ANR system in Wisconsin (placed in service November 2025, US$0.7 billion). Both projects expand mainline capacity to critical demand centers while enhancing system flexibility. The ANR Storage Optimization project also commenced operations following nine consecutive years of fully contracted storage capacity, strengthening the company’s ability to meet volatile power generation demand across the U.S. Midwest.

In 2025, TC Energy sanctioned $0.6 billion of low-risk, in-corridor expansion projects, including $0.5 billion in Multi-Year Growth Plan (MYGP) facilities designed for 2028 in-service, and $0.1 billion in equity support for a U.S. compression expansion yielding a five times build multiple. The Cedar Link project continues to advance ahead of schedule and tracking below its $1.2 billion budget, further validating the company’s project execution capabilities.

Commercial Progress Creates Visibility for 2026 Announcements

TC Energy’s expanding footprint in high-growth energy corridors is generating substantial commercial interest, creating greater certainty around incremental project announcements throughout 2026.

On January 9, 2026, the company successfully concluded a non-binding open season on its Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity serving the Columbus area, including New Albany. The offering received approximately 1.5 Bcf/d of total bids—triple the proposed capacity—highlighting powerful market fundamentals driven by data centre load growth and demonstrating the strategic value of TC Energy’s existing footprint. Commercial discussions continue to advance with interested customers regarding project economics and timeline.

Building on this momentum, TC Energy launched a second expansion open season on February 9, 2026, on its Crossroads Pipeline system for up to 1.5 Bcf/d of capacity. The potential Crossroads Expansion project would serve emerging demand centers in Northern Indiana, Illinois, Iowa, and South Dakota, responding directly to recently announced power generation and data centre investments in the U.S. Midwest. The open season is scheduled to conclude in mid-March 2026, with strong market interest anticipated based on preliminary customer engagement.

Record Energy Demand Reshapes North American Infrastructure Needs

TC Energy’s strong operational and financial performance reflects broader structural changes in North American energy demand. The company anticipates natural gas demand will increase approximately 45 Bcf/d to reach roughly 170 Bcf/d by 2035, driven by LNG export expansion, rising power generation requirements from data centre proliferation and manufacturing electrification, and enhanced reliability needs from regional distribution companies.

This demand outlook creates a multi-year pipeline of capital deployment opportunities that align with TC Energy’s disciplined approach to growth. The company’s diversified exposure to natural gas infrastructure, power generation, and storage positions it to capture value across this entire demand spectrum while maintaining its risk management framework.

Bruce Power, TC Energy’s nuclear power generation asset, contributed to this positive trajectory with 85.7 percent availability in fourth quarter 2025 despite extended planned maintenance. Full-year 2025 availability reached 91 percent, with 2026 availability expected in the low 90 percent range as the MCR (Major Component Replacement) program progresses through Unit 3 placement into service in 2026. The cogeneration power plant fleet achieved 89.5 percent availability in the fourth quarter, supporting industrial and commercial customers throughout its operating regions.

2026 Capital Program and Financial Outlook

TC Energy expects 2026 comparable EBITDA to reach $11.6 to $11.8 billion, representing continued year-over-year growth, with comparable earnings per share anticipated to exceed 2025 levels. Capital expenditures are forecasted at $6.0 to $6.5 billion prior to non-controlling interest adjustments, or $5.5 to $6.0 billion on a net capital expenditures basis.

The company will place approximately $4 billion of capital projects into service during 2026, including the Bison XPress Project on the Northern Border Pipeline, continued construction on the NGTL System’s Valhalla North and Berland River projects, and Bruce Power’s Unit 3 as part of the MCR program. This level of capital deployment reflects the company’s confidence in project returns and its strategic prioritization of infrastructure investments supporting North America’s energy transition.

Dividend Increase Reflects Strategic Confidence

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend, establishing a new rate of $0.8775 per common share effective for the quarter ending March 31, 2026. This equates to an annualized dividend of $3.51 per share, with payment scheduled for April 30, 2026, to shareholders of record as of March 31, 2026.

This marks the 26th consecutive year of dividend increases, underscoring the Board’s confidence in the company’s financial sustainability, cash flow generation capacity, and ability to balance growth investments with shareholder returns. The dividend reflects TC Energy’s commitment to delivering consistent, sustainable value to investors while maintaining financial flexibility to pursue identified growth opportunities.

Strategic Priorities and Long-Term Value Creation

Looking ahead, TC Energy remains focused on three core strategic objectives: delivering solid, low-risk growth and repeatable performance by maximizing asset value through safety and operational excellence; executing its selective portfolio of high-quality growth projects; and ensuring ongoing financial strength and capital flexibility.

The company’s utility-like business model, underpinned by 98 percent of comparable EBITDA derived from regulated or long-term contracted revenues, provides exceptional visibility to sustained cash flows regardless of commodity price movements or macroeconomic volatility. This structural advantage positions TC Energy to capitalize on emerging opportunities while maintaining disciplined capital allocation and targeted financial ratios.

As TC Energy moves through 2026, the convergence of strong operational execution, advancing commercial discussions, and favorable energy demand fundamentals creates a compelling foundation for sustained value creation. The company’s track record of project execution excellence, combined with disciplined capital allocation and commitment to safety-first operations, positions it to fully deploy planned capital investments while maintaining flexibility to exceed targeted deployment levels in the latter part of the decade.