TC Energy Delivers Record Performance and Boosts Dividend to 26-Year Streak in 2025

TC Energy announced strong full-year and fourth quarter 2025 results on February 13, 2026, highlighting the company’s operational resilience and financial strength. The energy infrastructure leader set 15 delivery records across its North American pipeline and power systems while maintaining its commitment to consistent shareholder returns through a 3.2% dividend increase—marking the 26th consecutive year of growth.

Operational Excellence Drives 15 Delivery Milestones

The standout story from 2025 centers on TC Energy’s unwavering focus on safety and operational performance. With its strongest safety record in five years, the company achieved unprecedented delivery benchmarks across its diversified portfolio of natural gas pipelines and power generation assets.

In the fourth quarter and early 2026, TC Energy’s systems reached all-time highs amid surging demand. Canadian Natural Gas Pipelines achieved a record delivery of 33.2 Bcf on January 22, 2026, while U.S. Natural Gas Pipelines delivered 39.9 Bcf on January 29, 2026—reflecting robust market dynamics. The company’s NGTL System set new daily records of 18.3 Bcf, and LNG facilities averaged 3.9 Bcf/d in Q4, up 21% year-over-year, with a December 4 peak of nearly 4.4 Bcf/d.

These milestones were driven by accelerating demand from data centre development, coal-to-gas conversions, and growing liquefied natural gas exports—trends expected to reshape North American energy demand through the end of the decade.

Financial Strength: Comparable EBITDA and Earnings Surge

TC Energy’s financial performance reflected the benefits of consistent asset reliability and strong market fundamentals. For the fourth quarter 2025, comparable EBITDA increased approximately 13% to $3.0 billion compared to $2.6 billion in Q4 2024, while segmented earnings grew 15% to $2.2 billion from $1.9 billion.

Full-year 2025 comparable EBITDA reached $11.0 billion, up from $10.0 billion in 2024, underpinned by strong performances across all business segments. Comparable earnings per share from continuing operations totaled $0.98 for Q4 2025 versus $1.05 in the prior year period. With 98% of comparable EBITDA supported by rate-regulated or long-term take-or-pay contracts, TC Energy maintains limited commodity exposure and predictable cash flows—a defining characteristic of its utility-like business model.

26th Consecutive Dividend Increase Signals Confidence

Reflecting sustained operational strength and clear visibility to future cash generation, TC Energy’s Board of Directors approved a 3.2% increase in the quarterly common share dividend. The new dividend of $0.8775 per common share for Q1 2026 (equivalent to $3.51 annualized) represents the 26th consecutive year of dividend growth—a testament to the company’s disciplined capital allocation and financial stability.

Strategic Capital Deployment: $6 Billion Annual Investment Through 2030

Looking ahead, TC Energy is positioning itself to allocate $6 billion of net annual capital expenditures through 2030, with growing visibility to potentially exceed this level in the latter years of the decade. The company sanctioned $0.6 billion of low-risk, in-corridor expansion projects in 2025, maintaining its disciplined approach to project evaluation and execution.

Two significant open seasons demonstrated robust market appetite for incremental capacity. In January 2026, TC Energy closed a non-binding expansion project open season on Columbia Gas Transmission with approximately 1.5 Bcf/d of bids—triple the proposed 0.5 Bcf/d capacity. This demand, primarily driven by data centre power load growth, underscores the strategic value of the company’s existing footprint. In February 2026, the company launched an open season on the Crossroads Pipeline system for up to 1.5 Bcf/d to serve Northern Indiana, Illinois, Iowa, and South Dakota markets responding to announced power generation and data centre developments.

Accelerating Project Execution and Capital Efficiency

TC Energy successfully placed $8.3 billion of projects into service during 2025, with over 15% delivered under budget—demonstrating world-class project execution. Notable completions included the VR project on the Columbia system (US$0.5 billion) and the WR project on the ANR system in Wisconsin (US$0.7 billion), both placed in service in November 2025. The Cedar Link project continues progressing ahead of schedule and below its $1.2 billion final investment decision budget.

For 2026, the company expects to place approximately $4 billion of capital into service, including the Bison XPress Project, the remaining Valhalla North and Berland River Project components on the NGTL System, and Bruce Power Unit 3 as part of its major component replacement program. Bruce Power continues delivering 85.7% availability in Q4 2025, with full-year 2025 availability of 91% and expectations for low-90s performance in 2026—supporting Ontario’s growing power demand with affordable, non-emitting generation.

Market Fundamentals Support Long-Term Growth

TC Energy’s strategic outlook reflects favorable underlying energy market dynamics. The company projects North American natural gas demand will increase by approximately 45 Bcf/d to reach roughly 170 Bcf/d between 2025 and 2035, driven by LNG export growth, rising power generation, and reliability needs from local distribution companies. This structural demand growth creates a substantial runway for capital deployment and value creation.

By maintaining build multiples in the five to seven times range and de-risking opportunities ahead of sanctioning, TC Energy aims to announce additional major projects during 2026—building on the momentum of its 2025 capital sanctioning activity.

2026 Outlook and Financial Guidance

TC Energy expects 2026 comparable EBITDA to range from $11.6 to $11.8 billion, with comparable earnings per common share to exceed 2025 levels. Capital expenditures are anticipated to total $6.0 to $6.5 billion prior to non-controlling interest adjustments, or $5.5 to $6.0 billion of net capital expenditures.

The company remains on track to deliver its long-term debt-to-EBITDA target, positioning itself with enhanced financial flexibility to capture emerging growth opportunities within its core natural gas and power segments.

Strategic Priorities Unchanged: Safety, Execution, Strength

As TC Energy enters 2026, management has reaffirmed three core priorities: delivering solid growth and repeatable performance through safety and operational excellence; executing a selective portfolio of growth projects; and maintaining financial strength and agility. The company’s differentiated exposure to the fastest-growing segments of North American energy infrastructure—natural gas and power generation—combined with its proven execution track record, positions TC Energy to sustain attractive returns while supporting the continent’s evolving energy requirements.