TC Energy Delivers Strong 2025 Results Amid Safety Achievements and 26th Year of Dividend Growth

TC Energy Corporation reported robust fourth quarter and full-year 2025 financial results on February 13, 2026, demonstrating the strength of its safety-first operational culture and strategic capital deployment across North American energy infrastructure. The company achieved its strongest safety performance in five years, translating into exceptional operational milestones and solid financial growth that underscores the resilience of its utility-like business model during a period of geopolitical uncertainty and market volatility.

Safety-Driven Operations Set 15 Flow Records and Operational Milestones

The company’s unwavering commitment to safety propelled unprecedented operational performance across its diversified pipeline network. Throughout 2025, TC Energy achieved 15 delivery records across its systems, with the most dramatic surges occurring in late 2025 and early 2026 as energy demand patterns shifted sharply.

The Canadian Natural Gas Pipelines division set multiple records, with average deliveries reaching 27.2 Bcf/d in Q4 2025—a five percent increase from the prior year quarter—and achieving an all-time delivery record of 33.2 Bcf on January 22, 2026. Within this network, the NGTL System alone set a new all-time delivery record of 18.3 Bcf on the same date, while Canadian Mainline Western receipts averaged 4.8 Bcf/d, up three percent year-over-year.

The U.S. Natural Gas Pipelines division drove even more dramatic gains, with daily average flows surging 9.5 percent to 29.6 Bcf/d in Q4, culminating in an extraordinary all-time delivery record of 39.9 Bcf achieved on January 29, 2026. Deliveries to liquefied natural gas (LNG) export facilities averaged 3.9 Bcf/d in Q4, up 21 percent from the prior year quarter, with a daily record of nearly 4.4 Bcf reached on December 4, 2025.

The operational surge reflects surging demand from data centre infrastructure development, coal-to-gas conversions, and expanding LNG export volumes. Mexico’s natural gas pipeline system averaged flows of 2.7 Bcf/d in Q4, maintaining comparability to the prior year while representing approximately 20 percent of total Mexico natural gas demand in the quarter.

Power generation and storage assets also contributed to exceptional performance. Bruce Power, the company’s nuclear generation asset, achieved 85.7 percent availability in Q4 2025, impacted by planned maintenance on Unit 2, with full-year 2025 availability reaching 91 percent. The cogeneration fleet achieved 89.5 percent availability in Q4, supporting stable power supply across North America.

Financial Performance Reflects Strong Asset Utilization and Earnings Growth

Fourth quarter comparable EBITDA surged 13 percent to $3.0 billion compared to $2.6 billion in Q4 2024, while segmented earnings increased 15 percent to $2.2 billion from $1.9 billion in the prior year quarter. Net income attributable to common shares reached $959 million or $0.92 per share, compared to $1.0 billion or $1.03 per share in Q4 2024.

For the full year 2025, comparable EBITDA reached $11.0 billion, up from $10.0 billion in 2024, while segmented earnings held steady at $8.0 billion. The strong financial trajectory reflects 98 percent of comparable EBITDA underpinned by rate-regulated or long-term, take-or-pay contracts, providing exceptional visibility to stable, long-term cash flows and limiting commodity price exposure.

Each major operating segment contributed meaningfully to full-year results. The Canadian Natural Gas Pipelines segment generated $2.2 billion in segmented earnings and $3.7 billion in comparable EBITDA. The U.S. Natural Gas Pipelines segment produced $3.9 billion in segmented earnings and $4.9 billion in comparable EBITDA, while the Mexico division contributed $1.2 billion in segmented earnings and $1.4 billion in comparable EBITDA.

Strategic Capital Deployment Positions Sustained Growth Through the Decade

The company sanctioned $600 million of low-risk, in-corridor expansion projects in 2025, strengthening long-term visibility. Within the Multi-Year Growth Plan (MYGP), TC Energy sanctioned $500 million of NGTL System expansion facilities with expected in-service dates in 2028. As of December 31, 2025, approximately $1.1 billion of MYGP facilities had received final investment decisions.

Capital project execution demonstrated discipline and excellence. In 2025, TC Energy successfully placed $8.3 billion of projects into service ahead of schedule and exceeding budget targets by more than 15 percent. Critical infrastructure additions placed into service during Q4 included the VR project on the Columbia system ($500 million USD investment), providing incremental capacity from Greensville County, Virginia, to Norfolk area delivery points. The WR project on the ANR System in Wisconsin (approximately $700 million USD) was also completed, expanding mainline capacity to multiple Wisconsin delivery points. The ANR Storage Optimization project enhanced system flexibility and responsiveness to Midwest power demand fluctuations.

Looking ahead to 2026, management expects approximately $4 billion of capital projects to reach service, including the Bison XPress Project on Northern Border Pipeline, ongoing construction on the Valhalla North and Berland River projects on the NGTL System, and Bruce Power Unit 3 as part of the MCR program.

Expanding Into High-Demand Markets and Data Centre Infrastructure

The company demonstrated increasing market momentum through advanced commercial discussions and successful project open seasons. On January 9, 2026, TC Energy closed a non-binding expansion project open season on the Columbia Gas Transmission system seeking up to 0.5 Bcf/d of incremental capacity to serve the Columbus, Ohio area, including New Albany. Market response exceeded expectations dramatically, with approximately 1.5 Bcf/d of total bids representing three times the proposed project capacity—a clear signal of robust underlying market demand driven by data centre power load growth.

On February 9, 2026, the company launched a new non-binding expansion project open season on the Crossroads Pipeline system for up to 1.5 Bcf/d of capacity. This potential expansion would serve rapidly growing markets across Northern Indiana, Illinois, Iowa, and South Dakota, responding to recently announced power generation and data centre facility developments across the U.S. Midwest. The open season was scheduled to close in mid-March 2026.

These commercial initiatives reflect the company’s disciplined approach to capital allocation and its strategic positioning to capture growth from favorable North American energy demand trends. Management projects natural gas demand will increase by approximately 45 Bcf/d from 2025 to 2035, reaching approximately 170 Bcf/d driven by LNG export expansion, rising power generation needs, and increased reliability requirements from local distribution companies.

Strategic Allocation Targets Build Multiples of Five to Seven Times

TC Energy remains focused on deploying capital at disciplined build multiples within the five to seven times range, calculated as capital expenditures divided by comparable EBITDA. For 2026, the company anticipates net capital expenditures of $5.5 billion to $6.0 billion (or $6.0 billion to $6.5 billion before adjustments for non-controlling interests), reflecting the company’s commitment to growth investments while maintaining financial flexibility.

Management confidence in achieving full allocation of $6 billion of net annual capital expenditures through 2030 has strengthened meaningfully, with greater visibility to potentially exceed this level of investment in the latter portion of the decade as commercial discussions mature across a diverse portfolio of high-quality opportunities.

Dividend Raised for 26th Consecutive Year

Reflecting sustained operational performance and financial strength, TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend effective for the quarter ending March 31, 2026. The new quarterly dividend of $0.8775 per common share is equivalent to $3.51 on an annualized basis, with payment scheduled for April 30, 2026, to shareholders of record as of March 31, 2026.

This marks the 26th consecutive year of dividend growth, underscoring the company’s commitment to returning value to shareholders while maintaining financial discipline. The dividend increase aligns with the company’s medium and long-term growth trajectory and reinvestment requirements.

2026 Financial Outlook and Strategic Priorities

For full-year 2026, management expects comparable EBITDA and comparable earnings per common share to exceed 2025 levels, with comparable EBITDA projected in the range of $11.6 billion to $11.8 billion. This outlook reflects anticipated contributions from recently placed-in-service projects, operational momentum across existing assets, and anticipated commercial successes on expansion initiatives.

The company’s strategic priorities remain focused on maximizing asset value through safety and operational excellence, executing its selective portfolio of growth projects, and ensuring financial strength and agility. As geopolitical and trade policy uncertainties persist, TC Energy’s diversified operational footprint spanning Canada, the United States, and Mexico—combined with its utility-like contracted cash flow model—positions the company to deliver sustained, low-risk growth and repeatable performance.

The company moves forward with the same disciplined execution framework that delivered 2025 results, confident in its differentiated portfolio and long-term positioning to capture growth opportunities extending through and beyond the decade as North American energy infrastructure evolves.