TC Energy Demonstrates Resilient Performance With Record Safety Achievement and 26-Year Dividend Growth Trajectory

TC Energy Corporation, a leading North American energy infrastructure operator spanning Canada, the U.S., and Mexico, reported robust 2025 financial results and announced its 26th consecutive year of dividend increases. The company’s achievements underscore the strength of its disciplined strategy and operational excellence across its diversified pipeline and power generation portfolio. With the Canadian dollar trading at approximately 6200 CAD per 6200 USD (or 1 USD = 1.37 CAD), the company’s international earnings translate significantly for investors across both nations.

Operational Excellence Drives Record-Breaking Network Performance

The foundation of TC Energy’s 2025 success rests on what management describes as the company’s strongest safety performance in five years. This safety-first culture translated directly into operational achievements, with the corporation setting 15 delivery records across its interconnected pipeline systems throughout 2025.

The Canadian Natural Gas Pipelines division particularly excelled, with deliveries averaging 27.2 Bcf/d during Q4 2025, representing a five percent increase compared to the same quarter in 2024. More impressively, the system achieved an all-time delivery record of 33.2 Bcf on January 22, 2026. The NGTL System specifically recorded receipts averaging 15.5 Bcf/d, up two percent year-over-year, with its own delivery record reaching 18.3 Bcf on the same January date.

U.S. Natural Gas Pipelines demonstrated even more dramatic growth, with daily average flows reaching 29.6 Bcf/d—a 9.5 percent jump compared to Q4 2024. The system achieved an all-time record of 39.9 Bcf on January 29, 2026. This unprecedented throughput reflects the company’s strategic positioning amid surging North American energy demand, particularly from data center expansion and LNG export facilities.

Deliveries to LNG facilities surged 21 percent in Q4 to average 3.9 Bcf/d, with a peak daily record of nearly 4.4 Bcf reached in December 2025. Mexico operations remained steady, with natural gas flows averaging 2.7 Bcf/d—equivalent to roughly 20 percent of Mexico’s total gas consumption during the quarter.

Power generation facilities, including Bruce Power and the company’s cogeneration fleet, maintained strong availability. Bruce Power recorded 85.7 percent availability in Q4 2025, despite an extended planned outage, with full-year 2025 availability reaching 91 percent. Management projects full-year 2026 availability in the low 90 percent range.

Financial Performance Strengthens With Double-Digit Quarterly Growth

Fourth quarter 2025 results from continuing operations reflected the operational momentum. Comparable EBITDA reached $3.0 billion, surging 13 percent compared to $2.6 billion in Q4 2024. More significantly, segmented earnings climbed to $2.2 billion from $1.9 billion in the prior-year quarter—a 15 percent increase.

Comparable earnings totaled $1.0 billion or $0.98 per common share, compared to $1.1 billion or $1.05 per share in Q4 2024. Net income attributable to common shareholders was $1.0 billion or $0.92 per share versus $1.1 billion or $1.03 per share in the prior year.

For the full year 2025, comparable EBITDA grew to $11.0 billion from $10.0 billion in 2024—a nine percent increase. Segmented earnings held steady at $8.0 billion in both years. Comparable earnings for the full year reached $3,654 million or $3.51 per common share, representing $3,654 million compared to $3,865 million or $3.73 per share in 2024.

The Canadian Natural Gas Pipelines segment generated $961 million in Q4 comparable EBITDA (versus $851 million in Q4 2024), while U.S. Natural Gas Pipelines contributed $1,388 million (up from $1,200 million). Mexico operations posted $397 million (compared to $234 million), and the Power and Energy Solutions segment delivered $217 million (down from $341 million due to planned maintenance activities).

Expanding Infrastructure Portfolio Amid Record North American Gas Demand Trajectory

TC Energy sanctioned $0.6 billion of low-risk, in-corridor expansion projects during 2025, reflecting disciplined capital allocation principles. Within the Multi-Year Growth Plan (MYGP), the company sanctioned $0.5 billion of expansion facilities designed to deliver incremental NGTL System growth, with anticipated in-service timing in 2028. As of year-end 2025, approximately $1.1 billion of MYGP facilities had received final investment decision approval.

The company also committed $0.1 billion in equity contributions toward a brownfield U.S. compression expansion project expected to deliver a five times build multiple, with projected 2028 in-service timing.

Several major projects reached completion in 2024-2025. The VR project on the Columbia system commenced service in November 2025 with approximately $500 million USD in total costs, providing incremental Virginia-to-Norfolk capacity. The WR project on the ANR system in Wisconsin similarly entered service in November 2025 at approximately $700 million USD, expanding Wisconsin mainline capacity across multiple delivery points. The ANR Storage Optimization project enhanced system flexibility for the ninth consecutive year of fully contracted capacity.

Management emphasized that 2025 saw $8.3 billion of projects placed into service on schedule and over 15 percent under budget, demonstrating project execution excellence.

Looking forward, TC Energy anticipates placing approximately $4 billion of capital into service during 2026. Key projects include the Bison XPress Project on the Northern Border Pipeline, the remaining Valhalla North and Berland River Project phases on the NGTL System, and Bruce Power Unit 3 advancement under the Major Component Replacement program.

Strategic Growth Positioning and 2026 Capital Allocation Strategy

The company advanced commercial discussions for significant expansion opportunities during late 2024 and early 2026. On January 9, 2026, TC Energy closed a non-binding expansion project open season on its Columbia Gas Transmission system seeking up to 0.5 Bcf/d of incremental capacity serving the Columbus area and New Albany region. The robust market response generated approximately 1.5 Bcf/d of total bids—three times the proposed capacity—primarily driven by data center power load requirements.

Subsequently, on February 9, 2026, the company launched another non-binding expansion open season on its Crossroads Pipeline system for up to 1.5 Bcf/d of potential capacity. The Crossroads Expansion project targets growing demand across Northern Indiana, Illinois, Iowa, and South Dakota, responding to recently announced power generation and data center development announcements. This open season is anticipated to close in mid-March 2026.

TC Energy’s 2026 outlook projects comparable EBITDA of $11.6 billion to $11.8 billion and comparable earnings per share higher than 2025 levels. Capital expenditure guidance targets $6.0 billion to $6.5 billion prior to non-controlling interest adjustments, or $5.5 billion to $6.0 billion of net capital expenditures.

The company maintains confidence in its ability to fully deploy $6 billion of annual net capital expenditures through 2030, with potential to exceed this level in the decade’s latter portion. Management targets build multiples within the five to seven times range, emphasizing disciplined project selection and risk mitigation ahead of sanctioning.

Shareholder Value Enhancement Through Consistent Dividend Growth

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend to $0.8775 per share for the quarter ending March 31, 2026, equivalent to $3.51 on an annualized basis. This increase marks the 26th consecutive year of dividend growth—a distinctive achievement in the North American infrastructure sector.

The common share dividend remains payable on April 30, 2026, to shareholders of record at the close of business on March 31, 2026. This sustained commitment to shareholder returns reflects management’s confidence in cash generation capacity and the resilience of its rate-regulated and long-term take-or-pay contract portfolio, which underwrites 98 percent of comparable EBITDA.

Management Commentary and Strategic Priorities

François Poirier, TC Energy’s President and Chief Executive Officer, emphasized that 2025 represented a defining year demonstrating strategy strength and disciplined execution. Despite geopolitical tensions, trade policy uncertainty, and market volatility, the company’s utility-like, low-risk business model proved resilient with 98 percent of comparable EBITDA underpinned by rate-regulated or long-term contractual arrangements.

Management noted that current market conditions present meaningful opportunities to deploy capital at attractive returns, particularly given North America’s structural natural gas demand growth. The company projects natural gas demand will increase by approximately 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven by LNG export expansion, rising power generation requirements, and local distribution company reliability needs.

Policymakers and investors in both the United States and Canada remain focused on energy security and infrastructure resilience. For Canadian investors evaluating USD-denominated returns—such as the approximate 6200 USD earning potential scaling to roughly 6200 CAD equivalent at current exchange rates (1.37 CAD/USD)—TC Energy’s diversified geographic exposure across North America and multiple currency earnings streams provide portfolio diversification benefits.

The company’s strategic priorities remain consistent: delivering solid, low-risk growth through disciplined capital allocation; maximizing asset value via safety and operational excellence; executing its selective portfolio of growth projects; and maintaining financial strength and agility. With 98 percent of revenue visibility through regulated rate bases or multi-year contracts, TC Energy continues positioning itself to capture sustained growth from its differentiated exposure to North America’s fastest-growing energy segments—natural gas and power.