TC Energy Delivers Record Operational Performance While Raising Dividend for 26 Consecutive Year

TC Energy Corporation wrapped up 2025 with impressive results that showcase the resilience of its North American energy infrastructure business model. The company reported strongest safety performance in five years, translating into 15 delivery records across its pipeline systems—a testament to disciplined operations amid volatile market conditions.

The energy giant’s Q4 2025 comparable EBITDA surged 13 percent year-over-year to $3.0 billion, while segmented earnings climbed 15 percent to $2.2 billion. For the full year, comparable EBITDA reached $11.0 billion, up nine percent from 2024’s $10.0 billion. Most significantly, TC Energy’s Board of Directors approved a 3.2 percent increase in quarterly dividends, marking the 26th consecutive year of dividend growth—a milestone that underscores sustained cash generation capacity.

Strategic Growth Accelerates Through Commercial Momentum

What makes 2025 particularly significant is the acceleration of TC Energy’s project pipeline. The company sanctioned $0.6 billion of low-risk, in-corridor expansion projects, with approximately $1.1 billion of Multi-Year Growth Plan (MYGP) expansion facilities having received final investment decision by year-end. Management signaled confidence in deploying the planned $6 billion of net annual capital expenditures through 2030, with potential to exceed this level in the decade’s latter years.

Two major expansion initiatives gained traction recently. On January 9, 2026, TC Energy closed a non-binding open season on its Columbia Gas Transmission system for 0.5 Bcf/d of incremental capacity serving the Columbus area. The response was overwhelming—customers submitted approximately 1.5 Bcf/d of total bids, triple the proposed capacity—revealing robust demand driven by explosive data centre power requirements and coal-to-gas conversion projects. Following this success, the company launched a second open season on February 9 for its Crossroads Pipeline system, targeting 1.5 Bcf/d to serve Northern Indiana, Illinois, Iowa, and South Dakota in response to announced power generation and data centre developments.

Breaking Records Amid Surging Energy Demand

The operational highlights paint a picture of infrastructure straining under unprecedented demand. U.S. Natural Gas Pipelines achieved an all-time delivery record of 39.9 Bcf on January 29, 2026, while Canadian Natural Gas Pipelines set a new all-time high of 33.2 Bcf on the same date. Deliveries to LNG facilities surged 21 percent in Q4 compared to year-ago levels, averaging 3.9 Bcf/d with a daily record of nearly 4.4 Bcf recorded in December.

This surge reflects fundamental shifts in North American energy markets. Data centre proliferation, driven by artificial intelligence infrastructure buildout, has emerged as a surprising new demand driver alongside traditional LNG exports and reliability needs from local distribution networks. Management forecasts North American natural gas demand will increase 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035—a growth trajectory that should keep TC Energy’s systems operating near capacity for years.

Disciplined Capital Allocation and Project Execution

TC Energy successfully placed $8.3 billion of projects into service during 2025, delivering them on time and over 15 percent under budget. Critical infrastructure placed in service included the VR project on its Columbia system (approximately US$0.5 billion) and the WR project on its ANR system in Wisconsin (approximately US$0.7 billion), both completed in November 2025.

The company maintains disciplined capital allocation standards, targeting build multiples in the five to seven times range for new projects. For 2026, TC Energy expects to place approximately $4 billion of capital into service, including the Bison XPress Project on the Northern Border Pipeline and continuation of the Valhalla North and Berland River Project on the NGTL System. Bruce Power, the company’s nuclear generation asset, expects to deliver 91 percent availability in 2025 and maintain low-90s range in 2026.

Financial Strength Supports Long-Term Value Creation

With 98 percent of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, TC Energy enjoys limited commodity exposure and strong visibility to stable cash flows. The company remains on track to deliver its long-term debt-to-EBITDA target, maintaining financial flexibility to capture emerging opportunities.

Looking ahead, the company guides 2026 comparable EBITDA of $11.6 to $11.8 billion—higher than 2025—with comparable earnings per share similarly expected to improve. Capital expenditures are anticipated at $6.0 to $6.5 billion, or $5.5 to $6.0 billion on a net basis after adjusting for non-controlling interests.

CEO François Poirier encapsulated the company’s strategic thesis: “Our safety-first culture is driving exceptional operational performance, leading to 15 flow records across our systems in 2025. As commercial discussions advance across a diverse set of high-quality opportunities, we remain confident in our ability in 2026 to fully allocate capital through 2030 while capturing the fastest-growing energy demand segments in North America.”

This combination of disciplined execution, fortress balance sheet, and exposure to structural energy demand growth positions TC Energy to sustain its track record of consecutive dividend increases while funding growth projects that will extend value creation well beyond 2030.