TC Energy Delivers Strong 2025 Performance Amid Record Safety Year and Dividend Growth

TC Energy Corporation has reported robust financial results for 2025, marking a standout year driven by exceptional operational safety and record-breaking throughput across its North American pipeline and power infrastructure. The company achieved its strongest safety performance in five years while setting 15 flow records across its systems, demonstrating how disciplined execution translates into tangible business results.

For the full year 2025, the company reported comparable EBITDA of $11.0 billion, representing a 9% year-over-year increase from $10.0 billion in 2024. Segmented earnings held steady at $8.0 billion, with comparable earnings per share rising to $3.51 from $3.73 in the prior year. These results underscore the resilience of TC Energy’s utility-like business model, which generates 98% of its comparable EBITDA from rate-regulated or long-term take-or-pay contracts, providing stable, predictable cash flows regardless of commodity price fluctuations.

Financial Performance Strengthens in Q4 2025

The fourth quarter proved particularly strong, with comparable EBITDA reaching $3.0 billion—a 13% surge compared to $2.6 billion in Q4 2024—while segmented earnings climbed 15% to $2.2 billion from $1.9 billion in the same period last year. This quarter-over-quarter acceleration reflects both the company’s disciplined operational focus and the underlying strength of North American energy markets.

CEO François Poirier emphasized the connection between safety investments and operational excellence: “Our safety-first culture is driving exceptional operational performance, leading to 15 flow records across our systems in 2025. Strong asset availability and reliability drove a 13% year-over-year increase in fourth quarter comparable EBITDA and a 15% increase in segmented earnings over the same period.”

Net income attributable to common shares from continuing operations reached $959 million ($0.92 per share) for Q4, compared to $1,069 million ($1.03 per share) in Q4 2024. The full-year 2025 net income totaled $3,612 million ($3.47 per share), down slightly from $4,199 million ($4.05 per share) in 2024, reflecting the company’s strategic focus on reinvestment in growth projects rather than pure earnings maximization.

Operational Breakthrough: Record Flows Across Multiple Systems

The company’s operational achievements in 2025 tell a compelling story about infrastructure resilience meeting market demand. Canadian natural gas pipeline deliveries averaged 27.2 Bcf/d in Q4, up 5% year-over-year, while setting an all-time delivery record of 33.2 Bcf on January 22, 2026. This milestone reflects surging demand from multiple sectors including LNG exports, power generation facilities, and local distribution networks.

The NGTL System specifically demonstrated exceptional performance, with total receipts averaging 15.5 Bcf/d (up 2% from Q4 2024) and achieving its own all-time delivery record of 18.3 Bcf on the same January date. Meanwhile, the Canadian Mainline’s Western receipts averaged 4.8 Bcf/d, up 3% year-over-year.

U.S. natural gas infrastructure proved even more dynamic. Daily average flows reached 29.6 Bcf/d, a 9.5% increase from Q4 2024, culminating in an all-time delivery record of 39.9 Bcf on January 29, 2026. Deliveries to LNG facilities surged 21% to average 3.9 Bcf/d and set a new daily record of nearly 4.4 Bcf on December 4, 2025. These metrics illustrate how TC Energy’s strategic infrastructure positioning captures value from the continent’s fastest-growing energy demand segments.

The company also achieved all-time delivery records on the Columbia Gulf, GTN, and Gillis Access systems during December 2025. Mexico’s natural gas pipelines maintained steady performance with Q4 flows averaging 2.7 Bcf/d, representing approximately 20% of total Mexico gas demand in the period.

Strategic Capital Deployment and Project Pipeline

During 2025, TC Energy successfully placed $8.3 billion of projects into service—achieving over 15% cost savings against budget while maintaining schedule performance. This capital discipline reinforces management’s credibility on cost control and project execution.

In Q4 and early 2026, several critical projects came online. The VR project on the Columbia system was placed into service in November 2025 with total costs of approximately US$500 million, providing incremental capacity from Greensville County, Virginia to Norfolk delivery points. Similarly, the WR project on the ANR System in Wisconsin came online in November 2025 at approximately US$700 million, expanding mainline capacity to multiple Wisconsin delivery points.

The Cedar Link project continues tracking ahead of schedule and below its Board-approved budget of $1.2 billion. Looking forward, TC Energy sanctioned $600 million of low-risk, in-corridor expansion projects in 2025, including $500 million in MYGP (Multi-Year Growth Plan) expansion facilities designed to deliver incremental growth on the NGTL System with an expected 2028 in-service date. As of December 31, 2025, approximately $1.1 billion of MYGP expansion facilities had received final investment decision (FID) approval.

Capturing the North American Energy Transition

Commercial discussions advancing across TC Energy’s portfolio suggest significant growth headroom. On January 9, 2026, the company successfully closed a non-binding expansion project open season for its Columbia Gas Transmission system, seeking to develop up to 0.5 Bcf/d of incremental capacity to serve the Columbus area. Market reception proved exceptionally strong: the company received approximately 1.5 Bcf/d of total bids—three times the proposed project capacity—driven primarily by power-load growth from data center development.

Building on this momentum, on February 9, 2026, TC Energy launched another open season for up to 1.5 Bcf/d of expansion capacity on its Crossroads Pipeline system. This project would serve growing markets in Northern Indiana, Illinois, Iowa, and South Dakota in response to recently announced power generation and data center developments across the U.S. Midwest. The open season is expected to close in mid-March 2026.

2026 Financial Outlook and Capital Allocation Strategy

Management projects stronger financial performance in 2026. The company expects comparable EBITDA to reach $11.6-$11.8 billion, representing continued growth from the $11.0 billion achieved in 2025. Capital expenditures are anticipated at $6.0-$6.5 billion on a gross basis, or $5.5-$6.0 billion on a net capital expenditure basis (adjusted for non-controlling interests).

Notably, management expressed confidence in fully allocating $6 billion of net annual capital expenditures through 2030, with “greater visibility to potentially surpass this level of investment in the latter part of the decade.” The company targets build multiples in the 5x-7x range, balancing growth ambitions with return discipline. Approximately $4 billion of capital is expected to be placed into service during 2026, including the Bison XPress Project on the Northern Border Pipeline, additional work on the Valhalla North and Berland River projects on NGTL, and Bruce Power Unit 3 as part of the Major Component Replacement program.

Dividend Growth Continues 26-Year Streak

Reflecting confidence in sustainable cash generation, TC Energy’s Board of Directors approved a 3.2% increase in the quarterly common share dividend to $0.8775 per common share for the quarter ending March 31, 2026, equivalent to $3.51 on an annualized basis. This marks the 26th consecutive year of dividend increases, demonstrating TC Energy’s commitment to returning value to shareholders while maintaining balance sheet flexibility.

The dividend remains payable on April 30, 2026, to shareholders of record at the close of business on March 31, 2026.

Strategic Vision and Market Positioning

Management’s outlook reflects confidence in North American energy fundamentals. The company projects natural gas demand to increase by 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven by LNG exports, rising power generation requirements, and increasing reliability needs from local distribution companies.

CEO Poirier captured the strategic thesis in the company’s full-year message: “During a period marked by heightened geopolitical risks, trade policy uncertainty and market volatility, our utility-like, low-risk business model continues to prove resilient…our infrastructure fuels industries and generates affordable, reliable and sustainable power across North America, while enabling LNG exports to global markets.”

TC Energy’s differentiated exposure to natural gas and power—the continent’s fastest-growing energy segments—positions the company to benefit from structural demand growth driven by data center proliferation, coal-to-gas transitions, and LNG expansion. With three consecutive years of strong operational execution, consistent project delivery, and disciplined capital allocation, the company has built a portfolio extending through decade-end and beyond.

The company will hold a teleconference on February 13, 2026 at 6:30 a.m. (MT) to discuss full results, with audited financial statements and management discussion available on www.TCEnergy.com and filed on SEDAR+.