TC Energy Delivers Record-Breaking 2025: 26th Year of Dividend Growth Signals Sustained Momentum

TC Energy Corporation wrapped up 2025 with impressive operational and financial results that underscore the company’s resilience in a volatile energy market. On February 13, 2026, the energy infrastructure leader announced its full-year and fourth-quarter performance, marked by its strongest safety record in five years, 15 operational flow records across its pipeline systems, and continued shareholder value through dividend growth.

Financial Performance Surges on Operational Excellence

The company’s fourth-quarter comparable EBITDA reached $3.0 billion, climbing 13 percent year-over-year from $2.6 billion in the same period of 2024. For the full year 2025, comparable EBITDA expanded to $11.0 billion compared to $10.0 billion in 2024—marking a nine percent increase. Segmented earnings also demonstrated strength, rising 15 percent in Q4 to $2.2 billion, while full-year segmented earnings held steady at $8.0 billion.

Net income attributable to common shares from continuing operations reached $959 million in Q4 2025, translating to $0.92 per share, compared to $1.03 per share in the prior year quarter. For the full year, net income totaled $3.612 billion, or $3.47 per common share.

François Poirier, TC Energy’s President and Chief Executive Officer, attributed the results to disciplined execution and a safety-first culture. “Our safety-first culture is driving exceptional operational performance across our systems,” Poirier noted, highlighting how this commitment translated into tangible business outcomes.

Pipeline Systems Establish All-Time Delivery Records

TC Energy’s operational performance reached historic milestones in 2025, with the company setting 15 delivery records across its North American pipeline network. These achievements reflect robust demand driven by data center expansion, coal-to-gas conversions, and liquefied natural gas (LNG) export growth.

Canadian Natural Gas Pipelines averaged 27.2 billion cubic feet per day (Bcf/d) in the fourth quarter, up five percent from the prior year, with an all-time delivery record of 33.2 Bcf achieved on January 22, 2026. The NGTL System alone set its own all-time delivery mark of 18.3 Bcf on the same date.

On the U.S. side, Natural Gas Pipelines experienced even more dramatic growth, with fourth-quarter daily average flows reaching 29.6 Bcf/d—a 9.5 percent increase year-over-year. The system peaked at an all-time record of 39.9 Bcf on January 29, 2026. Flows to LNG facilities surged 21 percent to average 3.9 Bcf/d, with a daily peak near 4.4 Bcf in early December 2025.

Mexico Natural Gas Pipelines maintained stable performance, averaging 2.7 Bcf/d in Q4, equivalent to approximately 20 percent of total Mexico’s fourth-quarter gas demand.

Dividend Growth Extends to 26 Consecutive Years

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend to $0.8775 per common share for the quarter ending March 31, 2026, equivalent to an annualized rate of $3.51. This marks the company’s 26th consecutive year of dividend increases—a testament to consistent cash generation and management confidence in long-term growth prospects.

The company maintained strong cash generation, with comparable funds generated from operations reaching $2.293 billion in Q4 2025 compared to $1.665 billion in the prior year quarter. For the full year, comparable funds from operations totaled $7.996 billion.

Strategic Capital Deployment Targets $6B Annual Investment

Looking ahead to 2026 and beyond, TC Energy outlined an ambitious capital allocation strategy designed to capture growth opportunities across North America’s energy infrastructure. The company expects to fully allocate $6 billion in net annual capital expenditures through 2030, with potential to exceed this level in the decade’s latter years.

The company sanctioned $0.6 billion of in-corridor, low-risk expansion projects in the fourth quarter, demonstrating disciplined capital discipline. TC Energy maintains a targeted build multiple—a ratio of capital expenditure to EBITDA—in the five to seven times range, ensuring projects meet strict return thresholds before approval.

Recent project activity highlights this strategic focus. The Columbia Gas Transmission system successfully completed an open season for up to 0.5 Bcf/d of incremental capacity to serve the Columbus area, attracting approximately 1.5 Bcf/d in total bids—three times the proposed capacity. This oversub indicates robust underlying demand, particularly from data center operators seeking reliable power infrastructure.

In February 2026, TC Energy launched another open season on its Crossroads Pipeline for up to 1.5 Bcf/d of capacity, targeting growing demand in Northern Indiana, Illinois, Iowa, and South Dakota driven by recently announced power generation and data center developments.

Market Fundamentals Support Long-Term Growth

TC Energy’s management highlighted compelling supply-demand dynamics supporting its investment thesis. The company projects North American natural gas demand will increase by 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035. This growth is driven by three primary factors: expanding LNG export capacity, rising power generation demand (particularly from data centers), and increasing reliability needs among local distribution companies.

These market fundamentals align directly with TC Energy’s infrastructure footprint. With 98 percent of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, the company maintains limited commodity price exposure and strong visibility to stable, long-term cash flows.

2026 Outlook and Strategic Priorities

The company expects 2026 comparable EBITDA and comparable earnings per common share to exceed 2025 levels. Specifically, TC Energy forecasts comparable EBITDA between $11.6 billion and $11.8 billion for 2026, with capital expenditures anticipated between $6.0 billion and $6.5 billion (or $5.5 billion to $6.0 billion on a net basis after adjusting for non-controlling interests).

In the near term, TC Energy expects to place approximately $4 billion of capital into service in 2026, including the Bison XPress Project on its Northern Border Pipeline, the Valhalla North and Berland River Project expansions on the NGTL System, and continued Bruce Power Unit 3 work as part of the Maintenance Capital Replacement program.

Management reiterated three core strategic priorities: delivering solid, low-risk growth and repeatable performance; maximizing asset value through safety and operational excellence; executing a selective portfolio of growth projects; and maintaining financial strength and agility.

Takeaway: Infrastructure Play on North American Energy Transition

TC Energy’s 2025 results and forward guidance reflect a company well-positioned within North American energy infrastructure. The combination of record operational performance, consistent financial growth, dividend resilience, and strategic capital allocation into high-demand segments—particularly natural gas pipelines serving data centers and LNG facilities—suggests the company continues to benefit from secular trends in continental energy demand. With 26 consecutive years of dividend growth and strong visibility to capital deployment at attractive returns, TC Energy reinforces its profile as a stable infrastructure play in a period of elevated energy demand.