TC Energy Delivers Record Pipeline Performance in 2025 With Strong Financial Growth and 26-Year Dividend Increase Streak

TC Energy Corporation concluded 2025 with exceptional operational results, announcing solid financial performance alongside its 26th consecutive year of dividend growth. The energy infrastructure leader, which operates across Canada, the U.S., and Mexico, reported comparable EBITDA of $11.0 billion for the full year, representing a 9 percent increase from 2024. Most notably, TC Energy achieved 15 delivery records across its pipeline systems in 2025, setting new operational benchmarks that underscore the company’s operational excellence and strategic value.

Safety Culture Drives Unprecedented Operational Performance

TC Energy’s strongest safety performance in five years directly enabled record-setting operational results across its diversified pipeline network. The company’s commitment to safety and operational excellence culminated in delivering 15 delivery records throughout 2025, demonstrating the company’s ability to consistently meet and exceed rising customer demand.

The achievements were particularly pronounced in the fourth quarter of 2025 and early 2026, when all-time delivery records were set across major systems. The company’s U.S. Natural Gas Pipelines achieved a historic 39.9 Bcf/d flow on January 29, 2026, while the Canadian Natural Gas Pipelines system established an all-time record of 33.2 Bcf/d on January 22, 2026. Complementing these milestones, deliveries to LNG facilities averaged 3.9 Bcf/d in the fourth quarter, up 21 percent year-over-year, with a peak delivery of nearly 4.4 Bcf on December 4, 2025.

Fourth Quarter Financial Performance Reflects Asset Quality and Reliability

The final quarter of 2025 generated strong financial results that reflect TC Energy’s resilient business model and high-quality asset portfolio. Comparable EBITDA reached $3.0 billion in the fourth quarter, a 13 percent increase compared to the same period in 2024. Segmented earnings climbed to $2.2 billion, representing a 15 percent year-over-year increase and demonstrating the company’s operational leverage and financial discipline.

Net income attributable to common shareholders totaled $1.0 billion, or $0.92 per share in the fourth quarter, while comparable earnings reached $1.0 billion or $0.98 per share. These results underscore the strength of TC Energy’s utility-like business model, with 98 percent of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, providing stable cash flows and limiting commodity exposure.

On an annual basis, comparable EBITDA increased to $11.0 billion from $10.0 billion in 2024, while segmented earnings remained stable at $8.0 billion, demonstrating consistent execution and asset optimization across the company’s diversified portfolio.

Strategic Capital Deployment Accelerates Growth Pipeline

TC Energy sanctioned $0.6 billion of low-risk, in-corridor expansion projects in the fourth quarter, strengthening the company’s medium-term visibility and reinforcing its disciplined capital allocation strategy. The investment included $0.5 billion for Multi-Year Growth Plan expansion facilities on the NGTL System, designed to deliver incremental capacity by 2028, as well as a $0.1 billion equity contribution to a U.S. compression expansion project expected to achieve a five times build multiple.

Looking ahead to 2026, TC Energy anticipates placing approximately $4 billion of capital into service. This includes major projects such as the Bison XPress Project on the Northern Border Pipeline, the Valhalla North and Berland River Project on the NGTL System, and continued progress on the Bruce Power Unit 3 upgrade as part of the Major Component Replacement (MCR) program. These initiatives demonstrate the company’s ability to execute complex infrastructure projects on schedule and within budget.

The company previously placed $8.3 billion of projects into service in 2025, exceeding efficiency targets by delivering the portfolio more than 15 percent below budget, exemplifying its project execution excellence and operational discipline.

Data Centre Growth and Power Generation Demand Create Expansion Opportunities

Market fundamentals are increasingly favorable for TC Energy, with record power demand from data centre development, coal-to-gas conversions, and LNG export growth driving unprecedented volumes across the company’s systems. This demand environment is generating substantial commercial opportunities for incremental capacity.

In January 2026, TC Energy successfully concluded a non-binding open season on its Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity serving the Columbus area and New Albany. Market interest significantly exceeded project capacity, with total bids reaching approximately 1.5 Bcf/d—three times the proposed expansion. The robust customer response reflects the strategic value of TC Energy’s footprint in areas experiencing accelerating data centre buildout.

In February 2026, the company launched a non-binding open season for the proposed Crossroads Expansion project on its Crossroads Pipeline system, targeting 1.5 Bcf/d of capacity to serve growing markets in Northern Indiana, Illinois, Iowa, and South Dakota. This expansion is driven by recently announced power generation and data centre developments across the U.S. Midwest, with the open season expected to conclude by mid-March 2026.

These developments reflect TC Energy’s advantageous positioning within the fastest-growing segments of North American energy infrastructure. Industry analysis indicates North American natural gas demand is expected to increase by 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven primarily by LNG exports, expanding power generation requirements, and increased reliability needs from local distribution infrastructure.

2026 Outlook and Capital Allocation Framework

TC Energy raised its quarterly common share dividend by 3.2 percent to $0.8775 per share, equivalent to $3.51 on an annualized basis, effective for the quarter ending March 31, 2026. The dividend increase marks the company’s 26th consecutive year of dividend growth, reflecting confidence in its ability to generate sustainable cash flows and return value to shareholders.

The company expects 2026 comparable EBITDA and comparable earnings per common share to exceed 2025 levels. Comparable EBITDA is projected to reach $11.6 to $11.8 billion, with capital expenditures anticipated to be $6.0 to $6.5 billion, or $5.5 to $6.0 billion in net capital expenditures after adjusting for non-controlling interests.

Management remains confident in its ability to fully allocate $6 billion of net annual capital expenditures through 2030, with greater visibility to potentially exceed this level of investment in the latter part of the decade. The company targets build multiples in the five to seven times range, maintaining disciplined capital allocation while pursuing identified high-quality growth opportunities across its existing footprint.

Strengthened Financial Position and Strategic Momentum

TC Energy’s consistent operational and project execution has strengthened its financial position and enhanced flexibility. The company remains on track to deliver its long-term debt-to-EBITDA target, positioning itself to capture meaningful growth opportunities emerging from its differentiated exposure to the fastest-growing energy market segments.

CEO François Poirier commented that the company’s utility-like business model, characterized by high contract coverage and limited commodity exposure, has proven resilient throughout a period marked by heightened geopolitical risks and trade policy uncertainty. This fundamental strength, combined with exceptional safety performance and operational excellence, positions TC Energy to deliver solid, repeatable growth and sustain shareholder value creation for years to come.