TC Energy Delivers Record 2025 Performance Amid Safety Excellence and Strategic Capital Expansion

TC Energy Corporation closed 2025 with exceptional operational achievements and robust financial results, underpinned by the company’s strongest safety performance in five years. The Calgary-based energy infrastructure leader achieved 15 pipeline flow records across its North American network, while simultaneously maintaining disciplined capital allocation and announcing its 26th consecutive year of dividend growth. With comparable EBITDA reaching $11.0 billion for the full year and strategic expansion projects advancing across growing markets, TC Energy is positioning itself to capture accelerating demand for natural gas and power generation infrastructure.

Safety Culture Becomes the Foundation for Record-Breaking Operations

TC Energy’s relentless focus on safety translated into unprecedented operational performance throughout 2025. The company established 15 new delivery records across its diversified pipeline systems, including all-time highs that underscore the reliability of critical North American energy infrastructure. In Q4 alone, the U.S. Natural Gas Pipelines achieved an all-time delivery record of 39.9 Bcf (billion cubic feet per day), while the Canadian Natural Gas Pipelines system recorded 33.2 Bcf on January 22, 2026—demonstrating the system’s ability to respond to surging demand for energy infrastructure.

These operational milestones reflect TC Energy’s integrated approach to asset management and workforce engagement. Bruce Power, TC Energy’s nuclear power generation asset, achieved 85.7% availability in Q4 2025 and posted 91% full-year availability, with expectations for the low-90s range in 2026. The cogeneration power plant fleet similarly demonstrated resilience with 89.5% availability, validating the company’s commitment to sustainable, low-carbon energy solutions.

Fourth Quarter Financial Results Signal Accelerating Market Demand

Q4 2025 financial metrics reflect strengthening market fundamentals and operational efficiency gains. Comparable EBITDA surged 13% year-over-year to $3.0 billion in the fourth quarter, while segmented earnings climbed 15% to $2.2 billion—outpacing the broader economic indicators for the period. On a full-year basis, comparable EBITDA expanded 9% to $11.0 billion, with segmented earnings holding steady at $8.0 billion despite the volatile macroeconomic environment.

Per-share metrics showed similar resilience, with comparable earnings per share declining modestly from $1.05 to $0.98 in Q4—a result of the company’s disciplined capital deployment strategy and portfolio optimization. The company generated $7.3 billion in net cash from operations during 2025, providing the financial foundation for its expanded capital expenditure program.

Capital Deployment Strategy Targets $6 Billion Annual Investment Through 2030

TC Energy’s 2026 outlook projects comparable EBITDA of $11.6 to $11.8 billion, reflecting confidence in underlying market dynamics and operational execution. The company committed to deploying $6.0 to $6.5 billion in capital expenditures annually through 2030, with net capital expenditures reaching $5.5 to $6.0 billion after adjustments for non-controlling interests. This disciplined capital allocation targets build multiples in the five to seven times range, balancing growth ambitions with financial stability.

Looking ahead, TC Energy expects to place approximately $4 billion of capital into service in 2026, including the Bison XPress Project on the Northern Border Pipeline, completion of the Valhalla North and Berland River Project on the NGTL System, and Unit 3 of the Bruce Power MCR program. The company sanctioned $0.6 billion of in-corridor expansion projects in Q4 2025, with an additional $1.1 billion of Multi-Year Growth Plan (MYGP) expansion facilities receiving final investment decisions, designed to deliver incremental growth on the NGTL System by 2028.

Data Centre and LNG Boom Opens Unprecedented Pipeline Capacity Opportunities

Market dynamics are reshaping the North American energy landscape. Record power demand from data centre development and coal-to-gas conversions drove exceptional utilization of TC Energy’s pipeline network in late 2025 and early 2026. The company successfully concluded a non-binding expansion open season on the Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity serving the Columbus area—attracting approximately 1.5 Bcf/d of total bids, three times the proposed capacity.

Similarly, TC Energy launched a new expansion open season in early February 2026 on the Crossroads Pipeline system for up to 1.5 Bcf/d of capacity, targeting growing markets in Northern Indiana, Illinois, Iowa, and South Dakota in response to announced data centre and power generation development. These oversubscribed open seasons validate the strategic value of TC Energy’s footprint and hint at project announcements in 2026.

Deliveries to LNG facilities surged 21% in Q4 to average 3.9 Bcf/d, setting a daily record near 4.4 Bcf in December 2025. This accelerating export flow reflects global energy security concerns and long-term liquefied natural gas contracts, providing multi-decade revenue stability for TC Energy’s transmission assets.

26 Years of Consecutive Dividend Growth Demonstrates Financial Discipline

TC Energy’s Board of Directors approved a 3.2% increase in the quarterly common share dividend to $0.8775 per share, equivalent to $3.51 annually, marking the 26th consecutive year of dividend increases. The dividend will be paid on April 30, 2026, to shareholders of record as of March 31, 2026. This unbroken track record of dividend growth reflects management’s confidence in sustained cash flow generation from the company’s contracted infrastructure portfolio.

With 98% of comparable EBITDA underpinned by rate-regulated or long-term take-or-pay contracts, TC Energy maintains minimal commodity price exposure and generates predictable, inflation-protected cash flows. The company remains on track to achieve its long-term debt-to-EBITDA target of approximately 4.8x, providing flexibility for additional strategic opportunities or shareholder returns.

Natural Gas Demand Trajectory to Shape Decade-Long Growth Profile

TC Energy’s long-term outlook anticipates North American natural gas demand will increase approximately 45 Bcf/d between 2025 and 2035, reaching roughly 170 Bcf/d, driven by LNG export expansion, rising power generation requirements, and growing local distribution company reliability needs. This structural demand growth—fundamentally reshaping North American energy markets—aligns directly with TC Energy’s existing infrastructure footprint and strategic capital allocation priorities.

The company expects to fully allocate $6 billion of annual net capital expenditures through 2030 and potentially exceed this level in the latter part of the decade. Management signaled greater visibility into project announcements and sanctioning decisions throughout 2026, contingent on advancing commercial discussions across high-quality opportunities.

Execution Excellence and Strategic Positioning for Long-Term Value Creation

TC Energy successfully placed $8.3 billion of projects into service during 2025, exceeding its execution standards by delivering capital projects more than 15% under budget. The VR project on the Columbia system and the WR project on the ANR System in Wisconsin entered service in November 2025 with total costs of approximately US$500 million and US$700 million, respectively. The Cedar Link project is tracking ahead of schedule and below its Board-approved budget of $1.2 billion.

The company’s strategic priorities for 2026 and beyond remain focused on three pillars: (1) maximizing asset value through safety and operational excellence, (2) executing the selective portfolio of growth projects identified through rigorous capital allocation discipline, and (3) maintaining financial strength and agility to capture emerging opportunities. This consistent, disciplined approach has established TC Energy as a differentiated player in North American energy infrastructure, uniquely positioned to benefit from the continent’s evolving energy mix and geopolitical imperatives.

TC Energy’s 2025 results and 2026 guidance reinforce the company’s role as a critical connector in North America’s energy ecosystem, reliably delivering cleaner-burning natural gas, renewable power, and LNG export capacity to support industrial growth, energy security, and climate objectives.

Note: This analysis is based on TC Energy’s official Q4 2025 financial results released February 13, 2026. Statements regarding future performance and project timelines constitute forward-looking information subject to risks and uncertainties.