TC Energy's 2025 Triumph: Record Operations, Double-Digit EBITDA Growth, and 26 Years of Rising Dividends

TC Energy Corporation achieved a defining 2025, combining exceptional operational performance with robust financial results and strengthened shareholder returns. The company’s safety-first culture culminated in its strongest safety record in five years, driving 15 delivery records across its pipeline and power systems throughout North America.

Safety Excellence Catalyzes Historic Operational Milestones

The emphasis on safety translated into extraordinary operational achievements. TC Energy’s Canadian Natural Gas Pipeline systems set a new all-time delivery record of 33.2 Bcf on January 22, 2026, while the U.S. Natural Gas Pipelines reached 39.9 Bcf on January 29, 2026—all-time highs for the respective systems. The NGTL System alone delivered a record 18.3 Bcf on the same January date, reflecting unprecedented system utilization driven by robust demand from liquefied natural gas exports, coal-to-gas conversions, and data centre power generation.

These 15 flow records across all systems underscored asset availability and reliability, with the company supporting approximately 1,041 million weighted average common shares outstanding during the period. Deliveries to LNG facilities surged 21% year-over-year in the fourth quarter, averaging 3.9 Bcf/d and reaching nearly 4.4 Bcf on a single day in December 2025, signaling strong global market demand for North American natural gas.

Financial Strength: Q4 Comparable EBITDA Climbs 13%

Fourth quarter comparable EBITDA from continuing operations reached $3.0 billion, representing a robust 13% increase from the prior year’s $2.6 billion. Segmented earnings expanded 15% year-over-year to $2.2 billion, while comparable earnings per common share stood at $0.98, down modestly from $1.05 in Q4 2024, reflecting the capital-intensive nature of growth investments.

For the full year 2025, comparable EBITDA surged to $11.0 billion from $10.0 billion in 2024—a 9% annual increase. This growth was underpinned by rate-regulated and long-term take-or-pay contracts representing 98% of comparable EBITDA, providing visibility to stable, predictable cash flows and limiting commodity price exposure.

President and CEO François Poirier noted that “the strong availability and reliability of our assets enable us to consistently meet incremental customer demand, underscoring the value of our commitment to safety and operational excellence.”

Strategic Capital Deployment: $8.3 Billion in Projects Advanced

In 2025, TC Energy successfully placed $8.3 billion of capital into service, exceeding performance targets by delivering projects 15% under budget on average. Critical infrastructure projects completed during the fourth quarter included the VR project on the Columbia system and the WR project on the ANR system in Wisconsin, totaling approximately $1.2 billion in combined investment.

The company sanctioned $0.6 billion of low-risk, in-corridor expansion projects designed to capture incremental value from North American energy market growth. The Multi-Year Growth Plan generated $1.1 billion of approved projects with expected 2028 in-service dates, while a brownfield U.S. compression expansion project is anticipated to deliver a 5x build multiple—exceeding the company’s target range.

Looking forward, TC Energy expects to place approximately $4.0 billion of capital into service in 2026, including the Bison XPress Project on the Northern Border Pipeline, the final phases of the Valhalla North and Berland River projects on the NGTL System, and Bruce Power Unit 3 as part of the Major Component Replacement program.

26 Consecutive Years of Dividend Growth

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 on an annualized basis for the quarter ending March 31, 2026. This marks the 26th consecutive year of dividend growth, demonstrating the company’s commitment to shareholder value amid disciplined capital allocation.

The dividend milestone reflects sustained cash flow generation and financial strength, with the company maintaining a targeted debt-to-EBITDA ratio aligned with investment-grade ratings and long-term sustainability.

Commercial Expansion: Open Seasons Signal Strong Market Demand

Strong commercial momentum advanced across TC Energy’s expansion pipeline. In early January 2026, the Columbia Gas Transmission system closed a non-binding expansion open season for 0.5 Bcf/d of incremental capacity serving the Columbus and New Albany areas. The project attracted approximately 1.5 Bcf/d of total bids—three times the proposed capacity—underscoring robust demand from data centre power load growth.

On February 9, 2026, the company launched a non-binding expansion project open season for the Crossroads Pipeline system for up to 1.5 Bcf/d of capacity. The potential expansion would serve growing markets in Northern Indiana, Illinois, Iowa, and South Dakota, responding to recently announced power generation and data centre developments driving U.S. Midwest energy demand.

North American Natural Gas Demand Trajectory: 45 Bcf/d Growth Forecast

TC Energy projects North American natural gas demand will increase by 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035. This growth is underpinned by three primary drivers: accelerating LNG export capacity, rising power generation demand, and increasing system reliability needs from local distribution companies navigating energy transition requirements.

CEO Poirier emphasized that TC Energy’s “differentiated exposure to the fastest growing segments of the energy market—natural gas and power—positions the company to unlock meaningful growth opportunities through 2030 and beyond.”

2026 Outlook: $6 Billion Annual Capital Deployment and Growth Announcements

For 2026, TC Energy expects comparable EBITDA to range from $11.6 to $11.8 billion, representing continued growth from 2025’s $11.0 billion. Capital expenditures are anticipated between $6.0 and $6.5 billion prior to adjustments for non-controlling interests, with net capital expenditures of $5.5 to $6.0 billion.

The company remains confident in its ability to fully allocate $6.0 billion of net annual capital expenditures through 2030 while maintaining disciplined build multiples in the 5x to 7x range. With commercial discussions advancing across a diverse pipeline of high-quality opportunities, TC Energy expects to announce additional sanctioned projects in 2026, providing greater visibility to potentially surpass the $6.0 billion annual capital deployment level in the latter part of the decade.

Summary: Building North American Energy Infrastructure for the Next Decade

TC Energy has established itself as North America’s premier energy infrastructure platform, connecting markets, communities, and industries to reliable, affordable energy. The combination of 15 operational records, double-digit EBITDA growth, 26 consecutive years of dividend increases, and a robust $6+ billion project pipeline through 2030 reinforces the company’s strategic positioning in an era of surging natural gas and power demand.

With 98% of cash flows protected by rate regulation or long-term contracts, TC Energy remains poised to deliver disciplined, low-risk growth while navigating evolving energy markets and geopolitical complexities.