TC Energy Hits Record Operations and Extends Dividend Growth Streak in Strong 2025 Close

TC Energy Corporation posted its strongest financial and operational performance in years, marking a defining moment for the North American energy infrastructure leader. With 15 delivery records set across its pipeline systems in 2025, the company demonstrated the resilience of its safety-first culture and strategic positioning in the rapidly evolving energy landscape. On Feb. 13, 2026, the company announced it would extend its dividend increase streak to 26 consecutive years, reflecting sustained confidence in its capital allocation discipline and growth outlook.

Safety Excellence Drives Exceptional Operational Performance

The company’s 2025 safety performance marked its strongest in five years, translating directly into operational excellence across its portfolio. In fourth quarter 2025, comparable EBITDA surged 13 percent year-over-year to $3.0 billion, while segmented earnings climbed 15 percent to $2.2 billion. For the full year, comparable EBITDA reached $11.0 billion compared to $10.0 billion in 2024, underscoring steady growth despite market volatility.

The operational metrics reflected this discipline: Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d, up 5 percent in the quarter, with the system recording an all-time delivery benchmark of 33.2 Bcf on Jan. 22, 2026. U.S. Natural Gas Pipelines posted even stronger growth, with daily flows reaching 29.6 Bcf/d—up 9.5 percent quarter-over-quarter—and setting a record 39.9 Bcf on Jan. 29, 2026. Deliveries to LNG facilities surged 21 percent to 3.9 Bcf/d average, reflecting robust global demand for liquefied natural gas exports.

Financial Strength Accelerates Through Consistent EBITDA Growth

For the full year 2025, TC Energy generated comparable EBITDA of $11.0 billion—a 9 percent increase from 2024. Segmented earnings remained steady at $8.0 billion, highlighting the stability of long-term take-or-pay contracts and rate-regulated assets that underpin 98 percent of comparable EBITDA. Net income attributable to common shares reached $3.6 billion for the year, with comparable earnings per share at $3.51.

The company’s capital deployment exceeded expectations, placing $8.3 billion of projects into service during 2025—over 15 percent below budget. This execution excellence positioned TC Energy to allocate $6.0 to $6.5 billion in capital expenditures during 2026, with management signaling confidence in deploying that full level through 2030 and potentially surpassing it in the decade’s latter years. The company targets build multiples in the five to seven times range, ensuring disciplined returns on invested capital.

Expansion Boom: Data Centre Demand and LNG Growth Drive Pipeline Projects

Two major expansion open seasons in early 2026 underscored TC Energy’s strategic positioning in the fastest-growing energy market segments. On Jan. 9, the company successfully closed a non-binding open season for incremental capacity on its Columbia Gas Transmission system—receiving bids for 1.5 Bcf/d against the proposed 0.5 Bcf/d expansion, a threefold oversubscription. Strong demand from data centre power requirements drove the robust interest, with the potential project now advancing through commercial discussions for potential 2028 in-service.

February brought a second major milestone: TC Energy launched a non-binding open season for up to 1.5 Bcf/d of capacity on its Crossroads Pipeline system, targeting Northern Indiana, Illinois, Iowa, and South Dakota. The project responds to recently announced power generation and data centre developments across the U.S. Midwest, with the open season expected to close in mid-March 2026. Earlier project completions included the VR project on the Columbia system (in-service November 2025, $0.5 billion USD) and the WR project on the ANR System (November 2025, $0.7 billion USD). The company also sanctioned $0.6 billion of additional in-corridor projects in Q4, including $0.5 billion of NGTL System Multi-Year Growth Plan (MYGP) facilities designed for 2028 in-service.

Dividend Legacy and Capital Deployment Confidence

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend to $0.8775 per share for the quarter ending March 31, 2026—equivalent to $3.51 annualized. Payable on April 30, 2026, this marks the 26th consecutive year of dividend growth, reinforcing the company’s financial strength and management’s conviction in sustainable cash flows. The consistent dividend growth reflects TC Energy’s utility-like business model, where 98 percent of comparable EBITDA is supported by regulated tariffs or long-term customer contracts, limiting commodity exposure.

North American Energy Demand Fuels Long-Term Growth Profile

CEO François Poirier highlighted the strategic tailwinds propelling capital deployment: North American natural gas demand is expected to increase 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven by LNG export expansion, rising power generation requirements, and growing system reliability needs from local distribution utilities. This 35 percent growth in regional gas demand, combined with TC Energy’s strategic footprint connecting production, distribution, LNG terminals, and power generation facilities, positions the company to capture meaningful value creation opportunities.

The company placed approximately $4 billion of capital into service during 2026, including the Bison XPress Project on Northern Border Pipeline and continued construction of the Valhalla North and Berland River Project on the NGTL System. Bruce Power’s MCR modernization program also advanced, with Unit 3 progressing toward in-service and the asset maintaining 91 percent full-year 2025 availability despite extended planned maintenance.

TC Energy projects 2026 comparable EBITDA of $11.6 to $11.8 billion, signaling continued momentum. With a disciplined approach to build multiples, a portfolio of de-risked expansion projects, and strategic positioning in the energy infrastructure’s highest-growth segments, the company reinforced its conviction in delivering multiple years of incremental project announcements starting in 2026. The combination of safety-first operational culture, capital discipline, and favorable demand dynamics positions TC Energy for sustained long-term value creation.