CALGARY, Alberta — February 13, 2026 — Leads & Copy — TC Energy Corporation (TSX, NYSE: TRP) today released its fourth quarter and full-year 2025 results, highlighting strong safety performance, record flows, and a dividend increase.
According to François Poirier, TC Energy’s President and Chief Executive Officer, the company’s “safety-first culture is driving exceptional operational performance, leading to 15 flow records across our systems in 2025.”
Poirier noted that strong asset availability and reliability drove a 13 per cent year-over-year increase in fourth quarter comparable EBITDA and a 15 per cent increase in segmented earnings over the same period. He also expressed confidence in the company’s ability to allocate $6 billion of net annual capital expenditures through 2030, with potential to surpass this level later in the decade, as commercial discussions advance across various opportunities.
TC Energy’s Board of Directors approved a 3.2 per cent increase in the quarterly common share dividend, marking the 26th consecutive year of dividend growth, Poirier said.
The company reported comparable earnings of $1.0 billion, or $0.98 per common share, for the fourth quarter of 2025, compared to $1.1 billion, or $1.05 per common share, in the fourth quarter of 2024. Net income attributable to common shares was $1.0 billion, or $0.92 per common share, compared to $1.1 billion, or $1.03 per common share, in the same period of 2024. Comparable EBITDA reached $3.0 billion, up from $2.6 billion in the fourth quarter of 2024, while segmented earnings rose to $2.2 billion from $1.9 billion.
For the year ended Dec. 31, 2025, TC Energy reported comparable EBITDA of $11.0 billion, compared to $10.0 billion in 2024. Segmented earnings remained steady at $8.0 billion.
The Board of Directors approved a 3.2 per cent increase in the quarterly common share dividend to $0.8775 per common share for the quarter ending March 31, 2026, equivalent to $3.51 on an annualized basis.
TC Energy anticipates higher comparable EBITDA and comparable earnings per common share (EPS) in 2026 compared to 2025. Comparable EBITDA is expected to range from $11.6 to $11.8 billion, with capital expenditures projected at $6.0 to $6.5 billion before adjustments for non-controlling interests, or $5.5 to $6.0 billion of net capital expenditures.
Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d in the fourth quarter, a five per cent increase compared to 2024, setting a new all-time delivery record of 33.2 Bcf on Jan. 22, 2026. The total NGTL system receipts averaged 15.5 Bcf/d, up two per cent from the same period in 2024, with a new all-time delivery record of 18.3 Bcf on Jan. 22, 2026. Canadian Mainline Western receipts averaged 4.8 Bcf/d, a three per cent increase compared to the fourth quarter of 2024.
U.S. Natural Gas Pipelines daily average flows reached 29.6 Bcf/d, up 9.5 per cent compared to the fourth quarter of 2024, achieving an all-time delivery record of 39.9 Bcf on Jan. 29, 2026. Deliveries to LNG facilities averaged 3.9 Bcf/d, a 21 per cent increase compared to the fourth quarter of 2024, setting a new daily record of nearly 4.4 Bcf on Dec. 4, 2025. All-time delivery records were achieved on Columbia Gulf, GTN, and Gillis Access in December 2025.
Mexico Natural Gas Pipelines flows in the fourth quarter averaged 2.7 Bcf/d, comparable to the same period in 2024 and equivalent to approximately 20 per cent of Mexico’s total gas demand. Deliveries to power generation facilities averaged 1.2 Bcf/d in the fourth quarter of 2025, up 11 per cent compared to the fourth quarter of 2024.
Bruce Power achieved 85.7 per cent availability in the fourth quarter of 2025, impacted by a planned outage on Unit 2. Full-year 2025 availability was 91 per cent, with availability expected to be in the low 90 per cent range for full year 2026. The Cogeneration power plant fleet achieved 89.5 per cent availability in the fourth quarter of 2025.
TC Energy sanctioned $0.6 billion of low-risk, in-corridor expansion projects, including $0.5 billion for expansion facilities as part of the Multi-Year Growth Plan (MYGP) on the NGTL System, expected to be in service in 2028. As of Dec. 31, 2025, approximately $1.1 billion of MYGP expansion facilities have received FID. Additionally, a $0.1 billion equity contribution supports a brownfield compression expansion project in the U.S., expected to deliver a five times build multiple and an anticipated in-service date in 2028.
On Jan. 9, 2026, the company closed a successful non-binding expansion project open season on its Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity to serve the Columbus area, including New Albany. Strong market interest, driven by significant power load growth from data centre development, resulted in approximately 1.5 Bcf/d of total bids. On Feb. 9, 2026, TC Energy launched a non-binding expansion project open season on its Crossroads Pipeline system for up to 1.5 Bcf/d of capacity, serving growing markets in Northern Indiana, Illinois, Iowa, and South Dakota, in response to recently announced power generation and data centre developments in the U.S. Midwest. The open season is expected to close in mid-March 2026.
The Cedar Link project is progressing ahead of schedule and tracking below the Board approved final investment decision budget of $1.2 billion. The VR project on the Columbia system was placed in service in November 2025, with total project costs of approximately US$0.5 billion, while the WR project on the ANR System in Wisconsin was also placed into service in November 2025, with a total project cost of approximately US$0.7 billion.
Source: TC Energy
