TC Energy delivered solid fourth-quarter results for 2025, with comparable EBITDA rising 13% year-over-year to $3.0 billion, driven by strong performance across its natural gas pipeline networks amid surging demand from data centers, LNG exports, and power generation. Comparable earnings came in at $0.98 per share, surpassing analyst expectations, while the company announced a 3.2% dividend increase for the 26th straight year. Full-year comparable EBITDA reached $11.0 billion, and management guided to higher EBITDA in 2026 amid a robust project backlog.
TC Energy Delivers Strong Q4 Performance Amid Record Natural Gas Demand
TC Energy Corporation reported robust fourth-quarter 2025 results from continuing operations, highlighting the resilience and growth potential of its core natural gas pipeline business. Comparable EBITDA climbed to $3.0 billion, a 13% increase from $2.6 billion in the prior-year period. This growth stemmed primarily from higher segmented earnings, which advanced 15% to $2.2 billion, fueled by exceptional asset utilization and reliability across the company’s extensive network.
Comparable earnings from continuing operations totaled $1.0 billion, or $0.98 per common share, compared to $1.1 billion, or $1.05 per share, in the fourth quarter of 2024. Net income attributable to common shares stood at $1.0 billion, or $0.92 per share, down slightly from $1.1 billion, or $1.03 per share, a year earlier. These figures reflect adjustments for non-recurring items and the prior spin-off of the Liquids Pipelines business, which is now treated as discontinued operations.
The quarter benefited from record natural gas deliveries, with the company achieving all-time highs on multiple systems. Surging power demand—driven by data center expansion, coal-to-gas conversions in the power sector, and growing LNG export volumes—pushed throughput to unprecedented levels in both Canada and the United States. This demand surge underscored the critical role of TC Energy’s infrastructure in supporting North America’s energy transition and reliability needs.
Segment performance showed particular strength in the U.S. and Mexican natural gas pipelines. U.S. Natural Gas Pipelines contributed significantly to the EBITDA uplift, while Mexican operations also posted gains. Canadian Natural Gas Pipelines delivered steady contributions, supported by regulated and long-term contracted revenues that provide earnings stability.
For the full year 2025, comparable EBITDA from continuing operations increased to $11.0 billion from $10.0 billion in 2024, reflecting consistent operational execution. Segmented earnings remained flat at $8.0 billion year-over-year.
In a move signaling confidence in future cash flows, TC Energy’s Board approved a 3.2% increase in the quarterly common share dividend to $0.8775 per share for the quarter ending March 31, 2026. This equates to an annualized $3.51 per share and marks the 26th consecutive year of dividend growth, reinforcing the company’s appeal to income-focused investors.
Looking ahead, management outlined an optimistic 2026 outlook. Comparable EBITDA is projected in the range of $11.6 billion to $11.8 billion, higher than 2025 levels, supported by ongoing expansions and a secured capital project backlog approaching $21 billion. Net capital expenditures are anticipated at $5.5 billion to $6.0 billion, after adjustments for non-controlling interests, with gross spending expected between $6.0 billion and $6.5 billion.
The company continues to advance its Multi-Year Growth Plan, including recent commitments to $0.5 billion in expansion facilities. Commercial discussions are progressing positively, raising the potential for additional project announcements throughout 2026. These initiatives focus on enhancing capacity to meet rising natural gas needs across key markets.
TC Energy’s emphasis on safety reached a five-year high in performance metrics during the quarter, further bolstering operational reliability. The company’s asset base, with approximately 98% of comparable EBITDA derived from rate-regulated assets or long-term take-or-pay contracts, continues to provide predictable earnings in a dynamic energy landscape.
Key Financial Highlights (Q4 2025 vs. Q4 2024, in Canadian dollars, from continuing operations)
Comparable EBITDA: $3.0 billion (up from $2.6 billion)
Segmented Earnings: $2.2 billion (up from $1.9 billion)
Comparable Earnings: $1.0 billion / $0.98 per share (down from $1.1 billion / $1.05 per share)
Net Income Attributable to Common Shares: $1.0 billion / $0.92 per share (down from $1.1 billion / $1.03 per share)
Full-Year 2025 Highlights
Comparable EBITDA: $11.0 billion (up from $10.0 billion)
Segmented Earnings: $8.0 billion (flat with 2024)
These results position TC Energy favorably as North American natural gas demand remains elevated, with infrastructure constraints highlighting the value of its expansive pipeline network.
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