TC Energy Delivers Record Operational Performance in 2025, Charts Path to Sustained Growth Through 2030

TC Energy Corporation marked 2025 as a defining year, achieving its strongest safety performance in five years while establishing 15 system capacity records—a testament to operational excellence driving bottom-line results. The energy infrastructure leader, operating across Canada, the U.S., and Mexico, reported solid financial performance bolstered by surging North American demand for cleaner-burning natural gas and reliable power generation.

For the full year 2025, TC Energy generated comparable EBITDA of $11.0 billion and segmented earnings of $8.0 billion, while Q4 alone saw comparable EBITDA rise 13 percent year-over-year to $3.0 billion and segmented earnings climb 15 percent to $2.2 billion. These results underscore the resilience of the company’s utility-like, low-risk business model, with 98 percent of cash generation underpinned by rate-regulated contracts or long-term take-or-pay agreements, limiting commodity exposure and providing visibility to stable cash flows.

“Our safety-first culture is driving exceptional operational performance,” noted François Poirier, President and Chief Executive Officer. The company’s infrastructure deployed talent and capital discipline to execute projects on time and significantly under budget, successfully placing $8.3 billion of projects into service in 2025 with over 15 percent cost savings.

Record-Breaking System Performance Reflects Market Strength

Natural gas infrastructure set multiple milestones reflecting robust underlying demand. Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d in Q4, up 5 percent year-over-year, punctuated by an all-time delivery record of 33.2 Bcf on January 22, 2026. The NGTL System recorded its own record of 18.3 Bcf on the same date, signaling exceptional capacity deployment.

U.S. Natural Gas Pipelines demonstrated even more pronounced strength, with daily average flows reaching 29.6 Bcf/d—up 9.5 percent from Q4 2024—and culminating in an all-time delivery record of 39.9 Bcf on January 29, 2026. Deliveries to liquefied natural gas (LNG) export facilities surged 21 percent year-over-year to average 3.9 Bcf/d, reaching a daily peak of 4.4 Bcf in December 2025.

The surge reflects structural demand drivers: LNG export growth, data centre proliferation demanding reliable power, and coal-to-natural gas conversions among utility operators seeking lower-carbon generation. Mexico Natural Gas Pipelines flows averaged 2.7 Bcf/d, representing approximately 20 percent of total Mexico gas demand during the quarter.

Power generation assets complemented pipeline performance. Deliveries to power generation facilities climbed 11 percent to 1.2 Bcf/d in Q4. Bruce Power, the company’s strategic nuclear asset partnership, maintained 85.7 percent availability in Q4 despite planned maintenance, with 91 percent full-year availability and low-90s expected for 2026.

Strategic Capital Deployment Advances Growth Portfolio

TC Energy sanctioned $0.6 billion in low-risk, in-corridor expansion projects during 2025, including $0.5 billion allocated to Multi-Year Growth Plan (MYGP) facilities on the NGTL System targeting 2028 in-service dates. To date, approximately $1.1 billion of MYGP expansion projects have received final investment decision approval.

The company advanced commercial discussions across multiple expansion initiatives. On January 9, 2026, TC Energy closed a successful non-binding open season on its Columbia Gas Transmission system seeking up to 0.5 Bcf/d incremental capacity serving the Columbus area and New Albany. Market response exceeded expectations, with total bids reaching approximately 1.5 Bcf/d—three times the proposed capacity—driven by power load growth from data centre development.

Building momentum, the company launched an additional non-binding open season on February 9, 2026, targeting up to 1.5 Bcf/d capacity on the Crossroads Pipeline system. The potential expansion would serve Northern Indiana, Illinois, Iowa, and South Dakota markets, capitalizing on announced power generation and data centre projects across the U.S. Midwest.

Critical infrastructure projects reached operation during late 2025. The VR project on the Columbia system, with total costs of approximately $500 million (USD), became operational in November 2025, expanding capacity from Greensville County, Virginia to Norfolk delivery points. Concurrently, the WR project on the ANR system in Wisconsin entered service with approximately $700 million (USD) in capital costs, strengthening mainline delivery flexibility to multiple Wisconsin receipt points.

The Cedar Link project continues progressing ahead of schedule while tracking below its $1.2 billion Board-approved budget. Looking to 2026, TC Energy expects to place approximately $4 billion in capital into service, including the Bison XPress Project on Northern Border Pipeline and completing the Valhalla North and Berland River Project on the NGTL System, alongside Bruce Power Unit 3 work under the Major Component Replacement (MCR) program.

Forward Capital Allocation and Growth Visibility

TC Energy management expressed confidence in deploying capital at scale through 2030. The company expects to fully allocate $6 billion in net annual capital expenditures through 2030, with visibility toward surpassing this level in the decade’s latter stages. Capital allocation remains disciplined, targeting build multiples of five to seven times, with opportunities being de-risked ahead of sanctioning.

This confidence reflects structural tailwinds: North American natural gas demand is forecast to increase 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035, driven by LNG exports, rising power generation demand, and reliability needs from local distribution companies. TC Energy’s strategic footprint positions it to capture this incremental growth across existing infrastructure corridors.

CEO Poirier stated: “As commercial discussions advance across a diverse set of high-quality opportunities, we remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030 and have greater visibility to potentially surpass this level of investment in the latter part of the decade.”

Financial Strength and Dividend Milestone

TC Energy’s Board of Directors approved a 3.2 percent increase in the quarterly common share dividend to $0.8775 per share, equivalent to $3.51 annually for the quarter ending March 31, 2026. This marks the company’s 26th consecutive year of dividend increases—a milestone reflecting sustained cash generation and financial discipline.

The dividend payment reflects strong operational performance and balance sheet management. TC Energy remains on track to deliver long-term debt-to-EBITDA targets, with adjusted debt-to-adjusted comparable EBITDA positioned at 4.8x as of December 31, 2025, compared to 4.8x at year-end 2024 and 5.1x in 2023.

Capital spending for 2025 totaled $6.3 billion against a backdrop of $7.9 billion in 2024, demonstrating disciplined deployment. Full-year 2024 included the Liquids Pipelines business, which has since been established as a discontinued operation. Management expects 2026 capital expenditures in the $6.0 to $6.5 billion range (or $5.5 to $6.0 billion net of non-controlling interests).

2026 Financial Outlook and Strategic Priorities

Management guidance for 2026 projects higher comparable EBITDA and comparable earnings per share versus 2025 results. Comparable EBITDA is anticipated at $11.6 to $11.8 billion, while comparable funds generated from operations are expected to remain robust.

TC Energy’s strategic framework remains anchored on three priorities: (1) maximizing asset value through safety and operational excellence, (2) executing selective growth projects with disciplined capital allocation, and (3) maintaining financial strength and flexibility to capture emerging opportunities.

The company’s 2026 outlook reflects confidence in capturing structural growth opportunities within natural gas and power infrastructure—segments experiencing the fastest expansion within North American energy markets. Continued progress on commercial discussions and project sanctioning is anticipated, reinforcing visibility into durable, long-term value creation through the end of the decade and beyond.

With unmatched scale in natural gas pipeline infrastructure and strategic power generation partnerships, TC Energy remains positioned to deliver low-risk, solid growth and repeatable performance to shareholders while advancing the energy transition through reliable, lower-carbon infrastructure deployment across North America.