TC Energy Reports Strong Q4 & FY 2025 Results, Raises Dividend for 26th Consecutive Year, Provides Positive 2026 Outlook

summarizeSummary

TC Energy reported strong Q4 and full-year 2025 comparable EBITDA growth, raised its dividend for the 26th consecutive year, and provided a positive outlook for 2026, driven by operational excellence and a robust project pipeline.

check_boxKey Events

• Strong Q4 and Full-Year 2025 Comparable EBITDA Growth

  Comparable EBITDA from continuing operations increased by 13% to $3.0 billion in Q4 2025 and by 9% to $11.0 billion for the full year 2025, compared to the respective prior periods.

• 26th Consecutive Annual Dividend Increase

  The Board of Directors approved a 3.2% increase in the quarterly common share dividend to $0.8775 per common share, marking the 26th consecutive year of dividend growth.

• Positive 2026 Financial Outlook

  The company expects its 2026 comparable EBITDA to be between $11.6 billion and $11.8 billion, and comparable earnings per common share to be higher than 2025, indicating continued growth.

• Robust Project Pipeline and Operational Milestones

  TC Energy sanctioned $0.6 billion in new in-corridor expansion projects, successfully closed an open season for 0.5 Bcf/d of incremental capacity on its Columbia Gas Transmission system with strong market interest, and placed approximately $8.3 billion of projects into service in 2025. The company also achieved 15 flow records across its systems in 2025.

auto_awesomeAnalysis

TC Energy delivered a strong operational and financial performance for Q4 and full-year 2025, highlighted by a 13% increase in comparable EBITDA for the fourth quarter and a 9% increase for the full year. The company's commitment to shareholder returns is evident with its 26th consecutive annual dividend increase, a significant positive signal for income-focused investors. Despite a slight decrease in comparable earnings per common share for Q4 2025, the company provided a positive outlook for 2026, expecting higher comparable EBITDA and EPS, driven by new projects and increased revenue. The robust project pipeline, including sanctioned expansions and successful open seasons, underscores future growth potential. This positive news comes as the stock trades near its 52-week high, reflecting strong investor confidence in the company's stable, utility-like business model and growth strategy.