TC Energy Corporation reported fourth‑quarter and full‑year 2025 results that surpassed analyst expectations, with earnings per share of $0.98 versus an estimate of $0.9622 and revenue of $4.10 billion against a forecast of $4.08 billion. Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) rose 13 % year‑over‑year to roughly $2.92 billion, while segmented earnings increased 15 % to about $2.30 billion. The company also recorded 15 flow records across its pipeline and storage systems, underscoring robust operational performance.
The earnings beat can be attributed to higher contractual rates and volumes on the U.S. and Mexico natural‑gas pipeline systems, combined with disciplined cost management and strong asset availability. Management noted that a “safety‑first culture” drove exceptional operational performance, leading to the flow records and the 13 % EBITDA growth. These factors allowed the company to maintain margin stability even as it expanded capacity and delivered on schedule.
Revenue growth was driven by increased volumes and higher rates in core segments, offset by a modest decline in equity income from Bruce Power due to planned maintenance outages. Compared with the fourth quarter of 2024, when comparable EBITDA was $2.60 billion and segmented earnings were $1.90 billion, the current quarter shows a clear acceleration in both metrics, reflecting stronger demand and effective pricing power.
TC Energy reaffirmed its 2026 EBITDA guidance at CAD 11.6 billion to CAD 11.8 billion and its 2028 outlook at CAD 12.6 billion to CAD 13.1 billion, signaling confidence in continued growth. The company also reiterated its commitment to net annual capital expenditures of $6 billion through 2030, indicating a focus on expanding and maintaining its regulated infrastructure portfolio.
Investors responded positively to the results, citing the earnings and revenue beats, the strong EBITDA trajectory, and the reaffirmed guidance as evidence of solid execution and a resilient business model. The market reaction was amplified by the company’s 26th consecutive year of dividend growth, with the quarterly common‑share dividend increased 3.2 % to $0.8775 per share for the quarter ending March 31 2026, reinforcing TC Energy’s commitment to returning value to shareholders while maintaining disciplined capital allocation.
The combination of a robust earnings beat, solid revenue growth, and a clear guidance outlook positions TC Energy as a leading player in North American regulated natural‑gas infrastructure, with a strong backlog and a track record of delivering projects on time and under budget. The dividend increase further underscores the company’s confidence in its long‑term cash‑flow generation and its dedication to shareholder returns.
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