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TC Energy
TC Energy (TRP) investor relations material
TC Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved 13% year-over-year growth in comparable EBITDA for Q4 2025, capping a year of strong operational and financial performance, with the best annual safety record in five years and 15 new flow records.
Placed CAD 8.3 billion ($8.3 billion) of projects into service in 2025, 15% under budget, and advanced an additional $5 billion of projects at various stages.
Replaced nearly all EBITDA from the spun-off liquids business with high-quality natural gas and power projects within 18 months.
S&P affirmed BBB+ rating and revised outlook to stable, with year-end debt-to-EBITDA of 4.8x, on track for a long-term target of 4.75x.
Board approved a 3.2% dividend increase to $3.51 per share for 2026, marking 26 consecutive years of dividend growth.
Financial highlights
Q4 comparable EBITDA reached nearly CAD 3 billion ($3.0 billion), up 13% year-over-year, with full-year growth of 9% to $11.0 billion.
U.S. Natural Gas Pipelines set a new delivery record, with daily average flows up 9.5% and comparable EBITDA up 16% year-over-year.
Canada Gas EBITDA rose by CAD 110 million, U.S. EBITDA by US$137–188 million, and Mexico EBITDA by US$118–163 million (70% increase year-over-year) due to project completions and settlements.
Power and Energy Solutions segment saw a 36% decline in comparable EBITDA, primarily due to Bruce Power outages, with Bruce Power availability at 85.7–86%.
Full-year comparable funds generated from operations (FGFO) for 2025 were $8.0 billion, up from $7.9 billion in 2024.
Outlook and guidance
Reaffirmed 2026 comparable EBITDA guidance of $11.6–$11.8 billion and 2028 outlook of $12.6–$13.1 billion.
Expects to fully allocate or surpass the $6 billion annual net capital expenditure target through 2030, with potential to exceed this in 2029 and beyond.
Dividend per share expected to increase from $3.40 in 2025 to $3.51 in 2026, with a current yield of 4.2%.
Anticipates North American natural gas demand to rise by 45 Bcf/d from 2025 to 2035, driven by LNG exports, power generation, and data center growth.
Quantify data center demand impact on pipeline capacity
How project execution impacts targeted build multiples
Bruce Power MCR program's off-ramp conditions
Financing strategy for capital spend above $6B
Explain the stickiness of 5-7x build multiple
Update on post-2026 Canadian Mainline settlement
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Next TC Energy earnings date
Q1 202630 Apr, 2026
TC Energy
Next TC Energy earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
TC Energy Corporation develops and operates energy infrastructure including pipelines, power generation, and natural gas storage. The company operates assets across North America, transporting natural gas and liquids to a range of markets. It is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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