TC Energy reports fourth quarter and full-year 2025 results

Core Insights - TC Energy Corporation reported strong financial results for Q4 and full-year 2025, driven by a safety-first culture that led to exceptional operational performance and 15 flow records across its systems [2][12][13] - The company raised its quarterly common share dividend by 3.2%, marking the 26th consecutive year of dividend growth [2][21] - TC Energy is confident in its ability to allocate $6 billion of net annual capital expenditures through 2030, with potential for increased investment in the latter part of the decade [2][17] Financial Highlights - Comparable EBITDA for Q4 2025 was $3.0 billion, a 13% increase from Q4 2024, while segmented earnings rose 15% to $2.2 billion [6][12] - For the full year 2025, comparable EBITDA reached $11.0 billion, up from $10.0 billion in 2024, with segmented earnings remaining stable at $8.0 billion [6][12] - Net income attributable to common shares for Q4 2025 was $1.0 billion or $0.92 per common share, compared to $1.1 billion or $1.03 per common share in Q4 2024 [6][11] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d, a 5% increase compared to Q4 2024, with a record delivery of 33.2 Bcf on January 22, 2026 [5][10] - U.S. Natural Gas Pipelines daily average flows were 29.6 Bcf/d, up 9.5% from Q4 2024, achieving an all-time delivery record of 39.9 Bcf on January 29, 2026 [10][13] - Deliveries to LNG facilities averaged 3.9 Bcf/d, a 21% increase compared to Q4 2024, setting a new daily record of nearly 4.4 Bcf on December 4, 2025 [10][13] Project Highlights - In 2025, TC Energy successfully placed $8.3 billion of projects into service, over 15% under budget, including critical infrastructure projects [14] - The company sanctioned $0.6 billion of low-risk, in-corridor expansion projects, with an expected in-service date in 2028 [10][18] - The Cedar Link project is progressing ahead of schedule and below budget, while the VR project on the Columbia system was placed in service in November 2025 [10][14] Market Outlook - The company anticipates a significant increase in North American natural gas demand, expecting an increase of 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035 [15] - TC Energy is advancing commercial discussions for high-quality opportunities, reinforcing its visibility into durable, long-term value creation [17][18] - The company remains disciplined in capital allocation, targeting build multiples in the five to seven times range [17][19]