TC Energy Corporation reported fourth-quarter 2025 earnings of $0.525 per share on February 13, 2026, missing analyst expectations of $0.65 per share, according to a company release and reports from multiple financial news outlets.
The Calgary-based energy infrastructure company announced the results alongside a commitment to raise its dividend for the 26th consecutive year, increasing the quarterly common share dividend by 3.2 percent. François Poirier, TC Energy’s President and Chief Executive Officer, highlighted the company’s safety performance as a key driver of operational and financial results, noting 15 flow records across its systems in 2025.
Despite the earnings miss, Poirier emphasized the company’s progress in replacing EBITDA from its divested Liquids business with projects focused on natural gas and power. TC Energy placed $8.3 billion of projects into service on schedule and under budget in 2025, and anticipates placing approximately $4 billion into service this year. The company too reported a 13 percent year-over-year increase in comparable EBITDA and a 15 percent increase in segmented earnings.
TC Energy is forecasting increased North American natural gas demand, estimating a rise of 45 billion cubic feet per day between 2025 and 2035. The company positions itself to capitalize on this demand, serving seven LNG facilities representing 30 percent of North American LNG feed gas, 170 power plants, and approximately 60 percent of projected U.S. Data center growth. It also holds a stake in Bruce Power, a nuclear facility in Ontario, Canada.
The company has advanced $5 billion of projects at various stages, including $2 billion of assets placed into service and $600 million of new projects added in the fourth quarter. TC Energy intends to fully allocate $6 billion of net annual capital expenditures through 2030 and believes it may surpass this level of investment in the latter part of the decade.
Sean O’Donnell, Executive Vice President and Chief Financial Officer, detailed the company’s capital allocation strategy, noting the optimization of the capital plan to shift $0.5 billion of capital forward into 2026. He also highlighted a pending approval portfolio of approximately $8 billion and an additional $12 billion of projects in origination, including opportunities supported by a recent oversubscribed open season on Columbia Gas.
TC Energy reaffirmed its 2026 outlook for comparable EBITDA of $11.6 billion to $11.8 billion and its 2028 outlook of $12.6 billion to $13.1 billion. The company’s financial results for the fourth quarter included comparable earnings of $1.0 billion, or $0.98 per common share, compared to $1.1 billion, or $1.05 per common share, in the fourth quarter of 2024. Net income attributable to common shares was $1.0 billion, or $0.92 per common share, compared to $1.1 billion, or $1.03 per common share, in the same period of the previous year.
The earnings call transcript indicated a focus on brownfield and corridor expansions to serve investment-grade utility customers, particularly in regions where TC Energy holds long-standing positions. The company is also prioritizing reliability and availability at Bruce Power, with Unit 3 expected to return to service this year.
