TC Energy reports fourth quarter and full-year 2025 results

Press Release

CALGARY, Alberta, Feb. 13, 2026 — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter and full-year 2025 results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our safety-first culture is driving exceptional operational performance, leading to 15 flow records across our systems in 2025. Strong asset availability and reliability drove a 13 per cent year-over-year increase in fourth quarter comparable EBITDA¹ and a 15 per cent increase in segmented earnings over the same period.” Poirier continued, “As commercial discussions advance across a diverse set of high-quality opportunities, we remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030 and have greater visibility to potentially surpass this level of investment in the latter part of the decade. Aligned with this momentum and clear line of sight to sustained growth, our Board of Directors approved a 3.2 per cent increase in quarterly common share dividend, marking our 26th consecutive year of dividend growth.”

Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

• Fourth quarter 2025 financial results from continuing operations²:
  • Comparable earnings¹ of $1.0 billion or $0.98 per common share¹ compared to $1.1 billion or $1.05 per common share in fourth quarter 2024
  • Net income attributable to common shares of $1.0 billion or $0.92 per common share compared to $1.1 billion or $1.03 per common share in fourth quarter 2024
  • Comparable EBITDA of $3.0 billion compared to $2.6 billion in fourth quarter 2024
  • Segmented earnings of $2.2 billion compared to $1.9 billion in fourth quarter 2024
• Year ended Dec. 31, 2025 financial results from continuing operations
  • Comparable EBITDA of $11.0 billion compared to $10.0 billion in 2024
  • Segmented earnings of $8.0 billion compared to $8.0 billion in 2024
• TC Energy’s Board of Directors approved a 3.2 per cent increase in the quarterly common share dividend of $0.8775 per common share for the quarter ending March 31, 2026, equivalent to $3.51 on an annualized basis. This is the 26th consecutive year of dividend increase
• 2026 outlook:
  • We expect our 2026 comparable EBITDA and comparable earnings per common share (EPS) outlooks to be higher than 2025
  • Comparable EBITDA is expected to be $11.6 to $11.8 billion
  • Capital expenditures are anticipated to be $6.0 to $6.5 billion prior to adjustments for non-controlling interests, or $5.5 to $6.0 billion of net capital expenditures.³

¹ Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
² Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
³ Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

Operational Highlights

• Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d, up five per cent compared to fourth quarter 2024 and set a new all-time delivery record of 33.2 Bcf on Jan. 22, 2026
  • Total NGTL system receipts averaged 15.5 Bcf/d, up two per cent compared to fourth quarter 2024
  • NGTL System deliveries set a new all-time delivery record of 18.3 Bcf on Jan. 22, 2026
  • Canadian Mainline Western receipts averaged 4.8 Bcf/d, up three per cent compared to fourth quarter 2024
• U.S. Natural Gas Pipelines daily average flows were 29.6 Bcf/d, up 9.5 per cent compared to fourth quarter 2024
  • U.S. Natural Gas Pipelines achieved an all-time delivery record of 39.9 Bcf on Jan. 29, 2026
  • Deliveries to LNG facilities averaged 3.9 Bcf/d, up 21 per cent compared to fourth quarter 2024, and set a new daily record of nearly 4.4 Bcf on Dec. 4, 2025
  • Achieved all-time delivery records on Columbia Gulf, GTN and Gillis Access in December 2025
• Mexico Natural Gas Pipelines flows in the fourth quarter averaged 2.7 Bcf/d, which was comparable to fourth quarter 2024 and equivalent to approximately 20 per cent of total Mexico gas demand in the fourth quarter
  • Deliveries to power generation facilities averaged 1.2 Bcf/d in fourth quarter 2025, up 11 per cent compared to fourth quarter 2024
• Bruce Power achieved 85.7 per cent availability in fourth quarter 2025, reflecting an extended planned outage on Unit 2. 2025 full year availability was 91 per cent and availability is expected to be in the low 90 per cent range for full year 2026
• Cogeneration power plant fleet achieved 89.5 per cent availability in fourth quarter 2025.

Project Highlights

• Sanctioned $0.6 billion of low risk, in-corridor expansion projects including:
  • $0.5 billion of expansion facilities as part of the Multi-Year Growth Plan (MYGP). The $0.5 billion of additional expansion projects is designed to deliver incremental growth on the NGTL System, with an expected in-service date in 2028. As at Dec. 31, 2025, approximately $1.1 billion of MYGP expansion facilities have received FID
  • A $0.1 billion equity contribution in support of a brownfield compression expansion project in the U.S. The project is expected to deliver a five times build multiple¹ and has an anticipated in-service date in 2028
• On Jan. 9, 2026, we closed a successful non-binding expansion project open season on our Columbia Gas Transmission system for up to 0.5 Bcf/d of incremental capacity to serve the Columbus area, including New Albany. Strong market interest, driven by significant power load growth from data centre development, resulted in approximately 1.5 Bcf/d of total bids. We continue to advance commercial discussions with customers
• On Feb. 9, 2026, we launched a non-binding expansion project open season on our Crossroads Pipeline system for up to 1.5 Bcf/d of capacity. The potential Crossroads Expansion project would serve growing markets in Northern Indiana, Illinois, Iowa, and South Dakota, in response to recently announced power generation and data centre developments in the U.S. Midwest. The open season is expected to close in mid-March 2026
• The Cedar Link project is progressing ahead of schedule and tracking below the Board approved final investment decision budget of $1.2 billion
• The VR project on our Columbia system was placed in service in November 2025, with total project costs of approximately US$0.5 billion. The project is designed to provide incremental capacity from Greensville County, Virginia to delivery points in Norfolk, Virginia
• The WR project, providing mainline capacity to multiple points of delivery on our ANR System in Wisconsin, was placed into service in November 2025, with a total project cost of approximately US$0.7 billion.

¹ Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

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