Overview
- Full-year GAAP earnings reached $7.1 billion with adjusted EBITDA of CAD 20.0 billion as fourth-quarter results topped expectations.
- 2026 guidance was reaffirmed at CAD 20.2–20.8 billion adjusted EBITDA and CAD 5.70–6.10 DCF per share, supported by roughly CAD 8 billion of new assets entering service and cost savings.
- The quarterly dividend rose 3% to $0.97 per share, marking 31 consecutive years of increases, payable March 1 to shareholders of record on February 17.
- The secured project backlog stands at about CAD 39 billion through 2033, with annual investment capacity raised to CAD 10–11 billion and a targeted 60–70% DCF payout ratio, including CAD 40–45 billion in planned distributions over five years.
- Project momentum includes Mainline Optimization Phase 1 adding 150,000 bpd (including 100,000 bpd on Flanagan South) for expected 2027 service, an upsized Eiger Express to 3.7 Bcf/d, and sanctioned renewables such as Cowboy Phase 1 solar-plus-storage in Wyoming and the Easter wind project supplying Meta in Texas, supported by high system utilization.