Overview
- TC Energy reported 2025 comparable EBITDA of $11.0 billion as fourth‑quarter EPS from continuing operations reached $0.72, topping the $0.68 consensus.
- Management guided 2026 comparable EBITDA to $11.6–$11.8 billion and capital expenditures to $6.0–$6.5 billion.
- The Board approved a 3.2% quarterly dividend increase to $0.8775 per share, marking a 26th consecutive year of growth.
- All‑time single‑day delivery highs were set at 39.9 Bcf on U.S. systems and 33.2 Bcf on Canadian systems, driven by LNG demand, data centers and coal‑to‑gas power switching.
- Roughly $8.3 billion of projects entered service in 2025 more than 15% under budget, with strong commercial interest shown by an oversubscribed Columbia Gas open season and a new Crossroads open season for up to 1.5 Bcf/d.