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Dec 31, 2025
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TC Energy Q4 2025 Earnings Report
TC Energy reported fourth quarter 2025 results with higher comparable EBITDA but lower net income from continuing operations compared to the prior year.
Key Takeaways
In Q4 2025, TC Energy generated revenue of 4168000000 CAD and net income attributable to common shares of 980000000 CAD. Comparable EBITDA rose to 2964000000 CAD, driven by strong performance in U.S. and Mexico Natural Gas Pipelines, while comparable earnings per share declined year-over-year.
Comparable EBITDA increased to 2964000000 CAD, up from 2619000000 CAD in Q4 2024.
Net income attributable to common shares from continuing operations was 959000000 CAD.
U.S. Natural Gas Pipelines delivered strong earnings growth driven by higher transportation rates and projects placed in service.
The company approved a 3.2% increase in its quarterly common share dividend, marking the 26th consecutive annual increase.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, TC Energy expects higher comparable EBITDA and comparable earnings per common share compared to 2025, with comparable EBITDA projected between 11600000000 and 11800000000 CAD and net capital expenditures of approximately 5500000000 to 6000000000 CAD.
Positive Outlook
- 2026 comparable EBITDA expected to range between 11600000000 and 11800000000 CAD.
- Comparable earnings per common share expected to be higher than 2025.
- New projects placed in service in 2026 will contribute to earnings growth.
- Higher revenue anticipated from the Columbia Gas settlement.
- Return to service of Bruce Power Unit 3 expected to increase net generation.
Challenges Ahead
- Higher depreciation expected from projects placed in service.
- Lower AFUDC due to major projects completed in 2025.
- Commencement of Bruce Power Unit 5 MCR outage.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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