TC Energy Corporation reported fourth quarter and full-year 2025 results, with comparable EBITDA increasing 13% year-over-year to $3.0 billion in Q4. The Board approved a 3.2% dividend increase to $0.8775 per share quarterly, marking the 26th consecutive year of dividend growth, and provided 2026 comparable EBITDA guidance of $11.6 to $11.8 billion.
Key takeaways
Q4 2025 Comparable EBITDA was $3.0 billion, compared to $2.6 billion in Q4 2024.
Q4 2025 Comparable earnings were $1.0 billion ($0.98 per share), compared to $1.1 billion ($1.05 per share) in Q4 2024.
Full-year 2025 Comparable EBITDA was $11.0 billion, compared to $10.0 billion in 2024.
Board approved a 3.2% increase in quarterly common share dividend to $0.8775 per share, equivalent to $3.51 annualized.
2026 outlook projects Comparable EBITDA of $11.6 to $11.8 billion and net capital expenditures of $5.5 to $6.0 billion.
Sanctioned $0.6 billion of low risk, in-corridor expansion projects in Q4 2025.