TC Energy (NYSE:TRP) reported record operational performance for the end of 2025, allowing the Canadian pipeline giant to raise its dividend for the 26th consecutive year as it shifts toward a disciplined $6 billion annual investment strategy through the end of the decade.
The Calgary-based company posted fourth-quarter comparable EBITDA of $2.96 billion, a 13% increase from the same period in 2024.
For the full year, comparable EBITDA reached $10.95 billion, reflecting what CEO François Poirier described as "exceptional operational performance" characterized by 15 separate flow records across its North American systems.
The results come as the company successfully navigates its post-liquids-spinoff era, focusing on natural gas and nuclear power solutions.
Bolstered by consistent cash flows, TC Energy’s Board of Directors approved a 3.2% increase to its quarterly dividend, raising the payout to $0.8775 per common share.
The hike reaffirms the company's status as a reliable income stock, supported by a portfolio where approximately 97% of EBITDA is derived from rate-regulated assets or long-term take-or-pay contracts.
Looking ahead, TC Energy provided a robust outlook for 2026, forecasting comparable EBITDA in the range of $11.6 billion to $11.8 billion.