TC Energy Corporation (NYSE, TSX: TRP) closed at $64.50, up 5.05% on the session, after reporting fourth-quarter and full-year 2025 financial results. The stock move followed the release of results showing higher quarterly revenue and comparable EBITDA, alongside updated capital spending and earnings guidance for 2026.
Market Capitalization
Approximately $64.1 billion at the latest close, reflecting investor response to the company’s quarterly performance and forward outlook.
Latest Quarterly Results (Q4 2025)
Consolidated revenue for the quarter ended December 31, 2025, was $4,168 million, compared with $3,577 million in the prior-year quarter, representing year-over-year growth. Net income attributable to common shares from continuing operations was $959 million, compared with $1,069 million in the fourth quarter of 2024.
Comparable EBITDA for the quarter was $2,964 million, up from $2,619 million in the prior-year period. Comparable earnings were $1,018 million, compared with $1,094 million a year earlier. Management attributed the year-over-year increase in comparable EBITDA primarily to higher rates and volumes across its U.S. and Mexico natural gas pipeline systems.
Segment performance in the fourth quarter reflected strength in regulated pipeline operations. Canadian Natural Gas Pipelines generated segmented earnings of $564 million, compared with $506 million in the prior-year quarter. U.S. Natural Gas Pipelines reported segmented earnings of $1,110 million, up from $918 million. Mexico Natural Gas Pipelines contributed $377 million, compared with $214 million in the fourth quarter of 2024. Power and Energy Solutions segmented earnings were $136 million, down from $276 million a year earlier.
Full-Year Results Context (2025)
For the full year 2025, consolidated revenue was $15,239 million, compared with $13,771 million in 2024. Net income attributable to common shares was $3,612 million, compared with $4,199 million in the prior year. Comparable EBITDA for 2025 was $10,952 million, compared with $10,049 million in 2024.
The year-over-year increase in comparable EBITDA reflected incremental contributions from projects placed into service, higher contractual rates in certain jurisdictions, and continued demand for natural gas transportation capacity. Reported net income declined year over year, reflecting items that affected comparability between periods.
Business & Operations Update
During 2025, TC Energy sanctioned approximately $0.6 billion of in-corridor expansion projects designed to enhance system reliability and incremental capacity. The company advanced open seasons on Columbia Gas Transmission for up to 0.5 Bcf/d of incremental capacity and on the Crossroads system for up to 1.5 Bcf/d. The Cedar Link project progressed ahead of its approved schedule, and several capital projects were placed into service in late 2025, including expansions totaling approximately $1.2 billion.
The company continues to prioritize regulated, long-term contracted natural gas infrastructure investments. Management highlighted ongoing demand for pipeline capacity driven by LNG exports, industrial demand, and power generation growth.
M&A or Strategic Moves
No material acquisitions or divestitures were announced during the quarter. The Liquids Pipelines business remains reflected as discontinued operations following the prior-year spinoff. Capital allocation continues to focus on core regulated natural gas assets and selective growth investments.
Equity Analyst Commentary
Market commentary following the release centered on stronger-than-expected comparable EBITDA and robust U.S. pipeline performance. Analysts also focused on the 2026 outlook range and the company’s capital program.
Guidance & Outlook — what to watch for
For 2026, TC Energy expects comparable EBITDA in the range of $11.6 billion to $11.8 billion. Net capital expenditures are projected between $5.5 billion and $6.0 billion. The board approved a quarterly dividend of $0.8775 per common share for the first quarter of 2026, representing an annualized dividend of approximately $3.51 per share.
Key areas to watch include progress on major pipeline expansions, capacity awards from open seasons, capital deployment discipline, and execution against the company’s EBITDA guidance.
Performance Summary
TC Energy reported fourth-quarter revenue of $4,168 million and comparable EBITDA of $2,964 million. Full-year comparable EBITDA reached $10,952 million. Shares rose 5.05% following the results release. The company issued 2026 guidance targeting higher comparable EBITDA and continued capital investment in regulated natural gas infrastructure.