TC Energy Lifts Dividend 3.2% After Quarterly Earnings Grow

By Robb M. Stewart

TC Energy bumped up its dividend after logging a rise in earnings for the final quarter of 2025 .

The Canadian energy company on Thursday reported income of 980 million Canadian dollars ($720 million), or C$0.94 a share, compared with C$971 million, or C$0.94, in the same period a year earlier.

Comparable earnings before interest, tax, depreciation and amortization--a measure of profit followed by industry analysts--increased to C$2.96 billion in the fourth quarter from C$2.62 billion previously. That beat the C$2.89 billion mean forecast of analysts polled by FactSet.

Fourth-quarter revenue was up 17% to C$4.17 billion, where analysts had penciled in C$4.07 billion.

TC Energy's board approved a 3.2% increase in the quarterly dividend to C$0.8775 a share for the coming quarter, equal to C$3.51 for the year.

Most of TC Energy's earnings are underpinning by rate-regulated or long-term "take-or-pay" contracts, offering stability in cash flows and limited exposure to commodity price moves. The company said its profit rose in the latest quarter despite 2025 being marked by heightened geopolitical risks, trade policy uncertainty and market volatility.

The company placed C$8.3 billion of projects into service during the last year, and Chief Executive Francois Poirier said there remains confidence TC Energy can deploy the planned C$6 billion of net annual capital spending through 2030. Capital spent last year totaled C$6.34 billion, down 20% from 2024.

Natural gas pipeline deliveries in Canada averaged 27.2 billion cubic feet per day in the latest quarter, up about 5% on a year earlier, and TC Energy said it set a new all-time delivery record of 33.2 billion on Jan. 22.

Average daily gas flows in the U.S. were 29.6 billion cubic feet a day, up 9.5% year-over-year, and in Mexico flows averaged 2.7 billion cub feet daily, comparable with a year prior.

TC Energy in late 2024 completed its exit from its oil pipeline business, South Bow, to leave it focused on almost 58,000 miles of natural gas pipeline in Canada, the U.S. and Mexico plus seven power-generation facilities, including the Bruce nuclear plant that supplies roughly 30% of the province of Ontario's electricity.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 13, 2026 07:24 ET (12:24 GMT)