TC Energy posted increased results for the second quarter of 2025, supported by the commissioning of new assets and higher demand across North America. The company now expects adjusted EBITDA to range between $7.99bn and $8.14bn for the 2025 fiscal year, compared to the previous range of $7.92bn to $8.07bn. According to management, this revision reflects the execution of major projects and robust market fundamentals.
Operational performance and investments
In the second quarter, adjusted EBITDA reached $1.92bn, up from $1.70bn a year earlier. Net income attributable to shareholders was $669mn, with earnings per share of $0.83. Deliveries of natural gas through TC Energy’s Canadian pipelines increased by 5 %, averaging 23.4 billion cubic feet per day.
The company completed several significant projects, including the Southeast Gateway pipeline in Mexico, which began collecting tolls from the Comisión Federal de Electricidad (CFE) in May 2025. The East Lateral XPress pipeline, an extension of the Columbia Gulf network in the United States, has also been operational since May 2025, with a total investment of approximately $300mn.
Outlook and portfolio expansion
For 2025, investment expenditures are expected to range between $4.51bn and $4.88bn. Over the past nine months, TC Energy has announced $3.33bn in new growth projects, including increased capacity on the Maysville and Pulaski projects to address rising demand, especially from the data centre sector.
Among the key indicators, the Bruce Power network achieved a 98 % availability rate in the second quarter, and the cogeneration fleet reported 93.4 % availability. A record daily flow of 15.5 billion cubic feet was registered on the NGTL system in Canada.
Financial management and strategic directions
TC Energy confirmed a quarterly dividend of $0.85 per common share for the period ending September 2025, equivalent to $3.40 on an annualised basis. The majority of additional planned investments will be allocated during the latter half of the decade, with a focus on low-risk brownfield projects supported by long-term contracts.
The company continues its portfolio optimisation strategy, maintaining a target debt-to-EBITDA ratio of 4.75 and a multi-year growth plan centred on reliability and profitability. According to management, “market fundamentals continue to generate significant growth opportunities for North American gas infrastructure.”
