Core Insights - TC Energy Corporation has filed its Form 40-F for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission, in addition to filings with Canadian securities authorities [1] - The company is a leader in North American energy infrastructure, moving over 30% of the cleaner-burning natural gas used across the continent [3] Company Overview - TC Energy operates across Canada, the U.S., and Mexico, focusing on energy infrastructure and power generation [3] - The company emphasizes partnerships with communities and businesses to create long-term opportunities [4] - TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [4] Financial Information - Shareholders can request a paper copy of the audited Consolidated Financial Statements for free by contacting the company [2][6] - The company has made its financial documents available on its website and through regulatory platforms [2]

Core Insights - TC Energy Corporation reported strong financial results for Q4 and full-year 2025, driven by a safety-first culture that led to exceptional operational performance and 15 flow records across its systems [2][12][13] - The company raised its quarterly common share dividend by 3.2%, marking the 26th consecutive year of dividend growth [2][21] - TC Energy is confident in its ability to allocate $6 billion of net annual capital expenditures through 2030, with potential for increased investment in the latter part of the decade [2][17] Financial Highlights - Comparable EBITDA for Q4 2025 was $3.0 billion, a 13% increase from Q4 2024, while segmented earnings rose 15% to $2.2 billion [6][12] - For the full year 2025, comparable EBITDA reached $11.0 billion, up from $10.0 billion in 2024, with segmented earnings remaining stable at $8.0 billion [6][12] - Net income attributable to common shares for Q4 2025 was $1.0 billion or $0.92 per common share, compared to $1.1 billion or $1.03 per common share in Q4 2024 [6][11] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d, a 5% increase compared to Q4 2024, with a record delivery of 33.2 Bcf on January 22, 2026 [5][10] - U.S. Natural Gas Pipelines daily average flows were 29.6 Bcf/d, up 9.5% from Q4 2024, achieving an all-time delivery record of 39.9 Bcf on January 29, 2026 [10][13] - Deliveries to LNG facilities averaged 3.9 Bcf/d, a 21% increase compared to Q4 2024, setting a new daily record of nearly 4.4 Bcf on December 4, 2025 [10][13] Project Highlights - In 2025, TC Energy successfully placed $8.3 billion of projects into service, over 15% under budget, including critical infrastructure projects [14] - The company sanctioned $0.6 billion of low-risk, in-corridor expansion projects, with an expected in-service date in 2028 [10][18] - The Cedar Link project is progressing ahead of schedule and below budget, while the VR project on the Columbia system was placed in service in November 2025 [10][14] Market Outlook - The company anticipates a significant increase in North American natural gas demand, expecting an increase of 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035 [15] - TC Energy is advancing commercial discussions for high-quality opportunities, reinforcing its visibility into durable, long-term value creation [17][18] - The company remains disciplined in capital allocation, targeting build multiples in the five to seven times range [17][19]

Core Insights - TC Energy Corporation (TRP) is scheduled to report its fourth-quarter earnings on February 13, with earnings estimated at 65 cents per share and revenues at $2.93 billion [1][7]. Group 1: Recent Performance - In the last reported quarter, TRP's adjusted earnings were 56 cents per share, aligning with consensus estimates, driven by strong performance in its Canadian, U.S., and Mexico Natural Gas Pipelines segments [2]. - TRP's quarterly revenues reached $3.7 billion, exceeding the Zacks Consensus Estimate by $49 million [2]. Group 2: Earnings Surprise History - TRP has beaten consensus estimates in two of the past four quarters, matched in one, and missed once, resulting in an average surprise of 2.49% [3]. - The Zacks Consensus Estimate for fourth-quarter 2025 earnings has experienced one upward and three downward revisions in the past 30 days, indicating a projected 13.33% year-over-year decrease in earnings, while revenues are expected to increase by 14.79% [3]. Group 3: Factors Influencing Q4 Performance - TRP generates income by operating a vast network of pipelines for natural gas and oil transportation, charging fees for these services, and also earns from natural gas storage and power generation [4]. - The company is expected to see improved revenues in the upcoming quarter, but rising expenses may negatively impact its bottom line, as total costs and expenses were higher in the previous quarter [5][7]. Group 4: Earnings Prediction Model - The current model does not predict an earnings beat for TRP this season, as the Earnings ESP is -0.23% and the company holds a Zacks Rank of 3 [6][8].

Core Thesis - TC Energy Corporation (TRP) is viewed positively due to its disciplined execution, conservative risk management, and long-term growth potential, despite current market valuations [1][5]. Financial Performance - TRP's share price was $59.91 as of February 5th, with trailing and forward P/E ratios of 22.59 and 21.64 respectively [1]. - The company reported a steady Q3 2025 performance, aligning with expectations and guiding capital expenditures at the low end of the $5.5–$6.0 billion range for 2025 [2]. - The dividend remains secure, with growth anticipated at the lower end of 3–5%, which is sufficient to keep pace with inflation [3]. Growth Outlook - Management indicated that long-term growth is sustainable beyond 2028, although they are cautious about extending guidance further until project returns are clearly understood [3]. - Upcoming initiatives are expected to increase spending to approximately $7 billion annually by 2028–29, indicating a robust pipeline of opportunities [3]. Market Position - TRP shares are currently trading at a price-to-earnings ratio of 23.5, reflecting market expectations, while the dividend yield of 4.45% is below the five-year average of 6.02% [4]. - The company's regulated and infrastructure pipeline assets are considered high-quality holdings in North America, providing dependable cash flow and capital discipline [5]. Investment Perspective - Although TRP is not currently a bargain, its operational competence and long-term growth potential make it a cornerstone holding, with opportunities for accumulation if yields rise closer to 5.5–6.0% [5]. - The company's performance exemplifies reliable, compounding competence without excessive risk [5].

Group 1 - Major earnings reports are scheduled for next Tuesday from AstraZeneca PLC, Coca-Cola Company, and S&P Global Inc., with a focus on healthcare and technology sectors [1] - Wednesday will feature earnings from McDonald's Corporation, T-Mobile US Inc., and Shopify Inc. pre-market, followed by Cisco Systems Inc. after market close [1] - The week will conclude on Friday with significant energy reports from Enbridge Inc and TC Energy Corporation [1]

Core Viewpoint - TC Energy Corporation announced a conversion of its preferred shares, with significant changes in the outstanding shares of Series 5 and Series 6, impacting the company's capital structure and dividend payments [1][2][3]. Share Conversion Details - 109,800 of the 12,070,593 Series 5 Shares will convert to Series 6 Shares, while 1,089,726 of the 1,929,407 Series 6 Shares will convert to Series 5 Shares on January 30, 2026 [1][2]. - Following the conversions, there will be 14,000,000 Series 5 Shares outstanding, which will continue to be listed on the Toronto Stock Exchange under the symbol TRP.PR.C [3]. Dividend Information - The Series 5 Shares will pay a fixed dividend at an annualized rate of 4.501% on a quarterly basis for a five-year period starting January 30, 2026 [4]. Future Conversion Opportunities - Holders of Series 5 Shares will have the opportunity to convert their shares again on January 30, 2031, and every fifth year thereafter as long as the shares remain outstanding [5]. Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico, and is responsible for moving over 30% of the continent's cleaner-burning natural gas [6]. - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy across North America [6].

Core Viewpoint - TC Energy Corporation will hold a teleconference and webcast on February 13, 2026, to discuss its fourth quarter financial results [1][2]. Group 1: Teleconference Details - The teleconference will feature TC Energy's President and CEO François Poirier, CFO Sean O'Donnell, and other executive team members discussing financial results and company developments at 6:30 a.m. MT / 8:30 a.m. ET [2]. - Participants can join the call by dialing 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll) without a passcode, and are encouraged to call in 15 minutes prior to the start [3]. - A live webcast will be available on TC Energy's website, and a replay will be accessible two hours after the call until midnight ET on February 20, 2026 [4]. Group 2: Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico, and is responsible for moving over 30% of the cleaner-burning natural gas used in North America [5]. - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable, reliable, and sustainable power while enabling LNG exports to global markets [5]. - TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [6].

Core Viewpoint - TC Energy Corporation will not redeem its Cumulative Redeemable First Preferred Shares, Series 5 and Series 6 on January 30, 2026, allowing shareholders to choose between retaining their shares or converting them to the other series with different dividend rates [1][2][3]. Summary by Category Dividend Rates - Holders of Series 5 Shares can retain their shares to receive a fixed annual dividend rate of 4.501% for the five-year period from January 30, 2026, to January 30, 2031 [2]. - Holders of Series 6 Shares can retain their shares to receive a floating quarterly dividend rate of 3.732% for the three-month period from January 30, 2026, to April 30, 2026, with the rate reset every quarter [3]. Conversion Options - Series 5 Shareholders can convert their shares to Series 6 Shares and receive the floating quarterly dividend rate of 3.732% [2][7]. - Series 6 Shareholders can convert their shares to Series 5 Shares and receive the fixed quarterly dividend rate of 4.501% [3][7]. Conversion Deadline - Beneficial owners must communicate with their broker to exercise their conversion rights by 5 p.m. ET on January 16, 2026, to ensure their requests are valid [4]. - Those who do not provide notice by the deadline will retain their respective shares and receive the applicable new dividend rate [5]. Automatic Conversions - If TC Energy determines that there would be less than one million Series 5 Shares or Series 6 Shares outstanding after January 30, 2026, all remaining shares will be automatically converted into the other series on a one-for-one basis [6]. Future Conversion Opportunities - Holders of Series 5 and Series 6 Shares will have the opportunity to convert their shares again on January 30, 2031, and every fifth year thereafter as long as the shares remain outstanding [8]. Company Overview - TC Energy is a leader in North American energy infrastructure, connecting the world to cleaner-burning natural gas and generating affordable, reliable, and sustainable power across North America [9][10].

Core Viewpoint - TC Energy Corporation has experienced significant changes in options trading and institutional investments, alongside a recent earnings report and dividend increase, indicating a dynamic market environment for the company [2][3][4]. Group 1: Options Trading and Institutional Investments - On Wednesday, TC Energy saw unusual options trading with 16,157 put options purchased, marking an increase of approximately 1,446% compared to the average volume of 1,045 put options [2]. - Goldman Sachs Group Inc. raised its holdings in TC Energy by 2,565.1% in Q1, now owning 16,306,187 shares valued at $769.82 million after acquiring an additional 15,694,336 shares [2]. - Norges Bank acquired a new position in TC Energy valued at $493.43 million in Q2 [2]. - American Century Companies Inc. boosted its position by 514.5% in Q3, now holding 6,491,799 shares worth $352.98 million after acquiring an additional 5,435,310 shares [2]. - Canada Pension Plan Investment Board increased its holdings by 34.2% in Q1, now owning 19,808,558 shares valued at $935.63 million [2]. - Public Sector Pension Investment Board raised its position by 2,573.3% in Q2, now owning 2,680,572 shares worth $130.60 million [2]. - Institutional investors currently own 83.13% of TC Energy's stock [2]. Group 2: Financial Performance - TC Energy reported earnings of $0.56 per share for the quarter, meeting consensus estimates, with revenue of $1.86 billion, below analysts' expectations of $2.63 billion [3]. - The company had a net margin of 23.86% and a return on equity of 10.61% [3]. - The previous year's earnings per share for the same quarter were $1.03 [3]. Group 3: Dividend Information - TC Energy declared a quarterly dividend of $0.85, an increase from the previous $0.61, representing an annualized dividend of $3.40 and a dividend yield of 6.1% [4]. - The payout ratio is currently at 106.47% [4]. Group 4: Analyst Ratings and Forecasts - Wall Street analysts have varied opinions on TC Energy, with ratings ranging from "sell" to "strong-buy" [5]. - The stock has a consensus rating of "Moderate Buy" and a price target of $84.00 according to MarketBeat.com [5].

Core Insights - Kayne Anderson Energy Infrastructure Fund, Inc. reported its net assets as of November 30, 2025, totaling $2.3 billion, with a net asset value per share of $13.79 [2][5] - The company's asset coverage ratio for senior securities representing indebtedness was 695%, while the total leverage asset coverage ratio was 508% [2][5] - The fund's total assets amounted to $3.22 billion, with long-term investments primarily in Midstream Energy Companies (95%) [3][5] Financial Summary - Total assets: $3,222.4 million, including investments of $3,217.2 million and cash equivalents of $1.6 million [3] - Total liabilities: $321.9 million, with total leverage at $567.5 million, which includes a credit facility of $18 million and notes of $400 million [3] - Net assets were reported as $2,333.0 million [3] Investment Focus - The company focuses on investing at least 80% of its total assets in securities of Energy Infrastructure Companies, aiming for high after-tax total returns with an emphasis on cash distributions to stockholders [7] - The top ten holdings are predominantly in Midstream Energy Companies, with the largest being The Williams Companies, Inc. at $343 million, representing 10.7% of long-term investments [5]