And in the country’s energy pipeline space, TC Energy (TSX:TRP) and Enbridge (TSX:ENB) are two household names for investors who value consistency. Both operate critical energy infrastructure across North America, and both rely on long-term contracts to generate cash flow. But in addition to high-yield stocks, cash flow stability, growth visibility and balance sheet discipline are just as important when choosing a dividend stock for long-term investments. Let’s compare TC Energy versus Enbridge and break down which dividend stock looks better positioned for 2026 and beyond.
Dividend yield and income reliability compared
With income at the center of the TC Energy vs. Enbridge comparison, let’s first look at their dividends.
Enbridge currently offers a higher yield. ENB stock trades at $64.40 per share and delivers an annualized dividend yield of approximately 6.0%, paid quarterly. At the same time, TC Energy is trading higher at $75.48 per share and offering a lower but still solid 4.5% annualized yield.
While Enbridge pays out more revenue upfront, both companies support dividends with long-term contracted assets. In the third quarter of 2025, Enbridge generated $2.6 billion in distributable cash flow, matching last year’s levels and directly supporting payouts. Meanwhile, TC Energy declared a quarterly dividend of $0.85 per share, reflecting confidence in its revenue stream even as earnings were under short-term pressure.
Cash flow and recent performance side by side
Over the past year, TC Energy shares are up nearly 15%, while Enbridge is up 8.4%. This now gives TC Energy a market cap of about $78.6 billion, compared to Enbridge’s much larger footprint of $140.5 billion.
In the latest quarter, TC Energy posted comparable earnings of $0.77 per share, with comparable EBITDA (earnings before interest, taxes, depreciation and amortization) rising to $2.7 billion. Earnings fell year-over-year (YoY), mainly due to higher interest costs and timing factors, rather than weaker demand. On the upside, the company’s natural gas deliveries increased across multiple systems, and liquefied natural gas (LNG)-related volumes increased 15% year over year, strengthening cash flow.
For the same quarter, Enbridge posted adjusted earnings of $0.46 per share and adjusted EBITDA of $4.3 billion, setting a quarterly record. Cash flow generation remained stable during the quarter, despite higher financing costs related to recent investments.
Comparison of growth visibility and balance sheet discipline
On the one hand, TC Energy recently extended its EBITDA growth outlook through 2028, targeting annual growth of 5% to 7%. More than $5 billion worth of projects have been sanctioned in the past 12 months, all backed by long-term take-or-pay or cost-of-service contracts. Many of these projects were commissioned ahead of schedule and under budget, strengthening the predictability of the company’s cash flow.
On the other hand, Enbridge brings scale and diversification. The company ended the third quarter with a debt/EBITDA ratio of 4.8x, remaining within target. The company’s growth trail through 2030 totals approximately $35 billion, and management confirmed growth beyond 2026 of approximately 5% per year in EBITDA, earnings and distributable cash flow.
More importantly, Enbridge also announced a 3% dividend increase for 2026, marking its 31st consecutive annual increase, clearly adding to its long-term credibility among income-oriented stocks in Canada.
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