Tc Energy (TCANF) Net Margin (2009 - 2025)
Tc Energy (TCANF) posted Net Margin of 23.51% for Q4 2025, up 43.01% on a QoQ basis from 16.44% in Q3 2025, and down 4788.0% year-on-year from 0.5% in Q4 2024.
Tc Energy (TCANF) Net Margin (2009 - 2025) Analysis & Trends
Tc Energy has disclosed Net Margin across 17 years of filings, most recently posting 23.51% for Q4 2025.
- Net Margin for Q4 2025 came in at 23.51%, down 4788.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 22.26% (down 1100.0% YoY), and the FY2025 annual result was 22.31%, down 1105.0% from the prior year.
- Net Margin came in at 23.51% for Q4 2025 at Tc Energy, up from 16.44% in the prior quarter.
- Over the last five years, Net Margin for TCANF reached as high as 71.4% in Q4 2024 and fell as low as 35.81% in Q4 2022.
- Median Net Margin over the past 5 years was 24.04% (2021), compared with a mean of 21.08%.
- Year-over-year, Net Margin slumped 6700 bps in 2022 and soared 7035 bps in 2023.
- Over 5 years, Net Margin stood at 31.19% in 2021, then tumbled by 215 bps to 35.81% in 2022, then surged by 196 bps to 34.54% in 2023, then soared by 107 bps to 71.4% in 2024, then sank by 67 bps to 23.51% in 2025.
- Per Business Quant, the three latest TCANF Net Margin figures stand at 23.51% (Q4 2025), 16.44% (Q3 2025), and 22.25% (Q2 2025).
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 1,308.38 Bn | 1,309.08 Bn | 6.70 Bn | 7.47% |
| 2 | Kinder Morgan | 112.34 Bn | 113.42 Bn | 3.08 Bn | 20.73% |
| 3 | Enterprise Products Partners | 79.55 Bn | 78.40 Bn | - | 10.39% |
| 4 | Energy Transfer | 65.78 Bn | 65.07 Bn | 6.62 Bn | 4.30% |
| 5 | Targa Resources | 57.60 Bn | 57.63 Bn | 1.70 Bn | 11.71% |
| 6 | Mplx | 57.17 Bn | 55.67 Bn | 2.54 Bn | 30.35% |
| 7 | Oneok | 54.83 Bn | 54.70 Bn | 2.57 Bn | 8.07% |
| 8 | Cheniere Energy Partners | 29.50 Bn | 29.22 Bn | 838.00 Mn | 5.08% |
| 9 | Venture Global | 27.41 Bn | 27.36 Bn | 4.33 Bn | 10.61% |
| 10 | Tc Energy | 10.37 Bn | 11.56 Bn | 2.95 Bn | 23.51% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 23.51% |
| Sep 30, 2025 | 16.44% |
| Jun 30, 2025 | 22.25% |
| Mar 31, 2025 | 26.99% |
| Jun 30, 2024 | 23.57% |
| Dec 31, 2023 | 34.54% |
| Sep 30, 2023 | -5.00% |
| Jun 30, 2023 | 6.53% |
| Mar 31, 2023 | 33.43% |
| Dec 31, 2022 | -35.81% |
| Mar 31, 2022 | 10.23% |
| Dec 31, 2021 | 31.19% |
| Sep 30, 2021 | 24.04% |
| Jun 30, 2021 | 30.64% |
| Mar 31, 2021 | -31.26% |
| Dec 31, 2020 | 34.09% |
| Dec 31, 2019 | 33.96% |
| Sep 30, 2019 | 23.59% |
| Jun 30, 2019 | 33.36% |
| Mar 31, 2019 | 28.79% |