Tc Energy (TCNCF) Gross Margin (2009 - 2025)
Tc Energy (TCNCF) posted Gross Margin of 98.68% for Q4 2025, little changed on a QoQ basis from 98.54% in Q3 2025, and up 471.0% year-on-year from 17.28% in Q4 2024.
Tc Energy (TCNCF) Gross Margin (2009 - 2025) Analysis & Trends
Tc Energy has disclosed Gross Margin across 15 years of filings, most recently posting 98.68% for Q4 2025.
- Gross Margin for Q4 2025 came in at 98.68%, up 471.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 98.63% (up 20.0% YoY), and the FY2025 annual result was 98.64%, up 21.0% from the prior year.
- Gross Margin came in at 98.68% for Q4 2025 at Tc Energy, roughly flat from 98.54% in the prior quarter.
- Over the last five years, Gross Margin for TCNCF reached as high as 99.1% in Q4 2023 and fell as low as 93.97% in Q4 2024.
- Median Gross Margin over the past 4 years was 98.62% (2025), compared with a mean of 97.69%.
- Year-over-year, Gross Margin tumbled 513 bps in 2024 and soared 471 bps in 2025.
- Over 4 years, Gross Margin stood at 97.4% in 2022, then rose by 2 bps to 99.1% in 2023, then decreased by 5 bps to 93.97% in 2024, then climbed by 5 bps to 98.68% in 2025.
- Per Business Quant, the three latest TCNCF Gross Margin figures stand at 98.68% (Q4 2025), 98.54% (Q3 2025), and 98.69% (Q2 2025).
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 1,308.38 Bn | 1,309.08 Bn | 6.70 Bn | 41.12% |
| 2 | Kinder Morgan | 112.34 Bn | 113.42 Bn | 3.08 Bn | 63.77% |
| 3 | Enterprise Products Partners | 79.55 Bn | 78.40 Bn | - | - |
| 4 | Energy Transfer | 65.78 Bn | 65.07 Bn | 6.62 Bn | 23.85% |
| 5 | Targa Resources | 57.60 Bn | 57.63 Bn | 1.70 Bn | 41.52% |
| 6 | Mplx | 57.17 Bn | 55.67 Bn | 2.54 Bn | 83.61% |
| 7 | Oneok | 54.83 Bn | 54.70 Bn | 2.57 Bn | 26.67% |
| 8 | Cheniere Energy Partners | 29.50 Bn | 29.22 Bn | 838.00 Mn | 23.28% |
| 9 | Venture Global | 27.41 Bn | 27.36 Bn | 4.33 Bn | 94.13% |
| 10 | Tc Energy | - | - | 2.95 Bn | 98.68% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 98.68% |
| Sep 30, 2025 | 98.54% |
| Jun 30, 2025 | 98.69% |
| Mar 31, 2025 | 98.62% |
| Jun 30, 2024 | 99.00% |
| Dec 31, 2023 | 99.10% |
| Sep 30, 2023 | 95.48% |
| Jun 30, 2023 | 97.18% |
| Mar 31, 2023 | 97.79% |
| Dec 31, 2022 | 97.40% |
| Mar 31, 2022 | 96.34% |
| Dec 31, 2019 | 99.97% |
| Sep 30, 2019 | -63,736.58% |
| Jun 30, 2019 | 96.65% |
| Mar 31, 2019 | 92.77% |
| Mar 31, 2018 | 82.56% |
| Dec 31, 2017 | 81.45% |
| Sep 30, 2017 | 80.56% |
| Jun 30, 2017 | 83.07% |
| Mar 31, 2017 | 84.06% |