Tc Energy (TCNCF) Net Margin (2009 - 2025)

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 TCNCF 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 TCNCF Net Margin figures stand at 23.51% (Q4 2025), 16.44% (Q3 2025), and 22.25% (Q2 2025).