Tc Energy (TCNCF) Operating Margin (2009 - 2025)
Tc Energy (TCNCF) posted Operating Margin of 68.07% for Q4 2025, up 0.89% on a QoQ basis from 67.47% in Q3 2025, and up 6240.0% year-on-year from 1.07% in Q4 2024.
Tc Energy (TCNCF) Operating Margin (2009 - 2025) Analysis & Trends
Tc Energy has disclosed Operating Margin across 15 years of filings, most recently posting 68.07% for Q4 2025.
- Operating Margin for Q4 2025 came in at 68.07%, up 6240.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 68.3% (up 176.0% YoY), and the FY2025 annual result was 68.32%, up 195.0% from the prior year.
- Operating Margin came in at 68.07% for Q4 2025 at Tc Energy, up from 67.47% in the prior quarter.
- Over the last five years, Operating Margin for TCNCF reached as high as 74.78% in Q1 2024 and fell as low as 5.66% in Q4 2024.
- Median Operating Margin over the past 4 years was 67.6% (2022), compared with a mean of 63.49%.
- Year-over-year, Operating Margin slumped 6728 bps in 2024 and jumped 6240 bps in 2025.
- Over 4 years, Operating Margin stood at 62.48% in 2022, then increased by 17 bps to 72.95% in 2023, then slumped by 92 bps to 5.66% in 2024, then jumped by 1102 bps to 68.07% in 2025.
- Per Business Quant, the three latest TCNCF Operating Margin figures stand at 68.07% (Q4 2025), 67.47% (Q3 2025), and 67.12% (Q2 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 1,308.38 Bn | 1,309.08 Bn | 6.70 Bn | 14.43% |
| 2 | Kinder Morgan | 112.34 Bn | 113.42 Bn | 3.08 Bn | 29.91% |
| 3 | Enterprise Products Partners | 79.55 Bn | 78.40 Bn | - | 13.17% |
| 4 | Energy Transfer | 65.78 Bn | 65.07 Bn | 6.62 Bn | 10.74% |
| 5 | Targa Resources | 57.60 Bn | 57.63 Bn | 1.70 Bn | 20.68% |
| 6 | Mplx | 57.17 Bn | 55.67 Bn | 2.54 Bn | 39.96% |
| 7 | Oneok | 54.83 Bn | 54.70 Bn | 2.57 Bn | 14.85% |
| 8 | Cheniere Energy Partners | 29.50 Bn | 29.22 Bn | 838.00 Mn | 10.03% |
| 9 | Venture Global | 27.41 Bn | 27.36 Bn | 4.33 Bn | 25.03% |
| 10 | Tc Energy | - | - | 2.95 Bn | 68.07% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 68.07% |
| Sep 30, 2025 | 67.47% |
| Jun 30, 2025 | 67.12% |
| Mar 31, 2025 | 70.74% |
| Jun 30, 2024 | 72.56% |
| Dec 31, 2023 | 72.95% |
| Sep 30, 2023 | 63.22% |
| Jun 30, 2023 | 65.43% |
| Mar 31, 2023 | 70.88% |
| Dec 31, 2022 | 62.48% |
| Mar 31, 2022 | 67.60% |
| Dec 31, 2019 | 66.44% |
| Sep 30, 2019 | -63,767.92% |
| Jun 30, 2019 | 69.72% |
| Mar 31, 2019 | 66.13% |
| Mar 31, 2018 | 57.04% |
| Dec 31, 2017 | 55.35% |
| Sep 30, 2017 | 51.49% |
| Jun 30, 2017 | 51.27% |
| Mar 31, 2017 | 54.53% |