Tc Energy (TNCAF) Net Margin (2009 - 2025)
Tc Energy (TNCAF) recorded quarterly Net Margin of 23.51% in Q4 2025, up 43.01% quarter-over-quarter from 16.44% in Q3 2025, and down 4788.0% on a YoY basis from 0.5% in Q4 2024.
Tc Energy (TNCAF) Net Margin (2009 - 2025) Analysis & Trends
Tc Energy's Net Margin history runs 17 years deep, the most recent figure standing at 23.51% for Q4 2025.
- In Q4 2025, Net Margin fell 4788.0% year-over-year to 23.51%; the TTM figure through Dec 2025 stood at 22.26% (down 1100.0% YoY), while the FY2025 annual figure was 22.31%, down 1105.0% from the prior year.
- Net Margin was 23.51% for Q4 2025 at Tc Energy, up from 16.44% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 71.4% in Q4 2024 to a low of 35.81% in Q4 2022.
- Historically, Net Margin has averaged 21.08% across 5 years, with a median of 24.04% in 2021.
- The sharpest annual moves came in 2022 and 2023: Net Margin tumbled 6700 bps in 2022, then surged 7035 bps in 2023.
- A 5-year view of Net Margin shows it stood at 31.19% in 2021, then sank 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 tumbled by 67 bps to 23.51% in 2025.
- The last three Net Margin figures came in at 23.51% (Q4 2025), 16.44% (Q3 2025), and 22.25% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 88.33 Bn | 89.03 Bn | 6.70 Bn | 7.47% |
| 2 | Enterprise Products Partners | 80.83 Bn | 79.68 Bn | - | 10.39% |
| 3 | Kinder Morgan | 69.66 Bn | 70.75 Bn | 3.08 Bn | 20.73% |
| 4 | Energy Transfer | 65.60 Bn | 64.88 Bn | 6.62 Bn | 4.30% |
| 5 | Scorpio Tankers | 59.17 Bn | 58.19 Bn | - | - |
| 6 | Mplx | 57.43 Bn | 55.92 Bn | 2.54 Bn | 30.35% |
| 7 | Targa Resources | 56.68 Bn | 56.71 Bn | 1.70 Bn | 11.71% |
| 8 | Oneok | 55.34 Bn | 55.21 Bn | 2.57 Bn | 8.07% |
| 9 | Tc Energy | 50.79 Bn | 51.99 Bn | 2.95 Bn | 23.51% |
| 10 | Tc Energy | - | - | 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% |
| Dec 31, 2024 | 71.40% |
| Sep 30, 2024 | 35.68% |
| Jun 30, 2024 | 23.57% |
| Mar 31, 2024 | 28.35% |
| Dec 31, 2023 | 34.54% |
| Dec 31, 2022 | -35.81% |
| Sep 30, 2022 | 22.14% |
| Jun 30, 2022 | 24.44% |
| 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 | 31.78% |
| Sep 30, 2019 | 23.59% |