Tc Energy (TRP) Gross Margin (2009 - 2025)
Tc Energy's (TRP) quarterly Gross Margin came in at 97.17% in Q4 2025, up 201.0% year-on-year from 32.28% in Q4 2024, and little changed quarter-over-quarter from 96.7% in Q3 2025.
Tc Energy (TRP) Gross Margin (2009 - 2025) Analysis & Trends
Tc Energy's Gross Margin history runs 15 years deep, the most recent figure standing at 97.17% for Q4 2025.
- On a quarterly basis, Gross Margin rose 201.0% year-over-year to 97.17% in Q4 2025; TTM through Dec 2025 was 97.09%, a 50.0% increase from a year earlier, with the FY2025 full-year figure at 97.09%, up 51.0% from the prior year.
- Gross Margin steadied at 97.17% in Q4 2025 per TRP's latest filing, from 96.7% in the prior quarter.
- Across five years, Gross Margin topped out at 99.1% in Q4 2023 and bottomed at 87.62% in Q2 2022.
- The 4-year median for Gross Margin is 96.79% (2024), against an average of 94.76%.
- Biggest YoY gain for Gross Margin was 896 bps in 2024; the steepest drop was 394 bps in 2024.
- Year by year, Gross Margin stood at 97.4% in 2022, then rose by 2 bps to 99.1% in 2023, then fell by 4 bps to 95.17% in 2024, then advanced by 2 bps to 97.17% in 2025.
- Per Business Quant, the three latest TRP Gross Margin figures stand at 97.17% (Q4 2025), 96.7% (Q3 2025), and 97.12% (Q2 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | DHT Holdings | 2,706.13 Bn | 2,706.00 Bn | 167.16 Mn | 89.73% |
| 2 | Flex LNG | 1,674.16 Bn | 1,673.77 Bn | 61.79 Mn | 76.80% |
| 3 | Kinder Morgan | 112.74 Bn | 113.82 Bn | 3.07 Bn | 68.62% |
| 4 | Enbridge | 89.82 Bn | 89.03 Bn | 6.70 Bn | 41.12% |
| 5 | Enterprise Products Partners | 83.97 Bn | 82.82 Bn | - | - |
| 6 | Tc Energy | 72.76 Bn | 73.95 Bn | 1.36 Bn | 97.17% |
| 7 | Energy Transfer | 70.27 Bn | 69.30 Bn | 6.62 Bn | 23.85% |
| 8 | Targa Resources | 61.30 Bn | 61.34 Bn | 1.70 Bn | 41.52% |
| 9 | Oneok | 61.15 Bn | 61.02 Bn | 8.98 Bn | 93.41% |
| 10 | Mplx | 58.39 Bn | 56.89 Bn | 1.95 Bn | 82.89% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 97.17% |
| Sep 30, 2025 | 96.70% |
| Jun 30, 2025 | 97.12% |
| Mar 31, 2025 | 97.31% |
| Dec 31, 2024 | 95.17% |
| Sep 30, 2024 | 96.87% |
| Jun 30, 2024 | 97.21% |
| Mar 31, 2024 | 97.19% |
| Dec 31, 2023 | 99.10% |
| Sep 30, 2023 | 87.92% |
| Jun 30, 2023 | 92.15% |
| Mar 31, 2023 | 94.91% |
| Dec 31, 2022 | 97.40% |
| Sep 30, 2022 | 91.17% |
| Jun 30, 2022 | 87.62% |
| Mar 31, 2022 | 91.17% |
| Dec 31, 2019 | 99.97% |
| Sep 30, 2019 | -169,968.03% |
| Jun 30, 2019 | 90.67% |
| Mar 31, 2019 | 80.67% |