Tc Energy (TRP) Net Margin (2009 - 2025)
Tc Energy (TRP) posted Net Margin of 23.51% for Q4 2025, up 43.01% on a QoQ basis from 16.44% in Q3 2025, and down 4788.0% year-on-year from 0.5% in Q4 2024.
Tc Energy (TRP) Net Margin (2009 - 2025) Analysis & Trends
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 TRP 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 TRP Net Margin figures stand at 23.51% (Q4 2025), 16.44% (Q3 2025), and 22.25% (Q2 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Torm | 26,839.46 Bn | 26,839.30 Bn | - | - |
| 2 | Imperial Petroleum | 730.62 Bn | 730.54 Bn | 50.64 Mn | 46.35% |
| 3 | Kinder Morgan | 450.75 Bn | 451.83 Bn | 3.08 Bn | 20.73% |
| 4 | Enterprise Products Partners | 316.77 Bn | 315.62 Bn | - | 10.39% |
| 5 | Energy Transfer | 263.37 Bn | 262.65 Bn | 6.62 Bn | 4.30% |
| 6 | Targa Resources | 235.18 Bn | 235.21 Bn | 1.70 Bn | 11.71% |
| 7 | Mplx | 230.21 Bn | 228.70 Bn | 2.54 Bn | 30.35% |
| 8 | Oneok | 224.24 Bn | 224.11 Bn | 2.57 Bn | 8.07% |
| 9 | Cheniere Energy | 210.54 Bn | 212.74 Bn | 5.86 Bn | -58.15% |
| 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% |