Tc Energy (TRP) Operating Margin (2009 - 2025)
Tc Energy's (TRP) quarterly Operating Margin came in at 31.6% in Q4 2025, up 725.0% year-on-year from 3.83% in Q4 2024, and up 19.76% quarter-over-quarter from 26.39% in Q3 2025.
Tc Energy (TRP) Operating Margin (2009 - 2025) Analysis & Trends
Tc Energy's Operating Margin history runs 15 years deep, the most recent figure standing at 31.6% for Q4 2025.
- On a quarterly basis, Operating Margin rose 725.0% year-over-year to 31.6% in Q4 2025; TTM through Dec 2025 was 32.34%, a 533.0% increase from a year earlier, with the FY2025 full-year figure at 32.44%, up 548.0% from the prior year.
- Operating Margin rose to 31.6% in Q4 2025 per TRP's latest filing, from 26.39% in the prior quarter.
- Across five years, Operating Margin topped out at 72.95% in Q4 2023 and bottomed at 1.45% in Q3 2022.
- The 4-year median for Operating Margin is 25.37% (2024), against an average of 27.1%.
- Biggest YoY gain for Operating Margin was 2146 bps in 2024; the steepest drop was 4859 bps in 2024.
- Year by year, Operating Margin stood at 62.48% in 2022, then increased by 17 bps to 72.95% in 2023, then tumbled by 67 bps to 24.35% in 2024, then grew by 30 bps to 31.6% in 2025.
- Per Business Quant, the three latest TRP Operating Margin figures stand at 31.6% (Q4 2025), 26.39% (Q3 2025), and 27.76% (Q2 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | DHT Holdings | 2,706.13 Bn | 2,706.00 Bn | 167.16 Mn | 90.00% |
| 2 | Flex LNG | 1,674.16 Bn | 1,673.77 Bn | 61.79 Mn | 103.91% |
| 3 | Kinder Morgan | 112.74 Bn | 113.82 Bn | 3.07 Bn | 30.06% |
| 4 | Enbridge | 89.82 Bn | 89.03 Bn | 6.70 Bn | 14.43% |
| 5 | Enterprise Products Partners | 83.97 Bn | 82.82 Bn | - | 13.17% |
| 6 | Tc Energy | 72.76 Bn | 73.95 Bn | 1.36 Bn | 31.60% |
| 7 | Energy Transfer | 70.27 Bn | 69.30 Bn | 6.62 Bn | 10.74% |
| 8 | Targa Resources | 61.30 Bn | 61.34 Bn | 1.70 Bn | 20.68% |
| 9 | Oneok | 61.15 Bn | 61.02 Bn | 8.98 Bn | 14.85% |
| 10 | Mplx | 58.39 Bn | 56.89 Bn | 1.95 Bn | 51.68% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 31.60% |
| Sep 30, 2025 | 26.39% |
| Jun 30, 2025 | 27.76% |
| Mar 31, 2025 | 42.95% |
| Dec 31, 2024 | 24.35% |
| Sep 30, 2024 | 23.09% |
| Jun 30, 2024 | 23.64% |
| Mar 31, 2024 | 36.00% |
| Dec 31, 2023 | 72.95% |
| Sep 30, 2023 | 1.63% |
| Jun 30, 2023 | 3.78% |
| Mar 31, 2023 | 33.06% |
| Dec 31, 2022 | 62.48% |
| Sep 30, 2022 | -1.45% |
| Jun 30, 2022 | 3.65% |
| Mar 31, 2022 | 21.74% |
| Dec 31, 2019 | 66.44% |
| Sep 30, 2019 | -170,051.53% |
| Jun 30, 2019 | 15.69% |
| Mar 31, 2019 | 9.43% |