Tc Energy (TRP) Operating Margin (2009 - 2025)
Tc Energy (TRP) recorded quarterly Operating Margin of 68.07% in Q4 2025, up 0.89% quarter-over-quarter from 67.47% in Q3 2025, and up 6240.0% on a YoY basis from 1.07% in Q4 2024.
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 68.07% for Q4 2025.
- In Q4 2025, Operating Margin rose 6240.0% year-over-year to 68.07%; the TTM figure through Dec 2025 stood at 68.3% (up 176.0% YoY), while the FY2025 annual figure was 68.32%, up 195.0% from the prior year.
- Operating Margin was 68.07% for Q4 2025 at Tc Energy, up from 67.47% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 74.78% in Q1 2024 to a low of 5.66% in Q4 2024.
- Historically, Operating Margin has averaged 63.49% across 4 years, with a median of 67.6% in 2022.
- The sharpest annual moves came in 2024 and 2025: Operating Margin tumbled 6728 bps in 2024, then soared 6240 bps in 2025.
- A 4-year view of Operating Margin shows it stood at 62.48% in 2022, then increased by 17 bps to 72.95% in 2023, then plunged by 92 bps to 5.66% in 2024, then jumped by 1102 bps to 68.07% in 2025.
- The last three Operating Margin figures came in at 68.07% (Q4 2025), 67.47% (Q3 2025), and 67.12% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 88.33 Bn | 89.03 Bn | 6.70 Bn | 14.43% |
| 2 | Enterprise Products Partners | 80.83 Bn | 79.68 Bn | - | 13.17% |
| 3 | Kinder Morgan | 69.66 Bn | 70.75 Bn | 3.08 Bn | 29.91% |
| 4 | Energy Transfer | 65.60 Bn | 64.88 Bn | 6.62 Bn | 10.74% |
| 5 | Scorpio Tankers | 59.17 Bn | 58.19 Bn | - | - |
| 6 | Mplx | 57.43 Bn | 55.92 Bn | 2.54 Bn | 39.96% |
| 7 | Targa Resources | 56.68 Bn | 56.71 Bn | 1.70 Bn | 20.68% |
| 8 | Oneok | 55.34 Bn | 55.21 Bn | 2.57 Bn | 14.85% |
| 9 | Tc Energy | 50.79 Bn | 51.99 Bn | 2.95 Bn | 68.07% |
| 10 | Cheniere Energy | 50.33 Bn | 52.53 Bn | 5.86 Bn | -59.44% |
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% |
| Dec 31, 2024 | 5.66% |
| Sep 30, 2024 | 71.69% |
| Jun 30, 2024 | 72.56% |
| Mar 31, 2024 | 74.78% |
| Dec 31, 2023 | 72.95% |
| Dec 31, 2022 | 62.48% |
| Sep 30, 2022 | 61.31% |
| Jun 30, 2022 | 62.99% |
| Mar 31, 2022 | 67.60% |
| Dec 31, 2019 | -28,609.32% |
| Sep 30, 2019 | -63,705.30% |
| Jun 30, 2019 | 123.58% |
| Dec 31, 2018 | 119.52% |
| Mar 31, 2018 | 57.04% |
| Dec 31, 2017 | 107.55% |
| Sep 30, 2017 | 109.64% |