Tc Energy (TRPRF) Gross Margin (2009 - 2025)
Tc Energy (TRPRF) recorded quarterly Gross Margin of 98.68% in Q4 2025, little changed quarter-over-quarter from 98.54% in Q3 2025, and up 471.0% on a YoY basis from 17.28% in Q4 2024.
Tc Energy (TRPRF) Gross Margin (2009 - 2025) Analysis & Trends
Tc Energy's Gross Margin history runs 15 years deep, the most recent figure standing at 98.68% for Q4 2025.
- In Q4 2025, Gross Margin rose 471.0% year-over-year to 98.68%; the TTM figure through Dec 2025 stood at 98.63% (up 20.0% YoY), while the FY2025 annual figure was 98.64%, up 21.0% from the prior year.
- Gross Margin was 98.68% for Q4 2025 at Tc Energy, roughly flat from 98.54% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 99.1% in Q4 2023 to a low of 93.97% in Q4 2024.
- Historically, Gross Margin has averaged 97.69% across 4 years, with a median of 98.62% in 2025.
- The sharpest annual moves came in 2024 and 2025: Gross Margin plunged 513 bps in 2024, then surged 471 bps in 2025.
- A 4-year view of Gross Margin shows it stood at 97.4% in 2022, then rose by 2 bps to 99.1% in 2023, then decreased by 5 bps to 93.97% in 2024, then climbed by 5 bps to 98.68% in 2025.
- The last three Gross Margin figures came in at 98.68% (Q4 2025), 98.54% (Q3 2025), and 98.69% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 88.33 Bn | 89.03 Bn | 6.70 Bn | 41.12% |
| 2 | Enterprise Products Partners | 80.83 Bn | 79.68 Bn | - | - |
| 3 | Kinder Morgan | 69.66 Bn | 70.75 Bn | 3.08 Bn | 63.77% |
| 4 | Energy Transfer | 65.60 Bn | 64.88 Bn | 6.62 Bn | 23.85% |
| 5 | Scorpio Tankers | 59.17 Bn | 58.19 Bn | - | - |
| 6 | Mplx | 57.43 Bn | 55.92 Bn | 2.54 Bn | 83.61% |
| 7 | Targa Resources | 56.68 Bn | 56.71 Bn | 1.70 Bn | 41.52% |
| 8 | Oneok | 55.34 Bn | 55.21 Bn | 2.57 Bn | 26.67% |
| 9 | Tc Energy | 50.79 Bn | 51.99 Bn | 2.95 Bn | 98.68% |
| 10 | Tc Energy | - | - | 2.95 Bn | 98.68% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 98.68% |
| Sep 30, 2025 | 98.54% |
| Jun 30, 2025 | 98.69% |
| Mar 31, 2025 | 98.62% |
| Dec 31, 2024 | 93.97% |
| Sep 30, 2024 | 98.85% |
| Jun 30, 2024 | 99.00% |
| Mar 31, 2024 | 98.89% |
| Dec 31, 2023 | 99.10% |
| Dec 31, 2022 | 97.40% |
| Sep 30, 2022 | 96.63% |
| Jun 30, 2022 | 95.24% |
| Mar 31, 2022 | 96.34% |
| Dec 31, 2019 | -28,577.95% |
| Sep 30, 2019 | -63,736.58% |
| Jun 30, 2019 | 96.65% |
| Dec 31, 2018 | 93.62% |
| Mar 31, 2018 | 82.56% |
| Dec 31, 2017 | 81.45% |
| Sep 30, 2017 | 80.56% |