Revenue growth remains highly inconsistent, characterized by a 199.4% surge in 2025Q4 followed by a 67.9% contraction in 2024Q4, while operating margins have fluctuated between 39.4% and 52.1% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 15.76B | 15.19B | 13.77B | 13.27B | 12.31B | 13.39B | 13B | 13.26B | 13.68B | 13.45B | 12.51B | 11.3B | 10.19B | 8.8B | 8.01B | 7.84B | 6.85B | 8.97B | 8.62B | 8.83B | 7.52B | 6.12B | 5.11B | 5.36B | 5.21B | 5.25B | 21.16B |
| Revenue Growth % | 27.2% | 10.29% | 3.8% | 7.78% | -8.05% | 2.98% | -1.93% | -3.1% | 1.71% | 7.55% | 10.66% | 10.95% | 15.78% | 9.87% | 2.14% | 14.4% | -23.58% | 4.03% | -2.37% | 17.4% | 22.79% | 19.92% | -4.68% | 2.75% | -0.67% | -75.19% | - |
| Cost of Goods Sold | 7.69B | 7.59B | 7.17B | 6.6B | 6.51B | 6.71B | 6.47B | 6.74B | 7.43B | 8.34B | 7.93B | 7.25B | 6.42B | 5.48B | 5B | 4.68B | 4.41B | 4.88B | 3.57B | 5.02B | 3.54B | 2.63B | 1.81B | 1.84B | 2.17B | 2.31B | 1.67B |
| COGS % of Revenue | - | 49.97% | 52.03% | 49.74% | 52.9% | 50.1% | 49.76% | 50.86% | 54.31% | 62.03% | 63.41% | 64.18% | 63.03% | 62.25% | 62.46% | 59.66% | 64.32% | 54.41% | 41.42% | 56.9% | 47.01% | 42.93% | 35.48% | 34.4% | 41.68% | 44.07% | 7.9% |
| Gross Profit | 8.07B | 7.6B | 6.61B | 6.67B | 5.8B | 6.68B | 6.53B | 6.51B | 6.25B | 5.11B | 4.58B | 4.05B | 3.77B | 3.32B | 3.01B | 3.16B | 2.44B | 4.09B | 5.05B | 3.81B | 3.98B | 3.49B | 3.29B | 3.51B | 3.04B | 2.94B | 19.48B |
| Gross Margin % | 51.19% | 50.03% | 47.97% | 50.26% | 47.1% | 49.9% | 50.24% | 49.14% | 45.69% | 37.97% | 36.59% | 35.82% | 36.97% | 37.75% | 37.54% | 40.34% | 35.68% | 45.59% | 58.58% | 43.1% | 52.99% | 57.07% | 64.52% | 65.6% | 58.32% | 55.93% | 92.1% |
| Gross Profit Growth % | - | 15.01% | -0.93% | 15.02% | -13.22% | 2.28% | 0.28% | 4.21% | 22.41% | 11.61% | 13.02% | 7.52% | 13.37% | 10.48% | -4.93% | 29.33% | -40.19% | -19.03% | 32.69% | -4.51% | 14.02% | 6.08% | -6.25% | 15.57% | 3.58% | -84.93% | - |
| Operating Expenses | 851.32M | 880.28M | 820M | 781M | 727M | 774M | 727M | 727M | 569M | 569M | 555M | 517M | 473M | 445M | 434M | 410M | 511M | 1.33B | 979M | 1.18B | 1.06B | 1.02B | 945.52M | 914.59M | 848M | 793M | 737M |
| OpEx % of Revenue | - | 5.8% | 5.95% | 5.89% | 5.91% | 5.78% | 5.59% | 5.48% | 4.16% | 4.23% | 4.44% | 4.58% | 4.64% | 5.06% | 5.42% | 5.23% | 7.46% | 14.81% | 11.36% | 13.35% | 14.08% | 16.62% | 18.52% | 17.07% | 16.26% | 15.11% | 3.48% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84M | 93M | 0 | 0 | 0 | 0 | 0 | 941M | 1.16B | 831M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 0.61% | 0.69% | - | - | - | - | - | 12% | 16.97% | 9.27% | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 880.28M | 820M | 781M | 727M | 774M | 727M | 727M | 485M | 476M | 555M | 517M | 473M | 445M | 434M | -531M | -652M | 497M | 979M | 1.18B | 1.06B | 1.02B | 945.52M | 914.59M | 848M | 793M | 737M |
| Operating Income | 7.22B | 6.72B | 5.79B | 5.89B | 5.07B | 5.91B | 5.8B | 5.79B | 5.68B | 4.54B | 4.02B | 3.53B | 3.29B | 2.88B | 2.57B | 2.75B | 1.93B | 2.76B | 3.17B | 2.66B | 2.93B | 2.48B | 2.74B | 2.88B | 5.21B | 2.15B | 2.01B |
| Operating Margin % | 45.79% | 44.23% | 42.02% | 44.37% | 41.19% | 44.12% | 44.65% | 43.65% | 41.53% | 33.73% | 32.15% | 31.25% | 32.32% | 32.69% | 32.12% | 35.11% | 28.23% | 30.78% | 36.83% | 30.13% | 38.91% | 40.45% | 53.59% | 53.67% | 100% | 41% | 9.51% |
| Operating Income Growth % | - | 16.1% | -1.72% | 16.11% | -14.16% | 1.76% | 0.31% | 1.85% | 25.21% | 12.86% | 13.85% | 7.26% | 14.46% | 11.82% | -6.54% | 42.3% | -29.93% | -13.04% | 19.32% | -9.09% | 18.1% | -9.48% | -4.82% | -44.85% | 142.29% | 6.96% | - |
| EBITDA | 10.03B | 9.48B | 8.57B | 8.66B | 7.65B | 8.43B | 8.39B | 8.25B | 8.03B | 6.59B | 5.96B | 5.3B | 4.9B | 4.36B | 3.95B | 4.08B | 3.09B | 4.14B | 4.42B | 3.84B | 3.98B | 3.49B | 3.68B | 3.79B | 6.06B | 2.94B | 2.75B |
| EBITDA Margin % | 63.65% | 62.45% | 62.26% | 65.31% | 62.18% | 62.96% | 64.57% | 62.24% | 58.71% | 49.01% | 47.65% | 46.87% | 48.14% | 49.57% | 49.29% | 52.05% | 45.15% | 46.14% | 51.29% | 43.49% | 52.99% | 57.07% | 72.15% | 70.74% | 116.26% | 56.11% | 13.01% |
| EBITDA Growth % | 24.95% | 10.62% | -1.05% | 13.21% | -9.18% | 0.41% | 1.75% | 2.73% | 21.83% | 10.62% | 12.52% | 8.02% | 12.43% | 10.49% | -3.26% | 31.87% | -25.21% | -6.42% | 15.16% | -3.66% | 14.02% | -5.15% | -2.78% | -37.48% | 105.84% | 7.01% | - |
| D&A (Non-Cash Add-back) | 2.82B | 2.77B | 2.79B | 2.78B | 2.58B | 2.52B | 2.59B | 2.46B | 2.35B | 2.06B | 1.94B | 1.76B | 1.61B | 1.49B | 1.38B | 1.33B | 1.16B | 1.38B | 1.25B | 1.18B | 1.06B | 1.02B | 947.92M | 914.59M | 848M | 793M | 740M |
| EBIT | 8.62B | 8.83B | 8.43B | 5.88B | 2.66B | 4.18B | 6.94B | 6.99B | 5.72B | 4.8B | 2.21B | 3.69B | 3.83B | 3.53B | 2.91B | 3.22B | 2.42B | 2.88B | 3.19B | 2.83B | 2.93B | 2.48B | 2.74B | 2.88B | 5.21B | 2.23B | 2.16B |
| Net Interest Income | -3.04B | -3.19B | -1.98B | -2.01B | -1.79B | -1.9B | -2.03B | -1.6B | -1.81B | -1.38B | -1.48B | -1.07B | -1.06B | -951M | -891M | -882M | -607M | -897M | -961M | -850M | 0 | 0 | 0 | 0 | -871M | -919M | -957M |
| Interest Income | 188.06M | 205.83M | 542M | 569M | 107.7M | 190M | 173.39M | 124.93M | 273M | 184M | -12M | -31M | 91M | 34M | 85M | 55M | 94M | 121M | 54M | 168M | 0 | 0 | 0 | 0 | 86M | 77M | 107M |
| Interest Expense | 3.23B | 3.39B | 2.52B | 2.58B | 1.9B | 2.09B | 2.2B | 1.72B | 2.09B | 1.5B | 1.46B | 1.04B | 1.2B | 984M | 976M | 931M | 760M | 1.02B | 1.01B | 1.02B | 0 | 0 | 0 | 0 | 957M | 996M | 1.06B |
| Other Income/Expense | -1.83B | -1.28B | 120M | -2.59B | -3.7B | -3.74B | -697M | -599M | -1.73B | -1.23B | -3.18B | -4.64B | -468M | -354M | -634M | -467M | -154M | -897M | -1B | -850M | -1.4B | -657.43M | -1.25B | -1.56B | -3.89B | -919M | -912M |
| Pretax Income | 5.38B | 5.44B | 5.91B | 3.3B | 1.37B | 2.17B | 5.11B | 5.19B | 3.95B | 3.31B | 837M | -1.11B | 2.82B | 2.52B | 1.94B | 2.29B | 1.78B | 1.86B | 2.17B | 1.81B | 1.53B | 1.82B | 1.49B | 1.32B | 1.32B | 1.23B | 1.1B |
| Pretax Margin % | 34.15% | 35.82% | 42.89% | 24.86% | 11.16% | 16.18% | 39.29% | 39.13% | 28.87% | 24.58% | 6.69% | -9.79% | 27.73% | 28.67% | 24.2% | 29.15% | 25.98% | 20.78% | 25.2% | 20.5% | 20.31% | 29.72% | 29.14% | 24.55% | 25.35% | 23.49% | 5.2% |
| Income Tax | 1.1B | 1.14B | 922M | 842M | 589M | 120M | 194M | 754M | 432M | -89M | 352M | 34M | 831M | 611M | 466M | 575M | 387M | 387M | 602M | 489.62M | 476.47M | 610.54M | 490.76M | 513.98M | 517M | 480M | 371M |
| Effective Tax Rate % | 20.42% | 20.9% | 15.61% | 25.53% | 42.87% | 5.54% | 3.8% | 14.54% | 10.94% | -2.69% | 42.05% | -3.07% | 29.43% | 24.23% | 24.05% | 25.16% | 21.74% | 20.77% | 27.72% | 27.05% | 31.2% | 33.55% | 32.98% | 39.08% | 39.11% | 38.93% | 33.73% |
| Net Income | 3.44B | 3.52B | 4.7B | 2.92B | 748M | 1.96B | 4.62B | 4.14B | 3.7B | 3.16B | 233M | -1.15B | 1.84B | 1.79B | 1.35B | 1.58B | 1.28B | 1.38B | 1.44B | 1.22B | 1.08B | 1.21B | 1.03B | 851.47M | 804.22M | 686M | 790M |
| Net Margin % | 21.83% | 23.15% | 34.12% | 22.02% | 6.08% | 14.6% | 35.51% | 31.23% | 27.06% | 23.47% | 1.86% | -10.14% | 18.07% | 20.3% | 16.91% | 20.17% | 18.65% | 15.39% | 16.71% | 13.85% | 14.35% | 19.75% | 20.21% | 15.89% | 15.42% | 13.07% | 3.73% |
| Net Income Growth % | -23.14% | -25.16% | 60.78% | 290.64% | -61.74% | -57.65% | 11.5% | 11.83% | 17.26% | 1254.94% | 120.33% | -162.28% | 3.02% | 31.91% | -14.36% | 23.71% | -7.39% | -4.17% | 17.74% | 13.37% | -10.81% | 17.2% | 21.19% | 5.88% | 17.23% | -13.16% | - |
| Net Income (Continuing) | 4.28B | 4.3B | 4.98B | 2.46B | 785M | 2.05B | 4.91B | 4.43B | 3.52B | 3.4B | 485M | -1.14B | 1.99B | 1.91B | 1.47B | 1.71B | 1.39B | 1.48B | 1.57B | 1.32B | 1.05B | 1.21B | 980.32M | 801.24M | 804.22M | 753M | 729M |
| Discontinued Operations | -1000K | -211.83M | 395M | 612M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.96M | 0 | 51.6M | 50.24M | 0 | 0 | 0 |
| Minority Interest | 9.65B | 9.6B | 10.77B | 9.46B | 126M | 125M | 2.08B | 1.63B | 1.66B | 1.85B | 1.73B | 1.72B | 1.58B | 1.61B | 1.43B | 1.47B | 1.16B | 1.17B | 1.19B | 609.79M | 365.8M | 394.23M | 310.78M | 82.44M | 0 | 0 | 2M |
| EPS (Diluted) | 3.30 | 3.27 | 4.43 | 2.75 | 0.64 | 1.86 | 4.74 | 4.27 | 4.10 | 3.43 | 0.16 | -1.62 | 2.46 | 2.42 | 1.84 | 2.17 | 1.77 | 2.11 | 2.52 | 2.30 | 2.20 | 2.47 | 2.12 | 1.76 | 1.55 | 1.30 | 1.50 |
| EPS Growth % | -24.41% | -26.19% | 61.09% | 329.69% | -65.59% | -60.76% | 11.01% | 4.15% | 19.53% | 2043.75% | 109.88% | -165.85% | 1.65% | 31.52% | -15.21% | 22.6% | -16.11% | -16.27% | 9.57% | 4.55% | -10.93% | 16.51% | 20.45% | 13.55% | 19.23% | -13.33% | - |
| EPS (Basic) | - | 3.27 | 4.43 | 2.66 | 0.64 | 1.87 | 4.74 | 4.28 | 4.10 | 3.44 | 0.16 | -1.62 | 2.46 | 2.42 | 1.84 | 2.18 | 1.78 | 2.11 | 2.53 | 2.31 | 2.21 | 2.49 | 2.13 | 1.76 | 1.56 | 1.30 | 1.50 |
| Diluted Shares Outstanding | 1.04B | 1.04B | 1.04B | 1.03B | 996M | 974M | 940M | 931M | 903M | 874M | 760M | 709M | 710M | 708M | 705.7M | 703M | 692M | 653M | 571.5M | 532.5M | 490.34M | 489.65M | 486.75M | 483.79M | 481.28M | 477.6M | 475.2M |
| Basic Shares Outstanding | 1.04B | 1.04B | 1.04B | 1.03B | 995M | 973M | 973.84M | 969.56M | 944.39M | 920.41M | 760M | 654.86M | 747.97M | 738.02M | 705M | 702M | 691M | 652M | 569.6M | 529.9M | 488.12M | 485.72M | 484.47M | 483.79M | 478.2M | 475.8M | 474.6M |
| Dividend Payout Ratio | - | 99.74% | 84.14% | 95.38% | 426.74% | 169.67% | 64.71% | 43.43% | 42.44% | 42.41% | 616.31% | - | 73.1% | 71.95% | 90.55% | 64.26% | 59% | 52.75% | 49.86% | 51.84% | 57.24% | 48.46% | 53.49% | 68.99% | 67.89% | 75.36% | 67.85% |
High leverage and execution
As indicated by the quarterly income statement data, TRP's revenue trajectory remains highly inconsistent, characterized by a significant 199.4% surge in 2025Q4 followed by a 67.9% contraction in 2024Q4, suggesting that lumpy project-based recognition and divestiture activity continue to obscure underlying organic growth trends for the firm.
The extreme variance in quarterly revenue figures implies that investors should look past headline growth rates to assess the underlying throughput of the core natural gas pipeline network. This volatility appears to be a byproduct of the company's ongoing strategic restructuring and asset rotation, which complicates the ability to forecast sustainable top-line expansion.
Based on reported financial statements, TRP maintains a gross margin profile that has fluctuated between 45.1% and 57.0% over the last ten quarters, reflecting the capital-intensive nature of its regulated infrastructure assets and the inherent sensitivity of its cost base to operational and regulatory project-related expenses.
While the gross margin remains robust relative to broader energy peers, the periodic compression suggests that maintenance capital expenditures and regulatory cost recovery cycles exert meaningful pressure on profitability. The ability to sustain these margins will likely depend on the company's success in passing through inflationary cost pressures to its captive customer base.
According to recent SEC filings, TRP's operating income has shown significant variability, with margins ranging from 39.4% to 52.1%, suggesting that the company's ability to scale operating income faster than gross profit is currently hampered by the high fixed-cost burden of its extensive North American pipeline network.
The lack of consistent operating margin expansion indicates that the company is not yet achieving the expected efficiency gains from its massive capital deployment program. Investors should monitor whether the planned spin-off of the Liquids Pipelines segment serves as a catalyst for improved overhead efficiency and streamlined operational focus.
As reported in financial statements, net income volatility—evidenced by a sharp decline in 2025Q3—highlights the impact of non-operating items and accounting nuances like AFUDC, which may lead to a divergence between reported earnings and the actual cash-generating capacity of the firm's core midstream operations.
The reliance on non-cash accounting adjustments to bolster headline net income warrants further investigation into the sustainability of current EPS levels. The lumpy nature of these earnings suggests that the company's bottom line is highly susceptible to accounting treatments and divestiture gains rather than purely operational performance.
Based on the provided figures, the company's history of significant cost overruns on major projects like Coastal GasLink suggests that the market may be underestimating the risk of continued margin compression and the potential for further balance sheet strain as the firm attempts to deleverage its capital structure.
Short-sellers may focus on the disconnect between the company's ambitious growth targets and the reality of its high debt load in a persistent high-interest-rate environment. The potential for future project delays or regulatory hurdles poses a material risk to the company's ability to maintain its dividend growth and deleveraging trajectory.
Quick answers to the most common questions about buying TRP stock.
For fiscal year 2025, TC Energy Corporation (TRP) reported total revenue of $15.19B. This represents a 28.2% decline compared to $21.16B in 2000.
TC Energy Corporation (TRP) is profitable, generating $3.52B in net income for the fiscal year ending 2025 with a net profit margin of 23.2%.
TC Energy Corporation (TRP) reported an operating income of $6.72B, resulting in an operating profit margin of 44.2%. This margin reflects the operational efficiency of the business before interest and taxes.
TC Energy Corporation (TRP) generated $7.60B in gross profit for the year, representing a gross profit margin of 50.0%. This demonstrates the company's core pricing power and production efficiency.