Reported net income exhibits extreme volatility, swinging from a $140.3M gain in 2024Q4 to a $50.9M loss in 2025Q2, driven by non-cash valuation shifts rather than recurring revenue.
| Metric | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 76.33K | 214.33M | 15.76M | 114.48M | 5.82M | -575.97M | -205.7M | 57.65M | -147.19M | 159.23M | 375.4M | -9.37M | -10.41M | -8.69M | -13.9M | -17.53M | -6.6M | -14.29M | -19.33M | -9.02M | -5.01M | -460K |
| Gross Margin % | 0.7% | 100% | 100% | 84.84% | 12.55% | 101.39% | 111.11% | 71.85% | 121.01% | 86.66% | 91.24% | -41.69% | -110.41% | -109.28% | -926.67% | -282.29% | -49% | -101.42% | -195.06% | -117.45% | -69.78% | -12.85% |
| Gross Profit Growth % | -99.96% | 1259.97% | -86.23% | 1867.36% | 101.01% | -180% | -456.79% | 139.17% | -192.43% | -57.58% | 4107.02% | 9.96% | -19.68% | 37.45% | 20.71% | -165.61% | 53.81% | 26.07% | -114.3% | -80.04% | -989.13% | - |
| Operating Expenses | -47.81M | 3.4M | 7.18M | 2.36M | 2.63M | 8.6M | 8.94M | 8.56M | 9.11M | 117.49M | 1.66B | 386.37M | 438.86M | 136.49M | 390K | 6.37M | 1.65M | 3.19M | 2.07M | 1M | 890K | 580K |
| OpEx % of Revenue | -441.23% | 1.59% | 45.59% | 1.75% | 5.67% | -1.51% | -4.83% | 10.67% | -7.49% | 63.94% | 404.3% | 1719.41% | 4656.6% | 1715.57% | 26% | 102.58% | 12.25% | 22.64% | 20.89% | 13.02% | 12.4% | 16.2% |
| Selling, General & Admin | 15.51M | 2.01M | 7.18M | 937.06K | 1.13M | 1.3M | 1.61M | 1.73M | 1.75M | 24.94M | 36.65M | 32.31M | 20.17M | 16.88M | 290K | 290K | 460K | 270K | 210K | 250K | 300K | 380K |
| SG&A % of Revenue | 143.18% | 0.94% | 45.59% | 0.69% | 2.44% | -0.23% | -0.87% | 2.15% | -1.44% | 13.57% | 8.91% | 143.8% | 213.97% | 212.2% | 19.33% | 4.67% | 3.42% | 1.92% | 2.12% | 3.26% | 4.18% | 10.61% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 47.88M | 210.92M | 8.58M | 117.3M | 154.93M | 1.01M | -194.07M | 90.23M | -113.07M | 199.45M | -1.29B | -9.84M | -10.74M | -9.04M | -14.29M | -23.91M | -8.25M | -17.48M | -21.4M | -10.02M | -5.9M | -1.04M |
| Operating Margin % | 441.93% | 98.41% | 54.41% | 86.93% | 334.17% | -0.18% | 104.83% | 112.46% | 92.96% | 108.54% | -313.06% | -43.8% | -113.97% | -113.61% | -952.67% | -385.02% | -61.25% | -124.06% | -215.94% | -130.47% | -82.17% | -29.05% |
| Operating Income Growth % | -77.3% | 2359.65% | -92.69% | -24.29% | 15211.94% | 100.52% | -315.09% | 179.8% | -156.69% | 115.48% | -12987.29% | 8.37% | -18.83% | 36.75% | 40.23% | -189.82% | 52.8% | 18.32% | -113.57% | -69.83% | -467.31% | - |
| EBITDA | 38.51M | 212.2M | 0 | 110.74M | 155.04M | 0 | -201.21M | 114.74M | -88.87M | 220.79M | -1.28B | 0 | 0 | 0 | 243.96M | 504.32M | 495.36M | -577.11M | 136.42M | 225.18M | 76.63M | 95.27M |
| EBITDA Margin % | 355.4% | 99.01% | - | 82.06% | 334.42% | - | 108.68% | 143.01% | 73.06% | 120.16% | -311.86% | - | - | - | 16264% | 8121.09% | 3677.51% | -4095.88% | 1376.59% | 2932.03% | 1067.27% | 2661.17% |
| EBITDA Growth % | -81.85% | - | -100% | -28.58% | - | 100% | -275.35% | 229.12% | -140.25% | 117.21% | - | - | - | -100% | -51.63% | 1.81% | 185.83% | -523.04% | -39.42% | 193.85% | -19.57% | - |
| D&A (Non-Cash Add-back) | -9.38M | 1.28M | -8.58M | -6.56M | 117.37K | -1.01M | -7.13M | 24.51M | 24.2M | 21.34M | 4.94M | 9.84M | 10.74M | 9.04M | 258.25M | 528.23M | 503.61M | -559.63M | 157.82M | 235.2M | 82.53M | 96.31M |
| EBIT | 47.61M | 214.86M | -3.08M | 117.3M | 154.93M | -668M | -231.62M | -38.14M | -187.45M | 168.96M | -1.32B | -9.84M | -10.74M | 360.46M | 243.96M | 504.32M | 495.36M | -577.12M | 136.42M | 225.18M | 76.63M | 95.28M |
| Net Interest Income | 15.79M | -3.13M | -3.45M | -2.91M | -2.92M | -5.61M | -18.04M | -18.56M | -17.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 24.89M | 463.66K | 524.85K | 970.15K | 950.01K | 2.32M | 469.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.1M | 3.59M | 3.97M | 3.88M | 3.87M | 7.93M | 18.51M | 18.56M | 17.67M | 200.12M | 0 | 392.61M | 450.39M | 232.39M | 131.45M | 264.11M | 251.72M | -280.37M | 78.29M | 117.11M | 40.5M | 47.84M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 38.51M | 211.27M | -29.09M | 112.13M | 149.61M | -577.97M | -194.07M | 71.67M | -130.74M | 168.66M | -1.32B | 377.06M | 434.81M | 128.07M | 112.51M | 240.21M | 243.64M | -296.75M | 58.13M | 108.07M | 36.13M | 47.44M |
| Pretax Margin % | 355.43% | 98.57% | -184.59% | 83.09% | 322.71% | 101.74% | 104.83% | 89.33% | 107.49% | 91.79% | -321.46% | 1677.97% | 4613.64% | 1609.71% | 7500.67% | 3868.12% | 1808.76% | -2106.1% | 586.58% | 1407.16% | 503.2% | 1325.14% |
| Income Tax | 19.16M | 344.74K | -13.47M | 8.86M | 36.55M | -2.22M | -2.66M | -24.68M | -17.31M | 62.38M | -483.66M | 143.46M | 164.04M | -7.73M | 42.2M | -6.47M | -3.36M | -5.49M | -7.69M | -3.24M | -1.7M | -160K |
| Effective Tax Rate % | 49.74% | 0.16% | 46.3% | 7.91% | 24.43% | 0.38% | 1.37% | -34.43% | 13.24% | 36.98% | 36.57% | 38.05% | 37.73% | -6.03% | 37.51% | -2.69% | -1.38% | 1.85% | -13.23% | -3% | -4.71% | -0.34% |
| Net Income | 19.36M | 210.92M | -15.62M | 103.26M | 113.07M | -575.75M | -191.41M | 96.35M | -113.43M | 106.28M | -838.96M | 233.6M | 270.78M | 135.79M | 70.31M | 246.68M | 247M | -291.26M | 65.82M | 111.31M | 37.83M | 47.6M |
| Net Margin % | 178.64% | 98.41% | -99.13% | 76.52% | 243.88% | 101.35% | 103.39% | 120.09% | 93.26% | 57.84% | -203.91% | 1039.56% | 2873.11% | 1706.81% | 4687.33% | 3972.3% | 1833.7% | -2067.14% | 664.18% | 1449.35% | 526.88% | 1329.61% |
| Net Income Growth % | -90.82% | 1450.11% | -115.13% | -8.67% | 119.64% | -200.79% | -298.65% | 184.95% | -206.72% | 112.67% | -459.14% | -13.73% | 99.41% | 93.13% | -71.5% | -0.13% | 184.8% | -542.51% | -40.87% | 194.24% | -20.53% | - |
| Net Income (Continuing) | 19.36M | 210.92M | -15.62M | 103.26M | 113.07M | -575.75M | -191.41M | 96.35M | -113.43M | 106.28M | -838.96M | 233.6M | 270.78M | 135.79M | 70.31M | 246.68M | 247M | -291.26M | 65.82M | 111.31M | 37.83M | 47.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 147.54M | 134.78M | 133.07M | 622.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.93 | 19.59 | -1.45 | 8.71 | 9.48 | -42.11 | -14.25 | 8.40 | -9.16 | 8.68 | -69.89 | 19.46 | 13.56 | 6.80 | 2.54 | 9.11 | 10.27 | -12.43 | 3.51 | 6.65 | 2.54 | 3.75 |
| EPS Growth % | -95.25% | 1451.03% | -116.65% | -8.12% | 122.51% | -195.51% | -269.64% | 191.7% | -205.53% | 112.42% | -459.15% | 43.51% | 99.41% | 167.72% | -72.12% | -11.29% | 182.62% | -454.13% | -47.22% | 161.81% | -32.27% | - |
| EPS (Basic) | 0.93 | 19.59 | -1.22 | 8.71 | 9.48 | -42.11 | -14.25 | 8.40 | -9.19 | 8.68 | -69.89 | 19.46 | 13.56 | 6.80 | 2.54 | 9.11 | 10.27 | -12.43 | 3.51 | 6.65 | 2.54 | 3.75 |
| Diluted Shares Outstanding | 20.81M | 10.76M | 10.76M | 11.86M | 11.93M | 13.67M | 13.43M | 11.47M | 12.38M | 12.25M | 12M | 12M | 19.96M | 19.96M | 27.73M | 27.07M | 24.04M | 23.44M | 18.76M | 16.73M | 14.91M | 12.68M |
| Basic Shares Outstanding | 20.81M | 10.76M | 12.81M | 11.86M | 11.93M | 13.67M | 13.43M | 11.47M | 12.34M | 12.25M | 12M | 12M | 19.96M | 19.96M | 27.73M | 27.07M | 24.04M | 23.44M | 18.76M | 16.73M | 14.91M | 12.68M |
| Dividend Payout Ratio | - | 15.21% | - | 32.4% | 15.51% | - | - | 136.75% | - | 116.68% | - | 38.99% | 22.46% | 42.83% | - | - | - | - | - | - | - | - |
NAV volatility and leverage
As reported in recent financial filings, TYG's revenue trajectory exhibits extreme quarterly variance, with the most recent period showing a nominal $49.7K figure, suggesting that headline revenue metrics are highly sensitive to the accounting treatment of portfolio distributions rather than reflecting consistent operational growth or decline.
The erratic nature of the top-line figures appears to stem from the conflation of investment income with realized and unrealized valuation changes. Investors should monitor the underlying distributable cash flow of the portfolio holdings rather than the GAAP revenue line, which provides little insight into the fund's actual earning power.
Based on the provided income statement data, TYG's gross margins have fluctuated wildly, reaching a reported 769.9% in 2025Q4, which indicates that traditional margin analysis is largely inapplicable due to the fund's reliance on non-cash valuation gains that frequently dwarf its core investment income streams.
The extreme margin swings suggest that the fund's profitability is heavily influenced by market-to-market adjustments on its midstream energy holdings. This volatility warrants further investigation into the sustainability of the fund's net income, as these gains are often transient and subject to significant reversal during energy sector downturns.
According to the historical income statements, TYG's operating income frequently scales disproportionately to gross profit, with operating margins reaching as high as 878.1% in recent periods, highlighting the fund's structural reliance on leverage to amplify exposure to long-lived energy infrastructure assets during favorable market cycles.
While this leverage can enhance total returns, it also creates significant downside risk, as evidenced by the negative operating margins observed in previous periods. The fund's reliance on debt and preferred equity appears to be a double-edged sword that necessitates constant monitoring of the cost of capital relative to asset yields.
As reported in financial statements, TYG's net income is characterized by extreme volatility, including a $140.3M gain in 2024Q4 followed by a $50.9M loss in 2025Q2, suggesting that reported earnings are primarily a function of portfolio valuation shifts rather than stable, recurring operational performance.
The disconnect between net income and cash-based distributions implies that the quality of earnings is low from a traditional cash-flow perspective. Investors should be wary of interpreting these bottom-line figures as indicative of the fund's ability to sustain its distribution payout without relying on capital appreciation.
Based on the reported figures, the fund's low cash position of $652k, combined with its history of significant NAV erosion during energy downturns, suggests that the current structure may be vulnerable to liquidity constraints if forced to deleverage during periods of extreme market volatility or sector-specific stress.
Short-term observers might focus on the potential for forced asset sales at cyclical lows, which could permanently impair the fund's NAV. The reliance on a C-Corp structure, while providing tax benefits, also introduces deferred tax liabilities that may further complicate the fund's net asset value trajectory in volatile markets.
Quick answers to the most common questions about buying TYG stock.
Tortoise Energy Infrastructure Corporation (TYG) is profitable, generating $19.4M in net income for the fiscal year ending 2025 with a net profit margin of 178.6%.
Tortoise Energy Infrastructure Corporation (TYG) reported an operating income of $47.9M, resulting in an operating profit margin of 441.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Tortoise Energy Infrastructure Corporation (TYG) generated $0.1M in gross profit for the year, representing a gross profit margin of 0.7%. This demonstrates the company's core pricing power and production efficiency.