Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 44.74% is in line with its 5-year average of 42.85%, around the middle of its 5-year range (38.48%–52.11%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.53% below its 12-month average of 45.43%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
44.74%
OPERATING MARGIN AVG TTM
45.43%
OPERATING MARGIN AVG 3Y
43.95%
OPERATING MARGIN AVG 5Y
42.85%
OPERATING MARGIN AVG 10Y
42.40%
OPERATING MARGIN AVG 15Y
38.67%
OPERATING MARGIN AVG 20Y
37.40%
CURRENT VS TTM AVG
-1.53%
CURRENT VS 3Y AVG
+1.80%
CURRENT VS 5Y AVG
+4.41%
CURRENT VS 10Y AVG
+5.51%
CURRENT VS 15Y AVG
+15.69%
CURRENT VS 20Y AVG
+19.62%
SECTOR MEDIAN · ENERGY
18.52%
median of 48 covered companies
CURRENT VS SECTOR MEDIAN
+141.64%
vs the sector median at left
TC Energy Corporation
Market Cap
$64.40B
Operating Margin
44.74%
TTM Avg
45.43%
3Y Avg
43.95%
5Y Avg
42.85%
Market Cap
$61.95B
Operating Margin
12.92%
TTM Avg
12.49%
3Y Avg
11.06%
5Y Avg
8.98%
Market Cap
$61.78B
Operating Margin
23.13%
TTM Avg
18.91%
3Y Avg
15.82%
5Y Avg
14.84%
Market Cap
$58.78B
Operating Margin
23.01%
TTM Avg
19.63%
3Y Avg
24.70%
5Y Avg
17.59%
Market Cap
$70.28B
Operating Margin
29.04%
TTM Avg
28.73%
3Y Avg
26.70%
5Y Avg
27.54%
Market Cap
$55.61B
Operating Margin
27.68%
TTM Avg
36.30%
3Y Avg
48.86%
5Y Avg
10.01%
Market Cap
$73.33B
Operating Margin
10.60%
TTM Avg
11.23%
3Y Avg
10.41%
5Y Avg
10.39%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| TC Energy Corporation (TRP) | $64.40B | 44.74% | 45.43% | 43.95% | 42.85% |
| Baker Hughes Company (BKR)vs › | $61.95B | 12.92% | 12.49% | 11.06% | 8.98% |
| Targa Resources Corp. (TRGP)vs › | $61.78B | 23.13% | 18.91% | 15.82% | 14.84% |
| MPLX Lp (MPLX)vs › | $60.12B | 42.91% | 44.40% | 45.59% | 37.76% |
| ONEOK, Inc. (OKE)vs › | $59.71B | 18.48% | 21.96% | 20.06% | 19.87% |
| Occidental Petroleum Corporation (OXY)vs › | $58.78B | 23.01% | 19.63% | 24.70% | 17.59% |
| Kinder Morgan, Inc. (KMI)vs › | $70.28B | 29.04% | 28.73% | 26.70% | 27.54% |
| Diamondback Energy, Inc. (FANG)vs › | $55.61B | 27.68% | 36.30% | 48.86% | 10.01% |
| Energy Transfer LP (ET)vs › | $73.33B | 10.60% | 11.23% | 10.41% | 10.39% |
| EOG Resources, Inc. (EOG)vs › | $76.35B | 39.07% | 34.86% | 36.23% | 28.41% |
Gross Margin
51.5%
Operating Margin
44.7%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 44.74% |
| 2026-03-31 | 52.11% |
| 2025-12-31 | 44.20% |
| 2025-09-30 | 42.74% |
| 2025-06-30 | 43.38% |
| 2025-03-31 | 45.85% |
| 2024-12-31 | 47.94% |
| 2024-09-30 | 39.36% |
| 2024-06-30 | 40.97% |
| 2024-03-31 | 45.83% |
| 2023-12-31 | 42.54% |
| 2023-09-30 | 40.18% |
| 2023-06-30 | 41.51% |
| 2023-03-31 | 47.86% |
| 2022-12-31 | 40.61% |
| 2022-09-30 | 38.48% |
| 2022-06-30 | 39.68% |
| 2022-03-31 | 43.80% |
| 2021-12-31 | 44.06% |
| 2021-09-30 | 39.48% |
| 2021-06-30 | 43.81% |
| 2021-03-31 | 48.92% |
| 2020-12-31 | 43.01% |
| 2020-09-30 | 42.94% |
| 2020-06-30 | 42.80% |
| 2020-03-31 | 49.50% |
| 2019-12-31 | 41.77% |
| 2019-09-30 | 43.50% |
| 2019-06-30 | 45.94% |
| 2019-03-31 | 43.33% |
| 2018-12-31 | 46.70% |
| 2018-09-30 | 40.02% |
| 2018-06-30 | 41.53% |
| 2018-03-31 | 37.03% |
| 2017-12-31 | 37.76% |
| 2017-09-30 | 31.67% |
| 2017-06-30 | 30.68% |
| 2017-03-31 | 34.77% |
| 2016-12-31 | 34.21% |
| 2016-09-30 | 27.78% |
| 2016-06-30 | 38.17% |
| 2016-03-31 | 28.89% |
| 2015-12-31 | 30.16% |
| 2015-09-30 | 31.42% |
| 2015-06-30 | 33.26% |
| 2015-03-31 | 30.31% |
| 2014-12-31 | 32.80% |
| 2014-09-30 | 35.62% |
| 2014-06-30 | 31.51% |
| 2014-03-31 | 29.72% |
| 2013-12-31 | 32.16% |
| 2013-09-30 | 34.07% |
| 2013-06-30 | 30.66% |
| 2013-03-31 | 33.70% |
| 2012-12-31 | 30.45% |
| 2012-09-30 | 32.41% |
| 2012-06-30 | 31.34% |
| 2012-03-31 | 35.64% |
| 2011-12-31 | 32.54% |
| 2011-09-30 | 35.90% |
| 2011-06-30 | 35.32% |
| 2011-03-31 | 37.32% |
| 2010-12-31 | 26.11% |
| 2010-09-30 | 32.17% |
| 2010-06-30 | 31.31% |
| 2010-03-31 | 31.15% |
| 2009-12-31 | 29.83% |
| 2009-09-30 | 29.52% |
| 2009-06-30 | 31.26% |
| 2009-03-31 | 32.44% |
| 2008-12-31 | 73.78% |
| 2008-09-30 | 34.83% |
| 2008-06-30 | 31.53% |
| 2008-03-31 | 45.30% |
| 2007-12-31 | 30.35% |
| 2007-09-30 | 31.52% |
| 2007-06-30 | 28.21% |
| 2007-03-31 | 28.97% |
| 2006-12-31 | 57.60% |
| 2006-09-30 | 33.05% |
| 2006-06-30 | 30.64% |
| 2006-03-31 | 31.44% |
| 2005-12-31 | 55.91% |
| 2005-09-30 | 32.79% |
| 2005-06-30 | 36.48% |
| 2005-03-31 | 36.14% |
| 2004-12-31 | 64.60% |
| 2004-09-30 | 39.03% |
| 2004-06-30 | 37.51% |
| 2004-03-31 | 40.53% |
| 2003-12-31 | 78.42% |
| 2003-09-30 | 37.96% |
| 2003-06-30 | 39.86% |
| 2003-03-31 | 100.00% |
| 2002-12-31 | -125.82% |
| 2002-09-30 | 100.00% |
