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Side-by-side financial comparison of NGL Energy Partners LP (NGL) and TC ENERGY CORP (TRP). Click either name above to swap in a different company.

NGL Energy Partners LP is a U.S.-based midstream energy services firm. It offers transportation, storage, and logistics solutions for crude oil, natural gas liquids, and renewable fuels, plus water management services for upstream energy producers, operating primarily across North American markets.

TC Energy Corporation is a North American energy company, headquartered in Calgary, Alberta. The company builds and operates energy infrastructure across Canada, the United States, and Mexico, with core business segments in Natural Gas Pipelines, Power Generation and Energy Storage.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
NGL
NGL
TRP
TRP
Q4 25
$909.8M
Q3 25
$674.7M
Q2 25
$622.2M
Q1 25
$971.1M
Q4 24
$982.4M
Q3 24
$756.5M
Q2 24
$759.2M
Q1 24
$1.0B
Net Profit
NGL
NGL
TRP
TRP
Q4 25
$47.2M
Q3 25
$29.3M
Q2 25
$68.9M
Q1 25
$13.7M
Q4 24
$13.5M
Q3 24
$2.5M
Q2 24
$9.7M
Q1 24
$-236.8M
Gross Margin
NGL
NGL
TRP
TRP
Q4 25
29.0%
Q3 25
37.6%
Q2 25
38.5%
Q1 25
26.9%
Q4 24
25.1%
Q3 24
30.9%
Q2 24
29.0%
Q1 24
21.8%
Operating Margin
NGL
NGL
TRP
TRP
Q4 25
12.1%
Q3 25
14.0%
Q2 25
15.7%
Q1 25
8.4%
Q4 24
8.6%
Q3 24
10.8%
Q2 24
10.8%
Q1 24
-9.4%
Net Margin
NGL
NGL
TRP
TRP
Q4 25
5.2%
Q3 25
4.3%
Q2 25
11.1%
Q1 25
1.4%
Q4 24
1.4%
Q3 24
0.3%
Q2 24
1.3%
Q1 24
-22.8%

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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