Targa ResourcesTRGPEarnings & Financial Report
Targa Resources Corp. is a Fortune 500 company based in Houston, Texas. Targa, a midstream energy infrastructure corporation, is one of the largest infrastructure companies delivering natural gas and natural gas liquids in the United States. Their operations are based largely, though not entirely, on the Gulf Coast, particularly in Texas and Louisiana. Matthew J. Meloy has been Chief Executive Officer since 2020.
TRGP Q4 2025 Key Financial Metrics
Revenue
$4.1B
Gross Profit
$1.7B
Operating Profit
$917.4M
Net Profit
$545.0M
Gross Margin
43.1%
Operating Margin
22.6%
Net Margin
13.4%
YoY Growth
-7.9%
EPS
$2.51
Financial Flow
Targa Resources Q4 2025 Financial Summary
Targa Resources reported revenue of $4.1B for Q4 2025, with a net profit of $545.0M (13.4% margin). Cost of goods sold was $2.3B, operating expenses totaled $830.5M.
Key Financial Metrics
| Total Revenue | $4.1B |
|---|---|
| Net Profit | $545.0M |
| Gross Margin | 43.1% |
| Operating Margin | 22.6% |
| Report Period | Q4 2025 |
Targa Resources Annual Revenue by Year
Targa Resources annual revenue history includes year-by-year totals (for example, 2025 revenue was $17.0B).
| Year | Annual Revenue |
|---|---|
| 2025 | $17.0B |
| 2024 | $14.1B |
| 2023 | $13.5B |
| 2022 | $19.8B |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.99B | $3.05B | $3.85B | $3.25B | $4.56B | $4.26B | $4.15B | $4.06B |
| YoY Growth | 4.9% | 12.1% | 14.7% | -10.7% | 14.4% | 39.8% | 7.8% | -7.9% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $20.85B | $21.26B | $21.90B | $22.73B | $22.80B | $23.51B | $24.17B | $25.22B |
| Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | $2.70B | $2.47B | $2.57B | $2.59B | $2.45B | $2.59B | $2.71B | $3.07B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $876.4M | $904.5M | $540.9M | $1.33B | $954.4M | $858.3M | $599.2M | $1.51B |
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