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.
Revenue
$3.9B
Gross Profit
$1.5B
Operating Profit
$728.2M
Net Profit
$387.4M
Gross Margin
38.6%
Operating Margin
18.9%
Net Margin
10.1%
YoY Growth
14.7%
EPS
$1.75
Targa Resources Q3 FY2024 Financial Summary
Targa Resources reported revenue of $3.9B (up 14.7% YoY) for Q3 FY2024, with a net profit of $387.4M (up 76.1% YoY) (10.1% margin). Cost of goods sold was $2.4B, operating expenses totaled $758.6M.
Key Financial Metrics
| Total Revenue | $3.9B |
|---|---|
| Net Profit | $387.4M |
| Gross Margin | 38.6% |
| Operating Margin | 18.9% |
| Report Period | Q3 FY2024 |
Revenue Breakdown
Targa Resources Q3 FY2024 revenue of $3.9B breaks down across 7 segments, led by Natural Gas Liquids Reserves at $3.0B (76.8% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Natural Gas Liquids Reserves | $3.0B | 76.8% |
| Gathering And Processing Fees | $426.4M | 11.1% |
| Natural Gas Reserves | $168.4M | 4.4% |
| Oil And Condensate | $123.2M | 3.2% |
| Storage Terminaling And Export | $122.0M | 3.2% |
| NGL Transportation Fractionation And Services | $72.8M | 1.9% |
| Midstream Services Other | $13.6M | 0.4% |
Targa Resources Revenue by Segment — Quarterly Trend
Targa Resources revenue by segment across the last 4 reported quarters, showing how each business line (such as Natural Gas Liquids Reserves and Gathering And Processing Fees) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Natural Gas Liquids Reserves | — | — | $2.9B | $2.8B |
| Gathering And Processing Fees | — | — | $465.9M | $403.7M |
| Natural Gas Reserves | — | $393.1M | $502.5M | $458.2M |
| Oil And Condensate | — | $112.0M | $108.0M | $111.3M |
| Storage Terminaling And Export | — | $130.9M | $113.2M | $120.9M |
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 | $15.3B |
| 2023 | $13.5B |
| 2022 | $19.8B |
Targa Resources Quarterly Revenue & Net Profit History
Targa Resources results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $4.1B | -10.2% | $487.4M | 11.9% |
| Q4 FY2025 | $4.1B | -7.9% | $545.0M | 13.4% |
| Q3 FY2025 | $4.2B | +7.8% | $478.4M | 11.5% |
| Q2 FY2025 | $4.3B | +39.8% | $629.1M | 14.8% |
| Q1 FY2025 | $4.6B | +14.4% | $270.5M | 5.9% |
| Q4 FY2024 | $4.4B | +21.0% | $350.9M | 8.0% |
| Q3 FY2024 | $3.9B | +14.7% | $387.4M | 10.1% |
| Q2 FY2024 | $3.0B | +12.1% | $298.5M | 9.8% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.05B | $3.85B | $4.41B | $4.56B | $4.26B | $4.15B | $4.06B | $4.09B |
| YoY Growth | 12.1% | 14.7% | 21.0% | 14.4% | 39.8% | 7.8% | -7.9% | -10.2% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $21.26B | $21.90B | $22.73B | $22.80B | $23.51B | $24.17B | $25.22B | N/A |
| Liabilities | $18.80B | $19.33B | $20.14B | $20.35B | $20.92B | $21.47B | $22.15B | N/A |
| Equity | $2.47B | $2.57B | $2.59B | $2.45B | $2.59B | $2.71B | $3.07B | N/A |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $904.5M | $540.9M | $1.33B | $954.4M | $858.3M | $599.2M | $1.51B |