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Side-by-side financial comparison of Expand Energy (EXE) and Targa Resources (TRGP). Click either name above to swap in a different company.
Targa Resources is the larger business by last-quarter revenue ($4.1B vs $3.3B, roughly 1.2× Expand Energy). Expand Energy runs the higher net margin — 16.9% vs 13.4%, a 3.5% gap on every dollar of revenue. On growth, Expand Energy posted the faster year-over-year revenue change (63.5% vs -7.9%). Targa Resources produced more free cash flow last quarter ($542.3M vs $215.0M). Over the past eight quarters, Expand Energy's revenue compounded faster (29.6% CAGR vs 0.8%).
Expand Energy Corporation is the largest independent natural gas producer in the U.S., based on net daily production. Headquartered in Oklahoma City, the company operates in the Appalachian Basin of the Marcellus Formation in Pennsylvania and West Virginia, as well as the Haynesville Shale in Northwestern Louisiana.
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.
EXE vs TRGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $4.1B |
| Net Profit | $553.0M | $545.0M |
| Gross Margin | — | 43.1% |
| Operating Margin | 22.8% | 22.6% |
| Net Margin | 16.9% | 13.4% |
| Revenue YoY | 63.5% | -7.9% |
| Net Profit YoY | 238.6% | 55.3% |
| EPS (diluted) | $2.33 | $2.51 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.3B | $4.1B | ||
| Q3 25 | $3.0B | $4.2B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $2.2B | $4.6B | ||
| Q4 24 | $2.0B | $4.4B | ||
| Q3 24 | $648.0M | $3.9B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | $1.1B | $4.0B |
| Q4 25 | $553.0M | $545.0M | ||
| Q3 25 | $547.0M | $478.4M | ||
| Q2 25 | $968.0M | $629.1M | ||
| Q1 25 | $-249.0M | $270.5M | ||
| Q4 24 | $-399.0M | $350.9M | ||
| Q3 24 | $-114.0M | $387.4M | ||
| Q2 24 | — | $298.5M | ||
| Q1 24 | $26.0M | $275.2M |
| Q4 25 | — | 43.1% | ||
| Q3 25 | — | 39.6% | ||
| Q2 25 | — | 42.8% | ||
| Q1 25 | — | 28.6% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 27.9% | ||
| Q1 24 | — | 19.3% |
| Q4 25 | 22.8% | 22.6% | ||
| Q3 25 | 24.4% | 20.2% | ||
| Q2 25 | 34.4% | 24.3% | ||
| Q1 25 | -12.2% | 11.9% | ||
| Q4 24 | -19.3% | 15.9% | ||
| Q3 24 | -23.9% | 18.9% | ||
| Q2 24 | — | 20.6% | ||
| Q1 24 | 3.0% | 16.0% |
| Q4 25 | 16.9% | 13.4% | ||
| Q3 25 | 18.4% | 11.5% | ||
| Q2 25 | 26.2% | 14.8% | ||
| Q1 25 | -11.3% | 5.9% | ||
| Q4 24 | -19.9% | 8.0% | ||
| Q3 24 | -17.6% | 10.1% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | 2.4% | 6.9% |
| Q4 25 | $2.33 | $2.51 | ||
| Q3 25 | $2.28 | $2.20 | ||
| Q2 25 | $4.02 | $2.87 | ||
| Q1 25 | $-1.06 | $0.91 | ||
| Q4 24 | $-2.15 | $1.44 | ||
| Q3 24 | $-0.85 | $1.75 | ||
| Q2 24 | — | $1.33 | ||
| Q1 24 | $0.18 | $1.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $616.0M | $166.1M |
| Total DebtLower is stronger | $5.0B | $16.7B |
| Stockholders' EquityBook value | $18.6B | $3.1B |
| Total Assets | $28.3B | $25.2B |
| Debt / EquityLower = less leverage | 0.27× | 5.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $616.0M | $166.1M | ||
| Q3 25 | $613.0M | $124.1M | ||
| Q2 25 | $731.0M | $113.1M | ||
| Q1 25 | $349.0M | $151.4M | ||
| Q4 24 | $317.0M | $157.3M | ||
| Q3 24 | $1.0B | $127.2M | ||
| Q2 24 | — | $166.4M | ||
| Q1 24 | $1.2B | $109.9M |
| Q4 25 | $5.0B | $16.7B | ||
| Q3 25 | $5.0B | $16.7B | ||
| Q2 25 | $5.1B | $16.1B | ||
| Q1 25 | $5.2B | $15.5B | ||
| Q4 24 | $5.7B | $13.8B | ||
| Q3 24 | — | $13.6B | ||
| Q2 24 | — | $13.0B | ||
| Q1 24 | — | $12.5B |
| Q4 25 | $18.6B | $3.1B | ||
| Q3 25 | $18.1B | $2.7B | ||
| Q2 25 | $17.9B | $2.6B | ||
| Q1 25 | $17.2B | $2.5B | ||
| Q4 24 | $17.6B | $2.6B | ||
| Q3 24 | $10.2B | $2.6B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | $10.7B | $2.7B |
| Q4 25 | $28.3B | $25.2B | ||
| Q3 25 | $27.6B | $24.2B | ||
| Q2 25 | $27.8B | $23.5B | ||
| Q1 25 | $27.9B | $22.8B | ||
| Q4 24 | $27.9B | $22.7B | ||
| Q3 24 | $13.4B | $21.9B | ||
| Q2 24 | — | $21.3B | ||
| Q1 24 | $14.0B | $20.8B |
| Q4 25 | 0.27× | 5.43× | ||
| Q3 25 | 0.28× | 6.19× | ||
| Q2 25 | 0.29× | 6.21× | ||
| Q1 25 | 0.30× | 6.34× | ||
| Q4 24 | 0.32× | 5.32× | ||
| Q3 24 | — | 5.28× | ||
| Q2 24 | — | 5.25× | ||
| Q1 24 | — | 4.63× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $956.0M | $1.5B |
| Free Cash FlowOCF − Capex | $215.0M | $542.3M |
| FCF MarginFCF / Revenue | 6.6% | 13.4% |
| Capex IntensityCapex / Revenue | 22.6% | 23.8% |
| Cash ConversionOCF / Net Profit | 1.73× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $584.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $956.0M | $1.5B | ||
| Q3 25 | $1.2B | $599.2M | ||
| Q2 25 | $1.3B | $858.3M | ||
| Q1 25 | $1.1B | $954.4M | ||
| Q4 24 | $382.0M | $1.3B | ||
| Q3 24 | $422.0M | $540.9M | ||
| Q2 24 | — | $904.5M | ||
| Q1 24 | $552.0M | $876.4M |
| Q4 25 | $215.0M | $542.3M | ||
| Q3 25 | $426.0M | $-72.6M | ||
| Q2 25 | $665.0M | $-47.8M | ||
| Q1 25 | $533.0M | $162.2M | ||
| Q4 24 | $-154.0M | $601.0M | ||
| Q3 24 | $124.0M | $-287.9M | ||
| Q2 24 | — | $164.2M | ||
| Q1 24 | $131.0M | $206.6M |
| Q4 25 | 6.6% | 13.4% | ||
| Q3 25 | 14.4% | -1.7% | ||
| Q2 25 | 18.0% | -1.1% | ||
| Q1 25 | 24.3% | 3.6% | ||
| Q4 24 | -7.7% | 13.6% | ||
| Q3 24 | 19.1% | -7.5% | ||
| Q2 24 | — | 5.4% | ||
| Q1 24 | 12.1% | 5.2% |
| Q4 25 | 22.6% | 23.8% | ||
| Q3 25 | 26.1% | 16.2% | ||
| Q2 25 | 17.8% | 21.3% | ||
| Q1 25 | 25.6% | 17.4% | ||
| Q4 24 | 26.8% | 16.5% | ||
| Q3 24 | 46.0% | 21.5% | ||
| Q2 24 | — | 24.3% | ||
| Q1 24 | 38.9% | 16.8% |
| Q4 25 | 1.73× | 2.76× | ||
| Q3 25 | 2.20× | 1.25× | ||
| Q2 25 | 1.37× | 1.36× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | — | 3.78× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 3.03× | ||
| Q1 24 | 21.23× | 3.18× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXE
| Oil And Gas | $2.3B | 70% |
| Natural Gas Marketing Sales | $734.0M | 22% |
| Natural Gas Liquids Sales | $174.0M | 5% |
| Natural Gas Liquids Marketing Sales | $34.0M | 1% |
| Oil Marketing Sales | $31.0M | 1% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
