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Side-by-side financial comparison of Targa Resources (TRGP) and Western Digital (WDC). 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× Western Digital). Western Digital runs the higher net margin — 96.0% vs 13.4%, a 82.6% gap on every dollar of revenue. On growth, Western Digital posted the faster year-over-year revenue change (45.5% vs -7.9%). Western Digital produced more free cash flow last quarter ($978.0M vs $542.3M). Over the past eight quarters, Targa Resources's revenue compounded faster (0.8% CAGR vs -9.7%).
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.
Western Digital Corporation, doing business as WD, is an American data storage company headquartered in San Jose, California. Established in 1970, the company is one of the world's largest manufacturers of hard disk drives (HDDs).
TRGP vs WDC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2027
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $3.3B |
| Net Profit | $545.0M | $3.2B |
| Gross Margin | 43.1% | 50.2% |
| Operating Margin | 22.6% | 35.7% |
| Net Margin | 13.4% | 96.0% |
| Revenue YoY | -7.9% | 45.5% |
| Net Profit YoY | 55.3% | 516.3% |
| EPS (diluted) | $2.51 | $8.20 |
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.
| Q3 26 | — | $3.3B | ||
| Q2 26 | — | $3.0B | ||
| Q1 26 | — | $3.0B | ||
| Q4 25 | $4.1B | $2.8B | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.3B | $-1.2B | ||
| Q1 25 | $4.6B | $2.3B | ||
| Q4 24 | $4.4B | $4.3B |
| Q3 26 | — | $3.2B | ||
| Q2 26 | — | $1.8B | ||
| Q1 26 | — | $1.8B | ||
| Q4 25 | $545.0M | $1.2B | ||
| Q3 25 | $478.4M | — | ||
| Q2 25 | $629.1M | $282.0M | ||
| Q1 25 | $270.5M | $520.0M | ||
| Q4 24 | $350.9M | $594.0M |
| Q3 26 | — | 50.2% | ||
| Q2 26 | — | 45.7% | ||
| Q1 26 | — | 45.7% | ||
| Q4 25 | 43.1% | 43.5% | ||
| Q3 25 | 39.6% | — | ||
| Q2 25 | 42.8% | — | ||
| Q1 25 | 28.6% | 39.8% | ||
| Q4 24 | 33.7% | 35.4% |
| Q3 26 | — | 35.7% | ||
| Q2 26 | — | 30.1% | ||
| Q1 26 | — | 30.1% | ||
| Q4 25 | 22.6% | 28.1% | ||
| Q3 25 | 20.2% | — | ||
| Q2 25 | 24.3% | — | ||
| Q1 25 | 11.9% | 33.1% | ||
| Q4 24 | 15.9% | 19.9% |
| Q3 26 | — | 96.0% | ||
| Q2 26 | — | 61.1% | ||
| Q1 26 | — | 61.1% | ||
| Q4 25 | 13.4% | 41.9% | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | 14.8% | -24.4% | ||
| Q1 25 | 5.9% | 22.7% | ||
| Q4 24 | 8.0% | 13.9% |
| Q3 26 | — | $8.20 | ||
| Q2 26 | — | $4.73 | ||
| Q1 26 | — | $4.73 | ||
| Q4 25 | $2.51 | $3.07 | ||
| Q3 25 | $2.20 | — | ||
| Q2 25 | $2.87 | $0.72 | ||
| Q1 25 | $0.91 | $1.42 | ||
| Q4 24 | $1.44 | $1.63 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $166.1M | $2.0B |
| Total DebtLower is stronger | $16.7B | $1.6B |
| Stockholders' EquityBook value | $3.1B | $9.7B |
| Total Assets | $25.2B | $15.0B |
| Debt / EquityLower = less leverage | 5.43× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q3 26 | — | $2.0B | ||
| Q2 26 | — | $2.0B | ||
| Q1 26 | — | $2.0B | ||
| Q4 25 | $166.1M | $2.0B | ||
| Q3 25 | $124.1M | — | ||
| Q2 25 | $113.1M | $2.1B | ||
| Q1 25 | $151.4M | $3.5B | ||
| Q4 24 | $157.3M | $2.3B |
| Q3 26 | — | $1.6B | ||
| Q2 26 | — | $4.7B | ||
| Q1 26 | — | $4.7B | ||
| Q4 25 | $16.7B | $4.7B | ||
| Q3 25 | $16.7B | — | ||
| Q2 25 | $16.1B | $4.7B | ||
| Q1 25 | $15.5B | $7.3B | ||
| Q4 24 | $13.8B | $7.4B |
| Q3 26 | — | $9.7B | ||
| Q2 26 | — | $7.1B | ||
| Q1 26 | — | $7.1B | ||
| Q4 25 | $3.1B | $5.9B | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $2.6B | $5.3B | ||
| Q1 25 | $2.5B | $5.2B | ||
| Q4 24 | $2.6B | $12.1B |
| Q3 26 | — | $15.0B | ||
| Q2 26 | — | $15.6B | ||
| Q1 26 | — | $15.6B | ||
| Q4 25 | $25.2B | $14.4B | ||
| Q3 25 | $24.2B | — | ||
| Q2 25 | $23.5B | $14.0B | ||
| Q1 25 | $22.8B | $16.4B | ||
| Q4 24 | $22.7B | $25.5B |
| Q3 26 | — | 0.16× | ||
| Q2 26 | — | 0.65× | ||
| Q1 26 | — | 0.65× | ||
| Q4 25 | 5.43× | 0.80× | ||
| Q3 25 | 6.19× | — | ||
| Q2 25 | 6.21× | 0.89× | ||
| Q1 25 | 6.34× | 1.42× | ||
| Q4 24 | 5.32× | 0.61× |
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 | $1.5B | $1.1B |
| Free Cash FlowOCF − Capex | $542.3M | $978.0M |
| FCF MarginFCF / Revenue | 13.4% | 29.3% |
| Capex IntensityCapex / Revenue | 23.8% | — |
| Cash ConversionOCF / Net Profit | 2.76× | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $584.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 26 | — | $1.1B | ||
| Q2 26 | — | $745.0M | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $672.0M | ||
| Q3 25 | $599.2M | — | ||
| Q2 25 | $858.3M | $746.0M | ||
| Q1 25 | $954.4M | $508.0M | ||
| Q4 24 | $1.3B | $403.0M |
| Q3 26 | — | $978.0M | ||
| Q2 26 | — | $653.0M | ||
| Q1 26 | — | — | ||
| Q4 25 | $542.3M | $599.0M | ||
| Q3 25 | $-72.6M | — | ||
| Q2 25 | $-47.8M | $675.0M | ||
| Q1 25 | $162.2M | $379.0M | ||
| Q4 24 | $601.0M | $287.0M |
| Q3 26 | — | 29.3% | ||
| Q2 26 | — | 21.6% | ||
| Q1 26 | — | — | ||
| Q4 25 | 13.4% | 21.3% | ||
| Q3 25 | -1.7% | — | ||
| Q2 25 | -1.1% | -58.5% | ||
| Q1 25 | 3.6% | 16.5% | ||
| Q4 24 | 13.6% | 6.7% |
| Q3 26 | — | — | ||
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 23.8% | 2.6% | ||
| Q3 25 | 16.2% | — | ||
| Q2 25 | 21.3% | -6.2% | ||
| Q1 25 | 17.4% | 5.6% | ||
| Q4 24 | 16.5% | 2.7% |
| Q3 26 | — | 0.35× | ||
| Q2 26 | — | 0.40× | ||
| Q1 26 | — | — | ||
| Q4 25 | 2.76× | 0.57× | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.36× | 2.65× | ||
| Q1 25 | 3.53× | 0.98× | ||
| Q4 24 | 3.78× | 0.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
WDC
Segment breakdown not available.
