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Side-by-side financial comparison of Targa Resources (TRGP) and Williams Companies (WMB), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Targa Resources is the larger business by last-quarter revenue ($4.1B vs $3.8B, roughly 1.1× Williams Companies). Williams Companies runs the higher net margin — 13.4% vs 19.1%, a 5.7% gap on every dollar of revenue. On growth, Williams Companies posted the faster year-over-year revenue change (12.7% vs -7.9%). Targa Resources produced more free cash flow last quarter ($542.3M vs $-379.0M). Over the past eight quarters, Williams Companies's revenue compounded faster (7.3% CAGR vs 0.8%).
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.
The Williams Companies, Inc. is an American energy company based in Tulsa, Oklahoma. Its core business is natural gas processing and transportation, with additional petroleum and electricity generation assets. A Fortune 500 company, its common stock is a component of the S&P 500.
TRGP vs WMB — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $3.8B |
| Net Profit | $545.0M | $734.0M |
| Gross Margin | 43.1% | — |
| Operating Margin | 22.6% | 27.3% |
| Net Margin | 13.4% | 19.1% |
| Revenue YoY | -7.9% | 12.7% |
| Net Profit YoY | 55.3% | 51.0% |
| EPS (diluted) | $2.51 | $0.60 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $4.1B | $3.8B | ||
| Q3 25 | $4.2B | $3.5B | ||
| Q2 25 | $4.3B | $3.4B | ||
| Q1 25 | $4.6B | $4.2B | ||
| Q4 24 | $4.4B | $3.4B | ||
| Q3 24 | $3.9B | $3.0B | ||
| Q2 24 | $3.0B | $2.8B | ||
| Q1 24 | $4.0B | $3.3B |
| Q4 25 | $545.0M | $734.0M | ||
| Q3 25 | $478.4M | $647.0M | ||
| Q2 25 | $629.1M | $546.0M | ||
| Q1 25 | $270.5M | $691.0M | ||
| Q4 24 | $350.9M | $486.0M | ||
| Q3 24 | $387.4M | $706.0M | ||
| Q2 24 | $298.5M | $401.0M | ||
| Q1 24 | $275.2M | $632.0M |
| 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 | 22.6% | 27.3% | ||
| Q3 25 | 20.2% | 31.8% | ||
| Q2 25 | 24.3% | 28.0% | ||
| Q1 25 | 11.9% | 26.1% | ||
| Q4 24 | 15.9% | 23.2% | ||
| Q3 24 | 18.9% | 27.6% | ||
| Q2 24 | 20.6% | 24.4% | ||
| Q1 24 | 16.0% | 30.3% |
| Q4 25 | 13.4% | 19.1% | ||
| Q3 25 | 11.5% | 18.5% | ||
| Q2 25 | 14.8% | 16.2% | ||
| Q1 25 | 5.9% | 16.5% | ||
| Q4 24 | 8.0% | 14.2% | ||
| Q3 24 | 10.1% | 23.3% | ||
| Q2 24 | 9.8% | 14.1% | ||
| Q1 24 | 6.9% | 18.9% |
| Q4 25 | $2.51 | $0.60 | ||
| Q3 25 | $2.20 | $0.53 | ||
| Q2 25 | $2.87 | $0.45 | ||
| Q1 25 | $0.91 | $0.56 | ||
| Q4 24 | $1.44 | $0.39 | ||
| Q3 24 | $1.75 | $0.58 | ||
| Q2 24 | $1.33 | $0.33 | ||
| Q1 24 | $1.22 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $166.1M | — |
| Total DebtLower is stronger | $16.7B | $27.3B |
| Stockholders' EquityBook value | $3.1B | $12.8B |
| Total Assets | $25.2B | $58.6B |
| Debt / EquityLower = less leverage | 5.43× | 2.13× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $166.1M | — | ||
| Q3 25 | $124.1M | — | ||
| Q2 25 | $113.1M | — | ||
| Q1 25 | $151.4M | — | ||
| Q4 24 | $157.3M | — | ||
| Q3 24 | $127.2M | — | ||
| Q2 24 | $166.4M | — | ||
| Q1 24 | $109.9M | — |
| Q4 25 | $16.7B | $27.3B | ||
| Q3 25 | $16.7B | $25.6B | ||
| Q2 25 | $16.1B | $25.6B | ||
| Q1 25 | $15.5B | $24.1B | ||
| Q4 24 | $13.8B | $24.7B | ||
| Q3 24 | $13.6B | $24.8B | ||
| Q2 24 | $13.0B | $24.1B | ||
| Q1 24 | $12.5B | $24.1B |
| Q4 25 | $3.1B | $12.8B | ||
| Q3 25 | $2.7B | $12.5B | ||
| Q2 25 | $2.6B | $12.4B | ||
| Q1 25 | $2.5B | $12.5B | ||
| Q4 24 | $2.6B | $12.4B | ||
| Q3 24 | $2.6B | $12.4B | ||
| Q2 24 | $2.5B | $12.3B | ||
| Q1 24 | $2.7B | $12.4B |
| Q4 25 | $25.2B | $58.6B | ||
| Q3 25 | $24.2B | $55.7B | ||
| Q2 25 | $23.5B | $56.1B | ||
| Q1 25 | $22.8B | $54.9B | ||
| Q4 24 | $22.7B | $54.5B | ||
| Q3 24 | $21.9B | $53.8B | ||
| Q2 24 | $21.3B | $52.4B | ||
| Q1 24 | $20.8B | $52.7B |
| Q4 25 | 5.43× | 2.13× | ||
| Q3 25 | 6.19× | 2.04× | ||
| Q2 25 | 6.21× | 2.06× | ||
| Q1 25 | 6.34× | 1.93× | ||
| Q4 24 | 5.32× | 1.99× | ||
| Q3 24 | 5.28× | 2.00× | ||
| Q2 24 | 5.25× | 1.96× | ||
| Q1 24 | 4.63× | 1.94× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $1.6B |
| Free Cash FlowOCF − Capex | $542.3M | $-379.0M |
| FCF MarginFCF / Revenue | 13.4% | -9.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 23.8% | 50.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 2.76× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $584.1M | $1.0B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $599.2M | $1.4B | ||
| Q2 25 | $858.3M | $1.4B | ||
| Q1 25 | $954.4M | $1.4B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $540.9M | $1.2B | ||
| Q2 24 | $904.5M | $1.3B | ||
| Q1 24 | $876.4M | $1.2B |
| Q4 25 | $542.3M | $-379.0M | ||
| Q3 25 | $-72.6M | $485.0M | ||
| Q2 25 | $-47.8M | $478.0M | ||
| Q1 25 | $162.2M | $421.0M | ||
| Q4 24 | $601.0M | $450.0M | ||
| Q3 24 | $-287.9M | $561.0M | ||
| Q2 24 | $164.2M | $700.0M | ||
| Q1 24 | $206.6M | $690.0M |
| Q4 25 | 13.4% | -9.9% | ||
| Q3 25 | -1.7% | 13.9% | ||
| Q2 25 | -1.1% | 14.2% | ||
| Q1 25 | 3.6% | 10.1% | ||
| Q4 24 | 13.6% | 13.2% | ||
| Q3 24 | -7.5% | 18.5% | ||
| Q2 24 | 5.4% | 24.6% | ||
| Q1 24 | 5.2% | 20.7% |
| Q4 25 | 23.8% | 50.9% | ||
| Q3 25 | 16.2% | 27.3% | ||
| Q2 25 | 21.3% | 28.8% | ||
| Q1 25 | 17.4% | 24.2% | ||
| Q4 24 | 16.5% | 22.5% | ||
| Q3 24 | 21.5% | 22.5% | ||
| Q2 24 | 24.3% | 20.3% | ||
| Q1 24 | 16.8% | 16.3% |
| Q4 25 | 2.76× | 2.15× | ||
| Q3 25 | 1.25× | 2.22× | ||
| Q2 25 | 1.36× | 2.66× | ||
| Q1 25 | 3.53× | 2.07× | ||
| Q4 24 | 3.78× | 2.51× | ||
| Q3 24 | 1.40× | 1.76× | ||
| Q2 24 | 3.03× | 3.19× | ||
| Q1 24 | 3.18× | 1.95× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
