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Side-by-side financial comparison of Targa Resources (TRGP) and Willis Towers Watson (WTW). Click either name above to swap in a different company.
Targa Resources is the larger business by last-quarter revenue ($4.1B vs $2.9B, roughly 1.4× Willis Towers Watson). Willis Towers Watson runs the higher net margin — 25.5% vs 13.4%, a 12.1% gap on every dollar of revenue. On growth, Willis Towers Watson posted the faster year-over-year revenue change (-3.5% vs -7.9%). Willis Towers Watson produced more free cash flow last quarter ($708.0M vs $542.3M). Over the past eight quarters, Willis Towers Watson's revenue compounded faster (12.0% 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.
Willis Towers Watson plc is a British-American multinational advisory, broking and solutions company. Its operations span commercial insurance brokerage and risk advisory, employee benefits and rewards consulting, retirement and actuarial services, and investment advice for pension funds and institutional investors.
TRGP vs WTW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $2.9B |
| Net Profit | $545.0M | $735.0M |
| Gross Margin | 43.1% | — |
| Operating Margin | 22.6% | 35.3% |
| Net Margin | 13.4% | 25.5% |
| Revenue YoY | -7.9% | -3.5% |
| Net Profit YoY | 55.3% | -41.0% |
| EPS (diluted) | $2.51 | $7.50 |
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 | $4.1B | $2.9B | ||
| Q3 25 | $4.2B | $2.2B | ||
| Q2 25 | $4.3B | $2.2B | ||
| Q1 25 | $4.6B | $2.2B | ||
| Q4 24 | $4.4B | $3.0B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $3.0B | $2.2B | ||
| Q1 24 | $4.0B | $2.3B |
| Q4 25 | $545.0M | $735.0M | ||
| Q3 25 | $478.4M | $304.0M | ||
| Q2 25 | $629.1M | $331.0M | ||
| Q1 25 | $270.5M | $235.0M | ||
| Q4 24 | $350.9M | $1.2B | ||
| Q3 24 | $387.4M | $-1.7B | ||
| Q2 24 | $298.5M | $141.0M | ||
| Q1 24 | $275.2M | $190.0M |
| 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% | 35.3% | ||
| Q3 25 | 20.2% | 18.7% | ||
| Q2 25 | 24.3% | 16.6% | ||
| Q1 25 | 11.9% | 19.8% | ||
| Q4 24 | 15.9% | 30.2% | ||
| Q3 24 | 18.9% | -34.2% | ||
| Q2 24 | 20.6% | 9.6% | ||
| Q1 24 | 16.0% | 12.2% |
| Q4 25 | 13.4% | 25.5% | ||
| Q3 25 | 11.5% | 13.6% | ||
| Q2 25 | 14.8% | 14.9% | ||
| Q1 25 | 5.9% | 10.8% | ||
| Q4 24 | 8.0% | 41.7% | ||
| Q3 24 | 10.1% | -74.8% | ||
| Q2 24 | 9.8% | 6.4% | ||
| Q1 24 | 6.9% | 8.3% |
| Q4 25 | $2.51 | $7.50 | ||
| Q3 25 | $2.20 | $3.11 | ||
| Q2 25 | $2.87 | $3.32 | ||
| Q1 25 | $0.91 | $2.33 | ||
| Q4 24 | $1.44 | $12.29 | ||
| Q3 24 | $1.75 | $-16.44 | ||
| Q2 24 | $1.33 | $1.36 | ||
| Q1 24 | $1.22 | $1.83 |
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 | $3.2B |
| Total DebtLower is stronger | $16.7B | $9.7B |
| Stockholders' EquityBook value | $3.1B | $8.0B |
| Total Assets | $25.2B | $29.5B |
| Debt / EquityLower = less leverage | 5.43× | 1.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $166.1M | $3.2B | ||
| Q3 25 | $124.1M | $1.9B | ||
| Q2 25 | $113.1M | $2.0B | ||
| Q1 25 | $151.4M | $1.5B | ||
| Q4 24 | $157.3M | $1.9B | ||
| Q3 24 | $127.2M | $1.4B | ||
| Q2 24 | $166.4M | $1.2B | ||
| Q1 24 | $109.9M | $1.9B |
| Q4 25 | $16.7B | $9.7B | ||
| Q3 25 | $16.7B | — | ||
| Q2 25 | $16.1B | — | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $13.8B | $8.6B | ||
| Q3 24 | $13.6B | — | ||
| Q2 24 | $13.0B | — | ||
| Q1 24 | $12.5B | — |
| Q4 25 | $3.1B | $8.0B | ||
| Q3 25 | $2.7B | $7.7B | ||
| Q2 25 | $2.6B | $8.1B | ||
| Q1 25 | $2.5B | $8.1B | ||
| Q4 24 | $2.6B | $7.9B | ||
| Q3 24 | $2.6B | $7.5B | ||
| Q2 24 | $2.5B | $9.3B | ||
| Q1 24 | $2.7B | $9.5B |
| Q4 25 | $25.2B | $29.5B | ||
| Q3 25 | $24.2B | $27.4B | ||
| Q2 25 | $23.5B | $28.5B | ||
| Q1 25 | $22.8B | $28.1B | ||
| Q4 24 | $22.7B | $27.7B | ||
| Q3 24 | $21.9B | $27.2B | ||
| Q2 24 | $21.3B | $29.6B | ||
| Q1 24 | $20.8B | $30.2B |
| Q4 25 | 5.43× | 1.21× | ||
| Q3 25 | 6.19× | — | ||
| Q2 25 | 6.21× | — | ||
| Q1 25 | 6.34× | — | ||
| Q4 24 | 5.32× | 1.08× | ||
| 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 | $1.5B | $771.0M |
| Free Cash FlowOCF − Capex | $542.3M | $708.0M |
| FCF MarginFCF / Revenue | 13.4% | 24.6% |
| Capex IntensityCapex / Revenue | 23.8% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.76× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $584.1M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $771.0M | ||
| Q3 25 | $599.2M | $678.0M | ||
| Q2 25 | $858.3M | $361.0M | ||
| Q1 25 | $954.4M | $-35.0M | ||
| Q4 24 | $1.3B | $599.0M | ||
| Q3 24 | $540.9M | $482.0M | ||
| Q2 24 | $904.5M | $407.0M | ||
| Q1 24 | $876.4M | $24.0M |
| Q4 25 | $542.3M | $708.0M | ||
| Q3 25 | $-72.6M | $621.0M | ||
| Q2 25 | $-47.8M | $303.0M | ||
| Q1 25 | $162.2M | $-86.0M | ||
| Q4 24 | $601.0M | $543.0M | ||
| Q3 24 | $-287.9M | $419.0M | ||
| Q2 24 | $164.2M | $341.0M | ||
| Q1 24 | $206.6M | $-36.0M |
| Q4 25 | 13.4% | 24.6% | ||
| Q3 25 | -1.7% | 27.7% | ||
| Q2 25 | -1.1% | 13.7% | ||
| Q1 25 | 3.6% | -3.9% | ||
| Q4 24 | 13.6% | 18.2% | ||
| Q3 24 | -7.5% | 18.7% | ||
| Q2 24 | 5.4% | 15.4% | ||
| Q1 24 | 5.2% | -1.6% |
| Q4 25 | 23.8% | 2.2% | ||
| Q3 25 | 16.2% | 2.5% | ||
| Q2 25 | 21.3% | 2.6% | ||
| Q1 25 | 17.4% | 2.3% | ||
| Q4 24 | 16.5% | 1.9% | ||
| Q3 24 | 21.5% | 2.8% | ||
| Q2 24 | 24.3% | 3.0% | ||
| Q1 24 | 16.8% | 2.6% |
| Q4 25 | 2.76× | 1.05× | ||
| Q3 25 | 1.25× | 2.23× | ||
| Q2 25 | 1.36× | 1.09× | ||
| Q1 25 | 3.53× | -0.15× | ||
| Q4 24 | 3.78× | 0.48× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 3.03× | 2.89× | ||
| Q1 24 | 3.18× | 0.13× |
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
