Targa Resources

TRGP · Energy · Market cap $57.1B

Q1 FY26 Mar 31, 2026 reported May 7, 2026

Revenue$4.1B −10% year over year

Gross profit$1.7B

Operating profit$0.8B

Net profit$0.5B 12% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	4.1	100%	−10%
Natural Gas Liquids Reserves	3	73%	−12%
Gathering and Processing Fees	0.6	15%	+19%
Natural Gas Reserves	0.5	12%	−31%
NGL Transportation Fractionation…	0.1	2%	−6%
Cost of revenue	−2.4	59%
Gross profit	1.7	42% margin	+13pp
G&A	−0.1	3%	+1pp
Other	−0.8	18%	+0pp
Operating profit	0.8	21% margin	+9pp
Tax	−0.1
Interest & other costs	−0.2
Net profit	0.5	12%	+6pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	4.1	100%	−8%
Product	3.5	85%
Natural Gas Reserves	0.4	10%	−6%
Storage Terminaling and Export	0.1	2%	−3%
NGL Transportation Fractionation…	0.1	2%	−16%
Cost of revenue	−2.3	56%
Gross profit	1.7	43% margin	+9pp
G&A	−0.1	3%	+1pp
Other	−0.7	18%	+0pp
Operating profit	0.9	23% margin	+7pp
Tax	−0.1
Interest & other costs	−0.3
Net profit	0.5	13%	+5pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	4.2	100%	+8%
Product	3.5	83%
Natural Gas Reserves	0.5	12%
Storage Terminaling and Export	0.1	2%	−7%
Cost of revenue	−2.5	60%
Gross profit	1.6	40% margin	+1pp
G&A	−0.1	3%	+0pp
Other	−0.7	17%	+0pp
Operating profit	0.8	20% margin	+1pp
Tax	−0.1
Interest & other costs	−0.2
Net profit	0.5	12%	+1pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	4.3	100%	+20%
Product	3.6	84%	+20%
Gathering and Processing Fees	0.4	9%	+5%
Storage Terminaling and Export	0.1	2%
NGL Transportation Fractionation…	0.1	2%
Cost of revenue	−2.4	56%
Gross profit	1.8	43% margin	+5pp
G&A	−0.1	2%	−1pp
Other	−0.7	16%	+0pp
Operating profit	1	24% margin	+7pp
Tax	−0.2
Interest & other costs	−0.2
Net profit	0.6	15%	+6pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q1 FY26	Mar 31, 2026	May 7, 2026	$4.1B	−10%	20%	$0.5B	12%
Q4 FY25	Oct 1 – Dec 31, 2025	Feb 19, 2026	$4.1B	−8%	22%	$0.5B	13%
Q3 FY25	Jul 1 – Sep 30, 2025	Nov 5, 2025	$4.2B	+8%	19%	$0.5B	12%
Q2 FY25	Apr 1 – Jun 30, 2025	Aug 7, 2025	$4.3B	+20%	23%	$0.6B	15%