Targa Resources

TRGP Energy Market cap $61.6B as of Sep 14, 2026 16:00 ET S&P 500

Q2 FY26 Apr 1 – Jun 30, 2026 reported Aug 6, 2026

Revenue$4.44B +4% year over year

Gross profit$2.14B 48% margin

Operating profit$1.24B 28% margin

Net profit$0.77B 17% margin

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	4.44	100%	+4%
Natural gas liquids reserves	3.76	85%
Gathering	0.55	12%
NGL transportation	0.12	3%
Midstream services other	0.01	0%
Cost of revenue	−2.30	52%
Gross profit	2.14	48% margin	+5pp
G&A	−0.11	2%	+0pp
Other	−0.80	18%	+0pp
Operating profit	1.24	28% margin	+4pp
Interest & other costs	−0.24
Tax	−0.23
Net profit	0.77	17% margin	+2pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	4.10	100%	−10%
Liquids reserves	2.98	73%
Gathering	0.56	14%
Natural gas reserves	0.47	11%
NGL transportation	0.07	2%
Cost of revenue	−2.40	58%
Gross profit	1.70	42% margin	+13pp
G&A	−0.11	3%	+1pp
Other	−0.75	18%	+0pp
Operating profit	0.85	21% margin	+9pp
Interest & other costs	−0.24
Tax	−0.12
Net profit	0.48	12% margin	+6pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	4.06	100%	−8%
Product	3.47	85%
Natural gas reserves	0.39	10%
Storage terminaling	0.13	3%
NGL transportation	0.07	2%
Cost of revenue	−2.31	57%
Gross profit	1.75	43% margin	+9pp
G&A	−0.11	3%	+1pp
Other	−0.72	17%	+0pp
Operating profit	0.92	23% margin	+7pp
Interest & other costs	−0.23
Tax	−0.14
Net profit	0.55	13% margin	+5pp

Filing on EDGAR This quarter on its own page

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	4.15	100%	+8%
Product	3.52	85%
Natural gas reserves	0.50	12%
Storage terminaling	0.11	3%
Midstream services other	0.02	0%
Cost of revenue	−2.51	60%
Gross profit	1.65	40% margin	+1pp
G&A	−0.11	2%	+0pp
Other	−0.70	17%	+0pp
Operating profit	0.84	20% margin	+1pp
Interest & other costs	−0.23
Tax	−0.13
Net profit	0.48	12% margin	+1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	4.26	100%	+20%
Product	3.64	85%	+20%
Gathering	0.40	10%	+5%
Storage terminaling	0.12	3%
NGL transportation	0.08	2%
Midstream services other	0.02	0%
Cost of revenue	−2.44	57%
Gross profit	1.82	43% margin	+5pp
G&A	−0.10	2%	−1pp
Other	−0.70	17%	+0pp
Operating profit	1.03	24% margin	+7pp
Interest & other costs	−0.22
Tax	−0.18
Net profit	0.63	15% margin	+6pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26 Apr 1 – Jun 30, 2026 reported Aug 6, 2026 Operating margin 28% Net profit $0.77B	Apr 1 – Jun 30, 2026	Aug 6, 2026	$4.44B	+4%	28%	$0.77B	17%
Q1 FY26 Jan 1 – Mar 31, 2026 reported May 7, 2026 Operating margin 21% Net profit $0.48B	Jan 1 – Mar 31, 2026	May 7, 2026	$4.10B	−10%	21%	$0.48B	12%
Q4 FY25 Oct 1 – Dec 31, 2025 reported Feb 19, 2026 Operating margin 23% Net profit $0.55B	Oct 1 – Dec 31, 2025	Feb 19, 2026	$4.06B	−8%	23%	$0.55B	13%
Q3 FY25 Jul 1 – Sep 30, 2025 reported Nov 5, 2025 Operating margin 20% Net profit $0.48B	Jul 1 – Sep 30, 2025	Nov 5, 2025	$4.15B	+8%	20%	$0.48B	12%
Q2 FY25 Apr 1 – Jun 30, 2025 reported Aug 7, 2025 Operating margin 24% Net profit $0.63B	Apr 1 – Jun 30, 2025	Aug 7, 2025	$4.26B	+20%	24%	$0.63B	15%