Targa Resources Q2 FY25: where the revenue came from and where it went
The whole income statement of Targa Resources for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Apr 1 – Jun 30, 2025
- Reported
- Aug 7, 2025
Revenue$4.26B
+20% year over year
Gross profit$1.82B
43% margin
Operating profit$1.03B
24% margin
Net profit$0.63B
15% margin
The numbers
| 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 |
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