Targa Resources Q3 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
- Jul 1 – Sep 30, 2025
- Reported
- Nov 5, 2025
Revenue$4.15B
+8% year over year
Gross profit$1.65B
40% margin
Operating profit$0.84B
20% margin
Net profit$0.48B
12% margin
The numbers
| 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 |
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