Targa Resources Q4 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
- Oct 1 – Dec 31, 2025
- Reported
- Feb 19, 2026
Revenue$4.06B
−8% year over year
Gross profit$1.75B
43% margin
Operating profit$0.92B
23% margin
Net profit$0.55B
13% margin
The numbers
| 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 |
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