Targa Resources Q1 FY26: 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
- Jan 1 – Mar 31, 2026
- Reported
- May 7, 2026
Revenue$4.10B
−10% year over year
Gross profit$1.70B
42% margin
Operating profit$0.85B
21% margin
Net profit$0.48B
12% margin
The numbers
| 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 |
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