Targa Resources (TRGP) financials
Targa Resources revenue and earnings by year
Targa Resources's revenue was $17.0 billion in the fiscal year to December 31, 2025, up 3.9% from the year before. Net income was $1.92 billion, 11.3% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 10.9% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 17.0 | 16.4 | 16.1 | 20.9 | 16.9 | 8.3 | 8.7 | 10.5 | 8.8 | 6.7 |
| Revenue growth | 3.9% | 2.0% | -23.3% | 23.5% | 105.2% | -4.7% | -17.3% | 18.9% | 31.7% | — |
| Gross profit | 5.2 | 4.5 | 4.3 | 3.1 | 2.5 | 2.4 | 1.8 | 1.5 | 1.3 | 1.2 |
| Gross margin | 30.7% | 27.5% | 26.8% | 15.0% | 14.6% | 28.8% | 20.3% | 14.5% | 14.6% | 18.1% |
| Operating income | 3.3 | 2.7 | 2.6 | 1.7 | 0.9 | -1.3 | 0.2 | 0.2 | -0.1 | 0.1 |
| Operating margin | 19.6% | 16.5% | 16.4% | 8.3% | 5.1% | -15.8% | 2.2% | 2.3% | -1.4% | 0.8% |
| Net income | 1.9 | 1.3 | 1.3 | 1.2 | 0.1 | -1.6 | -0.2 | 0.0 | 0.1 | -0.2 |
| Net margin | 11.3% | 8.0% | 8.4% | 5.7% | 0.4% | -18.8% | -2.4% | 0.0% | 0.6% | -2.8% |
| Diluted EPS | $8.49 | $5.74 | $3.66 | $3.88 | -$0.07 | -$7.26 | -$1.44 | -$0.52 | — | -$1.61 |
| Free cash flow | 0.6 | 0.7 | 0.8 | 1.1 | 1.8 | 1.0 | -1.5 | -2.0 | -0.4 | 0.3 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open TRGP in Markets.
How Targa Resources makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Natural Gas Liquids Reserves | $3.76B | 84.6% |
| Gathering & Processing Fees | $553M | 12.4% |
| NGL Transportation Fractionation & Services | $121M | 2.7% |
| Midstream Services Other | $11.4M | 0.3% |
See also: TRGP valuation and P/E history · TRGP returns
No forecast, no recommendation. This page describes Targa Resources from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.