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Targa Resources (TRGP) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Targa Resources (TRGP) Q3 2026 earnings results →

Q3 2026 Revenue up 35% year over year to $5.6B · 12¢ of every $1 of revenue kept as net profit · operating margin 19.6%

Targa Resources made $5.6B in Q3 2026 (+35% Y/Y): Product $4.7B, Service $874M. Operating margin 19.6%, net earnings $658M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$5.6B
Year over year+35%
Operating margin19.6%
Net earnings$658M
Operating cash flow$1.4B

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Targa Resources Q3 2026 revenue breakdown: Sankey diagram of revenue (Product, Service), costs, profit and cash flow
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What changed this quarter

Revenue was $5.6B in Q3 2026, up 35% year over year and up 26% from the previous quarter. Natural Gas Liquids Reserves was the largest line at 69% of revenue. Natural Gas Liquids Reserves added $0.93B year over year (up 32%), 65% of the total change.

Operating profit was $1.1B, a 19.6% margin (down 0.6 points year over year). Of the extra revenue versus Q3 2025, 18% reached operating profit, below the 20% margin then. Total costs grew 36% against revenue growth of 35%. The fastest-growing cost line was Cost of revenue (+43%). Net earnings were $0.66B, up 38% year over year. The effective tax rate was 20.5%.

Operating cash flow was $1.4B (up 128% year over year), 202% of net income including minority interests. Non-cash charges added back $0.46B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.21B. Capital expenditures of $1.2B left free cash flow of $0.12B.

Quarterly history

Targa Resources revenue by quarterTarga Resources revenue by quarter$4.6BQ1 2025$4.3BQ2 2025$4.2BQ3 2025$4.1BQ4 2025$4.1BQ1 2026$4.4BQ2 2026$5.6BQ3 2026
Targa Resources net earnings by quarterTarga Resources net earnings by quarter$270MQ1 2025$629MQ2 2025$478MQ3 2025$545MQ4 2025$480MQ1 2026$765MQ2 2026$658MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$5.6B+35%19.6%$658M$1.4B
Q2 202610-QAug 6, 2026$4.4B+4%27.8%$765M$1.4B
Q1 202610-QMay 7, 2026$4.1B-10%20.7%$480M$740M
Q4 202510-KFeb 19, 2026$4.1B-8%22.6%$545M$1.5B
Q3 202510-QNov 5, 2025$4.2B+8%20.2%$478M$599M
Q2 202510-QAug 7, 2025$4.3B+20%24.3%$629M$858M
Q1 202510-QMay 1, 2025$4.6B0%11.9%$270M$954M

Charts

Targa Resources: revenue growth, year over year and quarter over quarterTarga Resources: revenue growth, year over year and quarter over quarterY/YQ/Q0%Q1 2025+20%-7%Q2 2025+8%-3%Q3 2025-8%-2%Q4 2025-10%+1%Q1 2026+4%+8%Q2 2026+35%+26%Q3 2026
Latest (Q3 2026): Y/Y +35%, Q/Q +26%.
Targa Resources: where the cash came from (+) and went (−), TTM to Q3 2026Targa Resources: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$108.6BNet borrowing (+) / repaid (−)−$107.8BOperating cash flow$5.1BCapital spending−$4.1BOther investing−$1.5BBuybacks−$224MTaxes on employees’ shares−$63.6MCash drawn (+) / kept (−)−$18.5M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Targa Resources: profit against cash, quarter by quarterTarga Resources: profit against cash, quarter by quarterNet incomeOperating cash flow$414M$1.3BQ4 2024$280M$954MQ1 2025$637M$858MQ2 2025$487M$599MQ3 2025$553M$1.5BQ4 2025$487M$740MQ1 2026$778M$1.4BQ2 2026$676M$1.4BQ3 2026
Latest (Q3 2026): Net income $676M, Operating cash flow $1.4B.
Targa Resources: diluted shares by fiscal yearTarga Resources: diluted shares by fiscal year232MFY2020229MFY2021231MFY2022226MFY2023221MFY2024217MFY2025
-6.6% since FY2020: buybacks shrank the count.
Targa Resources: long-term debt falling due (FY2025)Targa Resources: long-term debt falling due (FY2025)$679M2026$750M2027$700M2028$1.8B2029$1.9B2030$11.5BLater
Cash $166M, short-term investments —, long-term debt $17.4B at 2025-12-31.
Targa Resources in its industry: growth against margin (17 companies, SIC 4922)Targa Resources in its industry: growth against margin (17 companies, SIC 4922)revenue growth, year over year →↑ operating marginmedian +21%median 29%ETEPDKMINorthwest Pipeline LLCWMBWestern Midstream Operating, LPWESNGLBoardwalk Pipeline Partners, LPKNTKKGSAROCUSACDTMAMSMCTRGP (+35%, 20%)
Natural Gas Transmission; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Targa Resources

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. Targa is a FORTUNE 500 company and is included in the S&P 500.

In its own words, from its 8-K, filed Aug 6, 2026.

Targa Resources against its Natural Gas Transmission peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +30%. Operating margin: 19.6% against the peers' median 24.1%.

CompanyQuarterRevenueY/YOp. margin
TRGP Targa ResourcesQ3 2026$5.6B+35%19.6%
ET Energy Transfer LPQ3 2026$37.1B+86%7.5%
EPD Enterprise Products Partners L.P.Q3 2026$17.9B+49%11.1%
KMI Kinder MorganQ3 2026$4.5B+9%25.6%
Northwest Pipeline LLCQ3 2026$3.2B+10%35.2%
Western Midstream Operating, LPQ2 2026$1.2B+30%43.0%
WES Western Midstream Partners, LPQ3 2026$1.2B+25%38.6%
NGL NGL Energy Partners LPQ2 FY27$987M+46%2.4%
Boardwalk Pipeline Partners, LPQ3 2026$614M+13%24.1%

Source: Targa Resources 10-Q on SEC EDGAR · CIK 1389170 · Natural Gas Transmission

Guidance and outlook

Targa Resources: what its forward-looking statements are about (10-Q filed 2026-11-05)Targa Resources: what its forward-looking statements are about (10-Q filed 2026-11-05)Other3Demand1Supply chain1Margins1Capital spending1
7 statements; tone +0.57 (−1 all cautious, +1 all confident); 0 hedged.
Targa Resources: outlook statements against the filing beforeTarga Resources: outlook statements against the filing beforeConfident4

13F: who owns TRGP and who is buying

Largest holders of TRGP (13F)Largest holders of TRGP (13F)BlackRock$5.6BVanguard Group$5.2BState Street$3.8BWellington Management Group LLP$3.8BVanguard Capital Management LLC$3.8BVanguard Portfolio Management LLC$3.1BHarris Associates L P$2.1BGeode Capital Management, LLC$1.6BDeutsche Bank Ag\$1.0BBlackstone$966M
Funds' net buying of TRGP by quarter (13F)Funds' net buying of TRGP by quarter (13F)−$565M2024-09−$103M2024-12−$110M2025-03−$95.1M2025-06$207M2025-09$666M2025-12$226M2026-03$244M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TRGP

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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