Filing Flows › Targa Resources (TRGP) › Q1 2025
Targa Resources (TRGP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Targa Resources (TRGP) reported revenue of $4.6B for the first quarter 2025 (Q1 2025), 0% from a year earlier and +4% from the quarter before. Operating margin was 11.9%, net earnings $270M (5.9% of revenue).
Targa Resources, Q1 2025: revenue $4.6B (0% year over year), operating margin 11.9%, net earnings $270M, operating cash flow $954M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.6B | +4% | 0% |
| Operating profit | $543M | -22% | -15% |
| Net earnings | $270M | -23% | -2% |
| Operating cash flow | $954M | -28% | +9% |
| Free cash flow | $162M | -73% | -21% |
What changed
Revenue was $4.6B in Q1 2025, roughly flat year over year and up 4% from the previous quarter. Product was the largest line at 85% of revenue. Product lost $0.06B year over year (down 1%), 6444% of the total change.
Operating profit was $0.54B, a 11.9% margin (down 2.1 points year over year). Total costs grew 2% against flat revenue. Net earnings were $0.27B, down 2% year over year. The effective tax rate was 20.5%.
Operating cash flow was $1.0B (up 9% year over year), 341% of net income including minority interests. Non-cash charges added back $0.37B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.29B. Capital expenditures of $0.79B left free cash flow of $0.16B.
Questions
What was Targa Resources' revenue in the first quarter 2025?
Targa Resources (TRGP) reported revenue of $4.6B for the first quarter 2025 (Q1 2025), 0% from a year earlier and +4% from the quarter before.
Was Targa Resources profitable in the first quarter 2025?
Operating profit was $543M (11.9% of revenue) and net earnings $270M.
Source: Targa Resources 10-Q on SEC EDGAR.