Filing Flows › Targa Resources (TRGP) › Q1 2026
Targa Resources (TRGP) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Targa Resources (TRGP) reported revenue of $4.1B for the first quarter 2026 (Q1 2026), -10% from a year earlier and +1% from the quarter before. Operating margin was 20.7%, net earnings $480M (11.7% of revenue).
Targa Resources, Q1 2026: revenue $4.1B (-10% year over year), operating margin 20.7%, net earnings $480M, operating cash flow $740M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1B | +1% | -10% |
| Operating profit | $847M | -8% | +56% |
| Net earnings | $480M | -12% | +77% |
| Operating cash flow | $740M | -51% | -23% |
What changed
Revenue was $4.1B in Q1 2026, down 10% year over year and up 1% from the previous quarter. Natural Gas Liquids Reserves was the largest line at 73% of revenue. Natural Gas Liquids Reserves lost $0.39B year over year (down 12%), 84% of the total change.
Operating profit was $0.85B, a 20.7% margin (up 8.8 points year over year). Total costs fell 19% while revenue fell 10%. The fastest-growing cost line was General & admin (+14%). Net earnings were $0.48B, up 77% year over year. The effective tax rate was 20.3%.
Operating cash flow was $0.74B (down 23% year over year), 152% of net earnings. Non-cash charges added back $0.43B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.20B. Capital expenditures of $0.90B exceeded it, leaving free cash flow of −$0.16B.
Questions
What was Targa Resources' revenue in the first quarter 2026?
Targa Resources (TRGP) reported revenue of $4.1B for the first quarter 2026 (Q1 2026), -10% from a year earlier and +1% from the quarter before.
Was Targa Resources profitable in the first quarter 2026?
Operating profit was $847M (20.7% of revenue) and net earnings $480M.
Source: Targa Resources 10-Q on SEC EDGAR.