Filing Flows › Targa Resources (TRGP) › Q2 2025
Targa Resources (TRGP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Targa Resources (TRGP) reported revenue of $4.3B for the second quarter 2025 (Q2 2025), +20% from a year earlier and -7% from the quarter before. Operating margin was 24.3%, net earnings $629M (14.8% of revenue).
Targa Resources, Q2 2025: revenue $4.3B (+20% year over year), operating margin 24.3%, net earnings $629M, operating cash flow $858M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | -7% | +20% |
| Operating profit | $1.0B | +90% | +65% |
| Net earnings | $629M | +133% | +111% |
| Operating cash flow | $858M | -10% | -5% |
What changed
Revenue was $4.3B in Q2 2025, up 20% year over year and down 7% from the previous quarter. Natural Gas Liquids Reserves was the largest line at 66% of revenue. Natural Gas Reserves added $0.30B year over year (up 189%), 43% of the total change. Oil and Condensate declined 23%.
Operating profit was $1.0B, a 24.3% margin (up 6.7 points year over year). Of the extra revenue versus a year earlier, 58% reached operating profit, above the 18% margin then. Total costs grew 10% against revenue growth of 20%. The fastest-growing cost line was Cost of revenue (+11%). Net earnings were $0.63B, up 111% year over year. The effective tax rate was 22.4%.
Operating cash flow was $0.86B (down 5% year over year), 135% of net earnings. Non-cash charges added back $0.37B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.17B. Capital expenditures of $0.91B exceeded it, leaving free cash flow of −$0.05B.
Questions
What was Targa Resources' revenue in the second quarter 2025?
Targa Resources (TRGP) reported revenue of $4.3B for the second quarter 2025 (Q2 2025), +20% from a year earlier and -7% from the quarter before.
Was Targa Resources profitable in the second quarter 2025?
Operating profit was $1.0B (24.3% of revenue) and net earnings $629M.
Source: Targa Resources 10-Q on SEC EDGAR.