Filing Flows › Targa Resources (TRGP) › Q2 2026 › vs Q1 2026
Targa Resources (TRGP) Q2 2026 vs Q1 2026 (quarter over quarter)
Targa Resources's revenue rose $345M (+8%) from $4.1B in Q1 2026 to $4.4B in Q2 2026. Operating margin 27.8% against 20.7% (+7.1 pts).
Targa Resources, Q2 2026: revenue $4.4B (+4% year over year), operating margin 27.8%, net earnings $765M, operating cash flow $1.4B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 27.8% | 20.7% | +7.1 pts |
| Net margin | 17.2% | 11.7% | +5.5 pts |
| Free cash flow margin | 9.7% | -3.9% | +13.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $4.4B | $4.1B | $345M | +8% |
| Operating profit | $1.2B | $847M | $388M | +46% |
| Costs & expenses | $3.2B | $3.2B | −$42.2M | -1% |
| Pre-tax earnings | $1.0B | $611M | $394M | +64% |
| Other expense, net | $230M | $236M | −$6.0M | -3% |
| Cost of revenue | $2.3B | $2.4B | −$92.5M | -4% |
| General & admin | $108M | $108M | $300K | +0.3% |
| Other operating costs | $796M | $746M | $50.0M | +7% |
| Net earnings | $765M | $480M | $285M | +59% |
| Minority interests | $13.1M | $7.8M | $5.3M | +68% |
| Income tax | $227M | $124M | $103M | +83% |
| Depreciation & amortization | $453M | $426M | $27.1M | +6% |
| Share-based compensation | $18.0M | $23.2M | −$5.2M | -22% |
| Working capital & other | $206M | −$189M | $395M | — |
| Operating cash flow | $1.4B | $740M | $702M | +95% |
| Free cash flow (OCF − capex) | $431M | −$160M | $591M | — |
| Capital expenditures | $1.0B | $900M | $111M | +12% |
Questions
How much did Targa Resources's revenue grow quarter over quarter in Q2 2026?
Targa Resources's revenue rose $345M (+8%) from $4.1B in Q1 2026 to $4.4B in Q2 2026. Operating margin 27.8% against 20.7% (+7.1 pts).