Filing Flows › Targa Resources (TRGP) › Q2 2026 › vs Q2 2025
Targa Resources (TRGP) Q2 2026 vs Q2 2025 (year over year)
Targa Resources's revenue rose $180M (+4%) from $4.3B in Q2 2025 to $4.4B in Q2 2026. The biggest changes: Gathering and Processing Fees +$149M (+37%); NGL Transportation Fractionation and Services +$42.2M (+54%); Natural Gas Liquids Reserves −$6.9M (-0.2%). Operating margin 27.8% against 24.3% (+3.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 27.8% | 24.3% | +3.5 pts |
| Net margin | 17.2% | 14.8% | +2.5 pts |
| Free cash flow margin | 9.7% | -1.1% | +10.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product | $3.6B | $3.6B | −$43.4M | -1% |
| Storage Terminaling and Export | $162M | $126M | $36.5M | +29% |
| Natural Gas Liquids Reserves | $3.8B | $3.8B | −$6.9M | -0.2% |
| Gathering and Processing Fees | $553M | $404M | $149M | +37% |
| NGL Transportation Fractionation and Services | $121M | $78.4M | $42.2M | +54% |
| Midstream Services Other | $11.4M | $16.0M | −$4.6M | -29% |
| Revenue | $4.4B | $4.3B | $180M | +4% |
| Operating profit | $1.2B | $1.0B | $201M | +19% |
| Costs & expenses | $3.2B | $3.2B | −$20.9M | -0.6% |
| Pre-tax earnings | $1.0B | $821M | $184M | +22% |
| Other expense, net | $230M | $212M | $17.3M | +8% |
| Cost of revenue | $2.3B | $2.4B | −$134M | -6% |
| General & admin | $108M | $95.0M | $13.1M | +14% |
| Other operating costs | $796M | $696M | $100M | +14% |
| Net earnings | $765M | $629M | $136M | +22% |
| Minority interests | $13.1M | $8.1M | $5.0M | +62% |
| Income tax | $227M | $184M | $43.1M | +23% |
| Depreciation & amortization | $453M | $374M | $79.4M | +21% |
| Share-based compensation | $18.0M | $17.1M | $900K | +5% |
| Working capital & other | $206M | −$162M | $367M | — |
| Operating cash flow | $1.4B | $858M | $583M | +68% |
| Free cash flow (OCF − capex) | $431M | −$47.8M | $479M | — |
| Capital expenditures | $1.0B | $906M | $104M | +11% |
Questions
How much did Targa Resources's revenue grow year over year in Q2 2026?
Targa Resources's revenue rose $180M (+4%) from $4.3B in Q2 2025 to $4.4B in Q2 2026.
What drove Targa Resources's revenue change in Q2 2026?
Gathering and Processing Fees +$149M (+37%); NGL Transportation Fractionation and Services +$42.2M (+54%); Natural Gas Liquids Reserves −$6.9M (-0.2%).