Filing Flows › Targa Resources (TRGP) › Q2 2026
Targa Resources (TRGP) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Targa Resources (TRGP) reported revenue of $4.4B for the second quarter 2026 (Q2 2026), +4% from a year earlier and +8% from the quarter before. Operating margin was 27.8%, net earnings $765M (17.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.4B | +8% | +4% |
| Operating profit | $1.2B | +46% | +19% |
| Net earnings | $765M | +59% | +22% |
| Operating cash flow | $1.4B | +95% | +68% |
| Free cash flow | $431M | — | — |
What changed
Revenue was $4.4B in Q2 2026, up 4% year over year and up 8% from the previous quarter. Product was the largest line at 81% of revenue. Gathering and Processing Fees added $0.15B year over year (up 37%), 83% of the total change. Midstream Services Other declined 29%.
Operating profit was $1.2B, a 27.8% margin (up 3.5 points year over year). Of the extra revenue versus Q2 2025, 112% reached operating profit, above the 24% margin then. Total costs fell 1% while revenue rose 4%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $0.76B, up 22% year over year. The effective tax rate was 22.6%.
Operating cash flow was $1.4B (up 68% year over year), 185% of net earnings. Non-cash charges added back $0.45B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.19B. Capital expenditures of $1.0B left free cash flow of $0.43B.
Questions
What was Targa Resources' revenue in the second quarter 2026?
Targa Resources (TRGP) reported revenue of $4.4B for the second quarter 2026 (Q2 2026), +4% from a year earlier and +8% from the quarter before.
Was Targa Resources profitable in the second quarter 2026?
Operating profit was $1.2B (27.8% of revenue) and net earnings $765M.
Source: Targa Resources 10-Q on SEC EDGAR.