Filing Flows › Targa Resources (TRGP) › Q3 2025
Targa Resources (TRGP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Targa Resources (TRGP) reported revenue of $4.2B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -3% from the quarter before. Operating margin was 20.2%, net earnings $478M (11.5% of revenue).
Targa Resources, Q3 2025: revenue $4.2B (+8% year over year), operating margin 20.2%, net earnings $478M, operating cash flow $599M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | -3% | +8% |
| Operating profit | $837M | -19% | +15% |
| Net earnings | $478M | -24% | +23% |
| Operating cash flow | $599M | -30% | +11% |
What changed
Revenue was $4.2B in Q3 2025, up 8% year over year and down 3% from the previous quarter. Natural Gas Liquids Reserves was the largest line at 70% of revenue. Service added $0.05B year over year (up 7%), 16% of the total change. Natural Gas Liquids Reserves declined 2%.
Operating profit was $0.84B, a 20.2% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, above the 19% margin then. Total costs grew 6% against revenue growth of 8%. Net earnings were $0.48B, up 23% year over year. The effective tax rate was 21.6%.
Operating cash flow was $0.60B (up 11% year over year), 123% of net earnings. Non-cash charges added back $0.38B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.29B. Capital expenditures of $0.67B exceeded it, leaving free cash flow of −$0.07B.
Questions
What was Targa Resources' revenue in the third quarter 2025?
Targa Resources (TRGP) reported revenue of $4.2B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -3% from the quarter before.
Was Targa Resources profitable in the third quarter 2025?
Operating profit was $837M (20.2% of revenue) and net earnings $478M.
Source: Targa Resources 10-Q on SEC EDGAR.