Filing Flows › Targa Resources (TRGP) › Q3 2026 › vs Q2 2026
Targa Resources (TRGP) Q3 2026 vs Q2 2026 (quarter over quarter)
Targa Resources's revenue rose $1.2B (+26%) from $4.4B in Q2 2026 to $5.6B in Q3 2026. Operating margin 19.6% against 27.8% (-8.2 pts).
Targa Resources, Q3 2026: revenue $5.6B (+35% year over year), operating margin 19.6%, net earnings $658M, operating cash flow $1.4B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.6% | 27.8% | -8.2 pts |
| Net margin | 11.8% | 17.2% | -5.5 pts |
| Free cash flow margin | 2.1% | 9.7% | -7.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $5.6B | $4.4B | $1.2B | +26% |
| Operating profit | $1.1B | $1.2B | −$138M | -11% |
| Costs & expenses | $4.5B | $3.2B | $1.3B | +40% |
| Pre-tax earnings | $851M | $1.0B | −$154M | -15% |
| Other expense, net | $245M | $230M | $15.6M | +7% |
| Cost of revenue | $3.6B | $2.3B | $1.3B | +55% |
| General & admin | $113M | $108M | $4.8M | +4% |
| Other operating costs | $811M | $796M | $15.6M | +2% |
| Net earnings | $658M | $765M | −$106M | -14% |
| Minority interests | $17.9M | $13.1M | $4.8M | +37% |
| Income tax | $175M | $227M | −$52.5M | -23% |
| Depreciation & amortization | $460M | $453M | $6.5M | +1% |
| Share-based compensation | $17.4M | $18.0M | −$600K | -3% |
| Working capital & other | $230M | $206M | $24.3M | +12% |
| Operating cash flow | $1.4B | $1.4B | −$76.2M | -5% |
| Free cash flow (OCF − capex) | $120M | $431M | −$311M | -72% |
| Capital expenditures | $1.2B | $1.0B | $235M | +23% |
Questions
How much did Targa Resources's revenue grow quarter over quarter in Q3 2026?
Targa Resources's revenue rose $1.2B (+26%) from $4.4B in Q2 2026 to $5.6B in Q3 2026. Operating margin 19.6% against 27.8% (-8.2 pts).