Filing Flows › Targa Resources (TRGP) › Q3 2026 › vs Q3 2025
Targa Resources (TRGP) Q3 2026 vs Q3 2025 (year over year)
Targa Resources's revenue rose $1.4B (+35%) from $4.2B in Q3 2025 to $5.6B in Q3 2026. The biggest changes: Product +$1.2B (+34%); Service +$208M (+31%). Operating margin 19.6% against 20.2% (-0.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.6% | 20.2% | -0.6 pts |
| Net margin | 11.8% | 11.5% | +0.2 pts |
| Free cash flow margin | 2.1% | -1.7% | +3.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Natural Gas Liquids Reserves | $3.8B | $2.9B | $934M | +32% |
| Natural Gas Reserves | $683M | $502M | $180M | +36% |
| Gathering and Processing Fees | $634M | $466M | $168M | +36% |
| Oil and Condensate | $178M | $108M | $69.9M | +65% |
| Storage Terminaling and Export | $129M | $122M | $7.1M | +6% |
| NGL Transportation Fractionation and Services | $111M | $78.3M | $32.9M | +42% |
| Product | $4.7B | $3.5B | $1.2B | +34% |
| Service | $874M | $666M | $208M | +31% |
| Revenue | $5.6B | $4.2B | $1.4B | +35% |
| Operating profit | $1.1B | $837M | $259M | +31% |
| Costs & expenses | $4.5B | $3.3B | $1.2B | +36% |
| Pre-tax earnings | $851M | $621M | $230M | +37% |
| Other expense, net | $245M | $216M | $29.2M | +14% |
| Cost of revenue | $3.6B | $2.5B | $1.1B | +43% |
| General & admin | $113M | $105M | $8.1M | +8% |
| Other operating costs | $811M | $703M | $108M | +15% |
| Net earnings | $658M | $478M | $180M | +38% |
| Minority interests | $17.9M | $8.2M | $9.7M | +118% |
| Income tax | $175M | $134M | $40.4M | +30% |
| Depreciation & amortization | $460M | $384M | $76.1M | +20% |
| Share-based compensation | $17.4M | $17.5M | −$100K | -0.6% |
| Working capital & other | $230M | −$280M | $510M | — |
| Operating cash flow | $1.4B | $599M | $766M | +128% |
| Free cash flow (OCF − capex) | $120M | −$72.6M | $193M | — |
| Capital expenditures | $1.2B | $672M | $573M | +85% |
Questions
How much did Targa Resources's revenue grow year over year in Q3 2026?
Targa Resources's revenue rose $1.4B (+35%) from $4.2B in Q3 2025 to $5.6B in Q3 2026.
What drove Targa Resources's revenue change in Q3 2026?
Product +$1.2B (+34%); Service +$208M (+31%).