Filing Flows › Targa Resources (TRGP) › Q3 2026
Targa Resources (TRGP) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Targa Resources (TRGP) reported revenue of $5.6B for the third quarter 2026 (Q3 2026), +35% from a year earlier and +26% from the quarter before. Operating margin was 19.6%, net earnings $658M (11.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6B | +26% | +35% |
| Operating profit | $1.1B | -11% | +31% |
| Net earnings | $658M | -14% | +38% |
| Operating cash flow | $1.4B | -5% | +128% |
| Free cash flow | $120M | -72% | — |
What changed
Revenue was $5.6B in Q3 2026, up 35% year over year and up 26% from the previous quarter. Natural Gas Liquids Reserves was the largest line at 69% of revenue. Natural Gas Liquids Reserves added $0.93B year over year (up 32%), 65% of the total change.
Operating profit was $1.1B, a 19.6% margin (down 0.6 points year over year). Of the extra revenue versus Q3 2025, 18% reached operating profit, below the 20% margin then. Total costs grew 36% against revenue growth of 35%. The fastest-growing cost line was Cost of revenue (+43%). Net earnings were $0.66B, up 38% year over year. The effective tax rate was 20.5%.
Operating cash flow was $1.4B (up 128% year over year), 202% of net income including minority interests. Non-cash charges added back $0.46B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.21B. Capital expenditures of $1.2B left free cash flow of $0.12B.
Questions
What was Targa Resources' revenue in the third quarter 2026?
Targa Resources (TRGP) reported revenue of $5.6B for the third quarter 2026 (Q3 2026), +35% from a year earlier and +26% from the quarter before.
Was Targa Resources profitable in the third quarter 2026?
Operating profit was $1.1B (19.6% of revenue) and net earnings $658M.
Source: Targa Resources 10-Q on SEC EDGAR.