Filing Flows › Targa Resources (TRGP) › Q4 2025
Targa Resources (TRGP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Targa Resources (TRGP) reported revenue of $4.1B for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -2% from the quarter before. Operating margin was 22.6%, net earnings $545M (13.4% of revenue).
Targa Resources, Q4 2025: revenue $4.1B (-8% year over year), operating margin 22.6%, net earnings $545M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1B | -2% | -8% |
| Operating profit | $917M | +10% | +31% |
| Net earnings | $545M | +14% | +55% |
| Operating cash flow | $1.5B | +151% | +13% |
| Free cash flow | $542M | — | -10% |
What changed
Revenue was $4.1B in Q4 2025, down 8% year over year and down 2% from the previous quarter. Natural Gas Liquids Reserves was the largest line at 73% of revenue.
Operating profit was $0.92B, a 22.6% margin (up 6.7 points year over year). Total costs fell 15% while revenue fell 8%. The fastest-growing cost line was General & admin (+15%). Net earnings were $0.55B, up 55% year over year. The effective tax rate was 20.1%.
Operating cash flow was $1.5B (up 13% year over year), 272% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.54B. Capital expenditures of $1.0B left free cash flow of $0.54B.
Questions
What was Targa Resources' revenue in the fourth quarter 2025?
Targa Resources (TRGP) reported revenue of $4.1B for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -2% from the quarter before.
Was Targa Resources profitable in the fourth quarter 2025?
Operating profit was $917M (22.6% of revenue) and net earnings $545M.
Source: Targa Resources 10-K on SEC EDGAR.