Filing Flows › Targa Resources (TRGP) › How it makes money
How Targa Resources (TRGP) makes money
Targa Resources (TRGP) made $5.6B of revenue in the third quarter 2026 (Q3 2026), +33% from a year earlier. Product brought in $4.7B (84%); Service brought in $874M (16%). Of every dollar of revenue, 20¢ was left as operating profit, 12¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Product | $4.7B | 84.3% | — | +34% |
| ↳ Natural Gas Liquids Reserves | $3.8B | 68.9% | — | +32% |
| ↳ Natural Gas Reserves | $683M | 12.2% | — | +36% |
| ↳ Oil and Condensate | $178M | 3.2% | — | +65% |
| Service | $874M | 15.7% | — | +31% |
| ↳ Gathering and Processing Fees | $634M | 11.4% | — | +36% |
| ↳ Storage Terminaling and Export | $129M | 2.3% | — | +6% |
| ↳ NGL Transportation Fractionation and Services | $111M | 2.0% | — | +42% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $5.6B | 100.0% |
| Operating profit | $1.1B | 19.6% |
| Income tax | $175M | 3.1% |
| Net earnings | $658M | 11.8% |
| Operating cash flow | $1.4B | 24.5% |
| Free cash flow | $120M | 2.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $5.6B | +35% |
| Q2 2026 | $4.4B | +4% |
| Q1 2026 | $4.1B | -10% |
| Q4 2025 | $4.1B | -8% |
| Q3 2025 | $4.2B | +8% |
| Q2 2025 | $4.3B | +20% |
| Q1 2025 | $4.6B | 0% |
From Targa Resources' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Targa Resources make money?
Targa Resources (TRGP) made $5.6B of revenue in the third quarter 2026 (Q3 2026), +33% from a year earlier. Product brought in $4.7B (84%); Service brought in $874M (16%). Of every dollar of revenue, 20¢ was left as operating profit, 12¢ was left as net earnings.
What is Targa Resources' biggest business?
Product: $4.7B in the third quarter 2026, 84% of revenue, +34% from a year earlier.
What is Targa Resources' profit margin?
Net earnings were $658M, 11.8% of revenue, in the third quarter 2026; the operating margin was 19.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.