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Enterprise Products Partners L.P. vs Targa Resources: EPD and TRGP compared
Enterprise Products Partners L.P. is the larger company: $17.9B of revenue in its latest quarter (Q3 2026) against $5.6B for Targa Resources (Q3 2026). Enterprise Products Partners L.P. is growing faster (+49% against +35% a year earlier). Targa Resources is more profitable, with an operating margin of 19.6% against 11.1%.
Where the money goes: EPD and TRGP
Enterprise Products Partners L.P. (EPD) · Q3 2026
Enterprise Products Partners L.P., Q3 2026: revenue $17.9B (+49% year over year), operating margin 11.1%, net earnings $1.6B, operating cash flow $2.2B. The chart follows the revenue to costs, profit and cash.
Targa Resources (TRGP) · Q3 2026
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.
| Enterprise Products Partners L.P. (EPD) | Targa Resources (TRGP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $17.9B | $5.6B |
| Revenue growth, Y/Y | +49% | +35% |
| Operating margin | 11.1% | 19.6% |
| Net earnings | $1.6B | $658M |
| Net margin | 9.0% | 11.8% |
| Operating cash flow | $2.2B | $1.4B |
| Free cash flow | $1.1B | $120M |
| Market value | $79.9B | $58.5B |
| P/E | 12.1× | 23.5× |
| Analysts’ mean target | $41.76 | $330.29 |
Where the revenue comes from
Enterprise Products Partners L.P.
- Crude Oil Pipelines & Services: $6.6B (37%)
- NGL Pipelines & Services: $5.9B (33%)
- Petrochemical & Refined Products Services: $4.2B (23%)
- Natural Gas Pipelines & Services: $1.2B (7%)
Targa Resources
- Product: $4.7B (84%)
- Service: $874M (16%)
Questions
Which is bigger, Enterprise Products Partners L.P. or Targa Resources?
Enterprise Products Partners L.P. is the larger company: $17.9B of revenue in its latest quarter (Q3 2026) against $5.6B for Targa Resources (Q3 2026).
Is Enterprise Products Partners L.P. or Targa Resources growing faster?
Enterprise Products Partners L.P. is growing faster (+49% against +35% a year earlier).
Which is more profitable, Enterprise Products Partners L.P. or Targa Resources?
Targa Resources is more profitable, with an operating margin of 19.6% against 11.1%.
More: Enterprise Products Partners L.P. earnings · how Enterprise Products Partners L.P. makes money · Targa Resources earnings · how Targa Resources makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.