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Energy Transfer LP vs Targa Resources: ET and TRGP compared
Energy Transfer LP is the larger company: $37.1B of revenue in its latest quarter (Q3 2026) against $5.6B for Targa Resources (Q3 2026). Energy Transfer LP is growing faster (+86% against +35% a year earlier). Targa Resources is more profitable, with an operating margin of 19.6% against 7.5%.
Where the money goes: ET and TRGP
Energy Transfer LP (ET) · Q3 2026
Energy Transfer LP, Q3 2026: revenue $37.1B (+86% year over year), operating margin 7.5%, net earnings $1.2B, operating cash flow $4.0B. 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.
| Energy Transfer LP (ET) | Targa Resources (TRGP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $37.1B | $5.6B |
| Revenue growth, Y/Y | +86% | +35% |
| Operating margin | 7.5% | 19.6% |
| Net earnings | $1.2B | $658M |
| Net margin | 3.3% | 11.8% |
| Operating cash flow | $4.0B | $1.4B |
| Free cash flow | $2.1B | $120M |
| Market value | $66.1B | $58.5B |
| P/E | 12.5× | 23.5× |
| Analysts’ mean target | $24.87 | $330.29 |
Where the revenue comes from
Energy Transfer LP
- Refined product sales: $17.6B (47%)
- Crude sales: $8.6B (23%)
- NGL sales: $5.7B (15%)
- Gathering, transportation and other fees: $3.4B (9%)
Targa Resources
- Product: $4.7B (84%)
- Service: $874M (16%)
Questions
Which is bigger, Energy Transfer LP or Targa Resources?
Energy Transfer LP is the larger company: $37.1B of revenue in its latest quarter (Q3 2026) against $5.6B for Targa Resources (Q3 2026).
Is Energy Transfer LP or Targa Resources growing faster?
Energy Transfer LP is growing faster (+86% against +35% a year earlier).
Which is more profitable, Energy Transfer LP or Targa Resources?
Targa Resources is more profitable, with an operating margin of 19.6% against 7.5%.
More: Energy Transfer LP earnings · how Energy Transfer LP 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 5, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.