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National Grid vs Targa Resources: NGG and TRGP compared
National Grid is the larger company: $8.1B of revenue in its latest quarter (H1 FY27) against $5.6B for Targa Resources (Q3 2026). Targa Resources is growing faster (+35% against +15% a year earlier). National Grid is more profitable, with an operating margin of 29.0% against 19.6%.
Where the money goes: NGG and TRGP
National Grid (NGG) · H1 FY27
National Grid, H1 FY27: revenue $8.1B (+15% year over year), operating margin 29.0%, net earnings $1.3B, operating cash flow $4.1B. 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.
| National Grid (NGG) | Targa Resources (TRGP) | |
|---|---|---|
| Latest quarter | H1 FY27 | Q3 2026 |
| Revenue | $8.1B | $5.6B |
| Revenue growth, Y/Y | +15% | +35% |
| Operating margin | 29.0% | 19.6% |
| Net earnings | $1.3B | $658M |
| Net margin | 16.5% | 11.8% |
| Operating cash flow | $4.1B | $1.4B |
| Free cash flow | — | $120M |
| Market value | — | $58.5B |
| P/E | — | 23.5× |
| Analysts’ mean target | — | $330.29 |
Where the revenue comes from
Targa Resources
- Product: $4.7B (84%)
- Service: $874M (16%)
Questions
Which is bigger, National Grid or Targa Resources?
National Grid is the larger company: $8.1B of revenue in its latest quarter (H1 FY27) against $5.6B for Targa Resources (Q3 2026).
Is National Grid or Targa Resources growing faster?
Targa Resources is growing faster (+35% against +15% a year earlier).
Which is more profitable, National Grid or Targa Resources?
National Grid is more profitable, with an operating margin of 29.0% against 19.6%.
More: National Grid earnings · how National Grid makes money · Targa Resources earnings · how Targa Resources makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Nov 5, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.