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Targa Resources vs Kinder Morgan: TRGP and KMI compared
Targa Resources is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $4.5B for Kinder Morgan (Q3 2026). Targa Resources is growing faster (+35% against +9% a year earlier). Kinder Morgan is more profitable, with an operating margin of 25.6% against 19.6%.
Where the money goes: TRGP and KMI
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.
Kinder Morgan (KMI) · Q3 2026
Kinder Morgan, Q3 2026: revenue $4.5B (+9% year over year), operating margin 25.6%, net earnings $764M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Targa Resources (TRGP) | Kinder Morgan (KMI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $5.6B | $4.5B |
| Revenue growth, Y/Y | +35% | +9% |
| Operating margin | 19.6% | 25.6% |
| Net earnings | $658M | $764M |
| Net margin | 11.8% | 16.9% |
| Operating cash flow | $1.4B | $1.6B |
| Free cash flow | $120M | $545M |
| Market value | $58.5B | $66.7B |
| P/E | 23.5× | 18.5× |
| Analysts’ mean target | $330.29 | $37.50 |
Where the revenue comes from
Targa Resources
- Product: $4.7B (84%)
- Service: $874M (16%)
Kinder Morgan
- Services: $2.5B (55%)
- Commodity sales: $2.1B (45%)
Questions
Which is bigger, Targa Resources or Kinder Morgan?
Targa Resources is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $4.5B for Kinder Morgan (Q3 2026).
Is Targa Resources or Kinder Morgan growing faster?
Targa Resources is growing faster (+35% against +9% a year earlier).
Which is more profitable, Targa Resources or Kinder Morgan?
Kinder Morgan is more profitable, with an operating margin of 25.6% against 19.6%.
More: Targa Resources earnings · how Targa Resources makes money · Kinder Morgan earnings · how Kinder Morgan makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 23, 2026). Fiscal quarters can end on different dates. Not investment advice.