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Targa Resources vs Williams Companies: TRGP and WMB compared
Targa Resources is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $3.2B for Williams Companies (Q3 2026). Targa Resources is growing faster (+35% against +10% a year earlier). Williams Companies is more profitable, with an operating margin of 35.2% against 19.6%.
Where the money goes: TRGP and WMB
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.
Williams Companies (WMB) · Q3 2026
Williams Companies, Q3 2026: revenue $3.2B (+10% year over year), operating margin 35.2%, net earnings $700M. The chart follows the revenue to costs, profit and cash.
| Targa Resources (TRGP) | Williams Companies (WMB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $5.6B | $3.2B |
| Revenue growth, Y/Y | +35% | +10% |
| Operating margin | 19.6% | 35.2% |
| Net earnings | $658M | $700M |
| Net margin | 11.8% | 21.7% |
| Operating cash flow | $1.4B | — |
| Free cash flow | $120M | — |
| Market value | $58.5B | $79.2B |
| P/E | 23.5× | 24.4× |
| Analysts’ mean target | $330.29 | $85.42 |
Where the revenue comes from
Targa Resources
- Product: $4.7B (84%)
- Service: $874M (16%)
Williams Companies
- Service revenues: $2.3B (72%)
- Product sales: $845M (26%)
- Service revenues – commodity consideration: $57.0M (2%)
Questions
Which is bigger, Targa Resources or Williams Companies?
Targa Resources is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $3.2B for Williams Companies (Q3 2026).
Is Targa Resources or Williams Companies growing faster?
Targa Resources is growing faster (+35% against +10% a year earlier).
Which is more profitable, Targa Resources or Williams Companies?
Williams Companies is more profitable, with an operating margin of 35.2% against 19.6%.
More: Targa Resources earnings · how Targa Resources makes money · Williams Companies earnings · how Williams Companies makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 8-K filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.