The financials
Targa Resources by the numbers
Targa Resources (TRGP) reported revenue of $4.44B in Q2 2026 (quarter ended June 30, 2026), up 4.2% from the same quarter a year earlier. That came with a gross margin of 48% and net income of $765M (17% of revenue). For the full year FY2025, revenue was $17.0B (+3.9% year on year) and net income $1.92B. Its largest product in 2026-Q1 was Natural Gas Liquids Reserves at $2.98B, 69% of the disclosed total, just ahead of Gathering And Processing Fees at 13%.
| Income statement | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $4.44B | $4.26B | +4.2% |
| Gross profit | $2.14B | $1.82B | +17% |
| Operating income | $1.23B | $1.03B | +19% |
| Net income | $765M | $629M | +22% |
| Diluted EPS | $3.54 | $2.87 | +23% |
| Product | Revenue | Share |
|---|---|---|
| Natural Gas Liquids Reserves | $2.98B | 69% |
| Gathering And Processing Fees | $560M | 13% |
| Natural Gas Reserves | $474M | 11% |
| Oil And Condensate | $132M | 3.0% |
| Storage Terminaling And Export | $123M | 2.8% |
| NGL Transportation Fractionation And Services | $69M | 1.6% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q1 2026Total $4.34B (+3.3%)
Gathering And Processing Fees grew +19% year on yearNatural Gas Reserves -31% year on year
Segment Latestquarter on quarteryear on year
- Natural Gas Liquids Reserves$2.98B$2.98BQoQ +2.5%year on year -12%+2.5%-12%
- Gathering And Processing Fees$559.7M$559.7MQoQ +20%year on year +19%+20%+19%
- Natural Gas Reserves$473.7M$473.7MQoQ -5.7%year on year -31%-5.7%-31%
- Oil And Condensate$131.8M$131.8MQoQ +22%year on year +13%+22%+13%
- Storage Terminaling And Export$123.1M$123.1MQoQ +8.7%year on year -9.1%+8.7%-9.1%
- NGL Transportation Fractionation And Services$68.5M$68.5MQoQ -21%year on year -6.4%-21%-6.4%
- Midstream Services Other−$1.2M−$1.2MQoQ -108%year on year --108%-
Oil & Gas Midstream
Ranks #16 of 27 by Smart Score