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Saturday 17 October 2026 Export TRGP’s income statement to Excel — free account

Targa Resources, Inc.

TRGP Energy Oil & Gas Midstream

Targa Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.0 billion, up 3.95% from fiscal 2024. In the quarter to June 2026, revenue grew 4.23%, EPS grew 22.9%, free cash flow grew 1,002.1% and total debt rose 16.2%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years, operating cash flow growth for five.

294.21 11.66 +4.13%
Market cap
$60.6B
P/E
28.0×
Fwd P/E
24.7×
Dividend yield
1.95%
F-score
6/9
Altman Z
2.27
Beneish M
−3.05
Dividend safety
64/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Targa Resources, Inc. (TRGP) Operating margin

Alert me on Operating margin

Targa Resources, Inc.'s operating margin over the twelve months to 30 June 2026 was 22.9%, up 3.4 percentage points from fiscal 2025 (19.6%). Over the past ten years it has ranged from −15.8% (fiscal 2020) to 19.6% (fiscal 2025) — the current reading is the highest in ten years. That is below the Oil & Gas Midstream industry median of 34.2% and above the Energy sector median of 14.5%.

Operating margin, annual

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Annual newest first

Period Operating margin Change (points)
FY2025 19.6% 3.11
FY2024 16.5% 0.10
FY2023 16.4% 8.09
FY2022 8.26% 3.16
FY2021 5.10% 20.88
FY2020 −15.8% (18.00)
FY2019 2.22% (0.05)
FY2018 2.27% 3.66
FY2017 −1.39% (2.22)
FY2016 0.83% (1.56)

Quarterly newest first

Period Operating margin Change (points)
Jun 2026 27.8% 7.12
Mar 2026 20.7% (1.94)
Dec 2025 22.6% 2.46
Sep 2025 20.2% (4.10)
42 more quarters

Against its own ten years

Low −15.8% High 19.6%
Ten-year median 2.39%
Current reading's percentile 100

Operating margin against peers

Company Operating margin
TRP TC Energy Corporation compare 53.9%
MPLX MPLX LP compare 44.4%
WMB Williams Companies, Inc. (The) compare 38.2%
LNG Cheniere Energy, Inc. compare 29.9%
KMI Kinder Morgan, Inc. compare 29.1%
TRGP Targa Resources, Inc. 22.9%
OKE ONEOK, Inc. compare 15.5%
EPD Enterprise Products Partners L.P. compare 13.4%
ET Energy Transfer LP compare 10.0%
Oil & Gas Midstream industry median 34.2%
Energy sector median 14.5%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

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