Company file · TRGP

Targa Resources

Targa Resources' revenue rose 3.9% in FY2025, to $17.0B, and net income rose 46.6% to $1.9B

Revenue rose 3.9% to $17.0B in FY2025, from $16.4B in FY2024. Net income rose 46.6% to $1.9B. Logistics and Transportation was the largest segment, at 84% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 19, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026) · Data pulled Nov 11, 2026

Key facts

Targa Resources (NYSE: TRGP) closed fiscal 2025 on Dec 31, 2025 with revenue of $17.0B, up 3.9% from a year before; net income came to $1.9B, up 46.6%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $5.6B, up 34.9% on the same stretch of the prior year, and net income of $658M. Broken down by segment, Logistics and Transportation led with 84% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).

Revenue$17.0BFY2025 · +3.9% vs FY2024

Net income$1.9BFY2025 · +46.6% vs FY2024

Operating cash flow$3.9BFY2025 · +7.3% vs FY2024

Cash & equivalents$143Mat Sep 30, 2026 · −14.1% vs FY2025 end

Total debt$19.8Bat Sep 30, 2026 · +13.8% vs FY2025 end

Diluted shares217MFY2025 avg · −2.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 19, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 5, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Logistics and Transportation$14.3B84%+3.5%
Gathering and Processing$2.7B16%+0.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Logistics and Transportation (84%) and Gathering and Processing (16%), as shares of total revenue. Total revenue was $17.0B.

By segment: three-year mixShare of the total each fiscal year

FY2023

85%15%

FY2024

84%16%

FY2025

84%16%

Logistics and TransportationGathering and Processing

Source: 10-K FY2025

By product or service, FY2025

Products$14.4B85%+3.7%

Services$2.6B15%+5.4%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$5.6B Q3 2026

$4.2B Q3 2025

34.9% increase

Net income

$658M Q3 2026

$478M Q3 2025

37.6% increase

Source: Targa Resources 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

By segment

Logistics and Transportation

$4.7B Q3 2026

$3.5B Q3 2025

33.8% increase

Gathering and Processing

$869M Q3 2026

$700M Q3 2025

24.1% increase

Source: Targa Resources 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

Cash & equivalents $143M at Sep 30, 2026, vs $166M at FY2025 end.
Total debt $19.8B at Sep 30, 2026, vs $17.4B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $3.5B vs $2.4B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 3.9% in FY2025 to $17.0B, from $16.4B a year earlier. 10-K, FY2025
Net income rose 46.6% in FY2025 to $1.9B, from $1.3B. 10-K, FY2025
Operating cash flow rose 7.3% in FY2025 to $3.9B. 10-K, FY2025
Diluted shares fell 2.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Total debt rose 23.0% in FY2025 to $17.4B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; operations and safety; regulation and climate policy. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Targa Resources is in the oil & gas storage & transportation industry, part of the energy sector. The SEC files it under Natural Gas Transmission.

Targa Resources reports 2 segments: Logistics and Transportation and Gathering and Processing.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas storage & transportation industry. They are not a summary of Targa Resources’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$16.1B	$16.4B	$17.0B
Net income	$1.3B	$1.3B	$1.9B
Operating cash flow	$3.2B	$3.6B	$3.9B
Cash & equivalents (year end)	$142M	$157M	$166M
Total debt (year end)	$13.0B	$14.2B	$17.4B
Diluted shares	226M	221M	217M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 5, 2026	Sep 30, 2026
10-Q	Aug 6, 2026	Jun 30, 2026
10-Q	May 7, 2026	Mar 31, 2026
DEF 14A	Mar 26, 2026	May 21, 2026
10-K	Feb 19, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Targa Resources

How does Targa Resources make money?

Fiscal 2025 revenue: $17.0B. By segment in FY2025: Logistics and Transportation (84%) and Gathering and Processing (16%), as shares of total revenue. Total revenue was $17.0B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What was Targa Resources's revenue in fiscal 2025?

$17.0B, up 3.9% from fiscal 2024 ($16.4B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $16.1B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

Is Targa Resources profitable?

Net income was $1.9B in fiscal 2025 (up 46.6%; fiscal 2024 was $1.3B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $658M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What did Targa Resources report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $5.6B (up 34.9% from $4.2B) and net income $658M (up 37.6% from $478M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.

How much cash and debt does Targa Resources have?

As of Sep 30, 2026: $143M of cash and cash equivalents, $19.8B of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.

What are the main risks Targa Resources faces?

Targa Resources's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the oil & gas storage & transportation industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these Targa Resources numbers come from?

The 10-K filed Feb 19, 2026 (fiscal 2025) and the 10-Q filed Nov 5, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Targa Resources

Point72 Asset Management: 406,253 shares, reported value $108.9M at Jun 30, 2026 (−5.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 272,162 shares, reported value $73.0M at Jun 30, 2026 (−1.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 78,796 shares, reported value $21.1M at Jun 30, 2026 (+47.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 1,788 shares, reported value $0.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in TRGP: The editor holds no position in Targa Resources (TRGP). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell TRGP from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 6, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold TRGP, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Targa ResourcesTRGP	FY2025	$17.0B	+3.9%	$1.9B
Williams CompaniesWMB	FY2025	$14.9B	+17.9%	$2.6B
Kinder MorganKMI	FY2025	$16.9B	+12.2%	$3.1B
OneokOKE	FY2025	$33.6B	+55.0%	$3.4B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.