The financials
Targa Resources by the numbers
Targa Resources (TRGP) reported revenue of $4.44B in Q2 2026 (quarter ended Jun 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 Q2 2026 was Natural Gas Liquids Reserves at $3.76B, 78% of the disclosed total, well ahead of Gathering And Processing Fees at 11%.
| 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 | $3.76B | 78% |
| Gathering And Processing Fees | $553M | 11% |
| Oil And Condensate | $204M | 4.2% |
| Storage Terminaling And Export | $162M | 3.4% |
| NGL Transportation Fractionation And Services | $121M | 2.5% |
| Midstream Services Other | $11M | 0.2% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q2 2026Total $4.50B (+3.7%)
Oil And Condensate grew +83% year on yearNatural Gas Reserves -168% year on year
Segment Latestquarter on quarteryear on year
- Natural Gas Liquids Reserves$3.76B$3.76BQoQ +26%year on year +33%+26%+33%
- Gathering And Processing Fees$553.0M$553.0MQoQ -1.2%year on year +37%-1.2%+37%
- Oil And Condensate$203.5M$203.5MQoQ +54%year on year +83%+54%+83%
- Storage Terminaling And Export$162.2M$162.2MQoQ +32%year on year +29%+32%+29%
- NGL Transportation Fractionation And Services$120.6M$120.6MQoQ +76%year on year +54%+76%+54%
- Midstream Services Other$11.4M$11.4MQoQ -year on year -29%--29%
- Natural Gas Reserves−$312.6M−$312.6MQoQ -166%year on year -168%-166%-168%
Oil & Gas Midstream
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