Targa Resources Corp. (TRGP) Income Statement
TRGP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTRGP revenue and net income
Where TRGP's revenue goes
2025Each bar shows an amount and its share of revenue. TRGP kept 10.8% of revenue as net income.
TRGP profit margins
TRGP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.1% | −7.5% | +15.7% | +10.0% |
| Gross profit | +36.6% | +17.6% | +24.4% | +24.1% |
| Operating income | +17.1% | +11.5% | +22.2% | +25.3% |
| Net income | +45.3% | +17.3% | — | +41.3% |
| EPS (diluted) | +47.6% | +45.4% | +24.6% | +24.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TRGP quarterly EPS vs estimates
Targa Resources beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $2.72).
TRGP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.14B | $16.63B | $15.62B | $21.68B | $17.44B | $8.27B | $8.67B | $10.55B | $8.86B | $6.64B |
| Cost of revenue | $12.59B | $13.30B | $13.08B | $18.89B | $15.35B | $6.75B | $7.18B | $9.78B | $8.34B | $6.23B |
| Gross profit | $4.54B | $3.33B | $2.54B | $2.79B | $2.09B | $1.52B | $1.49B | $778.8M | $526.1M | $410.7M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $406.0M | $384.9M | $348.7M | $309.7M | $273.2M | $254.6M | $280.7M | $256.9M | $203.4M | $187.2M |
| Total operating expenses | $1.10B | $381.4M | $348.6M | $309.7M | $273.3M | $257.2M | $1.30B | $260.5M | $204.9M | $187.7M |
| Operating income | $3.45B | $2.94B | $2.19B | $2.48B | $1.82B | $1.27B | $192.9M | $518.3M | $321.2M | $223.0M |
| Interest income | — | — | — | — | — | — | $298.8M | $178.5M | $250.7M | $268.5M |
| Interest expense | $852.8M | $767.2M | $687.8M | $446.1M | $387.9M | $391.3M | $337.8M | $257.9M | $233.7M | $254.2M |
| Income before taxes | $2.49B | $1.94B | $1.94B | $1.66B | $436.9M | −$1.57B | −$46.7M | $65.9M | −$292.9M | −$259.7M |
| Income taxes | $529.7M | $384.5M | $363.2M | $131.8M | $14.8M | −$248.1M | −$87.9M | $5.5M | −$397.1M | −$100.6M |
| Net income | $1.84B | $1.27B | $828.2M | $1.14B | $71.2M | −$1.55B | −$209.2M | $1.6M | $54.0M | −$187.3M |
| EBITDA | $4.85B | $4.13B | $3.96B | $3.21B | $1.70B | −$316.7M | $1.26B | $1.14B | $750.3M | $752.2M |
| EPS (diluted) | $9.65 | $6.54 | $3.60 | $3.14 | $1.96 | $3.21 | −$0.46 | $0.40 | −$0.44 | −$1.80 |
| Gross margin | 26.5% | 20.0% | 16.2% | 12.9% | 12.0% | 18.4% | 17.2% | 7.4% | 5.9% | 6.2% |
| Operating margin | 20.1% | 17.7% | 14.0% | 11.5% | 10.4% | 15.3% | 2.2% | 4.9% | 3.6% | 3.4% |
| Net margin | 10.8% | 7.6% | 5.3% | 5.3% | 0.4% | −18.8% | −2.4% | 0.0% | 0.6% | −2.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.44B | $4.09B | $4.06B | $4.20B | $4.03B | $4.85B | $4.41B | $3.89B | $3.62B | $4.56B | $4.23B | $3.88B |
| Cost of revenue | $2.30B | $2.82B | $2.31B | $3.22B | $3.13B | $3.93B | $3.30B | $3.02B | $2.84B | $3.56B | $3.51B | $3.30B |
| Gross profit | $2.14B | $1.27B | $1.75B | $978.3M | $892.9M | $923.8M | $1.10B | $864.5M | $781.9M | $1.00B | $722.4M | $582.4M |
| Sales, general & admin | $108.1M | $107.8M | $111.7M | $104.8M | $95.0M | $94.5M | $97.5M | $102.6M | $98.3M | $86.5M | $95.3M | $90.0M |
| Total operating expenses | $903.6M | $427.3M | $830.5M | $93.6M | $84.3M | $87.7M | $403.7M | $100.5M | $98.4M | $364.5M | $95.3M | $90.0M |
| Operating income | $1.23B | $846.9M | $917.4M | $884.7M | $808.6M | $836.1M | $700.5M | $764.0M | $683.5M | $639.4M | $627.1M | $492.4M |
| Interest expense | $236.6M | $227.6M | $216.0M | $221.3M | $218.4M | $197.1M | $177.7M | $184.9M | $176.0M | $228.6M | $178.0M | $175.1M |
| Income before taxes | $550.5M | $611.3M | $692.2M | $620.9M | $821.3M | $352.0M | $524.4M | $545.1M | $453.2M | $415.3M | $460.1M | $332.9M |
| Income taxes | −$227.2M | $123.9M | $139.1M | $134.3M | $184.1M | $72.2M | $110.4M | $97.0M | $94.3M | $82.7M | $102.5M | $53.9M |
| Net income | $764.6M | $479.6M | $545.0M | $475.5M | $625.1M | $198.8M | $351.0M | $384.5M | $296.2M | $275.2M | $277.7M | $217.8M |
| EBITDA | $1.24B | $1.04B | $1.30B | $1.23B | $1.41B | $916.7M | $1.08B | $1.09B | $977.8M | $984.4M | $979.5M | $839.3M |
| EPS (diluted) | $3.54 | $2.76 | $2.69 | $2.20 | $2.87 | $1.89 | $1.82 | $1.92 | $1.58 | $1.22 | $1.50 | $1.09 |
| Gross margin | 48.2% | 31.1% | 43.1% | 23.3% | 22.2% | 19.0% | 25.1% | 22.2% | 21.6% | 22.0% | 17.1% | 15.0% |
| Operating margin | 27.8% | 20.7% | 22.6% | 21.1% | 20.1% | 17.2% | 15.9% | 19.7% | 18.9% | 14.0% | 14.8% | 12.7% |
| Net margin | 17.2% | 11.7% | 13.4% | 11.3% | 15.5% | 4.1% | 8.0% | 9.9% | 8.2% | 6.0% | 6.6% | 5.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TRGP's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TRGP financial results
In fiscal year 2025 (ended December 31, 2025), Targa Resources reported revenue of $17.1 billion, up 3.1% from the year before. It had net income of $1.8 billion (up 45.3%), a net profit margin of 10.8%. Diluted earnings per share came to $9.65. Over five years revenue grew at an average rate of 15.7% a year.
See the TRGP stock overview for the latest quote and news, or the TRGP chart for price history and technical indicators.
TRGP income statement FAQ
What is Targa Resources's annual revenue?
Targa Resources reported total revenue of $17.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.1% from $16.6 billion the previous year.
Is Targa Resources profitable?
Yes. Targa Resources reported net income of $1.8 billion in fiscal 2025, a net profit margin of 10.8%; its operating margin was 20.1%.
What is Targa Resources's gross margin?
Targa Resources's gross margin was 26.5% in fiscal 2025: for every $100 of revenue, Targa Resources kept $27 after the direct cost of its products and services.
How fast is Targa Resources growing?
Revenue grew 15.7% a year on average over the last five fiscal years, from $8.3 billion to $17.1 billion.
What are Targa Resources's earnings per share?
Targa Resources earned $9.65 per diluted share in fiscal 2025, compared with $6.54 a year earlier.
When will Targa Resources report its next earnings?
Targa Resources is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Targa Resources's fiscal year end?
Targa Resources's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.