How Targa Resources (TRGP) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · quarter ended 06/30/2026 · reported 08/06/2026
Targa Resources Corp. is a Fortune 500 company based in Houston, Texas. · Text: Wikipedia, CC BY-SA 4.0, abridged
More about the company
Targa, a midstream energy infrastructure corporation, is one of the largest infrastructure companies delivering natural gas and natural gas liquids in the United States. Their operations are based largely, though not entirely, on the Gulf Coast, particularly in Texas and Louisiana. Matthew J. Meloy has been Chief Executive Officer since 2020.
Key growth driver: Fees from midstream services — the fastest-growing revenue line: $847, +36% y/y. · by the Q2 2026 report
How does Targa Resources make money?
Targa Resources brought in $4.44 billion of revenue in Q2 2026, up 4.2% year over year. The largest source was Sales of commodities: $3.59 billion, or 81% of the total, followed by Fees from midstream services ($847M, 19%). Net income for the quarter was $765 million, up 21.5% year over year.
Revenue by source, Q2 2026
- Sales of commodities$3.59B · 81% · −1.2%
- Fees from midstream services$847M · 19% · +35.8%
Shares of $4.44B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is TRGP’s next earnings date?
Wednesday, November 4, 2026estimated
Expected around Nov 4 — based on last year’s report on Nov 5, 2025. We have not yet seen the company's announcement of the date.
How we estimate
The estimate is the date of the same-quarter report a year ago, per the company’s SEC filing, moved forward 52 weeks (same weekday). Companies usually keep the same week; the date will be replaced once TRGP announces it.
Same quarter a year ago (ended September 30, 2025): revenue $4.15B, EPS (GAAP) $2.20
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
What time does TRGP report? Usually before market open: the last 4 results releases reached the SEC at 6:15 am, 6:15 am, 6:15 am, 6:15 am ET.
Last report: Aug 6, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates: company announcements; past dates and times — SEC 8-K filings. Who else reports this week →
All figures in $M.
Revenue
$4,440
+4.2%
Operating income
$1,235
+19.4%
27.8% margin
Net income
$765
+21.5%
$3.54/sh · 17.2% margin
Verdict: revenue grew 4.2% y/y to $4.44B, operating margin 27.8% vs 24.3%, net income $765M (+21.5% y/y).
The Company declared a quarterly cash dividend of $1.25 per common share, a 25 percent increase.
Source and notation
Source: Targa Resources Form 10-Q filed 08/06/2026 (SEC EDGAR); results date from the 8-K of 08/06/2026. The press release has no income statement, so every figure was matched against the income statement in the 10-Q and checked against SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
TRGP earnings history: past report dates
| Aug 6, 2026 Thu | 6:15 ambefore market open | Jun 30, 2026 | $4.4B+4% y/y | $3.54+23% y/y |
| May 7, 2026 Thu | 6:15 ambefore market open | Mar 31, 2026 | $4.1B−10% y/y | $2.21+143% y/y |
| Feb 19, 2026 Thu | 6:15 ambefore market open | Dec 31, 2025 | ≈$4.1B−8% y/y | ≈$2.51+74% y/y |
| Nov 5, 2025 Wed | 6:15 ambefore market open | Sep 30, 2025 | $4.2B+8% y/y | $2.20+26% y/y |
| Aug 7, 2025 Thu | 6:15 ambefore market open | Jun 30, 2025 | $4.3B+20% y/y | $2.87+116% y/y |
| May 1, 2025 Thu | 6:15 ambefore market open | Mar 31, 2025 | $4.6B−0% y/y | $0.91−25% y/y |
| Feb 20, 2025 Thu | 6:15 ambefore market open | Dec 31, 2024 | ≈$4.4B+4% y/y | ≈$1.44+18% y/y |
| Nov 5, 2024 Tue | 6:15 ambefore market open | Sep 30, 2024 | $3.9B−1% y/y | $1.75+80% y/y |
| Aug 1, 2024 Thu | 6:15 ambefore market open | Jun 30, 2024 | $3.6B+5% y/y | $1.33−8% y/y |
| May 2, 2024 Thu | 6:15 ambefore market open | Mar 31, 2024 | $4.6B+1% y/y | $1.22 |
| Feb 15, 2024 Thu | 6:15 ambefore market open | Dec 31, 2023 | ≈$4.2B−7% y/y | ≈$1.22−12% y/y |
| Nov 2, 2023 Thu | 6:15 ambefore market open | Sep 30, 2023 | $3.9B−27% y/y | $0.97+15% y/y |
| Aug 3, 2023 Thu | 6:15 ambefore market open | Jun 30, 2023 | $3.4B−44% y/y | $1.44−11% y/y |
| May 4, 2023 Thu | 6:15 ambefore market open | Mar 31, 2023 | $4.5B−9% y/y | $0.03−50% y/y |
| Feb 22, 2023 Wed | 6:15 ambefore market open | Dec 31, 2022 | ≈$4.6B−16% y/y | ≈$1.38 |
| Nov 3, 2022 Thu | 6:15 ambefore market open | Sep 30, 2022 | $5.4B+20% y/y | $0.84+27% y/y |
| Aug 4, 2022 Thu | 6:15 ambefore market open | Jun 30, 2022 | $6.1B+77% y/y | $1.61+973% y/y |
| May 5, 2022 Thu | 6:15 ambefore market open | Mar 31, 2022 | $5.0B+37% y/y | $0.06−89% y/y |
| Feb 24, 2022 Thu | 6:15 ambefore market open | Dec 31, 2021 | ≈$5.4B+112% y/y | ≈−$1.45 |
| Nov 4, 2021 Thu | 6:15 ambefore market open | Sep 30, 2021 | $4.5B+111% y/y | $0.66+313% y/y |
| Aug 5, 2021 Thu | 6:17 ambefore market open | Jun 30, 2021 | $3.4B+124% y/y | $0.15−29% y/y |
| May 6, 2021 Thu | 6:15 ambefore market open | Mar 31, 2021 | $3.6B+77% y/y | $0.53 |
| Feb 18, 2021 Thu | 6:16 ambefore market open | Dec 31, 2020 | ≈$2.6B+4% y/y | ≈−$0.04+94% y/y |
| Nov 5, 2020 Thu | 6:15 ambefore market open | Sep 30, 2020 | $2.1B+11% y/y | $0.16 |
| Aug 6, 2020 Thu | 6:15 ambefore market open | Jun 30, 2020 | $1.5B−24% y/y | $0.21 |
| May 7, 2020 Thu | 6:15 ambefore market open | Mar 31, 2020 | $2.0B−11% y/y | −$7.60 |
| Feb 20, 2020 Thu | 6:30 ambefore market open | Dec 31, 2019 | $2.5B−5% y/y | −$0.62−3% y/y |
| Nov 7, 2019 Thu | 6:58 ambefore market open | Sep 30, 2019 | $1.9B−36% y/y | −$0.34−42% y/y |
| Aug 8, 2019 Thu | 7:01 ambefore market open | Jun 30, 2019 | $2.0B−18% y/y | −$0.18 |
| May 7, 2019 Tue | 6:14 ambefore market open | Mar 31, 2019 | $2.3B−6% y/y | −$0.30−900% y/y |
| Feb 20, 2019 Wed | 6:15 ambefore market open | Dec 31, 2018 | $2.6B | −$0.60 |
| Nov 8, 2018 Thu | 6:15 ambefore market open | Sep 30, 2018 | $3.0B+40% y/y | −$0.24+74% y/y |
| Aug 9, 2018 Thu | 6:15 ambefore market open | Jun 30, 2018 | $2.4B+31% y/y | $0.35+150% y/y |
| May 3, 2018 Thu | 7:30 ambefore market open | Mar 31, 2018 | $2.5B+16% y/y | −$0.03+96% y/y |
| Feb 15, 2018 Thu | 7:31 ambefore market open | Dec 31, 2017 | — | $1.05 |
| Nov 2, 2017 Thu | 7:15 ambefore market open | Sep 30, 2017 | $2.1B | −$0.91−296% y/y |
| Aug 3, 2017 Thu | 7:15 ambefore market open | Jun 30, 2017 | $1.9B | $0.14 |
| May 4, 2017 Thu | 7:16 ambefore market open | Mar 31, 2017 | $2.1B | −$0.77 |
| Jan 23, 2017 Mon | 6:06 ambefore market open | Dec 31, 2016 | — | −$0.99 |
| Nov 2, 2016 Wed | 7:15 ambefore market open | Sep 30, 2016 | — | −$0.23 |
| Aug 3, 2016 Wed | 7:30 ambefore market open | Jun 30, 2016 | — | −$0.33 |
| Apr 29, 2016 Fri | 7:32 ambefore market open | Mar 31, 2016 | — | −$0.06 |
| Feb 9, 2016 Tue | 5:29 pmafter market close | Dec 31, 2015 | — | $0.48−21% y/y |
| Nov 3, 2015 Tue | 7:35 ambefore market open | Sep 30, 2015 | — | $0.23−68% y/y |
| Aug 4, 2015 Tue | 7:21 ambefore market open | Jun 30, 2015 | — | $0.27−57% y/y |
| May 5, 2015 Tue | 7:14 ambefore market open | Mar 31, 2015 | — | $0.07−85% y/y |
| Feb 13, 2015 Fri | 7:20 ambefore market open | Dec 31, 2014 | — | $0.61+27% y/y |
| Oct 23, 2014 Thu | 8:58 ambefore market open | Sep 30, 2014 | — | $0.73+87% y/y |
| Aug 1, 2014 Fri | 7:21 ambefore market open | Jun 30, 2014 | — | $0.63+75% y/y |
| May 1, 2014 Thu | 7:23 ambefore market open | Mar 31, 2014 | — | $0.47+47% y/y |
| Feb 13, 2014 Thu | 7:20 ambefore market open | Dec 31, 2013 | — | $0.48+78% y/y |
| Nov 4, 2013 Mon | 4:51 pmafter market close | Sep 30, 2013 | — | $0.39+86% y/y |
| Aug 1, 2013 Thu | 7:32 ambefore market open | Jun 30, 2013 | — | $0.36+71% y/y |
| May 3, 2013 Fri | 7:19 ambefore market open | Mar 31, 2013 | — | $0.32+39% y/y |
| Feb 14, 2013 Thu | 7:37 ambefore market open | Dec 31, 2012 | — | $0.27+35% y/y |
| Oct 17, 2012 Wed | 4:15 pmafter market close | Sep 30, 2012 | — | $0.21+75% y/y |
| Aug 6, 2012 Mon | 7:38 ambefore market open | Jun 30, 2012 | — | $0.21−16% y/y |
| May 3, 2012 Thu | 7:18 ambefore market open | Mar 31, 2012 | — | $0.23+44% y/y |
| Feb 23, 2012 Thu | 7:21 ambefore market open | Dec 31, 2011 | — | $0.20 |
Show all 59 reports since 2012Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Targa Resources: 15-year financials
| 2025 | 17,028 | 3,331 | 1,923 | 584 | — |
| 2024 | 16,382 | 2,695 | 1,312 | 684 | — |
| 2023 | 16,060 | 2,626 | 1,346 | 826 | — |
| 2022 | 20,930 | 1,729 | 1,196 | 1,047 | — |
| 2021 | 16,950 | 865 | 71.2 | 1,798 | — |
| 2020 | 8,260 | −1,304 | −1,554 | 793 | — |
| 2019 | 8,671 | 193 | −209 | −1,488 | — |
| 2018 | 10,484 | 238 | 1.6 | −1,971 | — |
| 2017 | —* | −122 | 54 | −358 | — |
| 2016 | —* | 55.8 | −187 | 275 | — |
| 2015 | — | 159 | 58.3 | 218 | 179 |
| 2014 | — | 641 | 102 | −0.4 | 113 |
| 2013 | — | 368 | 65.1 | −631 | 87.8 |
| 2012 | — | 336 | 38.1 | −155 | 62.2 |
| 2011 | — | 351 | 30.7 | 47.4 | 38.2 |
Show all 15 yearsShow fewer
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. “—*” in revenue: we don’t show that year’s revenue — the annual figure is more than 2% off the sum of the quarters, or the filing tags several revenue lines and the total can’t be pinned down. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $3.7B (13% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
Targa Resources (TRGP) earnings: FAQ
How does Targa Resources make money?
Targa Resources brought in $4.44 billion of revenue in Q2 2026, up 4.2% year over year. The largest source was Sales of commodities: $3.59 billion, or 81% of the total, followed by Fees from midstream services ($847M, 19%). Net income for the quarter was $765 million, up 21.5% year over year.
When is TRGP's next earnings date?
We have not yet seen an announcement of the date from Targa Resources (TRGP). Based on last year's report on Nov 5, 2025, the next report is expected around Nov 4, 2026.
What time does TRGP report earnings?
Targa Resources usually reports before market open: its latest results release was filed with the SEC at 6:15 am ET on Aug 6, 2026.
When did TRGP last report earnings?
Targa Resources reported Q2 2026 results on Aug 6, 2026.
Where can I find Targa Resources's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to TRGP's filings; this page breaks the latest report down in a Sankey chart.
What was TRGP's net income in Q2 2026?
Targa Resources reported net income of $765M for Q2 2026 (+21.5% year over year), under US GAAP.
How has Targa Resources's revenue changed since 2018?
Per its 10-K filings, revenue grew 1.6x: $10,484M in 2018 and $17,028M in 2025. The peak was $20,930M in 2022. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report — two independent automated readings of the release had to match, and every number in the text was checked against it. Figures checked against the filing on 10/16/2026. How we make the breakdowns · Report an error
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