# Targa Resources Corp.: overview

TRGP · NYSE · CIK 1389170 · [Utilities](/sectors/utilities.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/trgp.md) · [Financials](/companies/trgp/financials.md) · [Filings](/companies/trgp/filings.md) · [Insiders](/companies/trgp/insiders.md)

Latest reported revenue: [$4.44bn](/filings/0001193125-26-337729.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 6, 2026 (XBRL us-gaap:Revenues, accession 0001193125-26-337729).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [3,852](/filings/0001193125-25-266435.md) | [2,161 d](/filings/0000950170-25-023983.md) | [4,562](/filings/0001193125-26-211698.md) | [4,260](/filings/0001193125-26-337729.md) | [4,151](/filings/0001193125-25-266435.md) | [4,056 d](/filings/0001193125-26-059296.md) | [4,095](/filings/0001193125-26-211698.md) | [4,440](/filings/0001193125-26-337729.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [18.9%](/filings/0001193125-25-266435.md) | [32.4% d](/filings/0001193125-26-059296.md) | [11.9%](/filings/0001193125-26-211698.md) | [24.3%](/filings/0001193125-26-337729.md) | [20.2%](/filings/0001193125-25-266435.md) | [22.6% d](/filings/0001193125-26-059296.md) | [20.7%](/filings/0001193125-26-211698.md) | [27.8%](/filings/0001193125-26-337729.md) |
| Net margin | % | [10.1%](/filings/0001193125-25-266435.md) | [16.2% d](/filings/0001193125-26-059296.md) | [5.9%](/filings/0001193125-26-211698.md) | [14.8%](/filings/0001193125-26-337729.md) | [11.5%](/filings/0001193125-25-266435.md) | [13.4% d](/filings/0001193125-26-059296.md) | [11.7%](/filings/0001193125-26-211698.md) | [17.2%](/filings/0001193125-26-337729.md) |
| Diluted EPS | $ per share | [1.75](/filings/0001193125-25-266435.md) | not reported | [0.91](/filings/0001193125-26-211698.md) | [2.87](/filings/0001193125-26-337729.md) | [2.20](/filings/0001193125-25-266435.md) | not reported | [2.21](/filings/0001193125-26-211698.md) | [3.54](/filings/0001193125-26-337729.md) |
| Free cash flow | $m | [(288) d](/filings/0001193125-25-266435.md) | [601 d](/filings/0001193125-26-059296.md) | [162](/filings/0001193125-26-211698.md) | [(47.8) d](/filings/0001193125-26-337729.md) | [(72.6) d](/filings/0001193125-25-266435.md) | [542 d](/filings/0001193125-26-059296.md) | [(160)](/filings/0001193125-26-211698.md) | [431 d](/filings/0001193125-26-337729.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $bn | [16.1](/filings/0000950170-24-015841.md) | [19.8](/filings/0000950170-25-023983.md) | [13.5](/filings/0000950170-25-023983.md) | [14.1](/filings/0000950170-25-023983.md) | [17.0](/filings/0001193125-26-059296.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [5.4%](/filings/0000950170-24-015841.md) | [8.7%](/filings/0000950170-25-023983.md) | [19.4%](/filings/0001193125-26-059296.md) | [19.1%](/filings/0001193125-26-059296.md) | [19.6%](/filings/0001193125-26-059296.md) |
| Net margin | % | [0.4%](/filings/0000950170-24-015841.md) | [6.0%](/filings/0000950170-25-023983.md) | [10.0%](/filings/0001193125-26-059296.md) | [9.3%](/filings/0001193125-26-059296.md) | [11.3%](/filings/0001193125-26-059296.md) |
| Diluted EPS | $ per share | [(0.07)](/filings/0000950170-24-015841.md) | [3.88](/filings/0000950170-25-023983.md) | [3.66](/filings/0001193125-26-059296.md) | [5.74](/filings/0001193125-26-059296.md) | [8.49](/filings/0001193125-26-059296.md) |
| Free cash flow | $bn | [1.8](/filings/0000950170-24-015841.md) | [1.0](/filings/0000950170-25-023983.md) | [0.8](/filings/0001193125-26-059296.md) | [0.7](/filings/0001193125-26-059296.md) | [0.6](/filings/0001193125-26-059296.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/trgp/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $5.59bn | 20,832,687 |  | Added +291,114 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $3.81bn | 14,226,166 |  | Added +626,885 |
| [WELLINGTON MANAGEMENT GROUP LLP](/funds/902219.md) | 2026-06-30 | $3.80bn | 14,176,394 |  | Reduced −867,067 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $3.76bn | 14,015,559 |  | Added +65,206 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $3.14bn | 11,697,574 |  | Reduced −153,815 |
| [HARRIS ASSOCIATES L P](/funds/813917.md) | 2026-06-30 | $2.13bn | 7,937,530 |  | Reduced −785,673 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $1.63bn | 6,083,486 |  | Added +75,162 |
| [NORGES BANK](/funds/1374170.md) | 2026-06-30 | $1.13bn | 4,216,259 |  | New +4,216,259 |
| [Blackstone Inc.](/funds/1393818.md) | 2026-06-30 | $965.8m | 3,601,933 |  | Added +259,585 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $954.4m | 3,559,424 |  | Added +341,275 |

## Recent filings

[All 1,475 filings](/companies/trgp/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-25 | 07:00 ET | [8-K](/filings/0001193125-26-364099.md) | 5.02 Departure or appointment of officers or directors | 0001193125-26-364099 |
| 2026-08-06 | 14:56 ET | [10-Q](/filings/0001193125-26-337729.md) | Quarterly report, period 2026-06-30 | 0001193125-26-337729 |
| 2026-08-06 | 06:15 ET | [8-K](/filings/0001193125-26-336525.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-336525 |
| 2026-07-17 | 06:00 ET | [8-K](/filings/0001193125-26-306591.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001193125-26-306591 |
| 2026-07-06 | 16:30 ET | [8-K](/filings/0001193125-26-296255.md) | 1.01 Entry into a material agreement; 9.01 Financial statements and exhibits | 0001193125-26-296255 |
| 2026-05-22 | 16:30 ET | [8-K](/filings/0001193125-26-237018.md) | 5.07 Shareholder vote results | 0001193125-26-237018 |
| 2026-05-07 | 15:36 ET | [10-Q](/filings/0001193125-26-211698.md) | Quarterly report, period 2026-03-31 | 0001193125-26-211698 |
| 2026-05-07 | 06:15 ET | [8-K](/filings/0001193125-26-210165.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-210165 |
| 2026-03-26 | 16:15 ET | [DEF 14A](/filings/0001193125-26-126280.md) | Proxy statement, period 2026-05-21 | 0001193125-26-126280 |
| 2026-03-02 | 16:30 ET | [8-K](/filings/0001193125-26-085512.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits | 0001193125-26-085512 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-059296.md), filed Feb 19, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/1dbf9efe-ff9b-4437-9372-56acb419763a)

## About the filer

- CIK: 1389170
- Tickers: TRGP
- Exchange: NYSE
- SIC code: 4922 Natural Gas Transmission
- State of incorporation: not reported
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:38 ET. No prices; not investment advice.