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Targa Resources TRGP Q2 2025 earnings

Reported August 7, 2025 · Before market open

Revenue$4.0BMiss by $862.7M
EPS$2.87Beat by $1.01
Revenue estimate$4.9B
EPS estimate$1.86

Next report

Nov 4, 2026 (in a month)
Revenue estimate$4.7B
EPS estimate$2.70

Financials

Q2 2025

Income statement

See full
Revenue$4.3B+19.6%
Gross profit$1.8B+33.7%
Operating income$1.0B+64.8%
Net income$629.1M+111%
EPS (diluted)$2.87+116%

Balance sheet

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Cash & equivalents$113.1M-32.0%
Total debt$304.5M+3.7%
Total equity$2.6B+4.9%
Total assets$23.5B+10.6%

Cash flow

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Operating cash flow$858.3M-5.1%
CapEx$906.1M+22.4%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$36.39B+26.8%
Enterprise value$36.58B+26.9%
P/E22.2×-4.0×
P/S2.1×+0.4×

Profitability

See full
Gross margin35.7%+3.4pp
Operating margin17.6%+2.8pp
Net margin9.6%+2.9pp

Returns & leverage

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Return on equity64.8%+22.3pp
Debt / equity0.1×0.0×
Current ratio0.7×0.0×

Segments

By product

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Natural Gas Liquids Reserves$2.8B+4.2%
Natural Gas Reserves$458.2M+189%
Storage Terminaling And Export$125.7M+9.8%
Oil And Condensate$111.3M-23.3%
NGL Transportation Fractionation And Services$78.4M+4.3%

By segment

See full
Logistics And Transportation$3.4B+14.2%
Gathering And Processing$1.7B+15.0%
All Other Segments$280.5M+702%
Corporate Non Segment And Inter Segment Elimination-$1.2B-31.2%

FAQ

When did Targa Resources report Q2 2025 earnings?
Targa Resources (TRGP) reported Q2 2025 earnings on August 7, 2025 before market open.
What were Targa Resources's Q2 2025 revenue and EPS?
Targa Resources reported revenue of $4.0B and eps of $2.87 for Q2 2025.
Did Targa Resources beat estimates in Q2 2025?
Revenue missed the consensus estimate of $4.9B by $862.7M. EPS beat the consensus estimate of $1.86 by $1.01.
How did Targa Resources's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 11.3% from $3.6B a year earlier and eps grew 115.8% from $1.33.
Where can I find Targa Resources's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001193125-25-174533) and the 10-Q periodic report (0001193125-25-175239) directly on SEC EDGAR. The filing index links above go to sec.gov.