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Targa Resources TRGP Q4 2025 Annual earnings

Reported February 19, 2026 · Before market open

Revenue$4.1BMiss by $674.0M
EPS$2.51Beat by $0.21
Revenue estimate$4.7B
EPS estimate$2.30

Next report

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

Financials

Q4 2025

Income statement

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Revenue$4.1B-7.9%
Gross profit$1.7B+17.9%
Operating income$917.4M+31.0%
Net income$545.0M+55.3%
EPS (diluted)$2.51+74.3%

Balance sheet

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Cash & equivalents$166.1M+5.6%
Total debt$17.1B+4,041%
Total equity$3.1B+18.3%
Total assets$25.2B+10.9%

Cash flow

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Operating cash flow$1.5B+13.4%
CapEx$963.2M+32.5%
Free cash flow$542.3M-9.8%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$39.6B+1.7%
Enterprise value$56.57B+44.4%
P/E20.6×-9.1×
P/S2.3×-0.1×

Profitability

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Gross margin38.3%+3.6pp
Operating margin19.6%+3.1pp
Net margin11.3%+3.3pp

Returns & leverage

See full
Return on equity67.9%+18.7pp
Debt / equity5.6×+5.4×
Current ratio0.7×-0.1×

Segments

By product

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Natural Gas Liquids Reserves$3.0B-11.6%
Natural Gas Reserves$393.1M-6.3%
Storage Terminaling And Export$130.9M-3.5%
Oil And Condensate$112.0M-5.2%
NGL Transportation Fractionation And Services$64.7M-15.9%

By segment

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Logistics And Transportation$3.4B-11.7%
Gathering And Processing$1.6B-16.0%
All Other Segments-$500.0K+99.4%
Corporate Non Segment And Inter Segment Elimination-$953.7M+25.7%

FAQ

When did Targa Resources report Q4 2025 earnings?
Targa Resources (TRGP) reported Q4 2025 earnings on February 19, 2026 before market open.
What were Targa Resources's Q4 2025 revenue and EPS?
Targa Resources reported revenue of $4.1B and eps of $2.51 for Q4 2025.
Did Targa Resources beat estimates in Q4 2025?
Revenue missed the consensus estimate of $4.7B by $674.0M. EPS beat the consensus estimate of $2.30 by $0.21.
How did Targa Resources's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 7.9% from $4.4B a year earlier and eps grew 74.3% from $1.44.
Where can I find Targa Resources's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-058040) and the 10-K periodic report (0001193125-26-059296) directly on SEC EDGAR. The filing index links above go to sec.gov.