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Targa Resources Income Statement

Revenue, expenses, and profitability over time

Targa Resources generated $16.6B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $2.1B with a 12.87% net margin. Gross margin stands at 41.77% and operating margin at 21.95%. Diluted EPS is $9.79, which grew 0.8% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$16.6BGross Profit (TTM)$6.9BOperating Income (TTM)$3.6BNet Income (TTM)$2.1BEps Diluted (TTM)$9.79
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$57.8B
P/E Ratio27.12
ROE76.31%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Depreciation and amortization$378.5M$367.6M$373.7M$383.5M$390.5M$426M
General and administrative$97.5M$94.5M$95M$104.8M$111.7M$107.8M
Other operating expenses—$5.3M$1.8M$13.9M$9.3M$14.2M
Total operating expenses$305.9M$303.6M$323.6M$333.5M$337.6M$333.7M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.45$0.91$2.88$2.21$2.52$2.22
Diluted earnings per share$1.44$0.91$2.87$2.20$2.51$2.21
Weighted-average shares, basic220.2M217.9M216.6M215.2M216.1M214.8M
Weighted-average shares, diluted221.3M218.7M217.3M216M216.9M215.5M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments$1.5M$5.5M$5.1M$6.4M—$8.6M
Interest Income (Expense), Nonoperating-$177.7M-$197.1M-$218.4M-$221.3M-$216M-$227.6M
Other income (expense), net$100K$300K$1M-$1.1M-$4M-$16.6M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.5B$1.3B$1.8B$1.6B$1.7B$1.7B
Operating income$700.5M$543.3M$1B$836.9M$917.4M$846.9M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$524.4M$352M$821.3M$620.9M$692.2M$611.3M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$110.4M$72.2M$184.1M$134.3M$139.1M$123.9M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$351M$270.5M$629.1M$478.4M$545M$479.6M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Deferred taxes$102.9M$56.9M$169.8M$158.8M$131.1M$123.9M
Other income, net (Note 6)$100K$300K$1M-$1.1M-$4M-$16.6M
Other income, net—$5.3M$1.8M$13.9M$9.3M$14.2M
Premium On Repurchase Of Noncontrolling Interests Net Of Tax$8.2M$70.5M$0$0$0—

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$2.9B$3.3B$2.4B$2.5B$2.3B$2.4B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$4.4B$4.6B$4.3B$4.2B$4.1B$4.1B