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Targa Resources TRGP Operating margin

Operating margin at other companies

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OneokOKE
16.9%-3.7pp
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14.4%+1.6pp
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10.3%-1.0pp
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Kinder MorganKMI
28.7%+0.9pp
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MPLXMPLX
44.8%+0.6pp
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DT MidstreamDTM
49.5%+0.4pp

Other financials

Income statement

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Revenue$4.1B-10.2%
Gross profit$1.7B+30.4%
Operating income$846.9M+55.9%
Net income$479.6M+77.3%
EPS (diluted)$2.21+143%

Balance sheet

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Cash & equivalents$100.1M-33.9%
Total debt$346.5M+17.0%
Total equity$3.1B+27.9%
Total assets$27.1B+18.9%

Cash flow

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Operating cash flow$739.5M-22.5%
CapEx$899.5M+13.5%
Free cash flow-$160.0M-199%

Valuation

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Market cap$55.5B+23.5%
Enterprise value$55.75B+23.6%
P/E26×-8.4×
P/S3.4×+0.6×

Profitability

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Gross margin41.8%+7.3pp
Net margin12.9%+4.9pp

Returns & leverage

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Return on equity76.3%+25.6pp
Debt / equity0.1×0.0×
Current ratio0.7×+0.1×

Where this comes from

Calculated from Targa Resources’s reported figures.

Based on trailing twelve months.

The official record: Targa Resources’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Targa Resources's operating margin?
Targa Resources (TRGP) reported operating margin of 21.9% in Q1 2026.
How has Targa Resources's operating margin changed year-over-year?
Targa Resources's operating margin increased by 38.3% year-over-year, from 15.9% to 21.9%.
What is the long-term trend for Targa Resources's operating margin?
Over 2 years (2023 to 2025), Targa Resources's operating margin has grown at a 11.8% compound annual growth rate (CAGR), from 56.8% to 70.9%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.