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Targa Resources Business Segments

Business, geographic, and product segment breakdowns

Targa Resources generates $16.6B in annual revenue across 4 key segments: All Other Segments ($133.2M), Corporate Non Segment And Inter Segment Elimination (-$4.3B), Gathering And Processing ($7.0B), and Logistics And Transportation ($13.8B). The company-wide operating margin is 21.95%. Based on the Q1 2026 filing.

All Other Segments (TTM)$133.2MCorporate Non Segment And Inter Segment Elimination (TTM)-$4.3BGathering And Processing (TTM)$7.0BLogistics And Transportation (TTM)$13.8B
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$57.8B
P/E Ratio27.12
ROE76.31%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Liquids Reserves$3.3B$3.4B$2.8B$2.9B$3B$3B
Service$639.7M$677.1M$623.8M$681.3M$642.6M$750.1M
Natural Gas Reserves$419.4M$681.9M$458.2M$502.5M$393.1M$473.7M
Oil And Condensate$118.1M$117M$111.3M$108M$112M$131.8M
Storage Terminaling And Export$135.6M$135.4M$120.9M$113.2M$130.9M$123.1M
NGL Transportation Fractionation And Services$76.9M$73.2M$83.2M$86.9M$64.7M$68.5M
Midstream Services Other$12.4M-$500K$16M$15.3M—-$1.2M

Revenue Not From Contract With Customer

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product-$119.7M-$291.3M$233.9M-$50.5M-$52.4M-$243.7M

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income Taxes Paid Net$425K$450K$450K$450K$450K—

Business Segments

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering And Processing$13.6B$13.7B$13.9B$14.2B$14.8B$16.5B
Logistics And Transportation$8.9B$8.8B-$9.3B-$9.7B$10.1B$10.4B
Corporate Non Segment And Inter Segment Elimination$234M$251.3M$241.8M$270.6M$306.1M$257.6M
All Other Segments$1.9M—$100K$4.1M$1.8M$100K

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Logistics And Transportation$3.9B$4.2B$3.4B$3.5B$3.4B$3.4B
Gathering And Processing$1.9B$2.2B$1.7B$1.9B$1.6B$1.8B
Corporate Non Segment And Inter Segment Elimination-$1.3B-$1.6B-$1.2B-$1.2B-$953.7M-$983.7M
All Other Segments-$78.3M-$248.8M$280.5M-$36.5M-$500K-$110.3M

Segment Operating Margin

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment Aggregation Before Other Operating$1.3B$1.2B$1.2B$1.3B$1.4B$1.5B
Logistics And Transportation$656.1M$646.7M$632.4M$710.2M$799M$773.3M
Gathering And Processing$599M$602.2M$587.6M$637.6M$611.8M$703.5M
All Other Segments-$78.3M-$248.8M$280.5M-$36.5M-$500K-$110.3M

Segment Expenditure Addition To Long Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering And Processing$596.1M$433.2M$461M$553M$598.9M$581.8M
Logistics And Transportation$262.3M$174.7M$421.8M$302.9M$472.8M$358.7M
Corporate Non Segment And Inter Segment Elimination$9.5M$10.4M$9.7M$5.7M—$7.8M

Equity Method Investment Ownership Percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Logistics And Transportation80.0%—50.0%50.0%80.0%50.0%

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering And Processing$45.2M$45.2M$45.2M$45.2M$112.3M$118.9M

Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering And Processing$217.4M$208.2M$219.4M$236.1M$243.3M$233.6M
Logistics And Transportation$88.8M$95.5M$105.4M$98.6M$94.2M$100.2M

Segment Reporting Other Item Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Logistics And Transportation$3.1B$3.5B$2.7B$2.7B$2.5B$2.5B
Gathering And Processing$1.1B$1.4B$938.7M$1B$748.8M$840.4M

Minority Interest Ownership Percentage By Parent

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Logistics And Transportation17.5%—17.5%17.5%17.5%17.5%