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Targa Resources TRGP Service — Revenue

Other product segments

Natural Gas Liquids Reserves
$2.98B-11.7%
Natural Gas Reserves
$473.7M-30.5%
Oil And Condensate
$131.8M+12.6%
Storage Terminaling And Export
$123.1M-9.1%
NGL Transportation Fractionation And Services
$68.5M-6.4%
Midstream Services Other
-$1.2M-140%

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SEBService — Revenue
$459M+7.5%
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EVLVService revenue — Revenue
$8.59M+27.6%

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$58.69B+58.5%
Enterprise value$58.94B+58.6%
P/E27.5×-0.8×
P/S3.5×+1.3×

Profitability

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Gross margin41.8%+7.3pp
Operating margin21.9%+6.1pp
Net margin12.9%+4.9pp
FCF margin4.8%-3.1pp

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

Reported directly by Targa Resources in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

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 service — revenue?
Targa Resources (TRGP) reported service — revenue of $750.1M in Q1 2026.
How has Targa Resources's service — revenue changed year-over-year?
Targa Resources's service — revenue increased by 10.8% year-over-year, from $677.1M to $750.1M.
What is the long-term trend for Targa Resources's service — revenue?
Over 4 years (2021 to 2025), Targa Resources's service — revenue has grown at a 18.1% compound annual growth rate (CAGR), from $1.35B to $2.62B.
What does service — revenue mean?
This metric represents the total revenue generated from providing midstream services, such as gathering, processing, and fractionation, to third-party customers. It reflects the company's ability to monetize its infrastructure assets through fee-based service agreements rather than direct commodity sales. This revenue stream is critical for assessing the stability and predictability of cash flows in the midstream energy sector.