Targa Resources (TRGP) Q4 FY2025 earnings: revenue $4.1 billion, down 7.9% on the year

Targa Resources Corp. (TRGP) reported revenue of $4.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 7.9% on the same quarter a year earlier. Net income was $545 million, up 55.3% on the year, and diluted earnings per share $2.51. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue

$4.1 billion

-7.9% on the year · -2.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

22.6%

15.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$545 million

+55.3% on the year · +13.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.51

+74.3% on the year · +14.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new, 1 kept.

Full year adjusted EBITDA up 20%: Full year 2025 adjusted EBITDA was $4,957 million, against $4,142 million in 2024, a 20% increase. The company described it as a record. Net income attributable to Targa was $1,923 million.
Fourth quarter adjusted EBITDA rose 5%: Fourth quarter adjusted EBITDA was $1,341 million, up 5% from the third quarter. The company attributed the increase to higher volumes across Gathering and Processing and Logistics and Transportation.
Permian gas inlet up 10%: Total Permian plant natural gas inlet was 6,650.7 MMcf/d in the fourth quarter, up 10%, with Permian Delaware up 14%. For 2025 it averaged 6,391.4 MMcf/d, up 11%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,056	4,151	4,405	-2.3%	-7.9%
Cost of revenue	2,308	2,506	2,923	-7.9%	-21.0%
Gross profit	1,748	1,645	1,483	+6.3%	+17.9%
Gross margin	43.1%	39.6%	33.7%
Operating income	917	837	701	+9.6%	+30.9%
Operating margin	22.6%	20.2%	15.9%
Interest expense	216	221	178	-2.4%	+21.6%
Pre-tax income	692	621	524	+11.5%	+32.0%
Income tax	139	134	110	+3.6%	+25.9%
Effective tax rate	20.1%	21.6%	21.1%
Net income	545	478	351	+13.9%	+55.3%
Net margin	13.4%	11.5%	8.0%
Diluted EPS	$2.51	$2.20	$1.44	+14.1%	+74.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,506	599	1,328	+151.3%	+13.4%
Capital expenditure	963	672	727	+43.4%	+32.5%
Free cash flow	542	-72.6	601		-9.8%
Free cash flow margin	13.4%	-1.7%	13.6%
Cash from investing	-1,181	-691	-746
Cash from financing	-283	103	-552
Depreciation and amortisation	390	384	378	+1.8%	+3.2%
Share-based compensation	17.3	17.5	15.8	-1.1%	+9.5%
Dividend per share	n/a	$1.00	n/a
Diluted shares, weighted	217m	216m	221m	+0.4%	-2.0%
Shares outstanding at period end	215m	215m	218m	-0.1%	-1.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	3,068	2,707	2,592	+13.3%	+18.3%
Non-controlling interest	130	127	1,826	+2.6%	-92.9%
Debt	17,432	17,431	14,175	+0.0%	+23.0%
Operating lease liabilities	89.5	n/a	90.4		-1.0%
Finance lease liabilities	260	268	240	-2.7%	+8.3%
Other liabilities	4,238	3,642	3,810	+16.4%	+11.2%
Total liabilities and equity	25,218	24,175	22,734	+4.3%	+10.9%
Fixed assets	20,535	19,610	18,063	+4.7%	+13.7%
Goodwill	112	45.2	45.2	+148.5%	+148.5%
Intangible assets	1,651	1,733	1,977	-4.7%	-16.5%
Cash and equivalents	166	124	157	+33.8%	+5.6%
Receivables	1,475	1,408	1,618	+4.8%	-8.9%
Inventory	429	491	334	-12.5%	+28.4%
Other assets	850	764	539	+11.2%	+57.7%
Total assets	25,218	24,175	22,734	+4.3%	+10.9%

Questions

What was Targa Resources' revenue in Q4 FY2025?

Targa Resources (TRGP) reported revenue of $4.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 7.9% on the same quarter a year earlier.

How much did Targa Resources earn in Q4 FY2025?

Net income for Q4 FY2025 was $545 million, up 55.3% on the year, and diluted earnings per share $2.51.

When did Targa Resources report Q4 FY2025 results?

Targa Resources filed its 10-K for the year that ended with the quarter on 19 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,442	4,959	6,056	5,360	4,555	4,520	3,404	3,897	4,240	4,562	3,562	3,852	4,405	4,562	4,260	4,151	4,056	4,095	4,440	5,599
Cost of revenue	4,570	4,204	5,047	4,306	3,324	3,019	2,069	2,690	2,898	3,218	2,197	2,365	2,923	3,258	2,436	2,506	2,308	2,394	2,302	3,579
Gross profit	872	755	1,008	1,054	1,230	1,502	1,335	1,207	1,341	1,344	1,365	1,487	1,483	1,304	1,824	1,645	1,748	1,700	2,138	2,020
Gross margin	16%	15%	17%	20%	27%	33%	39%	31%	32%	29%	38%	39%	34%	29%	43%	40%	43%	42%	48%	36%
Operating income	-91.6	296	452	430	551	837	649	505	635	639	627	728	701	543	1,034	837	917	847	1,234	1,096
Operating margin	-2%	6%	7%	8%	12%	19%	19%	13%	15%	14%	18%	19%	16%	12%	24%	20%	23%	21%	28%	20%
Interest expense	104	93.6	81.2	126	146	168	167	175	178	229	176	185	178	197	218	221	216	228	237	233
Pre-tax income	-258	192	775	291	406	666	484	333	460	415	453	545	524	352	821	621	692	611	1,005	851
Tax rate	n/a	12%	11%	4%	2%	17%	20%	16%	22%	20%	21%	18%	21%	21%	22%	22%	20%	20%	23%	21%
Net income	-314	88.0	596	193	318	497	329	220	300	275	298	387	351	270	629	478	545	480	765	658
Net margin	-6%	2%	10%	4%	7%	11%	10%	6%	7%	6%	8%	10%	8%	6%	15%	12%	13%	12%	17%	12%
Diluted EPS	-$1.41	$0.06	$1.61	$0.84	$1.37	$0.03	$1.44	$0.97	$1.22	$1.22	$1.33	$1.75	$1.44	$0.91	$2.87	$2.20	$2.51	$2.21	$3.54	$3.04
Operating cash flow	504	748	636	460	538	1,170	677	407	958	876	904	541	1,328	954	858	599	1,506	740	1,441	1,365
Capital expenditure	184	204	215	396	519	476	598	592	720	670	740	829	727	792	906	672	963	900	1,010	1,245
Free cash flow	321	544	420	63.7	18.6	694	78.8	-184	238	207	164	-288	601	162	-47.8	-72.6	542	-160	431	120
Shares outstanding	228m	228m	227m	226m	226m	226m	224m	223m	223m	222m	219m	218m	218m	217m	216m	215m	215m	215m	214m	214m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless. EPS is as filed for each quarter. A split or a bonus issue changes the share count, so quarters before it are on the old count.

10-K for the period ended 31 December 2025, filed 19 February 2026: the filing.