Targa Resources Corp. (TRGP) stock
TRGPNYSENatural Gas TransmissionFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 10/3027% above fair value
$296.30+4.52 (+1.55%)
Close on Nov 12, 2026Market cap $63.54BP/E 26.2Yield 1.27%
Targa Resources operating margin
Operating margin is operating income as a percentage of revenue.
Targa Resources's operating margin for the twelve months ending Sep 30, 2026 was 22.5%. For fiscal 2025 it was 19.6%, against 16.5% the year before. The highest annual figure on record is 19.6% in fiscal 2025.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 19.6% | +3.1 |
| FY2024 | Dec 31, 2024 | 16.5% | +0.1 |
| FY2023 | Dec 31, 2023 | 16.4% | +8.1 |
| FY2022 | Dec 31, 2022 | 8.3% | +3.2 |
| FY2021 | Dec 31, 2021 | 5.1% | +20.9 |
| FY2020 | Dec 31, 2020 | -15.8% | −18.0 |
| FY2019 | Dec 31, 2019 | 2.2% | −0.0 |
| FY2018 | Dec 31, 2018 | 2.3% | +3.7 |
| FY2017 | Dec 31, 2017 | -1.4% | −2.4 |
| FY2016 | Dec 31, 2016 | 1.0% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 19.6% | −0.6 |
| Q2 FY2026 | Jun 30, 2026 | 27.8% | +3.5 |
| Q1 FY2026 | Mar 31, 2026 | 20.7% | +8.8 |
| Q4 FY2025 | Dec 31, 2025 | 22.6% | +6.7 |
| Q3 FY2025 | Sep 30, 2025 | 20.2% | +1.3 |
| Q2 FY2025 | Jun 30, 2025 | 24.3% | +6.7 |
| Q1 FY2025 | Mar 31, 2025 | 11.9% | −2.1 |
| Q4 FY2024 | Dec 31, 2024 | 15.9% | +0.9 |
| Q3 FY2024 | Sep 30, 2024 | 18.9% | +5.9 |
| Q2 FY2024 | Jun 30, 2024 | 17.6% | −1.5 |
| Q1 FY2024 | Mar 31, 2024 | 14.0% | −4.5 |
| Q4 FY2023 | Dec 31, 2023 | 15.0% | +2.9 |
| Q3 FY2023 | Sep 30, 2023 | 13.0% | +4.9 |
| Q2 FY2023 | Jun 30, 2023 | 19.1% | +11.6 |
| Q1 FY2023 | Mar 31, 2023 | 18.5% | +12.5 |
| Q4 FY2022 | Dec 31, 2022 | 12.1% | +13.8 |
| Q3 FY2022 | Sep 30, 2022 | 8.0% | −0.2 |
| Q2 FY2022 | Jun 30, 2022 | 7.5% | +0.3 |
| Q1 FY2022 | Mar 31, 2022 | 6.0% | −3.5 |
| Q4 FY2021 | Dec 31, 2021 | -1.7% | −12.0 |
| Q3 FY2021 | Sep 30, 2021 | 8.2% | −5.8 |
| Q2 FY2021 | Jun 30, 2021 | 7.2% | −6.8 |
| Q1 FY2021 | Mar 31, 2021 | 9.5% | +110.9 |
| Q4 FY2020 | Dec 31, 2020 | 10.3% | +11.3 |
| Q3 FY2020 | Sep 30, 2020 | 14.0% | +11.8 |
| Q2 FY2020 | Jun 30, 2020 | 14.0% | +8.3 |
| Q1 FY2020 | Mar 31, 2020 | -101.4% | −104.1 |
| Q4 FY2019 | Dec 31, 2019 | -1.0% | +2.2 |
| Q3 FY2019 | Sep 30, 2019 | 2.2% | −0.4 |
| Q2 FY2019 | Jun 30, 2019 | 5.7% | −0.7 |
| Q1 FY2019 | Mar 31, 2019 | 2.7% | −0.8 |
| Q4 FY2018 | Dec 31, 2018 | -3.1% | −7.3 |
| Q3 FY2018 | Sep 30, 2018 | 2.6% | +17.7 |
| Q2 FY2018 | Jun 30, 2018 | 6.4% | +4.4 |
| Q1 FY2018 | Mar 31, 2018 | 3.5% | +1.1 |
| Q4 FY2017 | Dec 31, 2017 | 4.2% | – |
| Q3 FY2017 | Sep 30, 2017 | -15.2% | – |
| Q2 FY2017 | Jun 30, 2017 | 2.0% | – |
| Q1 FY2017 | Mar 31, 2017 | 2.4% | – |
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