Targa Resources (TRGP) Operating Margin (2014 - 2026)
Targa Resources (TRGP) reported Operating Margin of 20.68% for Q1 2026, up 877.0% year-over-year from 2.12% in Q1 2025, and up 144.34% quarter-over-quarter from 46.65% in Q4 2025.
Targa Resources (TRGP) Operating Margin (2014 - 2026) Analysis & Trends
Targa Resources (TRGP) has 13 years of Operating Margin data on file, last reported at 20.68% in Q1 2026.
- Operating Margin for Q1 2026 came in at 20.68%, up 877.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 4.99% (down 1088.0% YoY), and the FY2025 annual result was 3.07%, down 1339.0% from the prior year.
- Operating Margin rose to 20.68% in Q1 2026 per TRGP's latest filing, from 46.65% in the prior quarter.
- Over five years, Operating Margin peaked at 24.26% in Q2 2025 and troughed at 46.65% in Q4 2025.
- A 5-year average of 8.44% and a median of 14.01% in 2024 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2024 and 2025: Operating Margin soared 5324 bps in 2024, then slumped 6255 bps in 2025.
- A 5-year view of Operating Margin shows it stood at 12.11% in 2022, then slumped by 408 bps to 37.34% in 2023, then jumped by 143 bps to 15.9% in 2024, then slumped by 393 bps to 46.65% in 2025, then jumped by 144 bps to 20.68% in 2026.
- Business Quant data shows TRGP's Operating Margin at 20.68% in Q1 2026, 46.65% in Q4 2025, and 20.16% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 88.33 Bn | 89.03 Bn | 6.70 Bn | 14.43% |
| 2 | Enterprise Products Partners | 80.83 Bn | 79.68 Bn | - | 13.17% |
| 3 | Kinder Morgan | 69.66 Bn | 70.75 Bn | 3.08 Bn | 29.91% |
| 4 | Energy Transfer | 65.60 Bn | 64.88 Bn | 6.62 Bn | 10.74% |
| 5 | Scorpio Tankers | 59.17 Bn | 58.19 Bn | - | - |
| 6 | Mplx | 57.43 Bn | 55.92 Bn | 2.54 Bn | 39.96% |
| 7 | Targa Resources | 56.68 Bn | 56.71 Bn | 1.70 Bn | 20.68% |
| 8 | Oneok | 55.34 Bn | 55.21 Bn | 2.57 Bn | 14.85% |
| 9 | Tc Energy | 50.79 Bn | 51.99 Bn | 2.95 Bn | 68.07% |
| 10 | Cheniere Energy | 50.33 Bn | 52.53 Bn | 5.86 Bn | -59.44% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 20.68% |
| Dec 31, 2025 | -46.65% |
| Sep 30, 2025 | 20.16% |
| Jun 30, 2025 | 24.26% |
| Mar 31, 2025 | 11.91% |
| Dec 31, 2024 | 15.90% |
| Sep 30, 2024 | 18.91% |
| Jun 30, 2024 | 17.61% |
| Mar 31, 2024 | 14.01% |
| Dec 31, 2023 | -37.34% |
| Sep 30, 2023 | 12.96% |
| Jun 30, 2023 | 19.07% |
| Mar 31, 2023 | 18.51% |
| Dec 31, 2022 | 12.11% |
| Sep 30, 2022 | 8.02% |
| Jun 30, 2022 | 7.46% |
| Mar 31, 2022 | 5.96% |
| Dec 31, 2021 | -1.68% |
| Sep 30, 2021 | 8.22% |
| Jun 30, 2021 | 7.20% |