Targa Resources (TRGP) Operating Margin (2014 - 2026)
Targa Resources' Operating Margin came in at 27.80% for Q2 2026, up 3.54 percentage points from 24.26% a year earlier and up 7.12 percentage points from the prior quarter.
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Analysis
Targa Resources (TRGP) Operating Margin (2014 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Targa Resources reported Operating Margin of 22.91%, up 5.31 percentage points year-over-year; for FY2025, it was 19.56%, up 3.11 percentage points from FY2024.
- Operating Margin has increased in each of the last five years, with a five-year change of +35.35 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 16.45% in FY2024 (+0.10 pp), 16.35% in FY2023 (+8.09 pp), 8.26% in FY2022 (+3.16 pp) and 5.10% in FY2021 (+20.88 pp).
- The Q2 2026 figure represents the highest quarterly Operating Margin in data going back to Q1 2014.
- Year-over-year, Operating Margin has increased for five consecutive quarters, with an average year-over-year change of +3.96 percentage points over the last eight quarters.
- The fastest year-over-year change in Operating Margin over five years came in Q4 2022 (a gain of 13.79 percentage points), and the weakest in Q4 2021 (a drop of 11.99 percentage points).
- Business Quant data shows TRGP's Operating Margin at 20.68% (Q1 2026), 22.62% (Q4 2025) and 20.16% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 102.52 Bn | 100.06 Bn | 4.84 Bn | 9.93% |
| 2 | Enterprise Products Partners | 79.27 Bn | 77.71 Bn | - | 12.31% |
| 3 | Energy Transfer | 69.21 Bn | 62.65 Bn | 7.40 Bn | 10.41% |
| 4 | Kinder Morgan | 68.17 Bn | 69.12 Bn | 3.07 Bn | 30.06% |
| 5 | Tc Energy | 61.09 Bn | 64.16 Bn | 2.81 Bn | 135.28% |
| 6 | Targa Resources | 59.48 Bn | 59.10 Bn | 2.14 Bn | 27.80% |
| 7 | Mplx | 58.45 Bn | 52.01 Bn | 2.91 Bn | 41.61% |
| 8 | Oneok | 55.88 Bn | 54.37 Bn | 2.81 Bn | 13.22% |
| 9 | Cheniere Energy | 55.70 Bn | 55.83 Bn | 5.29 Bn | 74.84% |
| 10 | Venture Global | 32.11 Bn | 26.66 Bn | 2.92 Bn | 47.79% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 27.80% |
| Mar 31, 2026 | 20.68% |
| Dec 31, 2025 | 22.62% |
| 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 | 14.99% |
| 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% |
API Access
Targa Resources Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=TRGP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "TRGP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=TRGP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();