Targa Resources (TRGP) Operating Margin (2014 - 2026)

Targa Resources' Operating Margin history runs 13 years deep, the most recent figure standing at 20.68% for Q1 2026.

• In Q1 2026, Operating Margin rose 877.0% year-over-year to 20.68%; the TTM figure through Mar 2026 stood at 4.99% (down 1088.0% YoY), while the FY2025 annual figure was 3.07%, down 1339.0% from the prior year.
• Operating Margin came in at 20.68% for Q1 2026 at Targa Resources, up 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.
• The 5-year median for Operating Margin is 14.01% (2024), against an average of 8.44%.
• The widest annual swing landed in 2024, when Operating Margin jumped 5324 bps; it then tumbled 6255 bps in 2025.
• A 5-year view of Operating Margin shows it stood at 12.11% in 2022, then tumbled by 408 bps to 37.34% in 2023, then surged by 143 bps to 15.9% in 2024, then tumbled by 393 bps to 46.65% in 2025, then surged by 144 bps to 20.68% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 20.68% in Q1 2026, 46.65% in Q4 2025, and 20.16% in Q3 2025.