Sales Of Commodities was Targa Resources’s largest product and service line in fiscal 2025, bringing in $14.40B of $17.03B (85%).
| Product and Service | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales Of Commodities | $19.07B | $13.96B | $13.89B | $14.40B | |||||||||
| Ngl | — | — | — | — | |||||||||
| Ngl Sales | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Ngl Sales | — | — | — | — | |||||||||
| Fees From Midstream Services | $1.86B | $2.10B | $2.49B | $2.62B | |||||||||
| Natural Gas Sales | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Natural Gas Sales | — | — | — | — | |||||||||
| Natural Gas | — | — | — | — | |||||||||
| Condensate & Crude Oil | — | — | — | — | |||||||||
| Gathering & Processing | — | — | — | — | |||||||||
| Gathering & Processing Fees | — | — | — | — | |||||||||
| Storage, Terminaling, Transportation & Export Fees | — | — | — | — | |||||||||
| Storage Terminaling & Export | — | — | — | — | |||||||||
| Ngl Transportation, Fractionation & Services | — | — | — | — | |||||||||
| Condensate Sales | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Condensate Sales | — | — | — | — | |||||||||
| Fractionating & Treating Fees | — | — | — | — | |||||||||
| Petroleum Products | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Petroleum Products | — | — | — | — | |||||||||
| Other | — | — | — | — | |||||||||
| Derivative Activities | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Derivative Activities | — | — | — | — | |||||||||
| Total | $20.93B | $16.06B | $16.38B | $17.03B |
Targa Resources brought in $17.03B from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 3.9% from $16.38B in fiscal 2024. Sales Of Commodities was the largest at $14.40B (84.6%), ahead of Fees From Midstream Services at $2.62B (15.4%).
Compared with fiscal 2024, Fees From Midstream Services grew 5.4% to $2.62B and Sales Of Commodities grew 3.7% to $14.40B. From fiscal 2022 to 2025, combined revenue from these lines fell from $20.93B to $17.03B, a compound annual decline of 6.6%. Sales Of Commodities' share of the total fell from 91.1% to 84.6%.
Logistics & Transportation was Targa Resources’s largest segment in fiscal 2025, bringing in $14.34B of $17.03B (84%).
| Segment | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Logistics & Transportation | $19.16B | $13.34B | $13.86B | $14.34B | |||||||||
| Logistics & Marketing | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Marketing & Distribution | — | — | — | — | |||||||||
| Gathering & Processing | $2.08B | $2.44B | $2.69B | $2.69B | |||||||||
| A Component Of An Enterprise Pertaining To Coastal Gathering & Processing | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Field Gathering & Processing | — | — | — | — | |||||||||
| A Component Of An Enterprise Pertaining To Logistics Assets | — | — | — | — | |||||||||
| Other | -$302.40M | $275.50M | -$164.60M | -$5.30M | |||||||||
| Corporate & Eliminations | — | — | — | — | |||||||||
| Total | $20.93B | $16.06B | $16.38B | $17.03B |
Targa Resources brought in $17.03B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 3.9% from $16.38B in fiscal 2024. Logistics & Transportation was the largest at $14.34B (84.2%), ahead of Gathering & Processing at $2.69B (15.8%).
Compared with fiscal 2024, Logistics & Transportation grew 3.5% to $14.34B and Gathering & Processing grew 0.1% to $2.69B. From fiscal 2022 to 2025, combined revenue from these segments fell from $20.93B to $17.03B, a compound annual decline of 6.6%. Logistics & Transportation's share of the total fell from 91.5% to 84.2%.
The total is net of Other, which took $5.30M off revenue in fiscal 2025.
Targa Resources (TRGP) reports its revenue by product and service and by segment. In fiscal 2025, Sales Of Commodities was its largest product and service line, bringing in $14.40B (84.6% of the total), followed by Fees From Midstream Services at $2.62B (15.4%).
Sales Of Commodities was Targa Resources' largest product and service line in fiscal 2025, bringing in $14.40B, or 84.6% of the $17.03B total across its two product and service lines.
Logistics & Transportation was Targa Resources' largest segment in fiscal 2025, bringing in $14.34B, or 84.2% of the $17.03B total across its three segments.
Fees From Midstream Services grew faster than Sales Of Commodities in fiscal 2025, up 5.4% from $2.49B to $2.62B. Sales Of Commodities grew 3.7% to $14.40B.
Every figure comes from Targa Resources' annual financial filings, as reported. Each line keeps the name Targa Resources gives it, and years follow its fiscal calendar.
Targa Resources' revenue by product and service goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.