TRGP Targa Resources

Q3 2025 10-Q

Filed: Nov 5, 2025Period ending Sep 30, 2025

Utilities

Natural Gas TransmissionSEC EDGAR

Targa Resources (TRGP) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 5, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

AI Filing Analysis
Q3 2025 10-Q

Management Discussion & Analysis

• Revenue $4,151M Q3 2025, up 7.8% YoY from $3,852M; nine months $12,973M up 8.3% from $11,976M
• Net income $478M Q3 2025, up 23.3% YoY from $387M; operating margin increase implied by segment margins (Gathering and Processing 19.9% vs 19.0%, Logistics 22.6% vs 20.9%)

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Risk Factors

• No new or materially changed risk factors since the most recent 10-K disclosed
• Continued exposure to commodity price volatility impacting revenue and margins

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Quarterly Financial Summary
XBRL

Revenue

$4.2B

▲ +7.8% YoY▼ -2.6% QoQ

Net Income

$478M

▲ +23.5% YoY▼ -24.0% QoQ

Net Margin

11.5%

▲ +147bp YoY▼ -324bp QoQ

Source: XBRL data from Targa Resources Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

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