Short answer
Targa Resources (TRGP) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $4.2B (up 7.8% year over year) with net income of $478M.
Q3 2025 key financials · XBRL
- Revenue
- $4.2B
- +7.8% YoY · −2.6% QoQ
- Net income
- $478M
- +23.5% YoY · −24.0% QoQ
- Operating margin
- 20.2%
- EPS (diluted)
- $2.20
- +25.7% YoY · −23.3% QoQ
Source: XBRL data from the Targa Resources (TRGP) Q3 2025 10-Q on SEC EDGAR. USD.
Targa Resources Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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%)
- Best performing segment Logistics and Transportation: adj. operating margin $809M Q3 2025 up 13% YoY; worst Gathering and Processing with lower crude oil and Badlands volumes
- Cash position $124M, total liquidity $2.3B Sept 30, 2025; operating cash flow $2,412M YTD 2025, up 3.9% YoY; capital expenditures $2,370M up 5.7%, primarily growth focused
- Management notes near-term expansion in Permian processing plants, fractionation, pipelines, and LPG export; increased dividends to $1.00/share quarterly and ongoing share repurchase program with $1.41B remaining
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
- Operational risks from natural gas and NGL pipeline maintenance and disruptions
- Regulatory risk from evolving federal and state environmental regulations on emissions
- Financial risk tied to debt maturities and potential liquidity constraints under market stress
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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