Targa Resources Corp. (TRGP) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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TRGP Revenue Growth
Revenue Breakdown (FY 2025)
TRGP's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
TRGP Revenue Analysis (2014–2025)
As of May 8, 2026, Targa Resources Corp. (TRGP) generated trailing twelve-month (TTM) revenue of $16.38 billion, reflecting significant decline in growth of -15.6% year-over-year. The most recent quarter (Q1 2026) recorded $4.09 billion in revenue, up 1.0% sequentially.
Looking at the longer-term picture, TRGP's 5-year compound annual growth rate (CAGR) stands at +15.7%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $21.68 billion in 2022.
Revenue diversification analysis shows TRGP's business is primarily driven by Logistics And Transportation (66%), Gathering And Processing (34%), and Corporate Non Segment And Inter Segment Elimination (-0%). With over half of revenue concentrated in Logistics And Transportation, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including WES (+11.4% YoY), CTRA (+7.3% YoY), and DT (+18.2% YoY), TRGP has underperformed the peer group in terms of revenue growth. Compare TRGP vs WES →
TRGP Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TRGPCurrent | $16.4B | -15.6% | +15.7% | 20.1% | |
 WES | $3.8B | +11.4% | +6.7% | 41.3% | |
 CTRA | $2.8B | +7.3% | +14.4% | 89.1% | |
 DT | $1.7B | +18.2% | +25.5% | 10.6% | |
 HESM | $1.6B | +8.6% | +8.2% | 62.2% | |
 MPLX | $11.8B | +12.1% | +7.1% | 40.3% |
TRGP Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $17.14B | +3.1% | $4.54B | 26.5% | $3.45B | 20.1% |
| 2024 | $16.63B | +6.5% | $3.33B | 20.0% | $2.94B | 17.7% |
| 2023 | $15.62B | -28.0% | $2.54B | 16.2% | $2.19B | 14.0% |
| 2022 | $21.68B | +24.3% | $2.79B | 12.9% | $2.48B | 11.5% |
| 2021 | $17.44B | +110.8% | $2.09B | 12.0% | $1.82B | 10.4% |
| 2020 | $8.27B | -4.6% | $1.52B | 18.4% | $1.27B | 15.3% |
| 2019 | $8.67B | -17.8% | $1.49B | 17.2% | $192.9M | 2.2% |
| 2018 | $10.55B | +19.1% | $778.8M | 7.4% | $518.3M | 4.9% |
| 2017 | $8.86B | +33.4% | $526.1M | 5.9% | $321.2M | 3.6% |
| 2016 | $6.64B | +1.0% | $410.7M | 6.2% | $223.0M | 3.4% |
Full TRGP Stock Analysis
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Start ComparisonTRGP — Frequently Asked Questions
Quick answers to the most common questions about buying TRGP stock.
Is TRGP's revenue growth accelerating or slowing?
TRGP revenue declined -15.6% year-over-year, contrasting with the 5-year CAGR of +15.7%. TTM revenue fell to $16.4B. This reverses the prior growth trend.
What is TRGP's long-term revenue growth rate?
Targa Resources Corp.'s 5-year revenue CAGR of +15.7% reflects the variable expansion pattern. Current YoY growth of -15.6% is below this long-term average.
How is TRGP's revenue distributed by segment?
TRGP reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.