TRGP · 10-Q · 2026Q2 · Full report

Revenue Performance and Mix

Targa Resources Corp. · 2026-08-06 · Importance 49 · Surprise 32 · No source text

Six-month revenue declined 3.3% year over year to $8,534.8 million from $8,821.6 million, despite higher fee-based revenue. NGL sales increased 8.6% to $6,742.6 million, while natural gas revenue fell to $161.1 million from $1,140.1 million and condensate and crude oil revenue rose 46.9% to $335.3 million. Fees from midstream services increased 22.8% to $1,597.3 million, led by gathering and processing fees of $1,112.7 million and NGL transportation, fractionation and services fees of $189.1 million. Logistics and Transportation generated $6,907.2 million of six-month revenue versus $7,623.4 million in 2025, while Gathering and Processing generated $3,087.8 million versus $3,938.7 million, reflecting lower intersegment commodity revenue and derivative effects.

Key facts

• Three months ended June 30, 2026 Total revenues: $4,440.1 million source
• Three months ended June 30, 2026 Sales of commodities: $3,592.9 million source
• Three months ended June 30, 2026 Product purchases and fuel: $2,302.0 million source
• Three months ended June 30, 2026 Fees from midstream services: $847.2 million source
• Total revenues for three months ended June 30, 2026: $4,440.1 million (Sales of commodities $3,592.9; Fees from midstream services $847.2) source
• Trade receivables, net as of June 30, 2026: $1,952.1 million (allowances of $0.7 million) source
• Deferred revenue as of June 30, 2026: $138.7 million and as of December 31, 2025: $135.7 million. source
• As of June 30, 2026, $23.1 million of deferred revenue is included in Accrued liabilities and $115.6 million is included in Other long-term liabilities. source

Impact estimates