Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Fee income, not commodity sales, carries the profit
Fees are a small slice of revenue yet equal 68.6% of operating income, and grew 35.8% as commodity sales slipped.
For investorsWhat has to go right for fees to keep outrunning the build
For foundersBuilding the toll road before the traffic arrives
Sales fell after the peak-price year while operating profit climbed, so the top line is a poor gauge of this business.
Free cash flow turned positive at $431.2 million, yet most operating cash still goes back into new plants and pipes.
The Other segment holds unrealized derivative gains, which can reverse without any change in volumes or fees.
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Business Lens describes Targa Resources from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
