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Enterprise Products Partners vs Targa Resources: revenue, profit, margins and growth compared

Enterprise Products Partners brought in $52.6B of revenue in fiscal 2025, Targa Resources $17B in fiscal 2025. Revenue changed by -6.4% at Enterprise Products Partners and +3.9% at Targa Resources on the year before, so Targa Resources grew faster. Enterprise Products Partners kept 11.0% of its revenue as net profit, Targa Resources 11.3%. Free cash flow was $3B at Enterprise Products Partners and $584.1M at Targa Resources.

Side by side, latest fiscal year

EPDTRGP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$52.6B$17B
Revenue growth-6.4%+3.9%
Net income$5.8B$1.9B
Net margin11.0%11.3%
Free cash flow$3B$584.1M
Free cash flow margin5.6%3.4%
Earnings per share (diluted)n/a$8.49
Cash$969M$166.1M
Debt$34.4B$17.4B
Price to earningsn/a32.7
Market value$79.1B$59.5B
Dividend yieldn/a1.35%
Rank by revenue in sector#2 of 125 · Utilities#17 of 125 · Utilities

Over the years

Revenue
EPD FY2018: $36.5BEPD FY2019: $32.8BEPD FY2020: $27.2BEPD FY2021: $40.8BEPD FY2022: $58.2BEPD FY2023: $49.7BEPD FY2024: $56.2BEPD FY2025: $52.6BTRGP FY2018: $10.5BTRGP FY2019: $8.7BTRGP FY2020: $8.3BTRGP FY2021: $16.9BTRGP FY2021: $20.9BTRGP FY2023: $16.1BTRGP FY2024: $16.4BTRGP FY2025: $17BFY18FY19FY20FY21FY22FY23FY24FY25
EPD $52.6BTRGP $17B
Net income
EPD FY2018: $4.2BEPD FY2019: $4.6BEPD FY2020: $3.8BEPD FY2021: $4.6BEPD FY2022: $5.5BEPD FY2023: $5.5BEPD FY2024: $5.9BEPD FY2025: $5.8BTRGP FY2018: $1.6MTRGP FY2019: -$209.2MTRGP FY2020: -$1.6BTRGP FY2021: $71.2MTRGP FY2021: $1.2BTRGP FY2023: $1.3BTRGP FY2024: $1.3BTRGP FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
EPD $5.8BTRGP $1.9B
Net margin
EPD FY2018: 11.4%EPD FY2019: 14.0%EPD FY2020: 13.9%EPD FY2021: 11.4%EPD FY2022: 9.4%EPD FY2023: 11.1%EPD FY2024: 10.5%EPD FY2025: 11.0%TRGP FY2018: 0.0%TRGP FY2019: -2.4%TRGP FY2020: -18.8%TRGP FY2021: 0.4%TRGP FY2021: 5.7%TRGP FY2023: 8.4%TRGP FY2024: 8.0%TRGP FY2025: 11.3%FY18FY19FY20FY21FY22FY23FY24FY25
EPD 11.0%TRGP 11.3%
Revenue growth
EPD FY2019: -10.3%EPD FY2020: -17.0%EPD FY2021: +50.0%EPD FY2022: +42.6%EPD FY2023: -14.6%EPD FY2024: +13.1%EPD FY2025: -6.4%TRGP FY2019: -17.3%TRGP FY2020: -4.7%TRGP FY2021: +105.2%TRGP FY2021: +23.5%TRGP FY2023: -23.3%TRGP FY2024: +2.0%TRGP FY2025: +3.9%FY19FY20FY21FY22FY23FY24FY25
EPD -6.4%TRGP +3.9%
Free cash flow
EPD FY2018: $1.9BEPD FY2019: $2BEPD FY2020: $2.6BEPD FY2021: $6.3BEPD FY2022: $6.1BEPD FY2023: $4.3BEPD FY2024: $3.6BEPD FY2025: $3BTRGP FY2018: -$2BTRGP FY2019: -$1.5BTRGP FY2020: $792.9MTRGP FY2021: $1.8BTRGP FY2021: $1BTRGP FY2023: $826.2MTRGP FY2024: $683.9MTRGP FY2025: $584.1MFY18FY19FY20FY21FY22FY23FY24FY25
EPD $3BTRGP $584.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Enterprise Products Partners and Targa Resources

Which is bigger by revenue, Enterprise Products Partners or Targa Resources?

Enterprise Products Partners is bigger by revenue: $52.6B in fiscal 2025, against $17B for Targa Resources in fiscal 2025.

Which keeps more of its revenue as profit, Enterprise Products Partners or Targa Resources?

Enterprise Products Partners had a net margin of 11.0% in fiscal 2025; Targa Resources had 11.3% in fiscal 2025.

Which grew revenue faster, Enterprise Products Partners or Targa Resources?

In their latest fiscal years revenue changed by -6.4% at Enterprise Products Partners and +3.9% at Targa Resources.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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