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Targa Resources vs Williams Companies: revenue, profit, margins and growth compared

Targa Resources brought in $17B of revenue in fiscal 2025, Williams Companies $14.9B in fiscal 2025. Revenue changed by +3.9% at Targa Resources and +17.9% at Williams Companies on the year before, so Williams Companies grew faster. Targa Resources kept 11.3% of its revenue as net profit, Williams Companies 17.6%. Free cash flow was $584.1M at Targa Resources and $1B at Williams Companies.

Side by side, latest fiscal year

TRGPWMB
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17B$14.9B
Revenue growth+3.9%+17.9%
Net income$1.9B$2.6B
Net margin11.3%17.6%
Free cash flow$584.1M$1B
Free cash flow margin3.4%6.7%
Earnings per share (diluted)$8.49$2.14
Cash$166.1M$63M
Debt$17.4B$28.7B
Price to earnings32.732.4
Market value$59.6B$84.7B
Dividend yield1.35%2.89%
Rank by revenue in sector#16 of 109 · Utilities#21 of 109 · Utilities

Over the years

Revenue
TRGP FY2018: $10.5BTRGP FY2019: $8.7BTRGP FY2020: $8.3BTRGP FY2021: $16.9BTRGP FY2021: $20.9BTRGP FY2023: $16.1BTRGP FY2024: $16.4BTRGP FY2025: $17BWMB FY2018: $8.7BWMB FY2019: $8.2BWMB FY2020: $7.7BWMB FY2021: $12.8BWMB FY2022: $17.8BWMB FY2023: $12BWMB FY2024: $12.6BWMB FY2025: $14.9BFY18FY19FY20FY21FY22FY23FY24FY25
TRGP $17BWMB $14.9B
Net income
TRGP FY2018: $1.6MTRGP FY2019: -$209.2MTRGP FY2020: -$1.6BTRGP FY2021: $71.2MTRGP FY2021: $1.2BTRGP FY2023: $1.3BTRGP FY2024: $1.3BTRGP FY2025: $1.9BWMB FY2018: -$155MWMB FY2019: $850MWMB FY2020: $211MWMB FY2021: $1.5BWMB FY2022: $2BWMB FY2023: $3.2BWMB FY2024: $2.2BWMB FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
TRGP $1.9BWMB $2.6B
Net margin
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%WMB FY2018: -1.8%WMB FY2019: 10.4%WMB FY2020: 2.7%WMB FY2021: 11.9%WMB FY2022: 11.5%WMB FY2023: 26.5%WMB FY2024: 17.6%WMB FY2025: 17.6%FY18FY19FY20FY21FY22FY23FY24FY25
TRGP 11.3%WMB 17.6%
Revenue growth
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%WMB FY2019: -5.6%WMB FY2020: -5.9%WMB FY2021: +65.6%WMB FY2022: +39.0%WMB FY2023: -32.5%WMB FY2024: +5.3%WMB FY2025: +17.9%FY19FY20FY21FY22FY23FY24FY25
TRGP +3.9%WMB +17.9%
Free cash flow
TRGP FY2018: -$2BTRGP FY2019: -$1.5BTRGP FY2020: $792.9MTRGP FY2021: $1.8BTRGP FY2021: $1BTRGP FY2023: $826.2MTRGP FY2024: $683.9MTRGP FY2025: $584.1MWMB FY2018: $37MWMB FY2019: $1.6BWMB FY2020: $2.3BWMB FY2021: $2.7BWMB FY2022: $2.6BWMB FY2023: $3.4BWMB FY2024: $2.4BWMB FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
TRGP $584.1MWMB $1B

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

Questions about Targa Resources and Williams Companies

Which is bigger by revenue, Targa Resources or Williams Companies?

Targa Resources is bigger by revenue: $17B in fiscal 2025, against $14.9B for Williams Companies in fiscal 2025.

Which keeps more of its revenue as profit, Targa Resources or Williams Companies?

Targa Resources had a net margin of 11.3% in fiscal 2025; Williams Companies had 17.6% in fiscal 2025.

Which grew revenue faster, Targa Resources or Williams Companies?

In their latest fiscal years revenue changed by +3.9% at Targa Resources and +17.9% at Williams Companies.

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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