---
title: "Targa Resources: Business Model"
description: "Targa Resources revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/targa-resources/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Targa Resources: Business Model & Revenue Engine

## Direct Answer

Targa Resources reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Logistics and Transportation is the largest, with $14.3 billion of revenue (84% of the total), followed by Gathering and Processing at $2.7 billion (16%).

## How Does Targa Resources Make Money?

Logistics and Transportation supplies 84% of revenue, so Targa Resources's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Logistics and Transportation grew fastest (+3.5%) and Gathering and Processing slowest (+0.1%), so the revenue mix tilts toward Logistics and Transportation while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Logistics and Transportation | $14.3 billion | $13.9 billion | 84.2% | 3.5% |
| Gathering and Processing | $2.7 billion | $2.7 billion | 15.8% | 0.1% |

![Bar chart of Targa Resources revenue by segment for fiscal 2025: Logistics and Transportation 84.2%, Gathering and Processing 15.8%.](https://www.getswoopr.com/images/charts/targa-resources-business-model-segment-mix.webp)
*Targa Resources revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does Targa Resources Sell?

Targa Resources also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Product | $14.4 billion | $14.1 billion | 84.6% | 2.5% |
| Service | $2.6 billion | $2.5 billion | 15.4% | 5.4% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Targa Resources's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Targa Resources reported in the segment note and revenue disclosures of its Form 10-K filed February 19, 2026 (accession 0001193125-26-059296), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Targa Resources's business segments?

In its fiscal 2025 Form 10-K, Targa Resources reports revenue for Logistics and Transportation and Gathering and Processing.

### Which part of Targa Resources brings in the most revenue?

Logistics and Transportation, with $14.3 billion of revenue in fiscal 2025, or 84% of the total.

### Where does Targa Resources report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 19, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: Targa Resources Corp. Form 10-K filed February 19, 2026](https://www.sec.gov/Archives/edgar/data/1389170/000119312526059296/trgp-20251231.htm)
- [SEC EDGAR: Targa Resources Corp. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1389170&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Targa Resources company dossier](https://www.getswoopr.com/stocks/companies/targa-resources/)
- [Targa Resources financial metrics](https://www.getswoopr.com/stocks/companies/targa-resources/metrics/)
- [Targa Resources financial risk indicators](https://www.getswoopr.com/stocks/companies/targa-resources/risks/)
- [Targa Resources peer comparison](https://www.getswoopr.com/stocks/companies/targa-resources/competitors/)
- [Targa Resources business model and revenue mix](https://www.getswoopr.com/stocks/companies/targa-resources/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).