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% |
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.