NYSE : TRGP
Targa Resources Corp. — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 314.99 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 67.54B
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Financial statements
Targa Resources Corp. (TRGP) reported revenue of 16.74B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 16.74B | 17.03B | 16.38B | 16.06B | 20.93B | 16.95B |
| Cost of Revenue | 9.51B | 10.51B | 10.70B | 10.68B | 16.88B | 13.73B |
| Gross Profit | 7.23B | 6.52B | 5.68B | 5.38B | 4.05B | 3.22B |
| Selling, General & Admin | 1.78B | 1.70B | 1.56B | 1.43B | 1.22B | 1.02B |
| Other Operating Expenses | -49.10M | -30.30M | -400.00K | 1.50M | 200.00K | 12.40M |
| Operating Expenses | 3.39B | 3.19B | 2.98B | 2.76B | 2.32B | 1.90B |
| Operating Income | 3.84B | 3.33B | 2.70B | 2.63B | 1.73B | 1.32B |
| Interest Expense | -901.50M | -852.80M | -767.20M | -687.80M | -446.10M | -387.90M |
| Earnings From Equity Investments | 17.60M | 11.80M | 9.40M | 9.00M | 9.10M | -23.90M |
| Other Non Operating Income (Expenses) | -21.30M | -3.80M | 400.00K | -4.90M | -64.70M | 500.00K |
| EBT Excluding Unusual Items | 2.94B | 2.49B | 1.94B | 1.94B | 1.23B | 905.80M |
| Merger & Restructuring Charges | -8.90M | |||||
| Gain (Loss) on Sale of Investments | 435.90M | |||||
| Asset Writedown | -452.30M | |||||
| Other Unusual Items | -1.20M | -16.60M | ||||
| Pretax Income | 2.93B | 2.49B | 1.94B | 1.94B | 1.66B | 436.90M |
| Income Tax Expense | 624.50M | 529.70M | 384.50M | 363.20M | 131.80M | 14.80M |
| Earnings From Continuing Operations | 2.30B | 1.96B | 1.55B | 1.58B | 1.53B | 422.10M |
| Minority Interest in Earnings | -37.20M | -33.70M | -241.50M | -233.40M | -335.90M | -350.90M |
| Net Income | 2.27B | 1.92B | 1.31B | 1.35B | 1.20B | 71.20M |
| Preferred Dividends & Other Adjustments | 12.30M | 81.60M | 42.50M | 517.70M | 298.70M | 87.30M |
| Net Income to Common | 2.26B | 1.84B | 1.27B | 828.20M | 896.80M | -16.10M |
| Shares Outstanding (Basic) | 214.85M | 216.10M | 220.20M | 224.60M | 227.30M | 228.60M |
| Shares Outstanding (Diluted) | 215.55M | 216.90M | 221.30M | 226.00M | 231.10M | 228.60M |
| EPS (Basic) | 10.50 | 8.52 | 5.77 | 3.69 | 3.95 | -0.07 |
| EPS (Diluted) | 10.46 | 8.49 | 5.74 | 3.66 | 3.88 | -0.07 |
| Free Cash Flow | 740.90M | 584.10M | 683.90M | 826.20M | 1.05B | 1.80B |
| Free Cash Flow Per Share | 3.44 | 2.69 | 3.09 | 3.66 | 4.53 | 7.86 |
| Dividend Per Share | 4.50 | 4.00 | 3.00 | 2.00 | 1.40 | 0.65 |
| Gross Margin | 43.19% | 38.29% | 34.66% | 33.52% | 19.34% | 19.00% |
| Operating Margin | 22.96% | 19.56% | 16.45% | 16.35% | 8.26% | 7.77% |
| Profit Margin | 13.47% | 10.81% | 7.75% | 5.16% | 4.29% | -0.10% |
| Free Cash Flow Margin | 4.43% | 3.43% | 4.17% | 5.14% | 5.00% | 10.61% |
| EBITDA | 5.50B | 4.85B | 4.12B | 3.96B | 2.83B | 2.19B |
| EBITDA Margin | 32.84% | 28.46% | 25.14% | 24.63% | 13.52% | 12.93% |
| D&A For EBITDA | 1.65B | 1.52B | 1.42B | 1.33B | 1.10B | 874.60M |
| EBIT | 3.84B | 3.33B | 2.70B | 2.63B | 1.73B | 1.32B |
| EBIT Margin | 22.96% | 19.56% | 16.45% | 16.35% | 8.26% | 7.77% |
| Effective Tax Rate | 21.32% | 21.30% | 19.84% | 18.70% | 7.92% | 3.39% |
| Revenue as Reported | 16.74B | 17.03B | 16.38B | 16.06B | 20.93B | 16.95B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 132.30M | 166.10M | 157.30M | 141.70M | 219.00M | 158.50M |
| Cash & Short-Term Investments | 132.30M | 166.10M | 157.30M | 141.70M | 219.00M | 158.50M |
| Accounts Receivable | 1.95B | 1.47B | 1.62B | 1.47B | 1.41B | 1.33B |
| Receivables | 1.95B | 1.47B | 1.62B | 1.47B | 1.41B | 1.33B |
| Inventory | 311.70M | 429.30M | 334.30M | 371.50M | 393.80M | 153.40M |
| Other Current Assets | 233.00M | 292.70M | 186.40M | 210.40M | 335.40M | 126.00M |
| Total Current Assets | 2.63B | 2.36B | 2.30B | 2.19B | 2.36B | 1.77B |
| Property, Plant & Equipment | 23.06B | 20.63B | 18.17B | 15.87B | 14.27B | 11.72B |
| Long-Term Investments | 317.50M | 307.10M | 193.30M | 146.30M | 131.30M | 586.50M |
| Goodwill | 112.30M | 45.20M | 45.20M | |||
| Other Intangible Assets | 2.11B | 1.65B | 1.98B | 2.35B | 2.73B | 1.09B |
| Other Long-Term Assets | 400.70M | 156.20M | 55.50M | 64.50M | 65.60M | 38.60M |
| Total Assets | 28.52B | 25.22B | 22.73B | 20.67B | 19.56B | 15.21B |
| Accounts Payable | 2.11B | 1.87B | 2.01B | 1.57B | 1.45B | 1.40B |
| Accrued Expenses | 608.40M | 645.30M | 579.90M | 489.50M | 449.10M | 399.00M |
| Current Portion of Long-Term Debt | 677.00M | 330.00M | 575.00M | 800.00M | 150.00M | |
| Current Portion of Leases | 107.00M | 117.40M | 82.90M | 67.50M | 48.70M | 24.50M |
| Other Current Liabilities | 113.20M | 234.10M | 167.30M | 54.00M | 320.10M | 322.70M |
| Total Current Liabilities | 3.41B | 3.55B | 3.17B | 2.76B | 3.07B | 2.30B |
| Long-Term Debt | 18.33B | 16.40B | 13.55B | 12.09B | 10.51B | 6.42B |
| Long-Term Leases | 687.10M | 349.90M | 330.80M | 300.60M | 221.60M | 48.20M |
| Long-Term Unearned Revenue | 115.60M | 115.50M | 119.90M | 248.80M | 198.80M | 171.80M |
| Long-Term Deferred Tax Liabilities | 1.73B | 1.39B | 872.10M | 535.80M | 327.70M | 136.00M |
| Other Long-Term Liabilities | 440.60M | 212.50M | 274.00M | 126.60M | 253.90M | 204.60M |
| Total Liabilities | 24.72B | 22.02B | 18.32B | 16.06B | 14.58B | 9.28B |
| Common Stock | 200.00K | 200.00K | 200.00K | 200.00K | 200.00K | 200.00K |
| Additional Paid-In Capital | 3.13B | 3.09B | 3.09B | 3.06B | 3.70B | 4.27B |
| Retained Earnings | 3.05B | 2.29B | 1.19B | 492.00M | -626.80M | -1.82B |
| Treasury Stock | -2.60B | -2.43B | -1.71B | -896.90M | -464.70M | -204.10M |
| Comprehensive Income & Other | 74.50M | 113.80M | 27.50M | 85.60M | 54.70M | -230.90M |
| Total Common Equity | 3.66B | 3.07B | 2.59B | 2.74B | 2.67B | 2.01B |
| Minority Interest | 139.20M | 130.30M | 1.83B | 1.87B | 2.32B | 3.17B |
| Shareholders' Equity | 3.80B | 3.20B | 4.42B | 4.61B | 4.98B | 5.93B |
| Total Liabilities & Equity | 28.52B | 25.22B | 22.73B | 20.67B | 19.56B | 15.21B |
| Total Debt | 19.58B | 17.55B | 14.29B | 13.03B | 11.58B | 6.64B |
| Net Cash (Debt) | -19.45B | -17.38B | -14.13B | -12.89B | -11.36B | -6.48B |
| Net Cash Per Share | -90.21 | -80.13 | -63.86 | -57.04 | -49.16 | -28.37 |
| Filing Date Shares Outstanding | 214.43M | 214.95M | 218.11M | 223.16M | 226.64M | 228.78M |
| Total Common Shares Outstanding | 214.42M | 214.66M | 217.76M | 222.61M | 226.04M | 228.22M |
| Working Capital | -782.00M | -1.18B | -876.30M | -566.30M | -710.10M | -528.70M |
| Book Value Per Share | 17.05 | 14.29 | 11.90 | 12.31 | 11.79 | 8.82 |
| Tangible Book Value | 1.55B | 1.30B | 569.80M | 343.90M | -68.90M | 917.00M |
| Tangible Book Value Per Share | 7.23 | 6.08 | 2.62 | 1.54 | -0.30 | 4.02 |
| Land | 222.30M | 209.30M | 198.60M | 185.00M | 163.30M | 160.80M |
| Machinery | 18.13B | 16.97B | 15.71B | 14.15B | 13.32B | 11.99B |
| Construction In Progress | 2.82B | 2.80B | 1.70B | 1.46B | 1.01B | 347.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.27B | 1.92B | 1.31B | 1.35B | 1.20B | 71.20M |
| Depreciation & Amortization | 1.65B | 1.52B | 1.42B | 1.33B | 1.10B | 874.60M |
| Other Amortization | 49.60M | 14.90M | ||||
| Loss (Gain) From Sale of Assets | -9.60M | 2.00M | ||||
| Asset Writedown & Restructuring Costs | 9.80M | 462.60M | ||||
| Loss (Gain) From Sale of Investments | -435.90M | |||||
| Loss (Gain) on Equity Investments | 6.70M | 8.90M | 10.40M | 4.10M | 3.10M | 107.90M |
| Stock-Based Compensation | 76.00M | 69.50M | 63.20M | 62.40M | 57.50M | 59.20M |
| Other Operating Activities | 767.30M | 594.30M | 802.40M | 330.40M | 774.00M | 491.00M |
| Change in Accounts Receivable | -601.50M | 110.80M | -75.00M | -20.60M | 219.70M | -392.40M |
| Change in Inventory | 122.30M | -89.50M | 33.50M | 36.00M | -236.20M | 40.60M |
| Change in Accounts Payable | -36.20M | -256.80M | 40.70M | 68.20M | -383.00M | 565.40M |
| Change in Other Net Operating Assets | 30.20M | 41.90M | 39.50M | 55.60M | 35.50M | 5.90M |
| Operating Cash Flow | 4.29B | 3.92B | 3.65B | 3.21B | 2.38B | 2.30B |
| Capital Expenditures | -3.54B | -3.33B | -2.97B | -2.39B | -1.33B | -505.10M |
| Sale of Property, Plant & Equipment | 23.00M | 12.20M | ||||
| Cash Acquisitions | -1.48B | -213.10M | -3.71B | |||
| Investment in Securities | -55.60M | -122.70M | -57.40M | -19.10M | 872.30M | 19.60M |
| Other Investing Activities | 33.30M | 27.10M | 1.90M | 3.70M | -1.60M | 100.00K |
| Investing Cash Flow | -5.05B | -3.64B | -3.02B | -2.40B | -4.15B | -473.20M |
| Short-Term Debt Issued | 111.03B | 86.21B | 59.15B | 31.73B | 630.00M | |
| Long-Term Debt Issued | 5.24B | 999.40M | 3.73B | 10.09B | 1.62B | |
| Total Debt Issued | 121.68B | 116.27B | 87.20B | 62.87B | 41.82B | 2.25B |
| Short-Term Debt Repaid | -112.33B | -85.50B | -60.20B | -30.08B | -830.00M | |
| Long-Term Debt Repaid | -781.70M | -550.10M | -1.33B | -7.05B | -2.60B | |
| Total Debt Repaid | -119.54B | -113.11B | -86.05B | -61.54B | -37.12B | -3.43B |
| Net Debt Issued (Repaid) | 2.14B | 3.16B | 1.16B | 1.34B | 4.70B | -1.18B |
| Repurchase of Common Stock | -381.90M | -709.10M | -811.10M | -429.50M | -260.60M | -53.20M |
| Common Dividends Paid | -921.30M | -818.30M | -615.50M | -427.30M | ||
| Dividends Paid | -921.30M | -818.30M | -615.50M | -427.30M | -379.70M | -187.50M |
| Other Financing Activities | -57.50M | -1.90B | -346.00M | -1.37B | -1.26B | -493.80M |
| Financing Cash Flow | 780.00M | -266.60M | -612.80M | -888.10M | 1.83B | -1.91B |
| Net Cash Flow | 19.20M | 8.80M | 15.60M | -77.30M | 60.50M | -84.30M |
| Free Cash Flow | 740.90M | 584.10M | 683.90M | 826.20M | 1.05B | 1.80B |
| Free Cash Flow Margin | 4.43% | 3.43% | 4.17% | 5.14% | 5.00% | 10.61% |
| Free Cash Flow Per Share | 3.44 | 2.69 | 3.09 | 3.66 | 4.53 | 7.86 |
| Levered Free Cash Flow | 65.84M | -264.40M | 280.73M | 203.20M | 243.11M | 1.36B |
| Unlevered Free Cash Flow | 629.27M | 268.60M | 760.23M | 633.08M | 472.32M | 1.58B |
| Cash Interest Paid | 849.80M | 793.30M | 712.70M | 618.60M | 401.30M | 356.00M |
| Cash Income Tax Paid | 4.40M | 24.30M | 16.70M | 8.50M | 1.60M | 1.30M |
| Change in Working Capital | -485.20M | -193.60M | 38.70M | 139.20M | -364.00M | 219.50M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 63.21B | 39.60B | 38.92B | 19.37B | 16.64B | 11.96B |
| Enterprise Value | 82.65B | 57.04B | 55.02B | 34.06B | 30.05B | 22.48B |
| Last Close Price | 314.99 | 181.09 | 171.40 | 81.57 | 67.41 | 46.91 |
| PE Ratio | 28.17 | 21.51 | 30.66 | 23.39 | 18.55 | |
| Forward PE | 25.54 | 20.26 | 23.77 | 15.65 | 13.74 | 19.90 |
| PS Ratio | 3.78 | 2.33 | 2.38 | 1.21 | 0.80 | 0.71 |
| PB Ratio | 18.47 | 12.38 | 8.81 | 4.20 | 3.34 | 2.02 |
| P/TBV Ratio | 40.84 | 30.37 | 68.31 | 56.32 | 13.04 | |
| P/FCF Ratio | 85.52 | 67.80 | 56.91 | 23.45 | 15.90 | 6.65 |
| P/OCF Ratio | 14.78 | 10.11 | 10.66 | 6.03 | 6.99 | 5.19 |
| PEG Ratio | 1.13 | 0.98 | 0.86 | 1.04 | 0.81 | 6.95 |
| EV/Sales Ratio | 4.95 | 3.35 | 3.36 | 2.12 | 1.44 | 1.33 |
| EV/EBITDA Ratio | 15.06 | 11.77 | 13.36 | 8.61 | 10.62 | 10.26 |
| EV/EBIT Ratio | 21.54 | 17.12 | 20.41 | 12.97 | 17.38 | 17.07 |
| EV/FCF Ratio | 111.76 | 97.65 | 80.45 | 41.22 | 28.71 | 12.51 |
| Debt / Equity Ratio | 5.16 | 5.49 | 3.23 | 2.83 | 2.32 | 1.12 |
| Debt / EBITDA Ratio | 3.44 | 3.48 | 3.33 | 3.17 | 3.96 | 2.97 |
| Debt / FCF Ratio | 26.43 | 30.04 | 20.89 | 15.77 | 11.06 | 3.69 |
| Net Debt / Equity Ratio | 5.12 | 5.43 | 3.20 | 2.80 | 2.28 | 1.09 |
| Net Debt / EBITDA Ratio | 3.54 | 3.59 | 3.43 | 3.26 | 4.01 | 2.96 |
| Net Debt / FCF Ratio | 26.25 | 29.76 | 20.66 | 15.60 | 10.86 | 3.61 |
| Asset Turnover | 0.64 | 0.71 | 0.76 | 0.80 | 1.20 | 1.09 |
| Inventory Turnover | 25.19 | 27.52 | 30.33 | 27.90 | 61.70 | 81.99 |
| Quick Ratio | 0.61 | 0.46 | 0.56 | 0.58 | 0.53 | 0.65 |
| Current Ratio | 0.77 | 0.67 | 0.72 | 0.80 | 0.77 | 0.77 |
| Return on Equity (ROE) | 70.84% | 51.38% | 34.41% | 32.93% | 28.07% | 6.96% |
| Return on Assets (ROA) | 9.24% | 8.68% | 7.76% | 8.16% | 6.22% | 5.30% |
| Return on Invested Capital (ROIC) | 13.28% | 13.40% | 11.99% | 12.62% | 11.07% | 9.72% |
| Return on Capital Employed (ROCE) | 15.30% | 15.40% | 13.80% | 14.70% | 10.50% | 10.20% |
| Earnings Yield | 3.55% | 4.86% | 3.37% | 6.95% | 7.18% | 0.60% |
| FCF Yield | 1.17% | 1.47% | 1.76% | 4.26% | 6.29% | 15.03% |
| Dividend Yield | 1.70% | 2.17% | 1.68% | 2.30% | 1.90% | 1.24% |
| Payout Ratio | 45.40% | 42.55% | 46.91% | 31.75% | 31.76% | 263.34% |
| Buyback Yield / Dilution | 1.51% | 1.99% | 2.08% | 2.21% | -1.09% | 1.55% |
| Total Shareholder Return | 3.20% | 4.16% | 3.76% | 4.51% | 0.81% | 2.79% |