Financials

Targa Resources Inc. financials

TRGP Oil, Gas and Consumable Fuels

Targa Resources Inc., founded in 2008 and headquartered in Houston, Texas, is a diversified midstream energy company that provides natural gas processing, NGL fractionation, and pipeline transportation services. The firm generates fee‐based revenues through long-term contracts with over 100 producers in regions such as the Permian Basin and Eagle Ford. Under the leadership of CEO Brian Sawyer since 2017, Targa maintains an estimated market share of 10-15% and is focused on strategic asset expansion and technology investments to drive future growth.

Snapshot

Targa Resources Inc. reported $17.03B in revenue in fiscal 2025, up 3.9% year over year, with an operating margin of 19.6%.

Revenue (FY2025): $17.03B
YoY growth: +3.9%
Operating margin: 19.6%
Direction: Expanding

Financial statements

In thousands, USD · annual

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	17,028,300	16,381,500	16,060,300	20,929,800
Cost of Sales	11,806,100	11,878,600	11,754,300	17,794,900
Gross Profit	5,222,200	4,502,900	4,306,000	3,134,900
Selling, General & Administrative Expenses	406,000	384,900	348,700	309,700
Depreciation & Amortization Expenses	1,515,300	1,423,000	1,329,600	1,096,000
Other Operating Expenses	(30,300)	(400)	1,500	200
Operating Profit	3,331,200	2,695,400	2,626,200	1,729,000
Interest and Investment Income	11,800	9,400	9,000	9,100
Interest Expense	(852,800)	(767,200)	(687,800)	(446,100)
Non-Operating Income	(3,800)	400	(4,900)	470,400
Total Non-Operating Income	(844,800)	(757,400)	(683,700)	33,400
Income Before Provision for Income Taxes	2,486,400	1,938,000	1,942,500	1,663,200
Provision for Income Taxes	529,700	384,500	363,200	131,800
Consolidated Net Income	1,956,700	1,553,500	1,579,300	1,531,400
Net Income Attributable to Minority Interests and Other	104,200	274,400	743,500	389,100
Net Income Attributable to Preferred Dividends	—	—	—	245,500
Net Income Attributable to Common Shareholders	1,852,500	1,279,100	835,800	1,142,300
Basic EPS	8.52	5.77	3.69	3.95
Diluted EPS	8.49	5.74	3.66	3.88
Basic Weighted Average Shares Outstanding	216,100	220,200	224,600	227,300
Diluted Weighted Average Shares Outstanding	216,900	221,300	226,000	231,100
Shares Outstanding	214,662	217,764	222,611	228,842

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	166,100	157,300	141,700	219,000
Total Cash and Cash Equivalents	166,100	157,300	141,700	219,000
Accounts Receivable	1,474,600	1,618,300	1,471,000	1,408,400
Total Trade Receivables	1,474,600	1,618,300	1,471,000	1,408,400
Inventories	429,300	334,300	371,500	393,800
Other Current Assets	292,700	186,400	210,400	335,400
Total Current Assets	2,362,700	2,296,300	2,194,600	2,356,600
Net Property, Plant & Equipment	20,534,800	18,062,700	15,806,400	14,214,600
Net Intangible Assets	1,651,400	1,977,400	2,350,600	2,734,600
Long-Term Investments	307,100	193,300	146,300	131,300
Other Long-Term Assets	362,400	204,400	173,900	122,900
Total Assets	25,218,400	22,734,100	20,671,800	19,560,000
Accounts Payable	1,873,000	2,012,500	1,574,900	1,448,800
Accrued Expenses	358,600	336,000	281,700	289,500
Current Portion of Long-Term Debt	770,100	387,700	620,700	834,300
Other Current Liabilities	545,100	436,400	283,600	494,100
Total Current Liabilities	3,546,800	3,172,600	2,760,900	3,066,700
Long-Term Debt	16,662,400	13,786,900	12,333,200	10,702,100
Other Long-Term Liabilities	1,811,000	1,356,400	967,700	809,000
Total Long-Term Liabilities	18,473,400	15,143,300	13,300,900	11,511,100
Total Liabilities	22,020,200	18,315,900	16,061,800	14,577,800
Common Stock	200	200	200	200
Treasury Stock	(2,428,600)	(1,714,400)	(896,900)	(464,700)
Additional Paid-in Capital	3,088,100	2,294,400	3,058,800	3,702,300
Accumulated Other Comprehensive Income	113,800	27,500	85,600	54,700
Retained Earnings	3,089,100	1,190,000	492,000	(626,800)
Total Common Shareholders' Equity	3,067,900	2,592,400	2,739,700	2,665,700
Minority Interests and Other	130,300	1,825,800	1,870,300	2,316,500
Total Shareholders' Equity	3,198,200	4,418,200	4,610,000	4,982,200
Total Liabilities and Shareholders' Equity	25,218,400	22,734,100	20,671,800	19,560,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	1,956,700	1,553,500	1,579,300	1,531,400
Depreciation & Amortization	1,532,600	1,437,800	1,342,800	1,107,100
Share-Based Compensation Expense	69,500	63,200	62,400	57,500
Other Adjustments	552,200	556,500	87,900	49,400
Changes in Trade Receivables	110,800	(75,000)	(20,600)	219,700
Changes in Inventories	(89,500)	33,500	36,000	(236,200)
Changes in Accounts Payable	(256,800)	40,700	68,200	(383,000)
Changes in Accrued Expenses	41,900	39,500	55,600	35,500
Cash from Operating Activities	3,917,400	3,649,700	3,211,600	2,380,800
Capital Expenditure	(3,423,600)	(2,965,800)	(2,385,400)	(1,539,500)
Proceeds from Sale of Property, Plant & Equipment	—	—	—	23,000
Purchases of Investments	(130,500)	(62,900)	(24,600)	(1,500)
Proceeds from Sale of Investments	7,800	5,500	5,500	873,800
Payments for Business Acquisitions	(213,100)	—	—	(3,709,100)
Other Investing Activities	27,100	1,900	3,700	(1,600)
Cash from Investing Activities	(3,642,000)	(3,021,300)	(2,400,800)	(4,149,700)
Issuance of Short-Term Debt	111,026,000	86,205,500	59,145,900	31,734,300
Repayments of Short-Term Debt	(112,325,000)	(85,495,000)	(60,204,600)	(30,075,600)
Net Issuance / (Repayments) of Short-Term Debt	(1,299,500)	710,500	(1,058,700)	1,658,700
Issuance of Long-Term Debt	6,709,400	1,774,400	3,870,800	11,316,400
Repayments of Long-Term Debt	(2,581,700)	(1,570,100)	(1,701,000)	(7,627,900)
Net Issuance / (Repayments) of Long-Term Debt	4,127,700	204,300	2,169,800	3,688,500
Repurchases of Common Shares	(709,100)	(811,100)	(429,500)	(260,600)
Net Issuance / (Repurchases) of Common Shares	(709,100)	(811,100)	(429,500)	(260,600)
Repurchases of Preferred Shares	—	—	—	(965,200)
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	(965,200)
Common Share Dividends Paid	(818,300)	(615,500)	(427,300)	(379,700)
Other Financing Activities	(2,709,300)	(965,300)	(1,797,300)	(1,642,000)
Cash from Financing Activities	(266,600)	(612,800)	(888,100)	1,829,400
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	8,800	15,600	(77,300)	60,500

Key metrics

latest fiscal year

$39.61B

Market Cap

21.73x

P/E

2.33x

P/S

11.72x

EV/EBITDA

51.4%

Return on Equity

11.5%

Return on Invested Capital

0.67x

Current Ratio

2.1%

Dividend Yield

2.9%

Free Cash Flow Margin

Quarterly trend

last 8 quarters

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$4.09B	+-10.2%	20.7%	$847M
Q4 2025	$4.06B	+-7.9%	22.6%	$917M
Q3 2025	$4.15B	+7.8%	20.2%	$837M
Q2 2025	$4.26B	+19.6%	24.3%	$1.03B
Q1 2025	$4.56B	—	11.9%	$543M
Q4 2024	$4.41B	—	15.9%	$700M
Q3 2024	$3.85B	—	18.9%	$728M
Q2 2024	$3.56B	—	17.6%	$627M

Revenue by quarter$B

$3.56B

Q2 '24

$3.85B

Q3 '24

$4.41B

Q4 '24

$4.56B

Q1 '25

$4.26B

Q2 '25

$4.15B

Q3 '25

$4.06B

Q4 '25

$4.09B

Q1 '26

Margins

latest fiscal year

30.7%

Gross margin

19.6%

Operating margin

11.5%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-16

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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