Targa Resources Corp. TRGP

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

The following section of this Form 10-K generally refers to business developments during the year ended December 31, 2025. Discussion of prior period business developments that are not included in this Form 10-K can be found in "Part I, Item 1. Business" of our Annual Report on Form 10-K for the year ended December 31, 2024.

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets.

•gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;

Last close 302.37 2026-10-23
Market cap $64.84B 2026-06-30 share count
52-week range 150.00 - 307.94

Valuation FY2025 figures against the last close

P/S3.8x
P/E35.6x
P/FCF111.0x
EV/EBITDA16.9x
Dividend yield—
Diluted EPS8.49

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $17.03B$16.38B$16.06B$19.82B$16.09B$6.87B$7.40B$9.35B$7.80B$6.69B
Cost of revenue $10.51B$10.70B$10.68B$16.88B$13.73B$5.19B$6.21B$8.24B$6.91B$4.92B
Gross profit $6.52B$5.68B$5.38B$2.94B$2.36B$1.69B$2.55B$2.25B$1.91B$1.77B
SG&A $406.0M$384.9M$348.7M$309.7M$273.2M$254.6M$280.7M$256.9M$203.4M$187.2M
Operating income $3.33B$2.70B$2.63B$1.73B$864.8M-$1.30B$192.9M$237.5M-$122.4M$55.8M
Interest expense ————————$233.7M$254.2M
Pre-tax income $2.49B$1.94B$1.94B$1.66B$436.9M-$1.57B-$46.7M$65.9M-$292.9M-$259.7M
Income tax $529.7M$384.5M$363.2M$131.8M$14.8M$248.1M$87.9M$5.5M$397.1M$100.6M
Net income $1.92B$1.31B$1.35B$1.20B$71.2M-$1.55B-$209.2M$1.6M$54.0M-$187.3M
EPS, basic 8.525.773.693.95-0.07-7.26-1.44-0.53-0.31-1.80
EPS, diluted 8.495.743.663.88-0.07-7.26-1.44-0.53-0.31-1.80
Shares, diluted (wtd. avg.) 216.9M221.3M226.0M231.1M228.6M232.2M232.5M224.2M206.9M154.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $166.1M$157.3M$141.7M$219.0M$158.5M$242.8M$331.1M$232.1M$137.2M$73.5M
Receivables $1.47B$1.62B$1.47B$1.41B$1.33B$862.8M$855.0M$865.5M$827.6M$674.6M
Inventory $429.3M$334.3M$371.5M$393.8M$153.4M$181.5M$161.5M$164.7M$204.5M$137.7M
Total current assets $2.36B$2.30B$2.19B$2.36B$1.77B$1.46B$1.66B$1.42B$1.27B$1.01B
Property, plant and equipment $20.53B$18.06B$15.81B$14.21B$11.67B$12.17B$14.55B$12.93B$10.43B$9.69B
Goodwill $112.3M$45.2M$45.2M$45.2M$45.2M$45.2M$45.2M$46.6M$256.6M$210.0M
Other intangibles $1.65B$1.98B$2.35B$2.73B$1.09B$1.38B$1.74B$1.98B$2.17B$1.65B
Total assets $25.22B$22.73B$20.67B$19.56B$15.21B$15.88B$18.82B$16.94B$14.39B$12.87B
Accounts payable $1.87B$2.01B$1.57B$1.45B$1.40B$833.8M$954.8M$1.74B$1.19B$843.5M
Short-term debt ————$150.0M$356.5M$370.0M$1.03B$350.0M—
Total current liabilities $3.55B$3.17B$2.76B$3.07B$2.30B$1.78B$1.87B$2.80B$1.62B$1.17B
Long-term debt $17.43B$14.17B$12.95B$11.54B$6.60B$7.76B$7.82B$6.66B$4.70B$4.61B
Retained earnings $2.29B$1.19B$492.0M-$626.8M-$1.82B-$1.89B-$339.6M-$130.4M-$77.2M-$187.3M
Total equity $3.07B$2.59B$4.61B$4.98B$5.18B$5.90B$8.44B$7.47B$6.76B$5.72B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $3.92B$3.65B$3.21B$2.38B$2.30B$1.74B$1.39B$1.14B$939.5M$837.4M
Depreciation and amortisation $1.52B$1.42B$1.33B$1.10B$870.6M$865.1M$971.6M$815.9M$809.5M$757.7M
Stock-based compensation $69.5M$63.2M$62.4M$57.5M$59.2M$66.2M$60.3M$56.3M$42.3M$29.7M
Capital expenditure $3.33B$2.97B$2.39B$1.33B$505.1M$951.6M$2.88B$3.11B$1.30B$562.1M
Investing cash flow -$3.64B-$3.02B-$2.40B-$4.15B-$473.2M-$738.1M-$3.07B-$3.15B-$1.89B-$558.6M
Financing cash flow -$266.6M-$612.8M-$888.1M$1.83B-$1.91B-$1.09B$1.78B$2.10B$1.02B-$345.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-059296.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -10B 0 10B 20B Revenue, FY2016: 6.7B Gross profit, FY2016: 1.8B Net income, FY2016: -187.3M Revenue, FY2017: 7.8B Gross profit, FY2017: 1.9B Net income, FY2017: 54M Revenue, FY2018: 9.4B Gross profit, FY2018: 2.2B Net income, FY2018: 1.6M Revenue, FY2019: 7.4B Gross profit, FY2019: 2.6B Net income, FY2019: -209.2M Revenue, FY2020: 6.9B Gross profit, FY2020: 1.7B Net income, FY2020: -1.6B Revenue, FY2021: 16.1B Gross profit, FY2021: 2.4B Net income, FY2021: 71.2M Revenue, FY2022: 19.8B Gross profit, FY2022: 2.9B Net income, FY2022: 1.2B Revenue, FY2023: 16.1B Gross profit, FY2023: 5.4B Net income, FY2023: 1.3B Revenue, FY2024: 16.4B Gross profit, FY2024: 5.7B Net income, FY2024: 1.3B Revenue, FY2025: 17B Gross profit, FY2025: 6.5B Net income, FY2025: 1.9B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $6.69B $7.80B $9.35B $7.40B $6.87B $16.09B $19.82B $16.06B $16.38B $17.03B
Gross profit $1.77B $1.91B $2.25B $2.55B $1.69B $2.36B $2.94B $5.38B $5.68B $6.52B
Net income -$187.3M $54.0M $1.6M -$209.2M -$1.55B $71.2M $1.20B $1.35B $1.31B $1.92B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4922

TickerCompanyMarket capP/ERevenue growth
WMB WILLIAMS COMPANIES, INC. $87.70B 33.5x 17.9%
EPD ENTERPRISE PRODUCTS PARTNERS L.P. $80.07B — -6.4%
KMI KINDER MORGAN, INC. $76.67B 25.1x 12.7%
ET Energy Transfer LP $70.42B — 3.5%
WES Western Midstream Partners, LP $17.77B — 6.6%
DTM DT Midstream, Inc. $12.64B 28.8x 26.7%
AM Antero Midstream Corp $9.90B 24.2x 7.4%
AROC Archrock, Inc. $5.11B 15.9x 28.7%