Targa Resources Corp. TRGP
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;
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 8.52 | 5.77 | 3.69 | 3.95 | -0.07 | -7.26 | -1.44 | -0.53 | -0.31 | -1.80 |
| EPS, diluted | 8.49 | 5.74 | 3.66 | 3.88 | -0.07 | -7.26 | -1.44 | -0.53 | -0.31 | -1.80 |
| Shares, diluted (wtd. avg.) | $216.9M | $221.3M | $226.0M | $231.1M | $228.6M | $232.2M | $232.5M | $224.2M | $206.9M | $154.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 4922
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WMB | WILLIAMS COMPANIES, INC. | $90.70B | 34.6x | 17.9% |
| EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | $84.09B | — | -6.4% |
| ET | Energy Transfer LP | $74.03B | — | 3.5% |
| KMI | KINDER MORGAN, INC. | $69.92B | 22.9x | 12.7% |
| WES | Western Midstream Partners, LP | $19.51B | — | 6.6% |
| DTM | DT Midstream, Inc. | $13.21B | 30.1x | 26.7% |
| AM | Antero Midstream Corp | $10.73B | 26.3x | 7.4% |
| KGS | Kodiak Gas Services, Inc. | $6.33B | 70.3x | 12.8% |