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Targa Resources Corp.(TRGP)Earnings, Financials & Key Ratios
TRGP•NYSE
$249.50
$53.6B mkt cap·29.3× P/E·Price updated May 6, 2026
AboutTarga Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil. The company is also involved in the purchase and resale of NGL products; and wholesale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, it offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. The company operates approximately 28,400 miles of natural gas pipelines, including 42 owned and operated processing plants; and owns or operates a total of 34 storage wells with a gross storage capacity of approximately 76 million barrels. As of December 31, 2021, it leased and managed approximately 648 railcars; 119 transport tractors; and two company-owned pressurized NGL barges. The company was incorporated in 2005 and is headquartered in Houston, Texas.Show more
- Revenue$17.14B+3.1%
- EBITDA$4.96B+13.4%
- Net Income$1.84B+45.3%
- EPS (Diluted)8.52+48.4%
- Gross Margin26.51%+32.6%
- EBITDA Margin28.96%+10.0%
- Operating Margin20.11%+13.6%
- Net Margin10.76%+41.0%
- ROE48.43%+72.2%
- ROIC13.26%+8.1%
- Debt/Equity5.45+68.8%
- Interest Coverage4.04+5.3%
TRGP Key Insights
Targa Resources Corp. (TRGP) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 31.3%
- ✓FCF machine: 22.9% free cash flow margin
- ✓Momentum leader: RS Rating 85 (top 15%)
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 15.7%
- ✓Share count reduced 2.8% through buybacks
✗Weaknesses
- ✗High debt to equity ratio of 5.5x
- ✗Expensive at 16.8x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
TRGP Price & Volume
Targa Resources Corp. (TRGP) stock price & volume — 10-year historical chart
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TRGP Growth Metrics
Targa Resources Corp. (TRGP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years10.05%
5 Years15.68%
3 Years-7.55%
TTM7.28%
Profit CAGR
10 Years41.26%
5 Years-
3 Years17.32%
TTM33.79%
EPS CAGR
10 Years22.83%
5 Years-
3 Years29.97%
TTM34.04%
Return on Capital
10 Years9.32%
5 Years15.1%
3 Years15.05%
Last Year16.72%
TRGP Recent Earnings
Targa Resources Corp. (TRGP) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 2/12 qtrs (17%)
Q1 2026Latest
Feb 19, 2026EPS
$2.51
Est $2.30
+9.1%
Revenue
$4.1B
Est $4.7B
-14.3%
Q4 2025
Nov 5, 2025EPS
$2.20
Est $2.11
+4.3%
Revenue
$4.2B
Est $4.6B
-7.9%
Q3 2025
Aug 7, 2025EPS
$2.87
Est $1.86
+54.3%
Revenue
$4.0B
Est $4.9B
-17.6%
Q2 2025
May 1, 2025EPS
$0.91
Est $1.98
-54.0%
Revenue
$4.6B
Est $4.9B
-6.9%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 19, 2026 | $2.51vs $2.30+9.1% | $4.1Bvs $4.7B-14.3% |
| Q4 2025 | Nov 5, 2025 | $2.20vs $2.11+4.3% | $4.2Bvs $4.6B-7.9% |
| Q3 2025 | Aug 7, 2025 | $2.87vs $1.86+54.3% | $4.0Bvs $4.9B-17.6% |
| Q2 2025 | May 1, 2025 | $0.91vs $1.98-54.0% | $4.6Bvs $4.9B-6.9% |
Based on last 12 quarters of dataView full earnings history →
TRGP Peer Comparison
Targa Resources Corp. (TRGP) competitors in Gas Gathering, Processing and NGLs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 WES | 16.83B | 41.25 | 13.75 | 6.61% | 29.9% | 33.46% | 2.14 | |
 CTRA | 24.72B | 32.55 | 14.47 | -49.62% | 25.71% | 11.26% | 0.27 | |
 DT | 11.45B | 38.21 | 24.03 | 18.75% | 9.55% | 6.71% | 0.03 | |
 HESM | 7.96B | 38.22 | 13.36 | 8.67% | 21.79% | 74.89% | 8.61 | |
 MPLX | 56.51B | 55.66 | 11.55 | 8.37% | 37.54% | 32.81% | 1.80 | |
 AM | 10.05B | 21.16 | 24.60 | 6.99% | 31.94% | 20.38% | 1.63 | |
 EPD | 81.2B | 37.56 | 14.12 | -6.44% | 11.03% | 19.29% | 1.14 | |
 ET | 68.36B | 19.87 | 14.72 | -0.05% | 5.93% | 10.38% | 1.45 |
Compare TRGP vs Peers
Targa Resources Corp. (TRGP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TRGP Income Statement
Targa Resources Corp. (TRGP) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 8.86B | 10.55B | 8.67B | 8.27B | 17.44B | 21.68B | 15.62B | 16.63B | 17.14B | 17.49B |
| Revenue Growth % | 33.4% | 19.07% | -17.85% | -4.6% | 110.82% | 24.33% | -27.97% | 6.45% | 3.06% | 7.28% |
| Cost of Goods Sold | 8.34B | 9.78B | 7.18B | 6.75B | 15.35B | 18.89B | 13.08B | 13.3B | 12.59B | 13.59B |
| COGS % of Revenue | 94.07% | 92.62% | 82.8% | 81.6% | 88% | 87.12% | 83.77% | 80% | 73.49% | - |
| Gross Profit | 526.1M▲ 0% | 778.8M▲ 48.0% | 1.49B▲ 91.5% | 1.52B▲ 2.1% | 2.09B▲ 37.5% | 2.79B▲ 33.5% | 2.54B▼ 9.2% | 3.33B▲ 31.2% | 4.54B▲ 36.6% | 3.9B▲ 0% |
| Gross Margin % | 5.93% | 7.38% | 17.2% | 18.4% | 12% | 12.88% | 16.23% | 20% | 26.51% | 22.3% |
| Gross Profit Growth % | 28.1% | 48.03% | 91.51% | 2.08% | 37.49% | 33.45% | -9.25% | 31.16% | 36.62% | - |
| Operating Expenses | 204.9M | 260.5M | 1.3B | 257.2M | 273.3M | 309.7M | 348.6M | 381.4M | 1.1B | 669.3M |
| OpEx % of Revenue | 2.31% | 2.47% | 14.98% | 3.11% | 1.57% | 1.43% | 2.23% | 2.29% | 6.4% | - |
| Selling, General & Admin | 203.4M | 256.9M | 280.7M | 254.6M | 273.2M | 309.7M | 348.7M | 384.9M | 406M | 391.8M |
| SG&A % of Revenue | 2.29% | 2.43% | 3.24% | 3.08% | 1.57% | 1.43% | 2.23% | 2.31% | 2.37% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.5M | 3.6M | 1.02B | 2.6M | 100K | 0 | -100K | -3.5M | 690.1M | -2M |
| Operating Income | 321.2M▲ 0% | 518.3M▲ 61.4% | 192.9M▼ 62.8% | 1.27B▲ 555.9% | 1.82B▲ 43.8% | 2.48B▲ 36.5% | 2.19B▼ 12.0% | 2.94B▲ 34.6% | 3.45B▲ 17.1% | 3.23B▲ 0% |
| Operating Margin % | 3.62% | 4.91% | 2.22% | 15.3% | 10.44% | 11.45% | 14% | 17.71% | 20.11% | 18.47% |
| Operating Income Growth % | 44.04% | 61.36% | -62.78% | 555.94% | 43.84% | 36.48% | -11.97% | 34.63% | 17.08% | - |
| EBITDA | 1.13B | 1.34B | 1.16B | 2.13B | 2.69B | 3.58B | 3.52B | 4.38B | 4.96B | 4.73B |
| EBITDA Margin % | 12.8% | 12.68% | 13.43% | 25.8% | 15.45% | 16.53% | 22.55% | 26.33% | 28.96% | 27.07% |
| EBITDA Growth % | 15.15% | 17.92% | -12.96% | 83.25% | 26.27% | 33.03% | -1.74% | 24.28% | 13.35% | 15.33% |
| D&A (Non-Cash Add-back) | 813.4M | 819.6M | 971.6M | 868.7M | 874.6M | 1.1B | 1.34B | 1.43B | 1.52B | 1.5B |
| EBIT | -59.2M | 323.8M | 291.1M | -1.18B | 824.8M | 2.11B | 2.63B | 2.71B | 3.35B | 3.13B |
| Net Interest Income | -233.7M | -257.9M | -337.8M | -391.3M | -387.9M | -446.1M | -687.8M | -767.2M | -852.8M | -814.5M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 233.7M | 257.9M | 337.8M | 391.3M | 387.9M | 446.1M | 687.8M | 767.2M | 852.8M | 814.5M |
| Other Income/Expense | -614.1M | -452.4M | -239.6M | -2.84B | -1.38B | -820.7M | -244.2M | -1.01B | -960.4M | -911.3M |
| Pretax Income | -292.9M▲ 0% | 65.9M▲ 122.5% | -46.7M▼ 170.9% | -1.57B▼ 3268.5% | 436.9M▲ 127.8% | 1.66B▲ 280.7% | 1.94B▲ 16.8% | 1.94B▼ 0.2% | 2.49B▲ 28.3% | 2.32B▲ 0% |
| Pretax Margin % | -3.3% | 0.62% | -0.54% | -19.02% | 2.51% | 7.67% | 12.44% | 11.66% | 14.51% | 13.26% |
| Income Tax | -397.1M | 5.5M | -87.9M | -248.1M | 14.8M | 131.8M | 363.2M | 384.5M | 529.7M | 501M |
| Effective Tax Rate % | 135.58% | 8.35% | 188.22% | 15.77% | 3.39% | 7.92% | 18.7% | 19.84% | 21.3% | 21.61% |
| Net Income | 54M▲ 0% | 1.6M▼ 97.0% | -209.2M▼ 13175.0% | -1.55B▼ 642.8% | 71.2M▲ 104.6% | 1.14B▲ 1504.4% | 828.2M▼ 27.5% | 1.27B▲ 53.3% | 1.84B▲ 45.3% | 1.65B▲ 0% |
| Net Margin % | 0.61% | 0.02% | -2.41% | -18.78% | 0.41% | 5.27% | 5.3% | 7.64% | 10.76% | 9.44% |
| Net Income Growth % | 128.83% | -97.04% | -13175% | -642.78% | 104.58% | 1504.35% | -27.5% | 53.28% | 45.29% | 33.79% |
| Net Income (Continuing) | 104.2M | 60.4M | 41.2M | -1.32B | 422.1M | 1.53B | 1.58B | 1.55B | 1.96B | 1.82B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 595.7M | 1.39B | 3.52B | 3.25B | 3.17B | 2.32B | 1.87B | 1.83B | 130.3M | 127M |
| EPS (Diluted) | -0.31▲ 0% | -0.53▼ 71.6% | -1.44▼ 170.0% | -7.26▼ 405.1% | -0.07▲ 99.0% | 3.88▲ 5612.2% | 3.66▼ 5.6% | 5.74▲ 56.6% | 8.52▲ 48.4% | 7.64▲ 0% |
| EPS Growth % | 82.78% | -71.65% | -169.99% | -405.07% | 99.03% | 5612.22% | -5.57% | 56.63% | 48.43% | 34.04% |
| EPS (Basic) | -0.31 | -0.53 | -1.44 | -7.26 | -0.07 | 3.95 | 3.69 | 5.77 | 8.54 | - |
| Diluted Shares Outstanding | 206.9M | 224.2M | 232.5M | 232.2M | 228.6M | 231.1M | 226M | 221.3M | 215M | 216M |
| Basic Shares Outstanding | 204.52M | 224.2M | 232.5M | 232.2M | 228.6M | 227.3M | 224.6M | 220.2M | 215M | 215.2M |
| Dividend Payout Ratio | 1561.48% | 56768.75% | - | - | 263.34% | 33.24% | 51.59% | 48.48% | - | - |
TRGP Balance Sheet
Targa Resources Corp. (TRGP) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 1.27B | 1.42B | 1.66B | 1.46B | 1.77B | 2.36B | 2.19B | 2.3B | 2.36B | 2.28B |
| Cash & Short-Term Investments | 137.2M | 232.1M | 331.1M | 242.8M | 158.5M | 219M | 141.7M | 157.3M | 166.1M | 223.9M |
| Cash Only | 137.2M | 232.1M | 331.1M | 242.8M | 158.5M | 219M | 141.7M | 157.3M | 166.1M | 124.1M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99.8M |
| Accounts Receivable | 827.6M | 865.5M | 855M | 862.8M | 1.33B | 1.41B | 1.47B | 1.62B | 1.47B | 1.41B |
| Days Sales Outstanding | 34.08 | 29.93 | 35.99 | 38.07 | 27.87 | 23.71 | 34.38 | 35.53 | 31.41 | 30.46 |
| Inventory | 204.5M | 164.7M | 161.5M | 181.5M | 153.4M | 393.8M | 371.5M | 334.3M | 429.3M | 490.7M |
| Days Inventory Outstanding | 8.95 | 6.15 | 8.21 | 9.81 | 3.65 | 7.61 | 10.36 | 9.17 | 12.44 | 10.24 |
| Other Current Assets | 100.6M | 156.6M | 310.7M | 173.2M | 126M | 335.4M | 210.4M | 186.4M | 292.7M | 157.3M |
| Total Non-Current Assets | 13.12B | 15.52B | 17.16B | 14.42B | 13.44B | 17.2B | 18.48B | 20.44B | 22.86B | 21.9B |
| Property, Plant & Equipment | 10.43B | 12.93B | 14.55B | 12.17B | 11.67B | 14.21B | 15.81B | 18.06B | 20.53B | 19.61B |
| Fixed Asset Turnover | 0.85x | 0.82x | 0.60x | 0.68x | 1.49x | 1.53x | 0.99x | 0.92x | 0.83x | 0.93x |
| Goodwill | 256.6M | 46.6M | 45.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.17B | 1.98B | 1.74B | 1.38B | 1.09B | 2.73B | 2.35B | 1.98B | 1.65B | 1.73B |
| Long-Term Investments | 221.6M | 490.5M | 738.7M | 714M | 586.5M | 131.3M | 146.3M | 193.3M | 307.1M | 1.03B |
| Other Non-Current Assets | 44.7M | 70.6M | 134.6M | 145.4M | 89.4M | 122.9M | 173.9M | 204.4M | 362.4M | 814.8M |
| Total Assets | 14.39B▲ 0% | 16.94B▲ 17.7% | 18.82B▲ 11.1% | 15.88B▼ 15.6% | 15.21B▼ 4.2% | 19.56B▲ 28.6% | 20.67B▲ 5.7% | 22.73B▲ 10.0% | 25.22B▲ 10.9% | 24.17B▲ 0% |
| Asset Turnover | 0.62x | 0.62x | 0.46x | 0.52x | 1.15x | 1.11x | 0.76x | 0.73x | 0.68x | 0.75x |
| Asset Growth % | 11.79% | 17.72% | 11.08% | -15.62% | -4.2% | 28.61% | 5.68% | 9.98% | 10.93% | 40.29% |
| Total Current Liabilities | 1.62B | 2.8B | 1.87B | 1.78B | 2.3B | 3.07B | 2.76B | 3.17B | 3.55B | 2.95B |
| Accounts Payable | 1B | 1.2B | 954.8M | 833.8M | 1.4B | 1.45B | 1.57B | 2.01B | 1.87B | 1.58B |
| Days Payables Outstanding | 43.83 | 44.82 | 48.54 | 45.09 | 33.35 | 27.99 | 43.93 | 55.22 | 54.29 | 48.45 |
| Short-Term Debt | 350M | 1.03B | 370M | 356.5M | 150M | 800M | 575M | 330M | 770.1M | 689.3M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 132.5M | 90.9M | 110.5M | 142.6M | 258.2M | 320.1M | 54M | 167.3M | 2.78B | 240.2M |
| Current Ratio | 0.79x | 0.51x | 0.89x | 0.82x | 0.77x | 0.77x | 0.79x | 0.72x | 0.67x | 0.67x |
| Quick Ratio | 0.66x | 0.45x | 0.80x | 0.72x | 0.70x | 0.64x | 0.66x | 0.62x | 0.55x | 0.55x |
| Cash Conversion Cycle | -0.8 | -8.74 | -4.34 | 2.8 | -1.83 | 3.32 | 0.8 | -10.52 | -10.43 | -7.74 |
| Total Non-Current Liabilities | 6.02B | 6.67B | 8.5B | 8.19B | 7.73B | 11.51B | 13.3B | 15.14B | 18.47B | 18.39B |
| Long-Term Debt | 4.7B | 5.63B | 7.41B | 7.37B | 6.42B | 10.51B | 12.09B | 13.55B | 16.66B | 16.74B |
| Capital Lease Obligations | 0 | 0 | 73M | 64.9M | 48.2M | 221.6M | 300.6M | 330.8M | 0 | 806.2M |
| Deferred Tax Liabilities | 479M | 525.2M | 434.2M | 152.1M | 136M | 327.7M | 535.8M | 872.1M | 1.39B | 4.08B |
| Other Non-Current Liabilities | 697.8M | 335.5M | 406M | 439.2M | 954.3M | 253.9M | 126.6M | 274M | 417.5M | 1.74B |
| Total Liabilities | 7.63B | 9.47B | 10.37B | 9.97B | 10.03B | 14.58B | 16.06B | 18.32B | 22.02B | 21.34B |
| Total Debt | 5.05B | 6.66B | 7.87B | 7.8B | 6.63B | 11.56B | 13.01B | 14.27B | 17.43B | 17.43B |
| Net Debt | 4.92B | 6.43B | 7.54B | 7.56B | 6.47B | 11.35B | 12.87B | 14.11B | 17.27B | 17.31B |
| Debt / Equity | 0.75x | 0.89x | 0.93x | 1.32x | 1.28x | 2.32x | 2.82x | 3.23x | 5.45x | 5.45x |
| Debt / EBITDA | 4.45x | 4.98x | 6.76x | 3.66x | 2.46x | 3.23x | 3.69x | 3.26x | 3.51x | 3.68x |
| Net Debt / EBITDA | 4.33x | 4.80x | 6.47x | 3.54x | 2.40x | 3.17x | 3.65x | 3.22x | 3.48x | 3.48x |
| Interest Coverage | 1.37x | 2.01x | 0.57x | 3.23x | 4.69x | 5.57x | 3.18x | 3.84x | 4.04x | 3.85x |
| Total Equity | 6.76B▲ 0% | 7.47B▲ 10.6% | 8.44B▲ 13.0% | 5.9B▼ 30.1% | 5.18B▼ 12.3% | 4.98B▼ 3.8% | 4.61B▼ 7.5% | 4.42B▼ 4.2% | 3.2B▼ 27.6% | 2.83B▲ 0% |
| Equity Growth % | 18.02% | 10.58% | 13.01% | -30.08% | -12.27% | -3.79% | -7.47% | -4.16% | -27.61% | -122.06% |
| Book Value per Share | 32.65 | 33.32 | 36.31 | 25.42 | 22.65 | 21.56 | 20.40 | 19.96 | 14.88 | 13.12 |
| Total Shareholders' Equity | 6.16B | 6.08B | 4.92B | 2.65B | 2.01B | 2.67B | 2.74B | 2.59B | 3.07B | 2.71B |
| Common Stock | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K |
| Retained Earnings | -77.2M | -130.4M | -339.6M | -1.89B | -1.82B | -626.8M | 492M | 1.19B | 2.29B | 1.97B |
| Treasury Stock | -35.6M | -39.6M | -53.5M | -150.9M | -204.1M | -464.7M | -896.9M | -1.71B | 0 | -2.39B |
| Accumulated OCI | -29.9M | 94.3M | 92.5M | -141.8M | -230.9M | 54.7M | 85.6M | 27.5M | 113.8M | 57.4M |
| Minority Interest | 595.7M | 1.39B | 3.52B | 3.25B | 3.17B | 2.32B | 1.87B | 1.83B | 130.3M | 127M |
TRGP Cash Flow Statement
Targa Resources Corp. (TRGP) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 939.5M | 1.14B | 1.39B | 1.74B | 2.3B | 2.38B | 3.21B | 3.65B | 3.92B | 3.92B |
| Operating CF Margin % | 10.6% | 10.84% | 16.03% | 21.09% | 13.2% | 10.98% | 20.56% | 21.95% | 22.86% | - |
| Operating CF Growth % | 12.19% | 21.77% | 21.49% | 25.52% | 32.01% | 3.38% | 34.9% | 13.64% | 7.33% | 53.23% |
| Net Income | 104.2M | 60.4M | 41.2M | -1.32B | 422.1M | 1.53B | 1.58B | 1.55B | 1.92B | 1.65B |
| Depreciation & Amortization | 809.5M | 815.9M | 971.6M | 865.1M | 870.6M | 1.1B | 1.33B | 1.42B | 1.52B | 1.5B |
| Stock-Based Compensation | 42.3M | 56.3M | 60.3M | 66.2M | 59.2M | 57.5M | 62.4M | 63.2M | 69.5M | 68M |
| Deferred Taxes | -392.7M | 5.5M | -87.9M | -232.7M | 12.1M | 125.1M | 349.6M | 367M | 529.7M | 488.4M |
| Other Non-Cash Items | 369.3M | 168.8M | 393.5M | 2.31B | 719.4M | -65.2M | -248.5M | 204.3M | -120.1M | 129.5M |
| Working Capital Changes | 6.9M | 37.1M | 11.1M | 59.3M | 219.5M | -364M | 139.2M | 38.7M | 0 | -258.8M |
| Change in Receivables | -20.1M | -6.2M | -24.7M | -25.6M | -392.4M | 219.7M | -20.6M | -75M | 0 | 203.3M |
| Change in Inventory | -73.2M | -13.9M | -45M | -27.7M | 40.6M | -236.2M | 36M | 33.5M | 0 | -66M |
| Change in Payables | 100.2M | 31.6M | 35M | 105.7M | 565.4M | -383M | 68.2M | 40.7M | 0 | -115.3M |
| Cash from Investing | -1.89B | -3.15B | -3.07B | -738.1M | -473.2M | -4.15B | -2.4B | -3.02B | -3.64B | -3.21B |
| Capital Expenditures | -1.3B | -3.11B | -2.88B | -951.6M | -505.1M | -1.33B | -2.39B | -2.97B | 0 | -3.1B |
| CapEx % of Revenue | 14.64% | 29.51% | 33.19% | 11.5% | 2.9% | 6.15% | 15.27% | 17.84% | - | - |
| Acquisitions | -577.4M | -19.6M | -178.2M | 209.2M | 19.6M | -2.84B | -19.1M | -57.4M | 0 | -139.6M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -17.8M | -12.5M | -15.9M | 4.3M | 12.3M | 21.4M | 3.7M | 1.9M | -3.64B | 26.7M |
| Cash from Financing | 1.02B | 2.1B | 1.78B | -1.09B | -1.91B | 1.83B | -888.1M | -612.8M | -266.6M | -535.4M |
| Debt Issued (Net) | 156.9M | 1.61B | 1.13B | -23M | -1.18B | 4.7B | 1.34B | 1.16B | 0 | 3.06B |
| Equity Issued (Net) | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 0 | -4M |
| Dividends Paid | -843.2M | -908.3M | -964.8M | -395.9M | -187.5M | -379.7M | -427.3M | -615.5M | 0 | -767.4M |
| Share Repurchases | 0 | -4M | -13.9M | -268.2M | -53.2M | -1.19B | -373.7M | -754.7M | 0 | -659.5M |
| Other Financing | 54.1M | 722.4M | 1.63B | -407.6M | -493.8M | -1.3B | -1.42B | -402.4M | -266.6M | -2.17B |
| Net Change in Cash | 63.7M▲ 0% | 94.9M▲ 49.0% | 99M▲ 4.3% | -88.3M▼ 189.2% | -84.3M▲ 4.5% | 60.5M▲ 171.8% | -77.3M▼ 227.8% | 15.6M▲ 120.2% | 8.8M▼ 43.6% | -3.1M▲ 0% |
| Free Cash Flow | -358M▲ 0% | -1.97B▼ 450.5% | -1.49B▲ 24.5% | 792.9M▲ 153.3% | 1.8B▲ 126.7% | 1.05B▼ 41.8% | 826.2M▼ 21.1% | 683.9M▼ 17.2% | 3.92B▲ 472.8% | 642.8M▲ 0% |
| FCF Margin % | -4.04% | -18.67% | -17.16% | 9.58% | 10.31% | 4.83% | 5.29% | 4.11% | 22.86% | 3.68% |
| FCF Growth % | -230.04% | -450.5% | 24.5% | 153.29% | 126.74% | -41.79% | -21.05% | -17.22% | 472.8% | 100.5% |
| FCF per Share | -1.73 | -8.79 | -6.40 | 3.41 | 7.86 | 4.53 | 3.66 | 3.09 | 18.22 | 18.22 |
| FCF Conversion (FCF/Net Income) | 17.40x | 715.00x | -6.64x | -1.12x | 32.34x | 2.08x | 3.88x | 2.87x | 2.12x | 0.39x |
| Interest Paid | 212.2M | 217.2M | 0 | 0 | 356M | 401.3M | 618.6M | 712.7M | 0 | 381.2M |
| Taxes Paid | 0 | 0 | 0 | 0 | 1.3M | 1.6M | 8.5M | 16.7M | 0 | 28.1M |
TRGP Key Ratios
Targa Resources Corp. (TRGP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 0.87% | 0.02% | -2.63% | -21.66% | 1.29% | 22.48% | 17.27% | 28.12% | 48.43% | 58.24% |
| Return on Invested Capital (ROIC) | 2.17% | 3.04% | 0.97% | 6.45% | 10.87% | 13.32% | 9.7% | 12.26% | 13.26% | 13.26% |
| Gross Margin | 5.93% | 7.38% | 17.2% | 18.4% | 12% | 12.88% | 16.23% | 20% | 26.51% | 22.3% |
| Net Margin | 0.61% | 0.02% | -2.41% | -18.78% | 0.41% | 5.27% | 5.3% | 7.64% | 10.76% | 9.44% |
| Debt / Equity | 0.75x | 0.89x | 0.93x | 1.32x | 1.28x | 2.32x | 2.82x | 3.23x | 5.45x | 5.45x |
| Interest Coverage | 1.37x | 2.01x | 0.57x | 3.23x | 4.69x | 5.57x | 3.18x | 3.84x | 4.04x | 3.85x |
| FCF Conversion | 17.40x | 715.00x | -6.64x | -1.12x | 32.34x | 2.08x | 3.88x | 2.87x | 2.12x | 0.39x |
| Revenue Growth | 33.4% | 19.07% | -17.85% | -4.6% | 110.82% | 24.33% | -27.97% | 6.45% | 3.06% | 7.28% |
TRGP SEC Filings & Documents
Targa Resources Corp. (TRGP) SEC filings — annual & quarterly reports (10-K, 10-Q)
TRGP Frequently Asked Questions
Targa Resources Corp. (TRGP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Targa Resources Corp. (TRGP) reported $17.49B in revenue for fiscal year 2025. This represents a 119% increase from $8.00B in 2008.
Targa Resources Corp. (TRGP) grew revenue by 3.1% over the past year. Growth has been modest.
Yes, Targa Resources Corp. (TRGP) is profitable, generating $1.65B in net income for fiscal year 2025 (10.8% net margin).
Dividend & Returns
Targa Resources Corp. (TRGP) has a return on equity (ROE) of 48.4%. This is excellent, indicating efficient use of shareholder capital.
Targa Resources Corp. (TRGP) generated $642.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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Targa Resources Corp. (TRGP) financial analysis — history, returns, DCA and operating performance tools
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