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Targa Resources

TRGP NYSE Oil & Gas Storage & Transportation Financials FY2016–FY2025

Targa Resources' revenue rose 4.0% to $17.0 billion in fiscal 2025. Its operating margin was 19.6%, up from 16.4% a year earlier. Free cash flow was $584 million, down 14.6%. It paid out $642 million in dividends and buybacks, 110% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$302.37

4.4%
Value it Compare
Revenue Total sales reported in the income statement.
$17.0B
3.9% vs prior year
Operating margin Operating income as a share of revenue.
19.6%
3.1 pts
Net income Profit after all expenses, interest and tax.
$1.9B
46.6%
Free cash flow Cash from operations minus capital spending.
$584M
14.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.3%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$65.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.9x
On $10.46 EPS (TTM)

What Targa Resources does

No business description yet.

Legal name
Targa Resources Corp.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-059296
0001389170

Revenue and margins

Targa Resources had $17.0B of revenue in fiscal 2025, up 4.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $584M in fiscal 2025, 3.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Targa Resources returned $642M to shareholders in fiscal 2025, 110% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Targa Resources yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$17.6B and divides by 216.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.9x · peers 20.5x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Targa Resources can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $159M$219M$142M$157M$166M
Debt incl. finance leases $6.6B$11.8B$13.2B$14.5B$17.8B
Net debt / EBITDA 3.7x4.1x3.3x3.5x3.6x
Debt / equity 3.3x4.4x4.8x5.6x5.8x
Interest coverage 2.4x4.3x4.3x3.8x4.2x
Current ratio 0.8x0.8x0.8x0.7x0.7x
Quick ratio 0.7x0.6x0.7x0.6x0.6x
Total assets $15.2B$19.6B$20.7B$22.7B$25.2B
Total liabilities $10.0B$14.6B$16.1B$18.3B$22.0B
Shareholders' equity $2.0B$2.7B$2.7B$2.6B$3.1B
Net debt (− = net cash) $6.5B$11.5B$13.1B$14.3B$17.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$30.8M

10 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Paul W ChungDirector Sold 1,816 $296.11 $0.5M Form 4
Aug 25, 2026 Charles R CrispDirector Sold 3,000 $290.23 $0.9M Form 4
Aug 21, 2026 Waters S Davis IVDirector Sold 2,400 $299.67 $0.7M Form 4
May 12, 2026 Charles R CrispDirector Sold 10,602 $255.96 $2.7M Form 4
Mar 5, 2026 Robert MuraroChief Commercial Officer Sold 24,589 $241.34 $5.9M Form 4
Mar 2, 2026 Benjamin James BranstetterSee Remarks Sold 3,258 $238.83 $0.8M Form 4
Mar 2, 2026 Patrick J. McDonieSee Remarks Sold 31,537 $239.36 $7.5M Form 4
Feb 26, 2026 Lindsey CooksenDirector Sold 435 $231.72 $0.1M Form 4
Feb 25, 2026 Pryor D. ScottSee Remarks Sold 17,500 $228.92 $4.0M Form 4
Feb 24, 2026 Charles R CrispDirector Sold 1,359 $229.30 $0.3M Form 4
Feb 24, 2026 Jennifer R. KnealePresident Sold 29,509 $230.12 $6.8M Form 4
Dec 5, 2025 Gerald R ShraderSee Remarks Sold 2,750 $181.21 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 7 / 95 / 96 / 9
Accruals ratio −9.3%−10.8%−8.3%
Altman Z'' 1.050.971.03

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Targa Resources TRGP $65.1B 4.0% 19.6% 3.4% 13.3% 28.9x 6
Kinder Morgan KMI $76.7B 12.2% 27.9% 17.1% 5.8% 21.3x 7 Compare →
Williams Companies WMB $87.8B 13.8% 35.1% 8.4% 7.5% 28.6x 6 Compare →
Oneok OKE $60.6B 55.0% 17.1% 7.3% 8.1% 16.5x 5 Compare →
Kinetik KNTK $4.2B 19.0% 9.4% 6.3% 8.6% 19.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.6B $8.8B $10.5B $8.7B $8.3B $16.9B $20.9B $16.1B $16.4B $17.0B
Gross profit $1.8B $1.9B $2.2B $2.6B $3.1B $3.2B $4.0B $5.4B $5.7B $6.5B
Operating income $55.8M −$122M $238M $193M −$1.3B $865M $1.7B $2.6B $2.7B $3.3B
Interest expense $282M $212M $217M $288M $374M $356M $401M $619M $713M $793M
Pretax income −$260M −$293M $65.9M −$46.7M −$1.6B $437M $1.7B $1.9B $1.9B $2.5B
Income tax −$101M −$397M $5.5M −$87.9M −$248M $14.8M $132M $363M $385M $530M
Net income −$187M $54.0M $1.6M −$209M −$1.6B $71.2M $1.2B $1.3B $1.3B $1.9B
Diluted EPS −$1.80 −$0.31 −$0.53 −$1.44 −$7.26 −$0.07 $3.88 $3.66 $5.74 $8.49
Diluted shares 0.15B 0.21B 0.22B 0.23B 0.23B 0.23B 0.23B 0.23B 0.22B 0.22B
Cash flow
Cash from operations $837M $940M $1.1B $1.4B $1.7B $2.3B $2.4B $3.2B $3.6B $3.9B
Capital expenditure $562M $1.3B $3.1B $2.9B $952M $505M $1.3B $2.4B $3.0B $3.3B
Free cash flow $275M −$358M −$2.0B −$1.5B $793M $1.8B $1.0B $826M $684M $584M
Depreciation and amortization $758M $810M $816M $972M $865M $871M $1.1B $1.3B $1.4B $1.5B
Stock-based compensation $29.7M $42.3M $56.3M $60.3M $66.2M $59.2M $57.5M $62.4M $63.2M $69.5M
Acquisitions $0.0M $571M $0.0M $0.0M $0.0M $0.0M $3.5B $0.0M $0.0M $123M
Share buybacks $0.0M $0.0M $4.0M $13.9M $97.4M $53.2M $225M $374M $755M $642M
Dividends paid $566M $843M $908M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $566M $843M $912M $13.9M $97.4M $53.2M $225M $374M $755M $642M
Balance sheet
Cash and short-term investments $73.5M $137M $232M $331M $243M $159M $219M $142M $157M $166M
Total debt $4.9B $5.1B $6.7B $7.8B $7.8B $6.6B $11.5B $13.0B $14.2B $17.4B
Finance lease liabilities $0.0M $0.0M $0.0M $38.0M $30.8M $26.5M $227M $290M $298M $354M
Current assets $1.0B $1.3B $1.4B $1.7B $1.5B $1.8B $2.4B $2.2B $2.3B $2.4B
Current liabilities $1.2B $1.6B $2.8B $1.9B $1.8B $2.3B $3.1B $2.8B $3.2B $3.5B
Inventory $138M $205M $165M $162M $182M $153M $394M $372M $334M $429M
Property and equipment, net $9.7B $10.4B $12.9B $14.5B $12.2B $11.7B $14.2B $15.8B $18.1B $20.5B
Total assets $12.9B $14.4B $16.9B $18.8B $15.9B $15.2B $19.6B $20.7B $22.7B $25.2B
Total liabilities $7.1B $7.6B $9.5B $10.4B $10.0B $10.0B $14.6B $16.1B $18.3B $22.0B
Shareholders' equity $5.2B $6.2B $6.1B $4.9B $2.7B $2.0B $2.7B $2.7B $2.6B $3.1B
Margins
Gross margin 31.7% 21.7% 21.4% 29.4% 37.2% 19.0% 19.3% 33.5% 34.7% 38.3%
Operating margin 1.0% −1.4% 2.3% 2.2% −15.8% 5.1% 8.3% 16.4% 16.5% 19.6%
EBITDA margin 14.6% 7.8% 10.1% 13.4% −5.3% 10.2% 13.5% 24.6% 25.1% 28.5%
Net margin −3.4% 0.6% 0.0% −2.4% −18.8% 0.4% 5.7% 8.4% 8.0% 11.3%
FCF margin 4.9% −4.1% −18.8% −17.2% 9.6% 10.6% 5.0% 5.1% 4.2% 3.4%
Returns
Return on capital 0.4% −0.9% 1.7% 1.0% −7.0% 6.7% 11.3% 12.5% 11.9% 13.3%
Return on capital employed 0.5% −1.0% 1.8% 1.2% −8.4% 6.4% 11.8% 15.3% 14.4% 16.2%
Return on equity −5.6% 1.0% 0.0% −3.8% −41.0% 3.1% 51.1% 49.8% 49.2% 68.0%
Return on assets −1.4% 0.4% 0.0% −1.2% −9.0% 0.5% 6.9% 6.7% 6.1% 8.0%
Growth
Revenue growth — 57.8% 18.9% −17.3% −4.7% 105.2% 23.5% −23.3% 2.0% 4.0%
Net income growth −421.3% — −97.0% −13,175.0% — — 1,579.1% 12.6% −2.5% 46.6%
EPS growth −265.1% — — — — — — −5.7% 56.8% 47.9%
FCF growth 26.6% −230.0% — — — 126.7% −41.8% −21.1% −17.2% −14.6%
Share count change 188.1% 34.0% 8.4% 3.7% −0.1% −1.6% 1.1% −2.2% −2.1% −2.0%
Financial health
Net debt / EBITDA 5.9x 7.2x 6.1x 6.5x — 3.7x 4.1x 3.3x 3.5x 3.6x
Debt / equity 0.9x 0.8x 1.1x 1.6x 2.9x 3.3x 4.4x 4.8x 5.6x 5.8x
Interest coverage 0.2x −0.6x 1.1x 0.7x −3.5x 2.4x 4.3x 4.3x 3.8x 4.2x
Current ratio 0.9x 0.8x 0.5x 0.9x 0.8x 0.8x 0.8x 0.8x 0.7x 0.7x
Quick ratio 0.7x 0.7x 0.5x 0.8x 0.7x 0.7x 0.6x 0.7x 0.6x 0.6x
Capital allocation
Capex / revenue 10.1% 14.7% 29.7% 33.2% 11.5% 3.0% 6.4% 14.9% 18.1% 19.6%
Stock comp / revenue 0.5% 0.5% 0.5% 0.7% 0.8% 0.4% 0.3% 0.4% 0.4% 0.4%
Payouts / FCF 205.6% — — — 12.3% 3.0% 21.5% 45.2% 110.4% 109.9%
Quality scores
Piotroski F-score — 6.0 4.0 4.0 4.0 7.0 6.0 7.0 5.0 6.0
Altman Z'' 0.7 0.7 0.4 0.8 −0.5 0.3 0.6 1.1 1.0 1.0
Accruals ratio −7.9% −6.5% −7.3% −8.9% −19.0% −14.4% −6.8% −9.3% −10.8% −8.3%

Source: SEC EDGAR XBRL filings (CIK 0001389170). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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