TRGP · Targa Resources Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.09B | - | $4.15B | $4.26B | $4.56B | - | $3.85B | $3.56B | $4.56B | - |
| Cost of Revenue | $2.39B | - | $2.51B | $2.44B | $3.26B | - | $2.37B | $2.20B | $3.22B | - |
| Gross Profit | $1.70B | - | $1.64B | $1.82B | $1.30B | - | $1.49B | $1.36B | $1.34B | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $107.80M | - | $104.80M | $95.00M | $94.50M | - | $102.60M | $98.30M | $86.50M | - |
| Total Operating Expenses | $333.70M | - | $333.50M | $323.60M | $303.60M | - | $301.00M | $290.70M | $278.00M | - |
| D&A | $426.00M | - | $383.50M | $373.70M | $367.60M | - | $355.40M | $348.60M | $340.50M | - |
| Operating Income | $846.90M | - | $836.90M | $1.03B | $543.30M | - | $728.20M | $627.20M | $639.40M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $123.90M | - | $134.30M | $184.10M | $72.20M | - | $97.00M | $94.30M | $82.70M | - |
| Net Income | $479.60M | - | $478.40M | $629.10M | $270.50M | - | $387.40M | $298.50M | $275.20M | - |
| EPS - Basic | $2.22 | - | $2.21 | $2.88 | $0.91 | - | $1.76 | $1.34 | $1.23 | - |
| EPS - Diluted | $2.21 | - | $2.20 | $2.87 | $0.91 | - | $1.75 | $1.33 | $1.22 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $100.10M | $166.10M | $124.10M | $113.10M | $151.40M | $157.30M | $127.20M | $166.40M | $109.90M | $141.70M |
| Accounts Receivable | $1.69B | $1.47B | $1.41B | $1.41B | $1.40B | $1.62B | $1.30B | $1.22B | $1.48B | $1.47B |
| Inventory | $334.40M | $429.30M | $490.70M | $443.50M | $256.20M | $334.30M | $414.90M | $320.60M | $224.50M | $371.50M |
| Accounts Payable | $1.99B | $1.87B | $1.58B | $1.73B | $1.89B | $2.01B | $1.47B | $1.69B | $1.71B | $1.57B |
| Current Assets | $2.44B | $2.36B | $2.28B | $2.21B | $2.08B | $2.30B | $2.03B | $1.87B | $1.97B | $2.19B |
| Total Assets | $27.11B | $25.22B | $24.17B | $23.51B | $22.80B | $22.73B | $21.90B | $21.26B | $20.85B | $20.67B |
| Current Liabilities | $3.40B | $3.55B | $2.95B | $3.18B | $3.20B | $3.17B | $2.63B | $2.89B | $2.81B | $2.76B |
| Long-term Debt | $19.13B | $17.43B | $17.43B | $16.85B | $16.21B | $14.17B | $14.25B | $13.57B | $13.06B | $12.95B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $3.14B | $3.07B | $2.71B | $2.59B | $2.45B | $2.59B | $2.57B | $2.47B | $2.70B | $2.74B |
| Retained Earnings | $2.56B | $2.29B | $1.97B | $1.71B | $1.30B | $1.19B | $1.00B | $783.90M | $654.10M | $492.00M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $739.50M | - | - | - | $954.40M | - | - | - | $876.40M | - |
| Investing Cash Flow | ($2.16B) | - | - | - | ($813.30M) | - | - | - | ($677.90M) | - |
| Financing Cash Flow | $1.36B | - | - | - | ($147.00M) | - | - | - | ($230.30M) | - |
| CapEx | $899.50M | - | - | - | $792.20M | - | - | - | $669.80M | - |
| Free Cash Flow | ($160.00M) | - | - | - | $162.20M | - | - | - | $206.60M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 41.5% | - | 39.6% | 42.8% | 28.6% | - | 38.6% | 38.3% | 29.5% | - |
| Operating margin | 20.7% | - | 20.2% | 24.3% | 11.9% | - | 18.9% | 17.6% | 14.0% | - |
| EBITDA margin | 31.1% | - | 29.4% | 33.0% | 20.0% | - | 28.1% | 27.4% | 21.5% | - |
| Net margin | 11.7% | - | 11.5% | 14.8% | 5.9% | - | 10.1% | 8.4% | 6.0% | - |
| Free cash flow margin | -3.9% | - | - | - | 3.6% | - | - | - | 4.5% | - |
| FCF / Net income | -0.33 | - | - | - | 0.60 | - | - | - | 0.75 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 2.6% | - | 2.5% | 2.2% | 2.1% | - | 2.7% | 2.8% | 1.9% | - |
| Effective tax rate | 20.5% | - | 21.9% | 22.6% | 21.1% | - | 20.0% | 24.0% | 23.1% | - |
| Return on assets | 1.8% | - | 2.0% | 2.7% | 1.2% | - | 1.8% | 1.4% | 1.3% | - |
| Return on equity | 15.3% | - | 17.7% | 24.3% | 11.0% | - | 15.1% | 12.1% | 10.2% | - |
| Return on invested capital | 3.0% | - | 3.2% | 4.1% | 2.3% | - | 3.5% | 3.0% | 3.1% | - |
| Liquidity | ||||||||||
| Current ratio | 0.72 | 0.67 | 0.77 | 0.69 | 0.65 | 0.72 | 0.77 | 0.65 | 0.70 | 0.79 |
| Quick ratio | 0.62 | 0.55 | 0.61 | 0.56 | 0.57 | 0.62 | 0.61 | 0.53 | 0.62 | 0.66 |
| Cash ratio | 0.03 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.04 | 0.05 |
| Leverage | ||||||||||
| Debt / Equity | 6.10 | 5.68 | 6.44 | 6.51 | 6.61 | 5.47 | 5.54 | 5.50 | 4.83 | 4.73 |
| Debt / Assets | 0.71 | 0.69 | 0.72 | 0.72 | 0.71 | 0.62 | 0.65 | 0.64 | 0.63 | 0.63 |
| Debt / EBITDA | 15.03 | - | 14.28 | 11.97 | 17.79 | - | 13.15 | 13.90 | 13.32 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 8.64 | 8.22 | 8.93 | 9.08 | 9.30 | 8.77 | 8.51 | 8.62 | 7.71 | 7.55 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.15 | - | 0.17 | 0.18 | 0.20 | - | 0.18 | 0.17 | 0.22 | - |
| Inventory turnover | 7.16 | - | 5.11 | 5.49 | 12.72 | - | 5.70 | 6.85 | 14.33 | - |
| Days sales outstanding | 151d | - | 124d | 121d | 112d | - | 123d | 125d | 119d | - |
| Days inventory outstanding | 51d | - | 71d | 66d | 29d | - | 64d | 53d | 25d | - |
| Days payable outstanding | 303d | - | 231d | 259d | 212d | - | 227d | 280d | 194d | - |
| Cash conversion cycle | -101d | - | -35d | -72d | -71d | - | -39d | -102d | -50d | - |
| Valuation | ||||||||||
| P / E | 113.5x | - | 76.2x | 60.7x | 220.3x | - | 84.6x | 96.8x | 91.8x | - |
| P / B | 17.2x | - | 13.4x | 14.6x | 17.9x | - | 12.7x | 11.6x | 9.3x | - |
| P / S | 13.2x | - | 8.7x | 8.9x | 9.6x | - | 8.5x | 8.0x | 5.5x | - |
| EV / EBITDA | 57.4x | - | 43.8x | 38.8x | 65.8x | - | 43.1x | 43.0x | 38.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -10.2% | - | 7.8% | 19.6% | -0.0% | - | -1.1% | 4.7% | 0.9% | - |
| Revenue CAGR (3y) | -3.2% | - | -8.2% | -11.1% | -2.7% | - | -4.8% | 1.4% | 7.9% | - |
| Revenue CAGR (5y) | 2.4% | - | 14.4% | 22.8% | 17.4% | - | 15.2% | 12.3% | 14.7% | - |
| Gross profit growth (YoY) | 30.4% | - | 10.6% | 33.7% | -3.0% | - | 23.2% | 2.2% | -10.5% | - |
| Operating income growth (YoY) | 55.9% | - | 14.9% | 64.8% | -15.0% | - | 44.2% | -3.4% | -23.6% | - |
| Net income growth (YoY) | 77.3% | - | 23.5% | 110.8% | -1.7% | - | 76.1% | -9.4% | -44.6% | - |
| EPS growth (YoY) | 142.9% | - | 25.7% | 115.8% | -25.4% | - | 80.4% | -7.6% | 3966.7% | - |
| EPS CAGR (3y) | 319.2% | - | 37.8% | 21.3% | 147.5% | - | 38.4% | 107.0% | 32.0% | - |
| EPS CAGR (5y) | 33.1% | - | 68.9% | 68.7% | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | -21.5% | - | - | - | -70.2% | - |
| FCF CAGR (5y) | - | - | - | - | 7.9% | - | - | - | - | - |
| Book value growth (YoY) | 27.9% | 18.3% | 5.2% | 4.9% | -9.3% | -5.4% | 2.7% | -7.8% | 6.0% | 2.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$12.08B totalLogistics And Transportation$14.34B · 118.7%
Gathering And Processing$2.69B · 22.3%
All Other Segments($5.30M) · -0.0%
Corporate Non Segment And Inter Segment Elimination($4.95B) · -40.9%
Product / service
$34.22B totalProduct$14.40B · 42.1%
Natural Gas Liquids Reserves$12.08B · 35.3%
Service$2.62B · 7.7%
Natural Gas Reserves$2.04B · 5.9%
Gathering And Processing Fees$1.79B · 5.2%
Storage Terminaling And Export$496.80M · 1.5%
Oil And Condensate$448.30M · 1.3%
NGLTransportation Fractionation And Services$311.60M · 0.9%
Midstream Services Other$23.20M · 0.1%
Peer comparison
Same SIC group: Natural Gas Transmission
Comparing Targa Resources Corp. against the 5 most active filers in the same SIC group.
Dividends
$4.25/share trailing 12 months · +30.8% YoY
| Ex-date | Per share |
|---|---|
| Apr 30, 2026 | $1.2500 |
| Jan 30, 2026 | $1.0000 |
| Oct 31, 2025 | $1.0000 |
| Jul 31, 2025 | $1.0000 |
| Apr 30, 2025 | $1.0000 |
| Jan 31, 2025 | $0.7500 |
| Oct 31, 2024 | $0.7500 |
| Jul 31, 2024 | $0.7500 |
| Apr 29, 2024 | $0.7500 |
| Jan 30, 2024 | $0.5000 |
| Oct 30, 2023 | $0.5000 |
| Jul 28, 2023 | $0.5000 |
| Apr 27, 2023 | $0.5000 |
| Jan 30, 2023 | $0.3500 |
| Oct 28, 2022 | $0.3500 |
| Jul 28, 2022 | $0.3500 |
| Apr 28, 2022 | $0.3500 |
| Jan 28, 2022 | $0.3500 |
| Oct 28, 2021 | $0.1000 |
| Jul 29, 2021 | $0.1000 |
| Apr 29, 2021 | $0.1000 |
| Jan 29, 2021 | $0.1000 |
| Oct 29, 2020 | $0.1000 |
| Jul 30, 2020 | $0.1000 |