TRGP
Targa Resources Inc.Stock · EnergyS&P 500 Equal Weight 0.2% · S&P 500 0.09% · Russell 1000 0.08% · US Stock Market 0.08% · Russell 3000 0.08% · MSCI World 0.06% · MSCI ACWI 0.06%$290.25-0.57%
as of market close, Sep 11, 2026
☾ AH — —
TRGP financial statements
The full income statement, balance sheet, and cash-flow statement for Targa Resources Inc. (TRGP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 219.1M2024-09 218.1M2024-12 218.1M2025-03 216.9M2025-06 215.2M2025-09 214.7M2025-12 215.0M2026-03 214.6M2026-06 214.4M-2.1% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 17.0B+3.9% | 16.4B+2.0% | 16.1B-19.0% | 19.8B+16.9% | 16.9B+105.2% | |
| Cost of revenue | 10.5B-1.8% | 10.7B+0.2% | 10.7B-36.8% | 16.9B+23.0% | 13.7B+164.7% | |
| Selling, general & administrative | 406M+5.5% | 385M+10.4% | 349M+12.6% | 310M+13.4% | 273M+7.3% | |
| General & administrative | 406M+5.5% | 385M+10.4% | 349M+12.6% | 310M+13.4% | 273M+7.3% | |
| Amortization of intangibles | 326M-12.6% | 373M-2.8% | 384M+58.5% | 242M+84.9% | 131M-9.0% | |
| Operating income | 3.33B+23.6% | 2.70B+2.6% | 2.63B+51.9% | 1.73B+99.9% | 865M+166.3% | |
| Other non-operating income | -3.80M-1050.0% | 400K+108.2% | -4.90M+67.5% | -15.1M-3120.0% | 500K-86.5% | |
| Equity-method income | 11.8M+25.5% | 9.40M+4.4% | 9.00M-1.1% | 9.10M+138.1% | -23.9M-132.9% | |
| Pre-tax income | 2.49B+28.3% | 1.94B-0.2% | 1.94B+16.8% | 1.66B+280.7% | 437M+127.8% | |
| Income tax | 530M+37.8% | 385M+5.9% | 363M+175.6% | 132M+790.5% | 14.8M+106.0% | |
| 1.92B+46.6% | 1.31B-2.5% | 1.35B+12.6% | 1.20B+1579.1% | 71.2M+104.6% | ||
| Net income to non-controlling interest | 33.7M-86.0% | 242M+3.5% | 233M-30.5% | 336M-4.3% | 351M+53.3% | |
| Preferred dividends | — | — | — | 30.0M-65.6% | 87.3M-4.8% | |
| Net income to common | 1.85B+44.8% | 1.28B+53.0% | 836M-6.8% | 897M+5670.2% | -16.1M+99.0% | |
| $8.49+47.9% | $5.74+56.8% | $3.66-5.7% | $3.88+5642.9% | -$0.07+99.0% | ||
| EPS (basic) | $8.52+47.7% | $5.77+56.4% | $3.69-6.6% | $3.95+5742.9% | -$0.07+99.0% | |
| Weighted-avg shares (basic) | 216M-1.9% | 220M-2.0% | 225M-1.2% | 227M-0.6% | 229M-1.6% | |
| Weighted-avg shares (diluted) | 217M-2.0% | 221M-2.1% | 226M-2.2% | 231M+1.1% | 229M-1.6% | |
| Dividends per share | $3.75+36.4% | $2.75+48.6% | $1.85+32.1% | $1.40+250.0% | $0.40-66.9% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.36B+2.9% | 2.30B+4.6% | 2.19B-6.9% | 2.36B+33.2% | 1.77B+21.2% | ||
| Cash & equivalents | 166M+5.6% | 157M+11.0% | 142M-35.3% | 219M+38.2% | 159M-34.7% | |
| Accounts receivable | 1.47B-8.9% | 1.62B+10.0% | 1.47B+4.4% | 1.41B+5.7% | 1.33B+54.4% | |
| Inventory | 429M+28.4% | 334M-10.0% | 372M-5.7% | 394M+156.7% | 153M-15.5% | |
| Other current assets | 138M+10.8% | 125M+26.5% | 98.5M-36.7% | 156M+87.6% | 82.9M-5.5% | |
| 25.2B+10.9% | 22.7B+10.0% | 20.7B+5.7% | 19.6B+28.6% | 15.2B-4.2% | ||
| Property, plant & equipment | 20.5B+13.7% | 18.1B+14.3% | 15.8B+11.2% | 14.2B+21.8% | 11.7B-4.2% | |
| Operating lease right-of-use | 93.9M-9.5% | 104M+61.5% | 64.2M+12.0% | 57.3M+12.8% | 50.8M-3.6% | |
| Goodwill | 112M+148.5% | 45.2M+0.0% | 45.2M+0.0% | 45.2M+0.0% | 45.2M+0.0% | |
| Intangible assets | 1.65B-16.5% | 1.98B-15.9% | 2.35B-14.0% | 2.73B+149.8% | 1.09B-20.8% | |
| Other non-current assets | 327M+82.8% | 179M+27.4% | 141M+42.9% | 98.4M+20.4% | 81.7M-15.0% | |
| 3.55B+11.8% | 3.17B+14.9% | 2.76B-10.0% | 3.07B+33.4% | 2.30B+29.2% | ||
| Accounts payable | 1.87B-6.9% | 2.01B+27.8% | 1.57B+8.7% | 1.45B+3.3% | 1.40B+68.2% | |
| Accrued liabilities | 359M+6.7% | 336M+19.3% | 282M-2.7% | 290M+6.4% | 272M+46.0% | |
| Short-term & current debt | — | — | — | — | 150M-57.9% | |
| Current lease liability | 24.3M-3.6% | 25.2M+15.6% | 21.8M+51.4% | 14.4M+23.1% | 11.7M-2.5% | |
| Finance lease liability (current) | 93.1M+61.4% | 57.7M+26.3% | 45.7M+33.2% | 34.3M+168.0% | 12.8M+5.8% | |
| Long-term debt | 17.4B+23.0% | 14.2B+9.4% | 13.0B+12.3% | 11.5B+74.9% | 6.60B-14.9% | |
| Deferred revenue (non-current) | 116M-3.7% | 120M | — | — | — | |
| Non-current lease liability | 89.5M-1.0% | 90.4M+60.0% | 56.5M+97.6% | 28.6M-17.1% | 34.5M-25.3% | |
| Operating lease liability (total) | 114M-1.6% | 116M+47.6% | 78.3M+82.1% | 43.0M-6.9% | 46.2M-20.6% | |
| Finance lease liability (total) | 354M+18.6% | 298M+2.9% | 290M+27.5% | 227M+757.7% | 26.5M-14.0% | |
| Finance lease liability | 260M+8.3% | 240M-1.5% | 244M+26.5% | 193M+1308.8% | 13.7M-26.7% | |
| Deferred tax liabilities | 1.39B+59.8% | 872M+62.8% | 536M+63.5% | 328M+141.0% | 136M-10.6% | |
| Other non-current liabilities | 395M+0.7% | 392M-5.5% | 415M+21.7% | 341M+13.1% | 302M-2.4% | |
| 3.07B+18.3% | 2.59B-5.4% | 2.74B+2.8% | 2.67B+32.5% | 2.01B-24.2% | ||
| Preferred stock | — | — | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 3.09B-0.0% | 3.09B+1.0% | 3.06B-17.4% | 3.70B-13.3% | 4.27B-11.8% | |
| Retained earnings | 2.29B+92.8% | 1.19B+141.9% | 492M+178.5% | -627M+65.6% | -1.82B+3.8% | |
| Treasury stock | 2.43B+41.7% | 1.71B+91.1% | 897M+93.0% | 465M+127.7% | 204M+35.3% | |
| Accumulated other comprehensive income | 114M+313.8% | 27.5M-67.9% | 85.6M+56.5% | 54.7M+123.7% | -231M-62.8% | |
| Non-controlling interest | 130M-92.9% | 1.83B-2.4% | 1.87B-19.3% | 2.32B-26.9% | 3.17B-2.5% | |
| Total equity incl. non-controlling | 3.20B-27.6% | 4.42B-4.2% | 4.61B-7.5% | 4.98B-3.8% | 5.18B-12.3% | |
| Total liabilities & equity | 25.2B+10.9% | 22.7B+10.0% | 20.7B+5.7% | 19.6B+28.6% | 15.2B-4.2% | |
| Common shares issued | 243M+0.4% | 242M+0.7% | 240M+0.9% | 238M+0.8% | 236M+0.6% | |
| Common shares outstanding | 215M-1.4% | 218M-2.2% | 223M-1.5% | 226M-1.0% | 228M+0.1% | |
| Shares outstanding (cover) | 215M-1.4% | 218M-2.3% | 223M-1.5% | 227M-0.9% | 229M+0.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 3.92B+7.3% | 3.65B+13.6% | 3.21B+34.9% | 2.38B+3.4% | 2.30B+32.0% | ||
| Depreciation & amortization | 1.52B+6.5% | 1.42B+7.0% | 1.33B+21.3% | 1.10B+25.9% | 871M+0.6% | |
| Intangible amortization | 326M-12.6% | 373M-2.8% | 384M+58.5% | 242M+84.9% | 131M-9.0% | |
| Share-based compensation | 69.5M+10.0% | 63.2M+1.3% | 62.4M+8.5% | 57.5M-2.9% | 59.2M-10.6% | |
| Deferred income taxes | 517M+40.8% | 367M+5.0% | 350M+179.5% | 125M+933.9% | 12.1M+105.2% | |
| Change in inventory | 89.5M+367.2% | -33.5M+6.9% | -36.0M-115.2% | 236M+681.8% | -40.6M-246.6% | |
| -3.64B-20.5% | -3.02B-25.8% | -2.40B+42.1% | -4.15B-776.9% | -473M+35.9% | ||
| Capital expenditure | 3.33B+12.4% | 2.97B+24.3% | 2.39B+78.8% | 1.33B+164.2% | 505M-46.9% | |
| Free cash flow | 584M-14.6% | 684M-17.2% | 826M-21.1% | 1.05B-41.8% | 1.80B+126.7% | |
| Acquisitions | 123M | 0.00 | 0.00-100.0% | 3.50B | 0.00 | |
| Other investing activities | -27.1M-1326.3% | -1.90M+48.6% | -3.70M-331.3% | 1.60M+1700.0% | -100K+97.7% | |
| -267M+56.5% | -613M+31.0% | -888M-148.5% | 1.83B+195.6% | -1.91B-74.8% | ||
| Long-term debt issued | 5.24B+424.3% | 999M-73.2% | 3.73B+36.0% | 2.74B+174.1% | 1.00B+0.0% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 642M-15.0% | 755M+102.0% | 374M+66.2% | 225M+322.6% | 53.2M-45.4% | |
| Other financing activities | -6.40M-146.2% | -2.60M | — | — | — | |
| Net change in cash | 8.80M-43.6% | 15.6M+120.2% | -77.3M-227.8% | 60.5M+171.8% | -84.3M+4.5% | |
| Interest paid | 793M+11.3% | 713M+15.2% | 619M+54.1% | 401M+12.7% | 356M-4.8% | |
| Income taxes paid | 24.3M+45.5% | 16.7M+96.5% | 8.50M+431.3% | 1.60M+23.1% | 1.30M-97.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 39.7B+1.9% | 38.9B+101.0% | 19.4B+16.4% | 16.6B+39.2% | 12.0B+98.1% | |
| P/E | 20.6×-30.5% | 29.7×+109.0% | 14.2×-51.9% | 29.5×-82.4% | 167.9× | |
| P/S | 2.3×-2.0% | 2.4×+143.2% | 1.0×-0.4% | 1.0×+39.2% | 0.7×-3.4% | |
| P/B | 12.9×-13.9% | 15.0×+94.3% | 7.7×+10.8% | 7.0×+17.5% | 5.9×+161.4% | |
| P/FCF | 67.9×+19.3% | 56.9×+78.4% | 31.9×+158.6% | 12.3×+85.6% | 6.6×-12.6% | |
| Earnings yield | 4.8%+43.9% | 3.4%-52.2% | 7.0%+107.8% | 3.4%+468.9% | 0.60% | |
| FCF yield | 1.5%-16.2% | 1.8%-44.0% | 3.1%-61.3% | 8.1%-46.1% | 15.0%+14.4% | |
| Dividend yield | 2.0%+31.9% | 1.5%-27.7% | 2.1%+11.8% | 1.9%+148.8% | 0.77%-83.3% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: TRGP’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TRGP filings on SEC EDGAR → Not investment advice.