Targa Resources
TRGP · NYSENatural Gas Transmission · Fiscal year ends Dec 31
Targa Resources reported revenue of $17B in the fiscal year ended Dec 2025, up 20.5% from the year before. Operating income was $3.3B, an operating margin of 19.6%, and net income was $1.9B. Operating cash flow of $3.9B less capital expenditure of $3.3B left free cash flow of $584M. Net debt was $17.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.1B | $19.8B | $13.5B | $14.1B | $17B |
| Cost of revenue | $13.7B | $16.9B | $10.7B | $10.7B | $10.5B |
| Gross profit | $2.4B | $2.9B | $2.8B | $3.4B | $6.5B |
| Operating income | $865M | $1.7B | $2.6B | $2.7B | $3.3B |
| Pre-tax income | $437M | $1.7B | $1.9B | $1.9B | $2.5B |
| Income tax | $15M | $132M | $363M | $385M | $530M |
| Net income | $71M | $1.2B | $1.3B | $1.3B | $1.9B |
| Diluted EPS | −0.07 | 3.88 | 3.66 | 5.74 | 8.49 |
| Diluted shares | 229M | 231M | 226M | 221M | 217M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $159M | $219M | $142M | $157M | $166M |
| Receivables | $1.3B | $1.4B | $1.5B | $1.6B | $1.5B |
| Inventory | $153M | $394M | $372M | $334M | $429M |
| Current assets | $1.8B | $2.4B | $2.2B | $2.3B | $2.4B |
| Net PP&E | $11.7B | $14.2B | $15.8B | $18.1B | $20.5B |
| Goodwill | $45M | $45M | $45M | $45M | $112M |
| Total assets | $15.2B | $19.6B | $20.7B | $22.7B | $25.2B |
| Payables | $1.4B | $1.4B | $1.6B | $2B | $1.9B |
| Deferred revenue | $172M | $199M | $249M | $120M | $136M |
| Current liabilities | $2.3B | $3.1B | $2.8B | $3.2B | $3.5B |
| Short-term debt | $150M | – | – | – | – |
| Long-term debt | $6.6B | $11.5B | $13B | $14.2B | $17.4B |
| Shareholders' equity | $2B | $2.7B | $2.7B | $2.6B | $3.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $2.4B | $3.2B | $3.6B | $3.9B |
| Capital expenditure | $505M | $1.3B | $2.4B | $3B | $3.3B |
| Free cash flow | $1.8B | $1B | $826M | $684M | $584M |
| Depreciation & amortisation | $871M | $1.1B | $1.3B | $1.4B | $1.5B |
| Stock-based compensation | $59M | $58M | $62M | $63M | $70M |
| Acquisitions | – | $3.5B | – | – | $123M |
| Dividend per share | 0.40 | 1.40 | 1.85 | 2.75 | 3.75 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.2% | −31.8% | 4.6% | 20.5% |
| Operating income growth (YoY) | – | 99.9% | 51.9% | 2.6% | 23.6% |
| EPS growth (YoY) | – | – | −5.7% | 56.8% | 47.9% |
| Gross margin | 14.7% | 14.8% | 21.0% | 24.3% | 38.3% |
| Operating margin | 5.4% | 8.7% | 19.4% | 19.1% | 19.6% |
| Net margin | 0.4% | 6.0% | 10.0% | 9.3% | 11.3% |
| Return on equityBlank when equity is negative | 3.5% | 44.8% | 49.1% | 50.6% | 62.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.7% | 10.5% | 14.7% | 13.8% | 15.4% |
| Free cash flow margin | 11.2% | 5.3% | 6.1% | 4.8% | 3.4% |
| Cash conversion (CFO ÷ net income) | 32.3x | 1.99x | 2.39x | 2.78x | 2.04x |
| Receivable days | 30 | 26 | 40 | 42 | 32 |
| Inventory days | 4 | 9 | 13 | 11 | 15 |
| Payable days | 37 | 31 | 54 | 69 | 65 |
| Debt ÷ equity | 3.35x | 4.33x | 4.73x | 5.47x | 5.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.6B | $11.3B | $12.8B | $14B | $17.3B |
| Current ratio | 0.77x | 0.77x | 0.79x | 0.72x | 0.67x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.