Targa Resources (TRGP) Financials

$166.43 +1.19 (+0.72%)

As of 02:48 PM Eastern

Annual Income Statements for Targa Resources

This table shows Targa Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	102	58	-278	-63	-119	-334	-1,685	-16	897	836	1,279
Consolidated Net Income / (Loss)	423	-151	-159	104	60	41	-1,325	422	1,531	1,579	1,554
Net Income / (Loss) Continuing Operations	423	-151	-159	104	60	41	-1,325	422	1,531	1,579	1,554
Total Pre-Tax Income	491	-112	-260	-293	66	-47	-1,573	437	1,663	1,943	1,938
Total Operating Income	641	159	56	-122	238	193	-1,304	865	1,729	2,626	2,695
Total Gross Profit	1,624	1,821	1,768	1,909	2,246	2,463	3,074	3,220	4,048	5,384	5,679
Total Revenue	8,617	6,659	6,691	8,815	10,484	8,671	8,260	16,950	20,930	16,060	16,382
Operating Revenue	8,617	6,659	6,691	8,815	10,484	8,671	8,260	16,950	20,930	16,060	16,382
Total Cost of Revenue	6,993	4,838	4,923	6,906	8,238	6,208	5,187	13,730	16,882	10,676	10,703
Operating Cost of Revenue	6,993	4,838	4,923	6,906	8,238	6,208	5,187	13,730	16,882	10,676	10,703
Total Operating Expenses	983	1,662	1,712	2,031	2,008	2,270	4,378	2,356	2,319	2,758	2,983
Selling, General & Admin Expense	635	702	741	826	979	984	953	1,020	1,223	1,427	1,561
Depreciation Expense	351	645	758	810	816	972	865	871	1,096	1,330	1,423
Other Operating Expenses / (Income)	-3.00	-7.10	6.60	17	3.50	89	117	12	0.20	1.50	-0.40
Impairment Charge	0.00	323	207	378	210	225	2,443	452	0.00	0.00	0.00
Total Other Income / (Expense), net	-150	-271	-316	-171	-172	-240	-269	-428	-66	-684	-757
Interest & Investment Income	18	-2.50	-269	-251	-179	-230	-319	-412	-1.10	-679	-758
Other Income / (Expense), net	-20	-37	-47	80	6.90	-10	49	-16	-65	-4.90	0.40
Income Tax Expense	68	40	-101	-397	5.50	-88	-248	15	132	363	385
Preferred Stock Dividends Declared	0.00	-	91	117	121	125	131	87	246	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	321	-210	28	50	59	250	229	351	389	744	274
Basic Earnings per Share	$2.44	$1.09	($1.80)	($0.31)	($0.53)	($1.44)	($7.26)	($0.07)	$3.95	$3.69	$5.77
Weighted Average Basic Shares Outstanding	42M	53.50M	154.40M	206.90M	224.20M	232.50M	232.20M	228.60M	227.30M	224.60M	220.20M
Diluted Earnings per Share	$2.43	$1.09	($1.80)	($0.31)	($0.53)	($1.44)	($7.26)	($0.07)	$3.88	$3.66	$5.74
Weighted Average Diluted Shares Outstanding	42.10M	53.60M	154.40M	206.90M	224.20M	232.50M	232.20M	228.60M	231.10M	226M	221.30M
Weighted Average Basic & Diluted Shares Outstanding	41.90M	160.56M	193.95M	204.50M	225.10M	233.05M	228.65M	226.64M	-	223.16M	218.11M
Cash Dividends to Common per Share	$3.15	$3.39	$3.64	$3.64	$3.64	$3.64	$1.21	$0.40	$1.40	$1.85	$2.75

This table shows Targa Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	318	6.30	329	220	280	275	299	387	318	200	629
Consolidated Net Income / (Loss)	396	555	388	279	358	333	359	448	414	280	637
Net Income / (Loss) Continuing Operations	396	555	388	279	358	333	359	448	414	280	637
Total Pre-Tax Income	406	666	484	333	460	415	453	545	524	352	821
Total Operating Income	551	837	649	505	635	639	627	728	701	543	1,034
Total Gross Profit	1,230	1,502	1,335	1,207	1,341	1,344	1,365	1,487	1,483	1,304	1,824
Total Revenue	4,555	4,521	3,404	3,897	4,240	4,562	3,562	3,852	4,405	4,562	4,260
Operating Revenue	4,555	4,521	3,404	3,897	4,240	4,562	3,562	3,852	4,405	4,562	4,260
Total Cost of Revenue	3,324	3,019	2,069	2,690	2,899	3,218	2,197	2,365	2,923	3,258	2,436
Operating Cost of Revenue	3,324	3,019	2,069	2,690	2,899	3,218	2,197	2,365	2,923	3,258	2,436
Total Operating Expenses	679	665	686	702	706	705	737	759	782	760	791
Selling, General & Admin Expense	345	341	354	368	365	365	389	404	403	398	419
Depreciation Expense	330	325	332	331	341	341	349	355	379	368	374
Other Operating Expenses / (Income)	4.60	-0.60	0.00	2.50	-0.40	0.00	-0.20	-0.40	0.20	-5.30	-1.80
Total Other Income / (Expense), net	-146	-171	-165	-172	-175	-224	-174	-183	-176	-191	-212
Interest & Investment Income	-145	-168	-163	-172	-175	-226	-173	-183	-176	-192	-213
Other Income / (Expense), net	-0.50	-3.00	-2.00	-0.10	0.20	1.70	-0.90	-0.40	-	0.30	1.00
Income Tax Expense	9.80	110	96	54	103	83	94	97	111	72	184
Net Income / (Loss) Attributable to Noncontrolling Interest	78	549	58	59	77	57	60	61	96	80	8.10
Basic Earnings per Share	$1.40	$0.03	$1.44	$0.97	$1.25	$1.23	$1.34	$1.76	$1.44	$0.91	$2.88
Weighted Average Basic Shares Outstanding	227.30M	226.40M	225.60M	223.80M	224.60M	222.80M	221M	219M	220.20M	217.90M	216.60M
Diluted Earnings per Share	$1.37	$0.03	$1.44	$0.97	$1.22	$1.22	$1.33	$1.75	$1.44	$0.91	$2.87
Weighted Average Diluted Shares Outstanding	231.10M	229.30M	226.80M	225.10M	226M	223.70M	221.90M	220M	221.30M	218.70M	217.30M
Weighted Average Basic & Diluted Shares Outstanding	0.00	226.02M	223.71M	222.98M	223.16M	221.72M	219.08M	218.06M	218.11M	216.93M	215.19M

This table details how cash moves in and out of Targa Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	14	59	-67	64	95	99	-88	-84	61	-77	16
Net Cash From Operating Activities	762	1,035	837	940	1,144	1,390	1,745	2,303	2,381	3,212	3,650
Net Cash From Continuing Operating Activities	762	1,035	837	940	1,144	1,390	1,745	2,303	2,381	3,212	3,650
Net Income / (Loss) Continuing Operations	423	-151	-159	104	60	41	-1,325	422	1,531	1,579	1,554
Consolidated Net Income / (Loss)	423	-151	-159	104	60	41	-1,325	422	1,531	1,579	1,554
Depreciation Expense	351	645	758	810	816	972	865	871	1,096	1,330	1,423
Amortization Expense	12	15	15	12	11	10	11	10	11	13	15
Non-Cash Adjustments To Reconcile Net Income	26	341	299	490	213	322	2,595	652	-321	76	88
Changes in Operating Assets and Liabilities, net	-50	186	-75	-475	44	45	-402	348	64	213	570
Net Cash From Investing Activities	-751	-2,400	-559	-1,893	-3,147	-3,072	-738	-473	-4,150	-2,401	-3,021
Net Cash From Continuing Investing Activities	-751	-2,400	-559	-1,893	-3,147	-3,072	-738	-473	-4,150	-2,401	-3,021
Purchase of Property, Plant & Equipment	-762	-817	-562	-1,298	-3,115	-2,878	-952	-505	-1,334	-2,385	-2,966
Acquisitions	0.00	-1,574	-	-571	-	-	0.00	0.00	-3,709	0.00	0.00
Sale of Property, Plant & Equipment	-	-	4.80	2.70	257	15	199	12	23	4.70	3.30
Divestitures	-	-	-	-	0.00	70	0.00	0.00	857	0.00	0.00
Sale and/or Maturity of Investments	5.70	1.20	4.10	0.20	5.50	3.50	13	20	17	5.50	5.50
Other Investing Activities, net	5.10	-9.20	-5.40	-27	-295	-283	1.60	-0.50	-3.10	-26	-64
Net Cash From Financing Activities	3.90	1,424	-346	1,017	2,098	1,781	-1,095	-1,914	1,829	-888	-613
Net Cash From Continuing Financing Activities	3.90	1,424	-346	1,017	2,098	1,781	-1,095	-1,914	1,829	-888	-613
Repayment of Debt	-2,822	-3,680	-4,599	-3,961	-2,172	-5,404	-3,782	-3,417	-37,150	-61,531	-86,008
Repurchase of Preferred Equity	-	-	-	-	0.00	0.00	-171	0.00	-965	0.00	0.00
Repurchase of Common Equity	-	-54	-71	-24	-29	-49	-107	-63	-1,151	-1,493	-868
Payment of Dividends	-454	-694	-780	-915	-990	-1,157	-835	-688	-696	-649	-848
Issuance of Debt	2,874	5,002	3,493	4,118	3,782	6,544	3,771	2,250	41,821	62,874	87,205
Issuance of Common Equity	0.00	415	621	1,802	1,507	555	42	16	26	9.70	12
Other Financing Activities, net	406	435	-3.60	-3.40	0.00	1,291	-12	-13	-56	-99	-107

This table details how cash moves in and out of Targa Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	26	-7.20	-42	-30	2.20	-32	57	-39	30	-5.90	-38
Net Cash From Operating Activities	538	1,170	677	407	958	876	905	541	1,328	954	858
Net Cash From Continuing Operating Activities	538	1,170	677	407	958	875	905	541	1,328	954	858
Net Income / (Loss) Continuing Operations	396	555	388	279	358	333	359	448	414	280	637
Consolidated Net Income / (Loss)	396	555	388	279	358	333	359	448	414	280	637
Depreciation Expense	330	325	332	331	341	341	349	355	379	368	374
Amortization Expense	3.30	3.20	3.20	3.40	3.40	3.70	3.50	3.70	3.90	3.90	4.00
Non-Cash Adjustments To Reconcile Net Income	22	18	17	22	20	17	23	19	27	18	27
Changes in Operating Assets and Liabilities, net	-214	269	-63	-228	235	181	171	-285	504	285	-184
Net Cash From Investing Activities	-502	-481	-594	-599	-727	-678	-750	-847	-746	-813	-957
Net Cash From Continuing Investing Activities	-502	-481	-594	-599	-727	-678	-750	-847	-746	-813	-957
Purchase of Property, Plant & Equipment	-519	-476	-598	-592	-720	-670	-740	-829	-727	-792	-906
Sale and/or Maturity of Investments	4.30	1.20	2.80	0.50	1.00	0.70	0.30	0.40	4.10	2.50	1.20
Other Investing Activities, net	-1.60	-6.50	-0.30	-9.00	-9.80	-8.80	-11	-20	-24	-24	-52
Net Cash From Financing Activities	-9.30	-696	-125	162	-229	-230	-98	267	-552	-147	60
Net Cash From Continuing Financing Activities	-9.30	-696	-125	162	-229	-230	-98	267	-552	-147	60
Repayment of Debt	-22,389	-15,617	-14,308	-17,645	-13,961	-13,940	-22,059	-24,126	-25,883	-26,272	-22,096
Repurchase of Common Equity	48	-1,182	-149	-155	-7.20	-125	-355	-194	-156	-1,925	-325
Payment of Dividends	-145	-133	-167	-179	-171	-170	-228	-226	-225	-185	-225
Issuance of Debt	22,510	16,244	14,507	18,147	13,976	14,050	22,552	24,823	25,780	28,296	22,721
Other Financing Activities, net	-45	-9.40	-11	-11	-67	-47	-12	-13	-70	-61	-16

This table presents Targa Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2022	12/31/2023	12/31/2024
Total Assets	6,453	13,211	12,871	14,389	16,938	18,815	15,876	19,560	19,560	20,672	22,734
Total Current Assets	883	920	1,007	1,270	1,419	1,658	1,460	2,357	2,357	2,195	2,296
Cash & Equivalents	81	140	74	137	232	331	243	219	219	142	157
Accounts Receivable	567	516	675	828	866	855	863	1,408	1,408	1,471	1,618
Inventories, net	169	141	138	205	165	162	182	394	394	372	334
Other Current Assets	65	110	53	101	157	173	173	335	335	210	186
Plant, Property, & Equipment, net	4,825	9,703	9,691	10,430	12,928	14,549	12,174	14,215	14,215	15,806	18,063
Total Noncurrent Assets	746	2,588	2,173	2,689	2,591	2,608	2,242	2,989	2,989	2,671	2,375
Long-Term Investments	50	259	241	222	491	739	714	131	131	146	193
Intangible Assets	592	1,810	1,654	2,166	1,983	1,735	1,382	2,735	2,735	2,351	1,977
Other Noncurrent Operating Assets	104	102	69	45	71	135	145	123	123	174	204
Total Liabilities & Shareholders' Equity	6,453	13,211	12,871	14,389	16,938	18,815	15,876	19,560	19,560	20,672	22,734
Total Liabilities	3,914	6,961	7,147	7,633	9,467	10,093	9,671	14,578	14,578	16,062	18,316
Total Current Liabilities	827	875	1,168	1,617	2,799	1,873	1,779	3,067	3,067	2,761	3,173
Short-Term Debt	-	-	275	350	1,028	382	369	834	834	621	388
Accounts Payable	639	650	844	1,187	1,737	955	834	1,449	1,449	1,575	2,013
Accrued Expenses	-	-	-	-	-	177	186	273	290	282	336
Other Current Liabilities	188	225	49	80	34	227	258	336	320	54	167
Other Current Nonoperating Liabilities	-	-	-	-	0.00	132	133	174	174	230	269
Total Noncurrent Liabilities	3,087	6,086	5,979	6,016	6,669	8,221	7,892	11,511	11,511	13,301	15,143
Long-Term Debt	2,885	5,719	4,606	4,703	5,632	7,440	7,387	10,702	10,702	12,333	13,787
Noncurrent Deferred & Payable Income Tax Liabilities	139	178	941	479	525	434	152	328	328	536	872
Other Noncurrent Operating Liabilities	63	189	432	834	511	346	353	481	481	432	484
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	279	301	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,540	6,250	5,724	6,756	7,471	8,443	5,903	4,982	4,982	4,610	4,418
Total Preferred & Common Equity	170	1,461	5,249	6,160	6,079	4,921	2,654	2,666	2,666	2,740	2,592
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	170	1,461	5,249	6,160	6,079	4,921	2,654	2,666	2,666	2,740	2,592
Common Stock	165	1,458	5,506	6,303	6,155	5,221	4,840	3,703	3,703	3,059	3,089
Retained Earnings	26	27	-187	-77	-130	-340	-1,894	-627	-627	492	1,190
Treasury Stock	-25	-29	-32	-36	-40	-54	-151	-465	-465	-897	-1,714
Accumulated Other Comprehensive Income / (Loss)	4.80	5.70	-38	-30	94	93	-142	55	55	86	28
Noncontrolling Interest	2,370	4,789	476	596	1,391	3,522	3,249	2,317	2,317	1,870	1,826

This table presents Targa Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	19,560	19,026	19,462	20,190	20,672	20,846	21,264	21,904	22,734	22,800	23,513
Total Current Assets	2,357	1,639	1,729	2,139	2,195	1,973	1,867	2,028	2,296	2,076	2,207
Cash & Equivalents	219	212	169	140	142	110	166	127	157	151	113
Accounts Receivable	1,408	1,023	988	1,241	1,471	1,484	1,217	1,301	1,618	1,403	1,409
Inventories, net	394	156	312	536	372	225	321	415	334	256	444
Other Current Assets	335	247	259	223	210	155	163	185	186	265	242
Plant, Property, & Equipment, net	14,215	14,470	14,890	15,334	15,806	16,283	16,891	17,425	18,063	18,406	19,020
Total Noncurrent Assets	2,989	2,917	2,843	2,717	2,671	2,590	2,506	2,450	2,375	2,319	2,285
Long-Term Investments	131	135	132	138	146	152	160	177	193	218	269
Intangible Assets	2,735	2,639	2,543	2,447	2,351	2,257	2,164	2,071	1,977	1,896	1,814
Other Noncurrent Operating Assets	123	143	168	132	174	181	183	202	204	205	202
Total Liabilities & Shareholders' Equity	19,560	19,026	19,462	20,190	20,672	20,846	21,264	21,904	22,734	22,800	23,513
Total Liabilities	14,578	14,613	14,922	15,812	16,062	16,269	16,915	17,445	18,316	20,228	20,801
Total Current Liabilities	3,067	2,467	2,321	2,682	2,761	2,815	2,891	2,627	3,173	3,198	3,177
Short-Term Debt	834	739	586	602	621	546	601	653	388	660	768
Accounts Payable	1,449	1,255	1,173	1,581	1,575	1,710	1,687	1,468	2,013	1,890	1,727
Accrued Expenses	290	189	283	292	282	296	243	321	336	164	214
Other Current Liabilities	320	157	51	106	54	77	112	72	167	363	155
Other Current Nonoperating Liabilities	174	127	227	101	230	186	248	113	269	122	313
Total Noncurrent Liabilities	11,511	12,147	12,601	13,130	13,301	13,454	14,025	14,818	15,143	17,030	17,625
Long-Term Debt	10,702	11,440	11,813	12,318	12,333	12,510	12,966	13,601	13,787	15,548	16,082
Noncurrent Deferred & Payable Income Tax Liabilities	328	298	405	418	536	600	685	794	872	902	1,079
Other Noncurrent Operating Liabilities	481	409	383	393	432	344	374	423	484	579	463
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,982	4,412	4,540	4,378	4,610	4,578	4,349	4,459	4,418	2,573	2,711
Total Preferred & Common Equity	2,666	2,551	2,675	2,506	2,740	2,704	2,468	2,574	2,592	2,452	2,588
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,666	2,551	2,675	2,506	2,740	2,704	2,468	2,574	2,592	2,452	2,588
Common Stock	3,703	3,146	3,046	3,062	3,059	3,074	3,089	3,106	3,089	3,036	3,054
Retained Earnings	-627	-130	200	306	492	654	784	1,005	1,190	1,295	1,705
Treasury Stock	-465	-551	-701	-856	-897	-1,058	-1,417	-1,602	-1,714	-1,886	-2,214
Accumulated Other Comprehensive Income / (Loss)	55	85	131	-5.30	86	34	11	65	28	6.10	43
Noncontrolling Interest	2,317	1,862	1,865	1,872	1,870	1,874	1,882	1,885	1,826	121	123

This table displays calculated financial ratios and metrics derived from Targa Resources' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	36.45%	-22.72%	0.49%	31.74%	18.94%	-17.29%	-4.74%	105.20%	23.48%	-23.27%	2.00%
EBITDA Growth	46.42%	-20.40%	-0.13%	-0.33%	37.53%	8.74%	-132.47%	557.32%	60.20%	43.07%	4.28%
EBIT Growth	61.69%	-80.23%	-92.82%	-579.55%	679.15%	-25.20%	-786.21%	167.66%	96.10%	57.50%	2.84%
NOPAT Growth	85.75%	-79.79%	-64.97%	-319.35%	354.06%	-37.97%	-775.84%	191.55%	90.54%	34.12%	1.19%
Net Income Growth	110.13%	-135.79%	-5.09%	165.49%	-42.03%	-31.79%	-3,316.02%	131.86%	262.81%	3.13%	-1.63%
EPS Growth	56.77%	-55.14%	-265.14%	82.78%	-70.97%	-171.70%	-404.17%	99.04%	5,642.86%	-5.67%	56.83%
Operating Cash Flow Growth	99.06%	35.82%	-19.07%	12.19%	21.77%	21.49%	25.52%	32.01%	3.38%	34.90%	13.64%
Free Cash Flow Firm Growth	138.48%	-2,952.76%	121.38%	-194.45%	-39.83%	-10.60%	173.76%	44.54%	-237.94%	134.33%	18.81%
Invested Capital Growth	6.77%	118.56%	-11.05%	11.26%	17.10%	15.36%	-15.08%	-9.26%	37.11%	7.12%	5.75%
Revenue Q/Q Growth	1,720.86%	-31.03%	5.77%	8.50%	-0.99%	-1.41%	1.21%	20.37%	-4.06%	-1.93%	1.02%
EBITDA Q/Q Growth	149.97%	-36.82%	6.14%	52.17%	-11.93%	7.41%	40.12%	-17.01%	37.33%	2.49%	2.55%
EBIT Q/Q Growth	1,050.46%	-81.93%	122.11%	85.78%	-37.59%	24.86%	18.69%	-29.57%	62.85%	3.34%	2.47%
NOPAT Q/Q Growth	994.83%	-84.14%	204.89%	63.30%	-75.14%	42.15%	18.14%	-26.41%	65.30%	-1.97%	2.81%
Net Income Q/Q Growth	9.02%	-163.00%	36.41%	131.05%	-86.52%	228.35%	10.84%	-48.35%	72.79%	-2.37%	3.76%
EPS Q/Q Growth	0.00%	0.00%	-1,700.00%	88.60%	-140.46%	-0.70%	7.52%	-105.34%	252.73%	-3.94%	3.99%
Operating Cash Flow Q/Q Growth	2,181.42%	-35.32%	-6.95%	16.19%	-13.48%	21.02%	11.36%	-5.91%	1.42%	15.05%	11.29%
Free Cash Flow Firm Q/Q Growth	136.11%	-4.63%	-22.46%	-10.66%	-287.95%	30.93%	137.83%	-21.76%	-7.87%	28.31%	64.74%
Invested Capital Q/Q Growth	-1.17%	-3.19%	0.75%	3.10%	7.87%	1.02%	-3.42%	-1.60%	4.09%	2.24%	-0.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.85%	27.35%	26.42%	21.65%	21.42%	28.41%	37.21%	19.00%	19.34%	33.52%	34.66%
EBITDA Margin	11.41%	11.75%	11.68%	8.84%	10.22%	13.43%	-4.58%	10.20%	13.24%	24.68%	25.23%
Operating Margin	7.43%	2.39%	0.83%	-1.39%	2.27%	2.22%	-15.78%	5.10%	8.26%	16.35%	16.45%
EBIT Margin	7.20%	1.84%	0.13%	-0.48%	2.33%	2.11%	-15.19%	5.01%	7.95%	16.32%	16.46%
Profit (Net Income) Margin	4.91%	-2.27%	-2.38%	1.18%	0.58%	0.48%	-16.04%	2.49%	7.32%	9.83%	9.48%
Tax Burden Percent	86.15%	135.42%	61.26%	-35.58%	91.65%	-88.22%	84.23%	96.61%	92.08%	81.30%	80.16%
Interest Burden Percent	79.18%	-91.19%	-2,951.14%	694.08%	26.96%	-25.55%	125.41%	51.48%	99.93%	74.10%	71.89%
Effective Tax Rate	13.85%	0.00%	0.00%	0.00%	8.35%	0.00%	0.00%	3.39%	7.92%	18.70%	19.84%
Return on Invested Capital (ROIC)	10.77%	1.32%	0.36%	-0.79%	1.75%	0.94%	-6.38%	6.67%	11.27%	12.62%	12.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.18%	-5.19%	-3.65%	3.31%	-1.21%	-0.54%	-12.41%	0.27%	10.57%	8.03%	7.50%
Return on Net Nonoperating Assets (RNNOA)	7.50%	-4.77%	-3.01%	2.46%	-0.90%	-0.43%	-11.37%	0.29%	16.81%	20.31%	22.42%
Return on Equity (ROE)	18.27%	-3.44%	-2.66%	1.67%	0.85%	0.51%	-17.75%	6.96%	28.07%	32.93%	34.41%
Cash Return on Invested Capital (CROIC)	4.22%	-73.11%	12.06%	-11.45%	-14.00%	-13.33%	9.93%	16.38%	-20.04%	5.74%	6.41%
Operating Return on Assets (OROA)	9.92%	1.25%	0.07%	-0.31%	1.56%	1.02%	-7.23%	5.46%	9.57%	13.03%	12.42%
Return on Assets (ROA)	6.77%	-1.54%	-1.22%	0.76%	0.39%	0.23%	-7.64%	2.72%	8.81%	7.85%	7.16%
Return on Common Equity (ROCE)	1.26%	-0.64%	-1.49%	1.53%	0.73%	0.35%	-9.01%	2.68%	12.03%	18.56%	20.33%
Return on Equity Simple (ROE_SIMPLE)	249.12%	-10.36%	-3.03%	1.69%	0.99%	0.84%	-49.93%	20.98%	57.45%	57.65%	59.93%
Net Operating Profit after Tax (NOPAT)	552	112	39	-86	218	135	-913	836	1,592	2,135	2,161
NOPAT Margin	6.40%	1.67%	0.58%	-0.97%	2.08%	1.56%	-11.05%	4.93%	7.61%	13.29%	13.19%
Net Nonoperating Expense Percent (NNEP)	4.58%	6.51%	4.01%	-4.10%	2.96%	1.48%	6.03%	6.40%	0.70%	4.58%	4.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	9.64%	12.16%	11.62%
Cost of Revenue to Revenue	81.15%	72.65%	73.58%	78.35%	78.58%	71.59%	62.79%	81.00%	80.66%	66.48%	65.34%
SG&A Expenses to Revenue	7.37%	10.54%	11.07%	9.37%	9.34%	11.35%	11.54%	6.02%	5.84%	8.88%	9.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.41%	24.96%	25.59%	23.04%	19.16%	26.18%	52.99%	13.90%	11.08%	17.17%	18.21%
Earnings before Interest and Taxes (EBIT)	620	123	8.80	-42	244	183	-1,254	849	1,664	2,621	2,696
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	983	782	781	779	1,071	1,165	-378	1,730	2,771	3,964	4,134
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.88	0.65	1.36	1.28	1.10	1.72	2.12	5.58	5.94	6.89	14.96
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.10	2.11	1.66	2.65	4.42	12.25	0.00	48.50	63.06
Price to Revenue (P/Rev)	0.31	0.14	1.06	0.89	0.64	0.97	0.68	0.66	0.76	1.18	2.37
Price to Earnings (P/E)	26.36	16.38	0.00	0.00	0.00	0.00	0.00	0.00	17.66	22.58	30.32
Dividend Yield	4.18%	19.89%	9.25%	9.96%	12.43%	10.02%	4.94%	0.82%	2.00%	2.19%	1.55%
Earnings Yield	3.79%	6.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.66%	4.43%	3.30%
Enterprise Value to Invested Capital (EV/IC)	1.48	0.96	1.18	1.15	1.05	1.23	1.22	1.76	1.80	1.91	2.94
Enterprise Value to Revenue (EV/Rev)	0.91	1.66	1.82	1.49	1.34	2.19	1.93	1.24	1.40	2.08	3.32
Enterprise Value to EBITDA (EV/EBITDA)	7.96	14.14	15.56	16.91	13.11	16.32	0.00	12.14	10.59	8.43	13.17
Enterprise Value to EBIT (EV/EBIT)	12.61	90.24	1,381.50	0.00	57.47	103.97	0.00	24.75	17.63	12.75	20.19
Enterprise Value to NOPAT (EV/NOPAT)	14.17	99.21	311.24	0.00	64.52	140.76	0.00	25.14	18.43	15.65	25.19
Enterprise Value to Operating Cash Flow (EV/OCF)	10.27	10.69	14.52	14.02	12.28	13.68	9.15	9.12	12.32	10.40	14.91
Enterprise Value to Free Cash Flow (EV/FCFF)	36.19	0.00	9.22	0.00	0.00	0.00	11.24	10.23	0.00	34.37	47.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.14	0.92	0.85	0.75	0.89	0.90	1.25	1.11	2.32	2.81	3.21
Long-Term Debt to Equity	1.14	0.92	0.80	0.70	0.75	0.85	1.19	1.09	2.15	2.68	3.12
Financial Leverage	1.21	0.92	0.83	0.74	0.75	0.78	0.92	1.07	1.59	2.53	2.99
Leverage Ratio	2.70	2.24	2.18	2.18	2.20	2.21	2.32	2.56	3.19	4.19	4.81
Compound Leverage Factor	2.14	-2.04	-64.28	15.16	0.59	-0.56	2.91	1.32	3.18	3.11	3.46
Debt to Total Capital	53.19%	47.78%	46.02%	42.79%	47.13%	47.28%	55.56%	52.67%	69.84%	73.75%	76.24%
Short-Term Debt to Total Capital	0.00%	0.00%	2.59%	2.96%	7.27%	2.31%	2.64%	1.30%	5.05%	3.53%	2.09%
Long-Term Debt to Total Capital	53.19%	47.78%	43.43%	39.83%	39.86%	44.97%	52.92%	51.37%	64.79%	70.22%	74.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	43.68%	40.01%	4.49%	5.04%	9.85%	22.97%	25.43%	31.27%	14.02%	10.65%	9.82%
Common Equity to Total Capital	3.13%	12.21%	49.49%	52.17%	43.02%	29.74%	19.01%	16.06%	16.14%	15.60%	13.94%
Debt to EBITDA	2.94	7.31	6.25	6.49	6.22	6.72	-20.51	3.81	4.16	3.27	3.43
Net Debt to EBITDA	2.80	6.80	5.84	6.03	5.54	5.80	-17.98	3.38	4.04	3.20	3.34
Long-Term Debt to EBITDA	2.94	7.31	5.89	6.04	5.26	6.39	-19.53	3.72	3.86	3.11	3.34
Debt to NOPAT	5.23	51.29	124.96	-58.98	30.60	57.93	-8.50	7.90	7.25	6.07	6.56
Net Debt to NOPAT	4.99	47.71	116.92	-54.79	27.28	50.01	-7.45	7.00	7.03	5.93	6.40
Long-Term Debt to NOPAT	5.23	51.29	117.92	-54.89	25.87	55.10	-8.09	7.70	6.72	5.78	6.38
Altman Z-Score	2.08	0.62	1.08	1.19	0.98	0.96	0.42	1.82	1.91	1.90	2.41
Noncontrolling Interest Sharing Ratio	93.12%	81.44%	43.96%	8.59%	13.97%	32.07%	49.25%	61.55%	57.13%	43.65%	40.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.07	1.05	0.86	0.79	0.51	0.89	0.82	0.77	0.77	0.79	0.72
Quick Ratio	0.78	0.75	0.64	0.60	0.39	0.63	0.62	0.65	0.53	0.58	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	216	-6,165	1,318	-1,245	-1,741	-1,925	1,420	2,053	-2,831	972	1,155
Operating Cash Flow to CapEx	99.95%	126.62%	150.26%	72.56%	40.03%	48.54%	231.70%	467.21%	181.56%	134.90%	123.20%
Free Cash Flow to Firm to Interest Expense	1.47	-26.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	5.18	4.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.38	0.68	0.51	0.65	0.67	0.49	0.48	1.09	1.20	0.80	0.75
Accounts Receivable Turnover	14.06	12.30	11.24	11.74	12.38	10.08	9.62	15.45	15.28	11.16	10.61
Inventory Turnover	43.76	31.22	35.33	40.36	44.63	38.06	30.24	81.99	61.70	27.90	30.33
Fixed Asset Turnover	1.88	0.92	0.69	0.88	0.90	0.63	0.62	1.42	1.62	1.07	0.97
Accounts Payable Turnover	9.99	7.51	6.59	6.80	5.63	4.61	5.80	12.28	11.84	7.06	5.97
Days Sales Outstanding (DSO)	25.97	29.69	32.47	31.10	29.47	36.21	37.95	23.63	23.89	32.72	34.42
Days Inventory Outstanding (DIO)	8.34	11.69	10.33	9.04	8.18	9.59	12.07	4.45	5.92	13.08	12.03
Days Payable Outstanding (DPO)	36.55	48.62	55.38	53.66	64.78	79.14	62.94	29.72	30.82	51.69	61.17
Cash Conversion Cycle (CCC)	-2.24	-7.25	-12.58	-13.51	-27.13	-33.34	-12.91	-1.64	-1.01	-5.88	-14.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,294	11,570	10,291	11,450	13,409	15,469	13,136	11,919	16,342	17,506	18,511
Invested Capital Turnover	1.68	0.79	0.61	0.81	0.84	0.60	0.58	1.35	1.48	0.95	0.91
Increase / (Decrease) in Invested Capital	336	6,276	-1,279	1,159	1,958	2,060	-2,333	-1,217	4,423	1,163	1,006
Enterprise Value (EV)	7,821	11,063	12,157	13,173	14,045	19,007	15,964	21,004	29,336	33,409	54,432
Market Capitalization	2,697	955	7,115	7,883	6,715	8,453	5,615	11,236	15,834	18,872	38,782
Book Value per Share	$4.03	$26.09	$29.03	$28.57	$26.51	$21.14	$11.59	$8.79	$11.78	$12.29	$11.89
Tangible Book Value per Share	($10.02)	($13.67)	$18.72	$17.33	$17.66	$13.69	$5.55	$4.00	($0.30)	$1.75	$2.82
Total Capital	5,425	11,969	10,605	11,809	14,131	16,544	13,960	12,526	16,519	17,564	18,593
Total Debt	2,885	5,719	4,881	5,053	6,660	7,822	7,756	6,597	11,536	12,954	14,175
Total Long-Term Debt	2,885	5,719	4,606	4,703	5,632	7,440	7,387	6,434	10,702	12,333	13,787
Net Debt	2,754	5,320	4,567	4,694	5,938	6,753	6,799	5,852	11,186	12,666	13,824
Capital Expenditures (CapEx)	762	817	557	1,295	2,858	2,863	753	493	1,311	2,381	2,963
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-25	-95	41	-134	-584	-163	-193	-524	-95	-87	-646
Debt-free Net Working Capital (DFNWC)	56	45	114	3.30	-352	168	50	-366	124	54	-489
Net Working Capital (NWC)	56	45	-161	-347	-1,380	-214	-319	-529	-710	-566	-876
Net Nonoperating Expense (NNE)	129	263	198	-190	157	94	412	413	61	556	607
Net Nonoperating Obligations (NNO)	2,754	5,320	4,567	4,694	5,938	6,747	6,932	5,991	11,360	12,896	14,093
Total Depreciation and Amortization (D&A)	363	660	773	821	827	982	876	881	1,107	1,343	1,438
Debt-free, Cash-free Net Working Capital to Revenue	-0.29%	-1.43%	0.61%	-1.52%	-5.57%	-1.88%	-2.34%	-3.09%	-0.45%	-0.54%	-3.94%
Debt-free Net Working Capital to Revenue	0.65%	0.68%	1.71%	0.04%	-3.36%	1.94%	0.60%	-2.16%	0.59%	0.34%	-2.98%
Net Working Capital to Revenue	0.65%	0.68%	-2.40%	-3.93%	-13.16%	-2.47%	-3.86%	-3.12%	-3.39%	-3.53%	-5.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.44	$1.09	($1.80)	($0.31)	($0.53)	($1.44)	($7.26)	$0.00	$0.00	$3.69	$5.77
Adjusted Weighted Average Basic Shares Outstanding	42M	53.50M	154.40M	206.90M	224.20M	232.50M	232.20M	0.00	0.00	224.60M	220.20M
Adjusted Diluted Earnings per Share	$2.43	$1.09	($1.80)	($0.31)	($0.53)	($1.44)	($7.26)	$0.00	$0.00	$3.66	$5.74
Adjusted Weighted Average Diluted Shares Outstanding	42.10M	53.60M	154.40M	206.90M	224.20M	232.50M	232.20M	0.00	0.00	226M	221.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.14M	160.56M	193.95M	218.83M	232.14M	233.05M	228.65M	0.00	0.00	223.16M	218.11M
Normalized Net Operating Profit after Tax (NOPAT)	552	337	184	179	410	293	797	1,272	1,592	2,135	2,161
Normalized NOPAT Margin	6.40%	5.07%	2.75%	2.03%	3.91%	3.38%	9.65%	7.51%	7.61%	13.29%	13.19%
Pre Tax Income Margin	5.70%	-1.68%	-3.88%	-3.32%	0.63%	-0.54%	-19.04%	2.58%	7.95%	12.10%	11.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.22	0.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	3.75	0.48	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.97	-3.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.43	-3.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	107.42%	-458.26%	-490.32%	878.22%	1,639.74%	2,807.04%	-63.03%	162.88%	45.46%	41.12%	54.59%
Augmented Payout Ratio	107.42%	-494.12%	-535.20%	900.77%	1,687.25%	2,926.94%	-71.12%	177.75%	120.62%	135.63%	110.44%

This table displays calculated financial ratios and metrics derived from Targa Resources' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.30%	-8.84%	-43.79%	-27.30%	-6.92%	0.93%	4.65%	-1.15%	3.91%	-0.02%	19.60%
EBITDA Growth	576.28%	136.60%	42.29%	19.02%	10.91%	-15.18%	-0.41%	29.44%	10.48%	-7.12%	44.35%
EBIT Growth	701.97%	198.28%	54.59%	21.57%	15.38%	-23.10%	-3.21%	44.12%	10.24%	-15.21%	65.19%
NOPAT Growth	939.03%	168.03%	29.59%	2.68%	-8.24%	-26.64%	-4.44%	41.41%	12.01%	-15.66%	61.45%
Net Income Growth	258.87%	229.30%	-43.64%	-0.11%	-9.67%	-40.09%	-7.38%	60.61%	15.74%	-15.87%	77.54%
EPS Growth	197.16%	-50.00%	-10.56%	15.48%	-10.95%	3,966.67%	-7.64%	80.41%	18.03%	-25.41%	115.79%
Operating Cash Flow Growth	6.63%	56.35%	6.50%	-11.38%	78.18%	-25.08%	33.64%	32.80%	38.66%	8.90%	-5.11%
Free Cash Flow Firm Growth	-437.00%	-356.91%	-536.64%	68.59%	82.77%	84.32%	89.75%	19.59%	32.37%	19.26%	-79.37%
Invested Capital Growth	37.11%	43.93%	44.12%	9.05%	7.12%	7.25%	5.77%	8.18%	5.75%	5.56%	9.28%
Revenue Q/Q Growth	-15.02%	-0.75%	-24.71%	14.48%	8.80%	7.62%	-21.93%	8.14%	14.37%	3.55%	-6.61%
EBITDA Q/Q Growth	25.29%	31.43%	-15.43%	-14.53%	16.74%	0.51%	-0.70%	11.09%	-0.36%	-15.50%	54.33%
EBIT Q/Q Growth	32.60%	51.36%	-22.38%	-21.96%	25.84%	0.88%	-2.31%	16.21%	-3.74%	-22.41%	90.32%
NOPAT Q/Q Growth	30.49%	29.75%	-25.53%	-18.56%	16.62%	3.73%	-3.00%	20.52%	-7.63%	-21.90%	85.69%
Net Income Q/Q Growth	41.75%	40.24%	-30.21%	-28.00%	28.17%	-6.99%	7.91%	24.85%	-7.63%	-32.40%	127.73%
EPS Q/Q Growth	63.10%	-97.81%	4,700.00%	-32.64%	25.77%	0.00%	9.02%	31.58%	-17.71%	-36.81%	215.38%
Operating Cash Flow Q/Q Growth	16.95%	117.64%	-42.14%	-39.82%	135.13%	-8.49%	3.21%	-40.20%	145.50%	-28.13%	-10.07%
Free Cash Flow Firm Q/Q Growth	-22.35%	-10.65%	-8.00%	78.52%	32.86%	-0.70%	29.40%	-68.46%	43.53%	-20.21%	-56.85%
Invested Capital Q/Q Growth	4.09%	0.18%	3.02%	1.52%	2.24%	0.30%	1.59%	3.84%	-0.06%	0.12%	5.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.01%	33.22%	39.22%	30.97%	31.63%	29.47%	38.31%	38.60%	33.66%	28.58%	42.82%
EBITDA Margin	19.41%	25.70%	28.86%	21.55%	23.12%	21.60%	27.47%	28.22%	24.58%	20.06%	33.15%
Operating Margin	12.10%	18.51%	19.07%	12.96%	14.99%	14.01%	17.61%	18.91%	15.90%	11.91%	24.26%
EBIT Margin	12.09%	18.44%	19.01%	12.96%	14.99%	14.05%	17.58%	18.90%	15.90%	11.92%	24.29%
Profit (Net Income) Margin	8.69%	12.28%	11.38%	7.16%	8.44%	7.29%	10.08%	11.63%	9.40%	6.13%	14.96%
Tax Burden Percent	97.58%	83.43%	80.08%	83.81%	77.71%	80.09%	79.19%	82.21%	78.93%	79.49%	77.58%
Interest Burden Percent	73.66%	79.82%	74.78%	65.92%	72.42%	64.78%	72.36%	74.90%	74.85%	64.75%	79.38%
Effective Tax Rate	2.42%	16.57%	19.92%	16.19%	22.29%	19.91%	20.81%	17.79%	21.07%	20.51%	22.42%
Return on Invested Capital (ROIC)	17.49%	22.81%	19.07%	10.84%	11.05%	10.65%	13.07%	14.14%	11.42%	8.59%	17.22%
ROIC Less NNEP Spread (ROIC-NNEP)	15.86%	21.27%	17.72%	9.62%	9.93%	9.21%	12.00%	13.02%	10.39%	7.54%	16.14%
Return on Net Nonoperating Assets (RNNOA)	25.22%	43.02%	38.91%	25.05%	25.11%	25.56%	34.85%	39.49%	31.05%	30.53%	69.18%
Return on Equity (ROE)	42.71%	65.83%	57.98%	35.89%	36.16%	36.21%	47.91%	53.63%	42.47%	39.13%	86.40%
Cash Return on Invested Capital (CROIC)	-20.04%	-21.34%	-21.01%	4.62%	5.74%	4.49%	5.48%	3.93%	6.41%	6.12%	3.90%
Operating Return on Assets (OROA)	14.56%	22.02%	19.49%	10.72%	11.97%	11.35%	14.04%	14.56%	12.00%	8.95%	18.53%
Return on Assets (ROA)	10.46%	14.67%	11.67%	5.92%	6.73%	5.89%	8.05%	8.96%	7.09%	4.60%	11.41%
Return on Common Equity (ROCE)	18.31%	30.46%	30.77%	19.27%	20.37%	21.17%	27.72%	30.83%	25.08%	28.21%	61.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	75.20%	60.48%	64.55%	0.00%	50.18%	53.82%	58.17%	0.00%	61.22%	0.00%
Net Operating Profit after Tax (NOPAT)	538	698	520	423	494	512	497	599	553	432	802
NOPAT Margin	11.81%	15.44%	15.27%	10.86%	11.64%	11.22%	13.94%	15.54%	12.55%	9.47%	18.82%
Net Nonoperating Expense Percent (NNEP)	1.64%	1.54%	1.35%	1.22%	1.12%	1.44%	1.07%	1.12%	1.03%	1.05%	1.09%
Return On Investment Capital (ROIC_SIMPLE)	3.26%	-	-	-	2.81%	-	-	-	2.97%	2.30%	4.10%
Cost of Revenue to Revenue	72.99%	66.78%	60.78%	69.03%	68.37%	70.53%	61.69%	61.40%	66.34%	71.42%	57.18%
SG&A Expenses to Revenue	7.57%	7.53%	10.39%	9.44%	8.60%	7.99%	10.92%	10.48%	9.16%	8.73%	9.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.91%	14.71%	20.15%	18.00%	16.65%	15.45%	20.70%	19.69%	17.75%	16.67%	18.56%
Earnings before Interest and Taxes (EBIT)	551	834	647	505	636	641	626	728	701	544	1,035
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	884	1,162	982	840	980	985	978	1,087	1,083	915	1,412
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.94	6.25	6.24	7.44	6.89	9.12	11.51	12.54	14.96	17.74	14.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	125.88	313.30	48.50	55.24	93.55	64.15	63.06	78.25	48.52
Price to Revenue (P/Rev)	0.76	0.78	0.94	1.14	1.18	1.53	1.75	1.99	2.37	2.65	2.20
Price to Earnings (P/E)	17.66	17.91	19.72	21.34	22.58	22.33	26.44	26.01	30.32	36.11	24.46
Dividend Yield	2.00%	1.99%	2.10%	2.04%	2.19%	1.81%	1.76%	1.70%	1.55%	1.50%	1.88%
Earnings Yield	5.66%	5.58%	5.07%	4.69%	4.43%	4.48%	3.78%	3.85%	3.30%	2.77%	4.09%
Enterprise Value to Invested Capital (EV/IC)	1.80	1.81	1.82	1.94	1.91	2.24	2.44	2.60	2.94	3.21	2.78
Enterprise Value to Revenue (EV/Rev)	1.40	1.45	1.72	2.02	2.08	2.44	2.68	2.97	3.32	3.63	3.17
Enterprise Value to EBITDA (EV/EBITDA)	10.59	8.61	8.21	8.57	8.43	10.39	11.50	11.94	13.17	14.63	12.04
Enterprise Value to EBIT (EV/EBIT)	17.63	13.36	12.53	13.07	12.75	16.20	18.07	18.29	20.19	22.88	18.00
Enterprise Value to NOPAT (EV/NOPAT)	18.43	14.55	14.18	15.22	15.65	20.20	22.62	22.90	25.19	28.57	22.70
Enterprise Value to Operating Cash Flow (EV/OCF)	12.32	10.57	10.78	11.88	10.40	13.48	13.83	14.67	14.91	15.95	14.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	43.77	34.37	51.70	45.75	68.64	47.13	53.81	74.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.32	2.76	2.73	2.95	2.81	2.85	3.12	3.20	3.21	6.30	6.21
Long-Term Debt to Equity	2.15	2.59	2.60	2.81	2.68	2.73	2.98	3.05	3.12	6.04	5.93
Financial Leverage	1.59	2.02	2.20	2.60	2.53	2.77	2.90	3.03	2.99	4.05	4.29
Leverage Ratio	3.19	3.74	3.89	4.35	4.19	4.44	4.58	4.76	4.81	6.10	6.34
Compound Leverage Factor	2.35	2.98	2.91	2.86	3.04	2.87	3.32	3.57	3.60	3.95	5.03
Debt to Total Capital	69.84%	73.41%	73.20%	74.69%	73.75%	74.04%	75.73%	76.17%	76.24%	86.30%	86.14%
Short-Term Debt to Total Capital	5.05%	4.45%	3.46%	3.48%	3.53%	3.10%	3.36%	3.49%	2.09%	3.52%	3.93%
Long-Term Debt to Total Capital	64.79%	68.95%	69.74%	71.21%	70.22%	70.94%	72.37%	72.68%	74.15%	82.79%	82.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	14.02%	11.22%	11.01%	10.82%	10.65%	10.63%	10.50%	10.07%	9.82%	0.65%	0.63%
Common Equity to Total Capital	16.14%	15.37%	15.79%	14.49%	15.60%	15.33%	13.77%	13.75%	13.94%	13.05%	13.23%
Debt to EBITDA	4.16	3.54	3.32	3.34	3.27	3.45	3.59	3.54	3.43	3.99	3.75
Net Debt to EBITDA	4.04	3.44	3.24	3.27	3.20	3.38	3.50	3.46	3.34	3.90	3.66
Long-Term Debt to EBITDA	3.86	3.32	3.16	3.18	3.11	3.30	3.43	3.37	3.34	3.83	3.58
Debt to NOPAT	7.25	5.98	5.74	5.93	6.07	6.70	7.05	6.78	6.56	7.79	7.07
Net Debt to NOPAT	7.03	5.81	5.60	5.80	5.93	6.57	6.88	6.64	6.40	7.61	6.91
Long-Term Debt to NOPAT	6.72	5.62	5.46	5.66	5.78	6.42	6.74	6.47	6.38	7.47	6.75
Altman Z-Score	1.73	1.81	1.68	1.59	1.58	1.78	1.86	1.99	2.12	2.11	2.01
Noncontrolling Interest Sharing Ratio	57.13%	53.72%	46.93%	46.31%	43.65%	41.55%	42.15%	42.51%	40.94%	27.90%	28.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	0.66	0.75	0.80	0.79	0.70	0.65	0.77	0.72	0.65	0.69
Quick Ratio	0.53	0.50	0.50	0.51	0.58	0.57	0.48	0.54	0.56	0.49	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,885	-4,299	-4,643	-997	-670	-674	-476	-802	-453	-544	-854
Operating Cash Flow to CapEx	104.53%	246.01%	113.50%	68.95%	133.35%	131.02%	122.36%	65.33%	182.78%	120.47%	94.72%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.20	1.19	1.03	0.83	0.80	0.81	0.80	0.77	0.75	0.75	0.76
Accounts Receivable Turnover	15.28	15.82	13.72	11.80	11.16	12.85	14.75	12.76	10.61	11.35	13.01
Inventory Turnover	61.70	123.74	49.44	22.04	27.90	57.13	34.77	22.46	30.33	44.70	28.74
Fixed Asset Turnover	1.62	1.57	1.33	1.13	1.07	1.05	1.02	0.99	0.97	0.94	0.95
Accounts Payable Turnover	11.84	10.26	8.27	6.55	7.06	7.34	7.69	7.00	5.97	5.97	6.43
Days Sales Outstanding (DSO)	23.89	23.07	26.61	30.94	32.72	28.42	24.75	28.61	34.42	32.16	28.06
Days Inventory Outstanding (DIO)	5.92	2.95	7.38	16.56	13.08	6.39	10.50	16.25	12.03	8.17	12.70
Days Payable Outstanding (DPO)	30.82	35.56	44.11	55.69	51.69	49.75	47.43	52.11	61.17	61.15	56.73
Cash Conversion Cycle (CCC)	-1.01	-9.54	-10.12	-8.19	-5.88	-14.95	-12.19	-7.24	-14.72	-20.81	-15.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,342	16,371	16,865	17,121	17,506	17,558	17,838	18,522	18,511	18,534	19,493
Invested Capital Turnover	1.48	1.48	1.25	1.00	0.95	0.95	0.94	0.91	0.91	0.91	0.92
Increase / (Decrease) in Invested Capital	4,423	4,997	5,163	1,421	1,163	1,186	973	1,401	1,006	976	1,656
Enterprise Value (EV)	29,336	29,630	30,654	33,156	33,409	39,340	43,515	48,115	54,432	59,439	54,130
Market Capitalization	15,834	15,937	16,692	18,642	18,872	24,672	28,393	32,280	38,782	43,478	37,538
Book Value per Share	$11.78	$11.25	$11.84	$11.20	$12.29	$12.14	$11.13	$11.75	$11.89	$11.24	$11.93
Tangible Book Value per Share	($0.30)	($0.39)	$0.59	$0.27	$1.75	$2.00	$1.37	$2.30	$2.82	$2.55	$3.57
Total Capital	16,519	16,591	16,939	17,298	17,564	17,634	17,916	18,713	18,593	18,781	19,562
Total Debt	11,536	12,179	12,399	12,920	12,954	13,056	13,567	14,255	14,175	16,209	16,851
Total Long-Term Debt	10,702	11,440	11,813	12,318	12,333	12,510	12,966	13,601	13,787	15,548	16,082
Net Debt	11,186	11,832	12,098	12,643	12,666	12,794	13,241	13,950	13,824	15,840	16,469
Capital Expenditures (CapEx)	514	476	596	591	718	669	739	828	727	792	906
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-95	-301	-175	-80	-87	-405	-589	-73	-646	-613	-314
Debt-free Net Working Capital (DFNWC)	124	-89	-5.80	59	54	-295	-423	54	-489	-462	-201
Net Working Capital (NWC)	-710	-828	-592	-543	-566	-842	-1,024	-599	-876	-1,122	-970
Net Nonoperating Expense (NNE)	142	143	132	144	136	179	138	151	139	152	165
Net Nonoperating Obligations (NNO)	11,360	11,959	12,325	12,744	12,896	12,980	13,489	14,063	14,093	15,961	16,782
Total Depreciation and Amortization (D&A)	333	328	335	335	345	344	352	359	382	372	378
Debt-free, Cash-free Net Working Capital to Revenue	-0.45%	-1.47%	-0.98%	-0.49%	-0.54%	-2.52%	-3.62%	-0.45%	-3.94%	-3.74%	-1.84%
Debt-free Net Working Capital to Revenue	0.59%	-0.43%	-0.03%	0.36%	0.34%	-1.83%	-2.60%	0.33%	-2.98%	-2.82%	-1.18%
Net Working Capital to Revenue	-3.39%	-4.04%	-3.32%	-3.31%	-3.53%	-5.23%	-6.30%	-3.69%	-5.35%	-6.85%	-5.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.40	$0.03	$1.44	$0.97	$1.25	$1.23	$1.34	$1.76	$1.44	$0.91	$2.88
Adjusted Weighted Average Basic Shares Outstanding	227.30M	226.40M	225.60M	223.80M	224.60M	222.80M	221M	219M	220.20M	217.90M	216.60M
Adjusted Diluted Earnings per Share	$1.37	$0.03	$1.44	$0.97	$1.22	$1.22	$1.33	$1.75	$1.44	$0.91	$2.87
Adjusted Weighted Average Diluted Shares Outstanding	231.10M	229.30M	226.80M	225.10M	226M	223.70M	221.90M	220M	221.30M	218.70M	217.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	226.02M	223.71M	222.98M	223.16M	221.72M	219.08M	218.06M	218.11M	216.93M	215.19M
Normalized Net Operating Profit after Tax (NOPAT)	538	698	520	423	494	512	497	599	553	432	802
Normalized NOPAT Margin	11.81%	15.44%	15.27%	10.86%	11.64%	11.22%	13.94%	15.54%	12.55%	9.47%	18.82%
Pre Tax Income Margin	8.91%	14.72%	14.22%	8.54%	10.86%	9.10%	12.72%	14.15%	11.90%	7.72%	19.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.46%	32.86%	37.13%	38.55%	41.12%	50.61%	56.30%	53.06%	54.59%	57.53%	48.36%
Augmented Payout Ratio	120.62%	106.12%	127.62%	132.48%	135.63%	92.19%	114.31%	107.18%	110.44%	235.28%	196.60%

Key Financial Trends

Targa Resources (NYSE: TRGP) has shown several notable financial trends over the last four years through its quarterly reports ending in Q2 2025.

Positive Trends:

Consistent growth in consolidated net income, increasing from approximately $317.9 million in Q4 2022 to $637.2 million in Q2 2025.
Operating revenue increased from around $3.4 billion in Q2 2023 to over $4.26 billion in Q2 2025, indicating improving top-line performance.
Gross profit margin improvement: For example, Q2 2025 gross profit was $1.82 billion on revenue of $4.26 billion, a strong margin indicating efficient cost management compared to earlier periods.
Net cash from continuing operating activities has generally grown, with $858 million in Q2 2025 and peak quarterly operating cash flow exceeding $1.3 billion in Q4 2024, reflecting strong cash generation capability.
Retained earnings steadily rising, from about $199 million in Q2 2023 to $1.7 billion in Q2 2025, demonstrating increasing profits retained in the business.
Diluted EPS improved significantly from $0.03 in Q1 2023 to $2.87 in Q2 2025, showing stronger profitability per share over time.
Debt levels increased but so did cash flow generation, pointing to effective leverage managed with operating cash flows supporting debt service.

Neutral Trends:

Total assets grew moderately from about $19 billion in early 2023 to $23.5 billion in Q2 2025, driven mainly by increased plant, property & equipment.
Common equity increased steadily, but treasury stock also grew, indicating ongoing share repurchases offsetting equity growth to some extent.
Interest and investment expenses remained consistent and significant (~$170-$210 million range quarterly), reflecting ongoing financing costs possibly related to higher debt load.

Negative Trends:

Significant increase in long-term debt from about $11.4 billion in Q1 2023 to $16 billion+ by Q2 2025, which could indicate heightened leverage risk.
Capital expenditures remain high, around $740-$900 million quarterly, suggesting substantial ongoing investment spending that could pressure free cash flow.
Repurchase of common equity and dividend payments continue sustainably but at high levels (e.g., $324 million repurchase in Q2 2025), which might constrain cash reserves.
Operating costs have grown in absolute terms, particularly in cost of revenue which can limit margin expansion if revenue growth slows.

Overall, Targa Resources is showing solid growth in revenue, profitability, and operating cash flow over the last few years, accompanied by rising retained earnings and improving earnings per share. However, increasing debt and capital expenditure levels warrant investor attention to leverage and cash flow sustainability going forward. The company appears to be investing heavily in assets and returning value to shareholders, which presents both opportunities and risks for investors.

09/12/25 02:48 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Targa Resources' Financials

When does Targa Resources' financial year end?

According to the most recent income statement we have on file, Targa Resources' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Targa Resources' net income changed over the last 10 years?

Targa Resources' net income appears to be on an upward trend, with a most recent value of $1.55 billion in 2024, rising from $423 million in 2014. The previous period was $1.58 billion in 2023. Check out Targa Resources' forecast to explore projected trends and price targets.

What is Targa Resources' operating income?

Targa Resources' total operating income in 2024 was $2.70 billion, based on the following breakdown:

Total Gross Profit: $5.68 billion
Total Operating Expenses: $2.98 billion

How has Targa Resources' revenue changed over the last 10 years?

Over the last 10 years, Targa Resources' total revenue changed from $8.62 billion in 2014 to $16.38 billion in 2024, a change of 90.1%.

How much debt does Targa Resources have?

Targa Resources' total liabilities were at $18.32 billion at the end of 2024, a 14.0% increase from 2023, and a 368.0% increase since 2014.

How much cash does Targa Resources have?

In the past 10 years, Targa Resources' cash and equivalents has ranged from $73.50 million in 2016 to $331.10 million in 2019, and is currently $157.30 million as of their latest financial filing in 2024.

How has Targa Resources' book value per share changed over the last 10 years?

Over the last 10 years, Targa Resources' book value per share changed from 4.03 in 2014 to 11.89 in 2024, a change of 195.1%.

Related Companies

This page (NYSE:TRGP) was last updated on 9/12/2025 by MarketBeat.com Staff

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Targa Resources (TRGP) Financials

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