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Targa Resources (TRGP) Financials

Targa Resources logo
$276.62 -0.13 (-0.05%)
Closing price 05/22/2026 03:59 PM Eastern
Extended Trading
$276.40 -0.21 (-0.08%)
As of 05/22/2026 07:31 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Targa Resources

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 58 -278 -63 -119 -334 -1,685 -16 897 836 1,279 1,853
Consolidated Net Income / (Loss)		 -151 -159 104 60 41 -1,325 422 1,531 1,579 1,554 1,957
Net Income / (Loss) Continuing Operations		 -151 -159 104 60 41 -1,325 422 1,531 1,579 1,554 1,957
Total Pre-Tax Income 		-112 -260 -293 66 -47 -1,573 437 1,663 1,943 1,938 2,486
Total Operating Income		 159 56 -122 238 193 -1,304 865 1,729 2,626 2,695 3,331
Total Gross Profit		 1,821 1,768 1,909 2,246 2,463 3,074 3,220 4,048 5,384 5,679 6,521
Total Revenue		 6,659 6,691 8,815 10,484 8,671 8,260 16,950 20,930 16,060 16,382 17,028
Operating Revenue		 6,659 6,691 8,815 10,484 8,671 8,260 16,950 20,930 16,060 16,382 17,028
Total Cost of Revenue		 4,838 4,923 6,906 8,238 6,208 5,187 13,730 16,882 10,676 10,703 10,508
Operating Cost of Revenue		 4,838 4,923 6,906 8,238 6,208 5,187 13,730 16,882 10,676 10,703 10,508
Total Operating Expenses		 1,662 1,712 2,031 2,008 2,270 4,378 2,356 2,319 2,758 2,983 3,189
Selling, General & Admin Expense		 702 741 826 979 984 953 1,020 1,223 1,427 1,561 1,704
Depreciation Expense		 645 758 810 816 972 865 871 1,096 1,330 1,423 1,515
Other Operating Expenses / (Income)		 -7.10 6.60 17 3.50 89 117 12 0.20 1.50 -0.40 -30
Impairment Charge		 323 207 378 210 225 2,443 452 0.00 0.00 0.00 0.00
Total Other Income / (Expense), net		 -271 -316 -171 -172 -240 -269 -428 -66 -684 -757 -845
Interest & Investment Income		 -2.50 -269 -251 -179 -230 -319 -412 -1.10 -679 -758 -841
Other Income / (Expense), net		 -37 -47 80 6.90 -10 49 -16 -65 -4.90 0.40 -3.80
Income Tax Expense		 40 -101 -397 5.50 -88 -248 15 132 363 385 530
Preferred Stock Dividends Declared		 - 91 117 121 125 131 87 246 0.00 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 -210 28 50 59 250 229 351 389 744 274 104
Basic Earnings per Share		 $1.09 ($1.80) ($0.31) ($0.53) ($1.44) ($7.26) ($0.07) $3.95 $3.69 $5.77 $8.52
Weighted Average Basic Shares Outstanding		 53.50M 154.40M 206.90M 224.20M 232.50M 232.20M 228.60M 227.30M 224.60M 220.20M 216.10M
Diluted Earnings per Share		 $1.09 ($1.80) ($0.31) ($0.53) ($1.44) ($7.26) ($0.07) $3.88 $3.66 $5.74 $8.49
Weighted Average Diluted Shares Outstanding		 53.60M 154.40M 206.90M 224.20M 232.50M 232.20M 228.60M 231.10M 226M 221.30M 216.90M
Weighted Average Basic & Diluted Shares Outstanding		 160.56M 193.95M 204.50M 225.10M 233.05M 228.65M 226.64M - 223.16M 218.11M 214.95M
Cash Dividends to Common per Share		 $3.39 $3.64 $3.64 $3.64 $3.64 $1.21 $0.40 $1.40 $1.85 $2.75 $3.75

Quarterly Income Statements for Targa Resources

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 220 280 275 299 387 318 200 629 478 545 480
Consolidated Net Income / (Loss)		 279 358 333 359 448 414 280 637 487 553 487
Net Income / (Loss) Continuing Operations		 279 358 333 359 448 414 280 637 487 553 487
Total Pre-Tax Income 		333 460 415 453 545 524 352 821 621 692 611
Total Operating Income		 505 635 639 627 728 701 543 1,034 837 917 847
Total Gross Profit		 1,207 1,341 1,344 1,365 1,487 1,483 1,304 1,824 1,645 1,748 1,700
Total Revenue		 3,897 4,240 4,562 3,562 3,852 4,405 4,562 4,260 4,151 4,056 4,095
Operating Revenue		 3,897 4,240 4,562 3,562 3,852 4,405 4,562 4,260 4,151 4,056 4,095
Total Cost of Revenue		 2,690 2,899 3,218 2,197 2,365 2,923 3,258 2,436 2,506 2,308 2,395
Operating Cost of Revenue		 2,690 2,899 3,218 2,197 2,365 2,923 3,258 2,436 2,506 2,308 2,395
Total Operating Expenses		 702 706 705 737 759 782 760 791 808 831 853
Selling, General & Admin Expense		 368 365 365 389 404 403 398 419 438 449 442
Depreciation Expense		 331 341 341 349 355 379 368 374 384 391 426
Other Operating Expenses / (Income)		 2.50 -0.40 0.00 -0.20 -0.40 0.20 -5.30 -1.80 -14 -9.30 -14
Total Other Income / (Expense), net		 -172 -175 -224 -174 -183 -176 -191 -212 -216 -225 -236
Interest & Investment Income		 -172 -175 -226 -173 -183 -176 -192 -213 -215 -221 -219
Other Income / (Expense), net		 -0.10 0.20 1.70 -0.90 -0.40 - 0.30 1.00 -1.10 -4.00 -17
Income Tax Expense		 54 103 83 94 97 111 72 184 134 139 124
Net Income / (Loss) Attributable to Noncontrolling Interest		 59 77 57 60 61 96 80 8.10 8.20 8.10 7.80
Basic Earnings per Share		 $0.97 $1.25 $1.23 $1.34 $1.76 $1.44 $0.91 $2.88 $2.21 $2.52 $2.22
Weighted Average Basic Shares Outstanding		 223.80M 224.60M 222.80M 221M 219M 220.20M 217.90M 216.60M 215.20M 216.10M 214.80M
Diluted Earnings per Share		 $0.97 $1.22 $1.22 $1.33 $1.75 $1.44 $0.91 $2.87 $2.20 $2.51 $2.21
Weighted Average Diluted Shares Outstanding		 225.10M 226M 223.70M 221.90M 220M 221.30M 218.70M 217.30M 216M 216.90M 215.50M
Weighted Average Basic & Diluted Shares Outstanding		 222.98M 223.16M 221.72M 219.08M 218.06M 218.11M 216.93M 215.19M 214.66M 214.95M 214.64M
Cash Dividends to Common per Share		 $0.50 - $0.50 - - - $0.75 - - - $1.00

Annual Cash Flow Statements for Targa Resources

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 59 -67 64 95 99 -88 -84 61 -77 16 8.80
Net Cash From Operating Activities		 1,035 837 940 1,144 1,390 1,745 2,303 2,381 3,212 3,650 3,917
Net Cash From Continuing Operating Activities		 1,035 837 940 1,144 1,390 1,745 2,303 2,381 3,212 3,650 3,917
Net Income / (Loss) Continuing Operations		 -151 -159 104 60 41 -1,325 422 1,531 1,579 1,554 1,957
Consolidated Net Income / (Loss)		 -151 -159 104 60 41 -1,325 422 1,531 1,579 1,554 1,957
Depreciation Expense		 645 758 810 816 972 865 871 1,096 1,330 1,423 1,515
Amortization Expense		 15 15 12 11 10 11 10 11 13 15 17
Non-Cash Adjustments To Reconcile Net Income		 341 299 490 213 322 2,595 652 -321 76 88 100
Changes in Operating Assets and Liabilities, net		 186 -75 -475 44 45 -402 348 64 213 570 328
Net Cash From Investing Activities		 -2,400 -559 -1,893 -3,147 -3,072 -738 -473 -4,150 -2,401 -3,021 -3,642
Net Cash From Continuing Investing Activities		 -2,400 -559 -1,893 -3,147 -3,072 -738 -473 -4,150 -2,401 -3,021 -3,642
Purchase of Property, Plant & Equipment		 -817 -562 -1,298 -3,115 -2,878 -952 -505 -1,334 -2,385 -2,966 -3,333
Acquisitions		 -1,574 - -571 - - 0.00 0.00 -3,709 0.00 0.00 -213
Sale of Property, Plant & Equipment		 - 4.80 2.70 257 15 199 12 23 0.00 0.00 0.00
Divestitures		 - - - 0.00 70 0.00 0.00 857 0.00 0.00 0.00
Sale and/or Maturity of Investments		 1.20 4.10 0.20 5.50 3.50 13 20 17 5.50 5.50 7.80
Other Investing Activities, net		 -9.20 -5.40 -27 -295 -283 1.60 -0.50 -3.10 -21 -61 -103
Net Cash From Financing Activities		 1,424 -346 1,017 2,098 1,781 -1,095 -1,914 1,829 -888 -613 -267
Net Cash From Continuing Financing Activities		 1,424 -346 1,017 2,098 1,781 -1,095 -1,914 1,829 -888 -613 -267
Repayment of Debt		 -3,680 -4,599 -3,961 -2,172 -5,404 -3,782 -3,417 -37,150 -61,531 -86,008 -113,094
Repurchase of Common Equity		 -54 -71 -24 -29 -49 -107 -63 -1,151 -1,493 -868 -2,442
Payment of Dividends		 -694 -780 -915 -990 -1,157 -835 -688 -696 -649 -848 -852
Issuance of Debt		 5,002 3,493 4,118 3,782 6,544 3,771 2,250 41,821 62,874 87,205 116,265
Issuance of Common Equity		 415 621 1,802 1,507 555 42 16 26 9.70 12 0.00
Other Financing Activities, net		 435 -3.60 -3.40 0.00 1,291 -12 -13 -56 -99 -107 -144

Quarterly Cash Flow Statements for Targa Resources

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -30 2.20 -32 57 -39 30 -5.90 -38 11 42 -66
Net Cash From Operating Activities		 407 958 876 905 541 1,328 954 858 599 1,506 740
Net Cash From Continuing Operating Activities		 407 958 875 905 541 1,328 954 858 599 1,506 740
Net Income / (Loss) Continuing Operations		 279 358 333 359 448 414 280 637 487 553 487
Consolidated Net Income / (Loss)		 279 358 333 359 448 414 280 637 487 553 487
Depreciation Expense		 331 341 341 349 355 379 368 374 384 391 426
Amortization Expense		 3.40 3.40 3.70 3.50 3.70 3.90 3.90 4.00 4.90 4.50 4.90
Non-Cash Adjustments To Reconcile Net Income		 22 20 17 23 19 27 15 27 17 37 16
Changes in Operating Assets and Liabilities, net		 -228 235 181 171 -285 504 289 -184 -293 520 -195
Net Cash From Investing Activities		 -599 -727 -678 -750 -847 -746 -813 -957 -691 -1,181 -2,161
Net Cash From Continuing Investing Activities		 -599 -727 -678 -750 -847 -746 -813 -957 -691 -1,181 -2,161
Purchase of Property, Plant & Equipment		 -592 -720 -670 -740 -829 -727 -792 -906 -672 -963 -900
Acquisitions		 - - - - - - 0.00 - - - -1,261
Sale and/or Maturity of Investments		 0.50 1.00 0.70 0.30 0.40 4.10 2.50 1.20 2.40 1.70 3.00
Other Investing Activities, net		 -9.00 -9.80 -8.80 -11 -20 -24 -24 -52 -22 -6.20 -3.10
Net Cash From Financing Activities		 162 -229 -230 -98 267 -552 -147 60 103 -283 1,355
Net Cash From Continuing Financing Activities		 162 -229 -230 -98 267 -552 -147 60 103 -283 1,355
Repayment of Debt		 -17,645 -13,961 -13,940 -22,059 -24,126 -25,883 -26,272 -22,096 -40,504 -24,223 -32,830
Repurchase of Common Equity		 -155 -7.20 -125 -355 -194 -156 -1,925 -325 -156 -37 -55
Payment of Dividends		 -179 -171 -170 -228 -226 -225 -185 -225 -222 -220 -225
Issuance of Debt		 18,147 13,976 14,050 22,552 24,823 25,780 28,296 22,721 41,024 24,224 34,522
Issuance of Common Equity		 4.20 2.60 1.80 4.20 3.00 3.00 0.00 - - - 0.00
Other Financing Activities, net		 -11 -67 -47 -12 -13 -70 -61 -16 -41 -26 -57

Annual Balance Sheets for Targa Resources

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 13,211 12,871 14,389 16,938 18,815 15,876 15,208 19,560 20,672 22,734 25,218
Total Current Assets		 920 1,007 1,270 1,419 1,658 1,460 1,770 2,357 2,195 2,296 2,363
Cash & Equivalents		 140 74 137 232 331 243 159 219 142 157 166
Accounts Receivable		 516 675 828 866 855 863 1,332 1,408 1,471 1,618 1,475
Inventories, net		 141 138 205 165 162 182 153 394 372 334 429
Other Current Assets		 110 53 101 157 173 173 126 335 210 186 293
Plant, Property, & Equipment, net		 9,703 9,691 10,430 12,928 14,549 12,174 11,668 14,215 15,806 18,063 20,535
Total Noncurrent Assets		 2,588 2,173 2,689 2,591 2,608 2,242 1,771 2,989 2,671 2,375 2,321
Long-Term Investments		 259 241 222 491 739 714 587 131 146 193 307
Intangible Assets		 1,810 1,654 2,166 1,983 1,735 1,382 1,095 2,735 2,351 1,977 1,651
Other Noncurrent Operating Assets		 102 69 45 71 135 145 89 123 174 204 362
Total Liabilities & Shareholders' Equity		 13,211 12,871 14,389 16,938 18,815 15,876 15,208 19,560 20,672 22,734 25,218
Total Liabilities		 6,961 7,147 7,633 9,467 10,093 9,671 9,280 14,578 16,062 18,316 22,020
Total Current Liabilities		 875 1,168 1,617 2,799 1,873 1,779 2,299 3,067 2,761 3,173 3,547
Short-Term Debt		 - 275 350 1,028 382 369 163 834 621 388 770
Accounts Payable		 650 844 1,187 1,737 955 834 1,402 1,449 1,575 2,013 1,873
Accrued Expenses		 - - - - 177 186 272 290 282 336 359
Other Current Liabilities		 225 49 80 34 227 258 323 320 54 167 234
Other Current Nonoperating Liabilities		 - - - 0.00 132 133 139 174 230 269 311
Total Noncurrent Liabilities		 6,086 5,979 6,016 6,669 8,221 7,892 6,981 11,511 13,301 15,143 18,473
Long-Term Debt		 5,719 4,606 4,703 5,632 7,440 7,387 6,434 10,702 12,333 13,787 16,662
Noncurrent Deferred & Payable Income Tax Liabilities		 178 941 479 525 434 152 136 328 536 872 1,394
Other Noncurrent Operating Liabilities		 189 432 834 511 346 353 411 481 432 484 418
Commitments & Contingencies		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 6,250 5,724 6,756 7,471 8,443 5,903 5,179 4,982 4,610 4,418 3,198
Total Preferred & Common Equity		 1,461 5,249 6,160 6,079 4,921 2,654 2,012 2,666 2,740 2,592 3,068
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		 1,461 5,249 6,160 6,079 4,921 2,654 2,012 2,666 2,740 2,592 3,068
Common Stock		 1,458 5,506 6,303 6,155 5,221 4,840 4,269 3,703 3,059 3,089 3,088
Retained Earnings		 27 -187 -77 -130 -340 -1,894 -1,822 -627 492 1,190 2,294
Treasury Stock		 -29 -32 -36 -40 -54 -151 -204 -465 -897 -1,714 -2,429
Accumulated Other Comprehensive Income / (Loss)		 5.70 -38 -30 94 93 -142 -231 55 86 28 114
Noncontrolling Interest		 4,789 476 596 1,391 3,522 3,249 3,167 2,317 1,870 1,826 130

Quarterly Balance Sheets for Targa Resources

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 19,462 20,190 20,672 20,846 21,264 21,904 22,734 22,800 23,513 24,175 27,107
Total Current Assets		 1,729 2,139 2,195 1,973 1,867 2,028 2,296 2,076 2,207 2,280 2,438
Cash & Equivalents		 169 140 142 110 166 127 157 151 113 124 100
Accounts Receivable		 988 1,241 1,471 1,484 1,217 1,301 1,618 1,403 1,409 1,408 1,692
Inventories, net		 312 536 372 225 321 415 334 256 444 491 334
Other Current Assets		 259 223 210 155 163 185 186 265 242 257 312
Plant, Property, & Equipment, net		 14,890 15,334 15,806 16,283 16,891 17,425 18,063 18,406 19,020 19,610 21,771
Total Noncurrent Assets		 2,843 2,717 2,671 2,590 2,506 2,450 2,375 2,319 2,285 2,285 2,898
Long-Term Investments		 132 138 146 152 160 177 193 218 269 316 315
Intangible Assets		 2,543 2,447 2,351 2,257 2,164 2,071 1,977 1,896 1,814 1,733 2,201
Other Noncurrent Operating Assets		 168 132 174 181 183 202 204 205 202 236 382
Total Liabilities & Shareholders' Equity		 19,462 20,190 20,672 20,846 21,264 21,904 22,734 22,800 23,513 24,175 27,107
Total Liabilities		 14,922 15,812 16,062 16,269 16,915 17,445 18,316 20,228 20,801 21,341 23,838
Total Current Liabilities		 2,321 2,682 2,761 2,815 2,891 2,627 3,173 3,198 3,177 2,947 3,396
Short-Term Debt		 586 602 621 546 601 653 388 660 768 689 697
Accounts Payable		 1,173 1,581 1,575 1,710 1,687 1,468 2,013 1,890 1,727 1,584 1,988
Accrued Expenses		 283 292 282 296 243 321 336 164 214 281 193
Other Current Liabilities		 51 106 54 77 112 72 167 363 155 240 368
Other Current Nonoperating Liabilities		 227 101 230 186 248 113 269 122 313 152 150
Total Noncurrent Liabilities		 12,601 13,130 13,301 13,454 14,025 14,818 15,143 17,030 17,625 18,394 20,442
Long-Term Debt		 11,813 12,318 12,333 12,510 12,966 13,601 13,787 15,548 16,082 16,742 18,435
Noncurrent Deferred & Payable Income Tax Liabilities		 405 418 536 600 685 794 872 902 1,079 1,226 1,479
Other Noncurrent Operating Liabilities		 383 393 432 344 374 423 484 579 463 426 528
Commitments & Contingencies		 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		 4,540 4,378 4,610 4,578 4,349 4,459 4,418 2,573 2,711 2,834 3,269
Total Preferred & Common Equity		 2,675 2,506 2,740 2,704 2,468 2,574 2,592 2,452 2,588 2,707 3,137
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		 2,675 2,506 2,740 2,704 2,468 2,574 2,592 2,452 2,588 2,707 3,137
Common Stock		 3,046 3,062 3,059 3,074 3,089 3,106 3,089 3,036 3,054 3,071 3,112
Retained Earnings		 200 306 492 654 784 1,005 1,190 1,295 1,705 1,966 2,557
Treasury Stock		 -701 -856 -897 -1,058 -1,417 -1,602 -1,714 -1,886 -2,214 -2,388 -2,517
Accumulated Other Comprehensive Income / (Loss)		 131 -5.30 86 34 11 65 28 6.10 43 57 -15
Noncontrolling Interest		 1,865 1,872 1,870 1,874 1,882 1,885 1,826 121 123 127 133

Annual Metrics And Ratios for Targa Resources

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -22.72% 0.49% 31.74% 18.94% -17.29% -4.74% 105.20% 23.48% -23.27% 2.00% 3.95%
EBITDA Growth		 -20.40% -0.13% -0.33% 37.53% 8.74% -132.47% 557.32% 60.20% 43.07% 4.28% 17.57%
EBIT Growth		 -80.23% -92.82% -579.55% 679.15% -25.20% -786.21% 167.66% 96.10% 57.50% 2.84% 23.43%
NOPAT Growth		 -79.79% -64.97% -319.35% 354.06% -37.97% -775.84% 191.55% 90.54% 34.12% 1.19% 21.33%
Net Income Growth		 -135.79% -5.09% 165.49% -42.03% -31.79% -3,316.02% 131.86% 262.81% 3.13% -1.63% 25.95%
EPS Growth		 -55.14% -265.14% 82.78% -70.97% -171.70% -404.17% 99.04% 5,642.86% -5.67% 56.83% 47.91%
Operating Cash Flow Growth		 35.82% -19.07% 12.19% 21.77% 21.49% 25.52% 32.01% 3.38% 34.90% 13.64% 7.33%
Free Cash Flow Firm Growth		 -2,952.76% 121.38% -194.45% -39.83% -10.60% 173.76% 44.54% -237.94% 134.33% 18.81% -42.47%
Invested Capital Growth		 118.56% -11.05% 11.26% 17.10% 15.36% -15.08% -9.26% 37.11% 7.12% 5.75% 10.57%
Revenue Q/Q Growth		 -31.03% 5.77% 8.50% -0.99% -1.41% 1.21% 20.37% -4.06% -1.93% 1.02% -2.01%
EBITDA Q/Q Growth		 -36.82% 6.14% 52.17% -11.93% 7.41% 40.12% -17.01% 37.33% 2.49% 2.55% 4.86%
EBIT Q/Q Growth		 -81.93% 122.11% 85.78% -37.59% 24.86% 18.69% -29.57% 62.85% 3.34% 2.47% 6.83%
NOPAT Q/Q Growth		 -84.14% 204.89% 63.30% -75.14% 42.15% 18.14% -26.41% 65.30% -1.97% 2.81% 7.38%
Net Income Q/Q Growth		 -163.00% 36.41% 131.05% -86.52% 228.35% 10.84% -48.35% 72.79% -2.37% 3.76% 7.66%
EPS Q/Q Growth		 0.00% -1,700.00% 88.60% -140.46% -0.70% 7.52% -105.34% 252.73% -3.94% 3.99% 14.42%
Operating Cash Flow Q/Q Growth		 -35.32% -6.95% 16.19% -13.48% 21.02% 11.36% -5.91% 1.42% 15.05% 11.29% 4.75%
Free Cash Flow Firm Q/Q Growth		 -4.63% -22.46% -10.66% -287.95% 30.93% 137.83% -21.76% -7.87% 28.31% 64.74% -32.62%
Invested Capital Q/Q Growth		 -3.19% 0.75% 3.10% 7.87% 1.02% -3.42% -1.60% 4.09% 2.24% -0.06% 2.46%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.35% 26.42% 21.65% 21.42% 28.41% 37.21% 19.00% 19.34% 33.52% 34.66% 38.29%
EBITDA Margin		 11.75% 11.68% 8.84% 10.22% 13.43% -4.58% 10.20% 13.24% 24.68% 25.23% 28.54%
Operating Margin		 2.39% 0.83% -1.39% 2.27% 2.22% -15.78% 5.10% 8.26% 16.35% 16.45% 19.56%
EBIT Margin		 1.84% 0.13% -0.48% 2.33% 2.11% -15.19% 5.01% 7.95% 16.32% 16.46% 19.54%
Profit (Net Income) Margin		 -2.27% -2.38% 1.18% 0.58% 0.48% -16.04% 2.49% 7.32% 9.83% 9.48% 11.49%
Tax Burden Percent		 135.42% 61.26% -35.58% 91.65% -88.22% 84.23% 96.61% 92.08% 81.30% 80.16% 78.70%
Interest Burden Percent		 -91.19% -2,951.14% 694.08% 26.96% -25.55% 125.41% 51.48% 99.93% 74.10% 71.89% 74.73%
Effective Tax Rate		 0.00% 0.00% 0.00% 8.35% 0.00% 0.00% 3.39% 7.92% 18.70% 19.84% 21.30%
Return on Invested Capital (ROIC)		 1.32% 0.36% -0.79% 1.75% 0.94% -6.38% 6.67% 11.27% 12.62% 12.00% 13.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 -5.19% -3.65% 3.31% -1.21% -0.54% -12.41% 0.27% 10.57% 8.03% 7.50% 9.21%
Return on Net Nonoperating Assets (RNNOA)		 -4.77% -3.01% 2.46% -0.90% -0.43% -11.37% 0.29% 16.81% 20.31% 22.42% 37.93%
Return on Equity (ROE)		 -3.44% -2.66% 1.67% 0.85% 0.51% -17.75% 6.96% 28.07% 32.93% 34.41% 51.38%
Cash Return on Invested Capital (CROIC)		 -73.11% 12.06% -11.45% -14.00% -13.33% 9.93% 16.38% -20.04% 5.74% 6.41% 3.41%
Operating Return on Assets (OROA)		 1.25% 0.07% -0.31% 1.56% 1.02% -7.23% 5.46% 9.57% 13.03% 12.42% 13.88%
Return on Assets (ROA)		 -1.54% -1.22% 0.76% 0.39% 0.23% -7.64% 2.72% 8.81% 7.85% 7.16% 8.16%
Return on Common Equity (ROCE)		 -0.64% -1.49% 1.53% 0.73% 0.35% -9.01% 2.68% 12.03% 18.56% 20.33% 38.19%
Return on Equity Simple (ROE_SIMPLE)		 -10.36% -3.03% 1.69% 0.99% 0.84% -49.93% 20.98% 57.45% 57.65% 59.93% 0.00%
Net Operating Profit after Tax (NOPAT)		 112 39 -86 218 135 -913 836 1,592 2,135 2,161 2,622
NOPAT Margin		 1.67% 0.58% -0.97% 2.08% 1.56% -11.05% 4.93% 7.61% 13.29% 13.19% 15.40%
Net Nonoperating Expense Percent (NNEP)		 6.51% 4.01% -4.10% 2.96% 1.48% 6.03% 6.40% 0.70% 4.58% 4.50% 4.24%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 9.64% 12.16% 11.62% 12.71%
Cost of Revenue to Revenue		 72.65% 73.58% 78.35% 78.58% 71.59% 62.79% 81.00% 80.66% 66.48% 65.34% 61.71%
SG&A Expenses to Revenue		 10.54% 11.07% 9.37% 9.34% 11.35% 11.54% 6.02% 5.84% 8.88% 9.53% 10.01%
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		 24.96% 25.59% 23.04% 19.16% 26.18% 52.99% 13.90% 11.08% 17.17% 18.21% 18.73%
Earnings before Interest and Taxes (EBIT)		 123 8.80 -42 244 183 -1,254 849 1,664 2,621 2,696 3,327
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 782 781 779 1,071 1,165 -378 1,730 2,771 3,964 4,134 4,860
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.65 1.36 1.28 1.10 1.72 2.12 5.58 5.94 6.89 14.96 12.85
Price to Tangible Book Value (P/TBV)		 0.00 2.10 2.11 1.66 2.65 4.42 12.25 0.00 48.50 63.06 27.82
Price to Revenue (P/Rev)		 0.14 1.06 0.89 0.64 0.97 0.68 0.66 0.76 1.18 2.37 2.31
Price to Earnings (P/E)		 16.38 0.00 0.00 0.00 0.00 0.00 0.00 17.66 22.58 30.32 21.27
Dividend Yield		 19.89% 9.25% 9.96% 12.43% 10.02% 4.94% 0.82% 2.00% 2.19% 1.55% 2.04%
Earnings Yield		 6.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.66% 4.43% 3.30% 4.70%
Enterprise Value to Invested Capital (EV/IC)		 0.96 1.18 1.15 1.05 1.23 1.22 1.76 1.80 1.91 2.94 2.76
Enterprise Value to Revenue (EV/Rev)		 1.66 1.82 1.49 1.34 2.19 1.93 1.24 1.40 2.08 3.32 3.32
Enterprise Value to EBITDA (EV/EBITDA)		 14.14 15.56 16.91 13.11 16.32 0.00 12.14 10.59 8.43 13.17 11.63
Enterprise Value to EBIT (EV/EBIT)		 90.24 1,381.50 0.00 57.47 103.97 0.00 24.75 17.63 12.75 20.19 16.98
Enterprise Value to NOPAT (EV/NOPAT)		 99.21 311.24 0.00 64.52 140.76 0.00 25.14 18.43 15.65 25.19 21.55
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.69 14.52 14.02 12.28 13.68 9.15 9.12 12.32 10.40 14.91 14.42
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 9.22 0.00 0.00 0.00 11.24 10.23 0.00 34.37 47.13 85.05
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.92 0.85 0.75 0.89 0.90 1.25 1.11 2.32 2.81 3.21 5.45
Long-Term Debt to Equity		 0.92 0.80 0.70 0.75 0.85 1.19 1.09 2.15 2.68 3.12 5.21
Financial Leverage		 0.92 0.83 0.74 0.75 0.78 0.92 1.07 1.59 2.53 2.99 4.12
Leverage Ratio		 2.24 2.18 2.18 2.20 2.21 2.32 2.56 3.19 4.19 4.81 6.30
Compound Leverage Factor		 -2.04 -64.28 15.16 0.59 -0.56 2.91 1.32 3.18 3.11 3.46 4.70
Debt to Total Capital		 47.78% 46.02% 42.79% 47.13% 47.28% 55.56% 52.67% 69.84% 73.75% 76.24% 84.50%
Short-Term Debt to Total Capital		 0.00% 2.59% 2.96% 7.27% 2.31% 2.64% 1.30% 5.05% 3.53% 2.09% 3.73%
Long-Term Debt to Total Capital		 47.78% 43.43% 39.83% 39.86% 44.97% 52.92% 51.37% 64.79% 70.22% 74.15% 80.77%
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		 40.01% 4.49% 5.04% 9.85% 22.97% 25.43% 31.27% 14.02% 10.65% 9.82% 0.63%
Common Equity to Total Capital		 12.21% 49.49% 52.17% 43.02% 29.74% 19.01% 16.06% 16.14% 15.60% 13.94% 14.87%
Debt to EBITDA		 7.31 6.25 6.49 6.22 6.72 -20.51 3.81 4.16 3.27 3.43 3.59
Net Debt to EBITDA		 6.80 5.84 6.03 5.54 5.80 -17.98 3.38 4.04 3.20 3.34 3.49
Long-Term Debt to EBITDA		 7.31 5.89 6.04 5.26 6.39 -19.53 3.72 3.86 3.11 3.34 3.43
Debt to NOPAT		 51.29 124.96 -58.98 30.60 57.93 -8.50 7.90 7.25 6.07 6.56 6.65
Net Debt to NOPAT		 47.71 116.92 -54.79 27.28 50.01 -7.45 7.00 7.03 5.93 6.40 6.47
Long-Term Debt to NOPAT		 51.29 117.92 -54.89 25.87 55.10 -8.09 7.70 6.72 5.78 6.38 6.36
Altman Z-Score		 0.62 1.08 1.19 0.98 0.96 0.42 1.82 1.91 1.90 2.41 2.26
Noncontrolling Interest Sharing Ratio		 81.44% 43.96% 8.59% 13.97% 32.07% 49.25% 61.55% 57.13% 43.65% 40.94% 25.68%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.05 0.86 0.79 0.51 0.89 0.82 0.77 0.77 0.79 0.72 0.67
Quick Ratio		 0.75 0.64 0.60 0.39 0.63 0.62 0.65 0.53 0.58 0.56 0.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -6,165 1,318 -1,245 -1,741 -1,925 1,420 2,053 -2,831 972 1,155 664
Operating Cash Flow to CapEx		 126.62% 150.26% 72.56% 40.03% 48.54% 231.70% 467.21% 181.56% 134.90% 123.20% 117.52%
Free Cash Flow to Firm to Interest Expense		 -26.58 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		 4.46 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		 0.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.68 0.51 0.65 0.67 0.49 0.48 1.09 1.20 0.80 0.75 0.71
Accounts Receivable Turnover		 12.30 11.24 11.74 12.38 10.08 9.62 15.45 15.28 11.16 10.61 11.01
Inventory Turnover		 31.22 35.33 40.36 44.63 38.06 30.24 81.99 61.70 27.90 30.33 27.52
Fixed Asset Turnover		 0.92 0.69 0.88 0.90 0.63 0.62 1.42 1.62 1.07 0.97 0.88
Accounts Payable Turnover		 7.51 6.59 6.80 5.63 4.61 5.80 12.28 11.84 7.06 5.97 5.41
Days Sales Outstanding (DSO)		 29.69 32.47 31.10 29.47 36.21 37.95 23.63 23.89 32.72 34.42 33.15
Days Inventory Outstanding (DIO)		 11.69 10.33 9.04 8.18 9.59 12.07 4.45 5.92 13.08 12.03 13.26
Days Payable Outstanding (DPO)		 48.62 55.38 53.66 64.78 79.14 62.94 29.72 30.82 51.69 61.17 67.48
Cash Conversion Cycle (CCC)		 -7.25 -12.58 -13.51 -27.13 -33.34 -12.91 -1.64 -1.01 -5.88 -14.72 -21.07
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,570 10,291 11,450 13,409 15,469 13,136 11,919 16,342 17,506 18,511 20,469
Invested Capital Turnover		 0.79 0.61 0.81 0.84 0.60 0.58 1.35 1.48 0.95 0.91 0.87
Increase / (Decrease) in Invested Capital		 6,276 -1,279 1,159 1,958 2,060 -2,333 -1,217 4,423 1,163 1,006 1,957
Enterprise Value (EV)		 11,063 12,157 13,173 14,045 19,007 15,964 21,004 29,336 33,409 54,432 56,498
Market Capitalization		 955 7,115 7,883 6,715 8,453 5,615 11,236 15,834 18,872 38,782 39,408
Book Value per Share		 $26.09 $29.03 $28.57 $26.51 $21.14 $11.59 $8.79 $11.78 $12.29 $11.89 $14.29
Tangible Book Value per Share		 ($13.67) $18.72 $17.33 $17.66 $13.69 $5.55 $4.00 ($0.30) $1.75 $2.82 $6.60
Total Capital		 11,969 10,605 11,809 14,131 16,544 13,960 12,526 16,519 17,564 18,593 20,631
Total Debt		 5,719 4,881 5,053 6,660 7,822 7,756 6,597 11,536 12,954 14,175 17,433
Total Long-Term Debt		 5,719 4,606 4,703 5,632 7,440 7,387 6,434 10,702 12,333 13,787 16,662
Net Debt		 5,320 4,567 4,694 5,938 6,753 6,799 5,852 11,186 12,666 13,824 16,959
Capital Expenditures (CapEx)		 817 557 1,295 2,858 2,863 753 493 1,311 2,381 2,963 3,333
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -95 41 -134 -584 -163 -193 -524 -95 -87 -646 -580
Debt-free Net Working Capital (DFNWC)		 45 114 3.30 -352 168 50 -366 124 54 -489 -414
Net Working Capital (NWC)		 45 -161 -347 -1,380 -214 -319 -529 -710 -566 -876 -1,184
Net Nonoperating Expense (NNE)		 263 198 -190 157 94 412 413 61 556 607 665
Net Nonoperating Obligations (NNO)		 5,320 4,567 4,694 5,938 6,747 6,932 5,991 11,360 12,896 14,093 17,270
Total Depreciation and Amortization (D&A)		 660 773 821 827 982 876 881 1,107 1,343 1,438 1,533
Debt-free, Cash-free Net Working Capital to Revenue		 -1.43% 0.61% -1.52% -5.57% -1.88% -2.34% -3.09% -0.45% -0.54% -3.94% -3.41%
Debt-free Net Working Capital to Revenue		 0.68% 1.71% 0.04% -3.36% 1.94% 0.60% -2.16% 0.59% 0.34% -2.98% -2.43%
Net Working Capital to Revenue		 0.68% -2.40% -3.93% -13.16% -2.47% -3.86% -3.12% -3.39% -3.53% -5.35% -6.95%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.09 ($1.80) ($0.31) ($0.53) ($1.44) ($7.26) $0.00 $0.00 $3.69 $5.77 $8.52
Adjusted Weighted Average Basic Shares Outstanding		 53.50M 154.40M 206.90M 224.20M 232.50M 232.20M 0.00 0.00 224.60M 220.20M 216.10M
Adjusted Diluted Earnings per Share		 $1.09 ($1.80) ($0.31) ($0.53) ($1.44) ($7.26) $0.00 $0.00 $3.66 $5.74 $8.49
Adjusted Weighted Average Diluted Shares Outstanding		 53.60M 154.40M 206.90M 224.20M 232.50M 232.20M 0.00 0.00 226M 221.30M 216.90M
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		 160.56M 193.95M 218.83M 232.14M 233.05M 228.65M 0.00 0.00 223.16M 218.11M 214.95M
Normalized Net Operating Profit after Tax (NOPAT)		 337 184 179 410 293 797 1,272 1,592 2,135 2,161 2,622
Normalized NOPAT Margin		 5.07% 2.75% 2.03% 3.91% 3.38% 9.65% 7.51% 7.61% 13.29% 13.19% 15.40%
Pre Tax Income Margin		 -1.68% -3.88% -3.32% 0.63% -0.54% -19.04% 2.58% 7.95% 12.10% 11.83% 14.60%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.48 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		 -3.00 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		 -3.04 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		 -458.26% -490.32% 878.22% 1,639.74% 2,807.04% -63.03% 162.88% 45.46% 41.12% 54.59% 43.53%
Augmented Payout Ratio		 -494.12% -535.20% 900.77% 1,687.25% 2,926.94% -71.12% 177.75% 120.62% 135.63% 110.44% 168.34%

Quarterly Metrics And Ratios for Targa Resources

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 214,951,798.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 214,951,798.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -27.30% -6.92% 0.93% 4.65% -1.15% 3.91% -0.02% 19.60% 7.77% -7.94% -10.23%
EBITDA Growth		 19.02% 10.91% -15.18% -0.41% 29.44% 10.48% -7.12% 44.35% 12.63% 20.81% 37.82%
EBIT Growth		 21.57% 15.38% -23.10% -3.21% 44.12% 10.24% -15.21% 65.19% 14.84% 30.37% 52.74%
NOPAT Growth		 2.68% -8.24% -26.64% -4.44% 41.41% 12.01% -15.66% 61.45% 9.57% 32.56% 56.36%
Net Income Growth		 -0.11% -9.67% -40.09% -7.38% 60.61% 15.74% -15.87% 77.54% 8.59% 33.63% 74.20%
EPS Growth		 15.48% -10.95% 3,966.67% -7.64% 80.41% 18.03% -25.41% 115.79% 25.71% 74.31% 142.86%
Operating Cash Flow Growth		 -11.38% 78.18% -25.08% 33.64% 32.80% 38.66% 8.90% -5.11% 10.78% 13.37% -22.52%
Free Cash Flow Firm Growth		 68.59% 82.77% 84.32% 89.75% 19.59% 32.37% 19.26% -79.37% 0.29% -170.34% -437.60%
Invested Capital Growth		 9.05% 7.12% 7.25% 5.77% 8.18% 5.75% 5.56% 9.28% 7.86% 10.57% 19.43%
Revenue Q/Q Growth		 14.48% 8.80% 7.62% -21.93% 8.14% 14.37% 3.55% -6.61% -2.56% -2.31% 0.97%
EBITDA Q/Q Growth		 -14.53% 16.74% 0.51% -0.70% 11.09% -0.36% -15.50% 54.33% -13.32% 6.88% -3.61%
EBIT Q/Q Growth		 -21.96% 25.84% 0.88% -2.31% 16.21% -3.74% -22.41% 90.32% -19.22% 9.28% -9.10%
NOPAT Q/Q Growth		 -18.56% 16.62% 3.73% -3.00% 20.52% -7.63% -21.90% 85.69% -18.21% 11.77% -7.88%
Net Income Q/Q Growth		 -28.00% 28.17% -6.99% 7.91% 24.85% -7.63% -32.40% 127.73% -23.63% 13.67% -11.88%
EPS Q/Q Growth		 -32.64% 25.77% 0.00% 9.02% 31.58% -17.71% -36.81% 215.38% -23.34% 14.09% -11.95%
Operating Cash Flow Q/Q Growth		 -39.82% 135.13% -8.49% 3.21% -40.20% 145.50% -28.13% -10.07% -30.19% 151.25% -50.88%
Free Cash Flow Firm Q/Q Growth		 78.52% 32.86% -0.70% 29.40% -68.46% 43.53% -20.21% -56.85% 6.36% -53.11% -139.05%
Invested Capital Q/Q Growth		 1.52% 2.24% 0.30% 1.59% 3.84% -0.06% 0.12% 5.18% 2.48% 2.46% 8.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 30.97% 31.63% 29.47% 38.31% 38.60% 33.66% 28.58% 42.82% 39.62% 43.10% 41.52%
EBITDA Margin		 21.55% 23.12% 21.60% 27.47% 28.22% 24.58% 20.06% 33.15% 29.49% 32.26% 30.80%
Operating Margin		 12.96% 14.99% 14.01% 17.61% 18.91% 15.90% 11.91% 24.26% 20.16% 22.62% 20.68%
EBIT Margin		 12.96% 14.99% 14.05% 17.58% 18.90% 15.90% 11.92% 24.29% 20.13% 22.52% 20.28%
Profit (Net Income) Margin		 7.16% 8.44% 7.29% 10.08% 11.63% 9.40% 6.13% 14.96% 11.72% 13.64% 11.90%
Tax Burden Percent		 83.81% 77.71% 80.09% 79.19% 82.21% 78.93% 79.49% 77.58% 78.37% 79.90% 79.73%
Interest Burden Percent		 65.92% 72.42% 64.78% 72.36% 74.90% 74.85% 64.75% 79.38% 74.29% 75.78% 73.62%
Effective Tax Rate		 16.19% 22.29% 19.91% 20.81% 17.79% 21.07% 20.51% 22.42% 21.63% 20.10% 20.27%
Return on Invested Capital (ROIC)		 10.84% 11.05% 10.65% 13.07% 14.14% 11.42% 8.59% 17.22% 14.26% 15.79% 13.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.62% 9.93% 9.21% 12.00% 13.02% 10.39% 7.54% 16.14% 13.18% 14.64% 12.35%
Return on Net Nonoperating Assets (RNNOA)		 25.05% 25.11% 25.56% 34.85% 39.49% 31.05% 30.53% 69.18% 56.40% 60.31% 73.64%
Return on Equity (ROE)		 35.89% 36.16% 36.21% 47.91% 53.63% 42.47% 39.13% 86.40% 70.66% 76.10% 87.07%
Cash Return on Invested Capital (CROIC)		 4.62% 5.74% 4.49% 5.48% 3.93% 6.41% 6.12% 3.90% 5.12% 3.41% -3.62%
Operating Return on Assets (OROA)		 10.72% 11.97% 11.35% 14.04% 14.56% 12.00% 8.95% 18.53% 15.19% 16.00% 13.46%
Return on Assets (ROA)		 5.92% 6.73% 5.89% 8.05% 8.96% 7.09% 4.60% 11.41% 8.84% 9.69% 7.90%
Return on Common Equity (ROCE)		 19.27% 20.37% 21.17% 27.72% 30.83% 25.08% 28.21% 61.87% 51.17% 56.55% 83.29%
Return on Equity Simple (ROE_SIMPLE)		 64.55% 0.00% 50.18% 53.82% 58.17% 0.00% 61.22% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 423 494 512 497 599 553 432 802 656 733 675
NOPAT Margin		 10.86% 11.64% 11.22% 13.94% 15.54% 12.55% 9.47% 18.82% 15.80% 18.08% 16.49%
Net Nonoperating Expense Percent (NNEP)		 1.22% 1.12% 1.44% 1.07% 1.12% 1.03% 1.05% 1.09% 1.08% 1.15% 1.08%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.81% - - - 2.97% 2.30% 4.10% 3.24% 3.55% 3.01%
Cost of Revenue to Revenue		 69.03% 68.37% 70.53% 61.69% 61.40% 66.34% 71.42% 57.18% 60.38% 56.90% 58.48%
SG&A Expenses to Revenue		 9.44% 8.60% 7.99% 10.92% 10.48% 9.16% 8.73% 9.83% 10.56% 11.08% 10.78%
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		 18.00% 16.65% 15.45% 20.70% 19.69% 17.75% 16.67% 18.56% 19.46% 20.48% 20.84%
Earnings before Interest and Taxes (EBIT)		 505 636 641 626 728 701 544 1,035 836 913 830
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 840 980 985 978 1,087 1,083 915 1,412 1,224 1,308 1,261
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.44 6.89 9.12 11.51 12.54 14.96 17.74 14.50 13.23 12.85 17.10
Price to Tangible Book Value (P/TBV)		 313.30 48.50 55.24 93.55 64.15 63.06 78.25 48.52 36.78 27.82 57.34
Price to Revenue (P/Rev)		 1.14 1.18 1.53 1.75 1.99 2.37 2.65 2.20 2.06 2.31 3.24
Price to Earnings (P/E)		 21.34 22.58 22.33 26.44 26.01 30.32 36.11 24.46 22.03 21.27 25.15
Dividend Yield		 2.04% 2.19% 1.81% 1.76% 1.70% 1.55% 1.50% 1.88% 2.10% 2.04% 1.60%
Earnings Yield		 4.69% 4.43% 4.48% 3.78% 3.85% 3.30% 2.77% 4.09% 4.54% 4.70% 3.98%
Enterprise Value to Invested Capital (EV/IC)		 1.94 1.91 2.24 2.44 2.60 2.94 3.21 2.78 2.65 2.76 3.27
Enterprise Value to Revenue (EV/Rev)		 2.02 2.08 2.44 2.68 2.97 3.32 3.63 3.17 3.05 3.32 4.38
Enterprise Value to EBITDA (EV/EBITDA)		 8.57 8.43 10.39 11.50 11.94 13.17 14.63 12.04 11.42 11.63 13.92
Enterprise Value to EBIT (EV/EBIT)		 13.07 12.75 16.20 18.07 18.29 20.19 22.88 18.00 17.00 16.98 20.05
Enterprise Value to NOPAT (EV/NOPAT)		 15.22 15.65 20.20 22.62 22.90 25.19 28.57 22.70 21.68 21.55 25.30
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.88 10.40 13.48 13.83 14.67 14.91 15.95 14.70 14.15 14.42 19.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 43.77 34.37 51.70 45.75 68.64 47.13 53.81 74.31 53.69 85.05 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.95 2.81 2.85 3.12 3.20 3.21 6.30 6.21 6.15 5.45 5.85
Long-Term Debt to Equity		 2.81 2.68 2.73 2.98 3.05 3.12 6.04 5.93 5.91 5.21 5.64
Financial Leverage		 2.60 2.53 2.77 2.90 3.03 2.99 4.05 4.29 4.28 4.12 5.96
Leverage Ratio		 4.35 4.19 4.44 4.58 4.76 4.81 6.10 6.34 6.32 6.30 8.54
Compound Leverage Factor		 2.86 3.04 2.87 3.32 3.57 3.60 3.95 5.03 4.69 4.77 6.29
Debt to Total Capital		 74.69% 73.75% 74.04% 75.73% 76.17% 76.24% 86.30% 86.14% 86.02% 84.50% 85.41%
Short-Term Debt to Total Capital		 3.48% 3.53% 3.10% 3.36% 3.49% 2.09% 3.52% 3.93% 3.40% 3.73% 3.11%
Long-Term Debt to Total Capital		 71.21% 70.22% 70.94% 72.37% 72.68% 74.15% 82.79% 82.21% 82.61% 80.77% 82.30%
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		 10.82% 10.65% 10.63% 10.50% 10.07% 9.82% 0.65% 0.63% 0.63% 0.63% 0.59%
Common Equity to Total Capital		 14.49% 15.60% 15.33% 13.77% 13.75% 13.94% 13.05% 13.23% 13.36% 14.87% 14.00%
Debt to EBITDA		 3.34 3.27 3.45 3.59 3.54 3.43 3.99 3.75 3.76 3.59 3.67
Net Debt to EBITDA		 3.27 3.20 3.38 3.50 3.46 3.34 3.90 3.66 3.67 3.49 3.60
Long-Term Debt to EBITDA		 3.18 3.11 3.30 3.43 3.37 3.34 3.83 3.58 3.61 3.43 3.54
Debt to NOPAT		 5.93 6.07 6.70 7.05 6.78 6.56 7.79 7.07 7.14 6.65 6.68
Net Debt to NOPAT		 5.80 5.93 6.57 6.88 6.64 6.40 7.61 6.91 6.96 6.47 6.53
Long-Term Debt to NOPAT		 5.66 5.78 6.42 6.74 6.47 6.38 7.47 6.75 6.86 6.36 6.43
Altman Z-Score		 1.59 1.58 1.78 1.86 1.99 2.12 2.11 2.01 1.92 1.94 2.15
Noncontrolling Interest Sharing Ratio		 46.31% 43.65% 41.55% 42.15% 42.51% 40.94% 27.90% 28.40% 27.59% 25.68% 4.34%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.80 0.79 0.70 0.65 0.77 0.72 0.65 0.69 0.77 0.67 0.72
Quick Ratio		 0.51 0.58 0.57 0.48 0.54 0.56 0.49 0.48 0.52 0.46 0.53
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -997 -670 -674 -476 -802 -453 -544 -854 -800 -1,224 -2,926
Operating Cash Flow to CapEx		 68.95% 133.35% 131.02% 122.36% 65.33% 182.78% 120.47% 94.72% 89.19% 156.30% 82.21%
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		 0.83 0.80 0.81 0.80 0.77 0.75 0.75 0.76 0.75 0.71 0.66
Accounts Receivable Turnover		 11.80 11.16 12.85 14.75 12.76 10.61 11.35 13.01 12.83 11.01 10.70
Inventory Turnover		 22.04 27.90 57.13 34.77 22.46 30.33 44.70 28.74 24.56 27.52 32.66
Fixed Asset Turnover		 1.13 1.07 1.05 1.02 0.99 0.97 0.94 0.95 0.94 0.88 0.82
Accounts Payable Turnover		 6.55 7.06 7.34 7.69 7.00 5.97 5.97 6.43 7.29 5.41 4.97
Days Sales Outstanding (DSO)		 30.94 32.72 28.42 24.75 28.61 34.42 32.16 28.06 28.45 33.15 34.11
Days Inventory Outstanding (DIO)		 16.56 13.08 6.39 10.50 16.25 12.03 8.17 12.70 14.86 13.26 11.18
Days Payable Outstanding (DPO)		 55.69 51.69 49.75 47.43 52.11 61.17 61.15 56.73 50.08 67.48 73.38
Cash Conversion Cycle (CCC)		 -8.19 -5.88 -14.95 -12.19 -7.24 -14.72 -20.81 -15.97 -6.77 -21.07 -28.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 17,121 17,506 17,558 17,838 18,522 18,511 18,534 19,493 19,977 20,469 22,136
Invested Capital Turnover		 1.00 0.95 0.95 0.94 0.91 0.91 0.91 0.92 0.90 0.87 0.81
Increase / (Decrease) in Invested Capital		 1,421 1,163 1,186 973 1,401 1,006 976 1,656 1,455 1,957 3,602
Enterprise Value (EV)		 33,156 33,409 39,340 43,515 48,115 54,432 59,439 54,130 52,934 56,498 72,475
Market Capitalization		 18,642 18,872 24,672 28,393 32,280 38,782 43,478 37,538 35,815 39,408 53,626
Book Value per Share		 $11.20 $12.29 $12.14 $11.13 $11.75 $11.89 $11.24 $11.93 $12.58 $14.29 $14.59
Tangible Book Value per Share		 $0.27 $1.75 $2.00 $1.37 $2.30 $2.82 $2.55 $3.57 $4.53 $6.60 $4.35
Total Capital		 17,298 17,564 17,634 17,916 18,713 18,593 18,781 19,562 20,265 20,631 22,401
Total Debt		 12,920 12,954 13,056 13,567 14,255 14,175 16,209 16,851 17,431 17,433 19,132
Total Long-Term Debt		 12,318 12,333 12,510 12,966 13,601 13,787 15,548 16,082 16,742 16,662 18,435
Net Debt		 12,643 12,666 12,794 13,241 13,950 13,824 15,840 16,469 16,991 16,959 18,717
Capital Expenditures (CapEx)		 591 718 669 739 828 727 792 906 672 963 900
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -80 -87 -405 -589 -73 -646 -613 -314 -102 -580 -361
Debt-free Net Working Capital (DFNWC)		 59 54 -295 -423 54 -489 -462 -201 22 -414 -261
Net Working Capital (NWC)		 -543 -566 -842 -1,024 -599 -876 -1,122 -970 -668 -1,184 -958
Net Nonoperating Expense (NNE)		 144 136 179 138 151 139 152 165 169 180 188
Net Nonoperating Obligations (NNO)		 12,744 12,896 12,980 13,489 14,063 14,093 15,961 16,782 17,144 17,270 18,867
Total Depreciation and Amortization (D&A)		 335 345 344 352 359 382 372 378 388 395 431
Debt-free, Cash-free Net Working Capital to Revenue		 -0.49% -0.54% -2.52% -3.62% -0.45% -3.94% -3.74% -1.84% -0.59% -3.41% -2.18%
Debt-free Net Working Capital to Revenue		 0.36% 0.34% -1.83% -2.60% 0.33% -2.98% -2.82% -1.18% 0.12% -2.43% -1.57%
Net Working Capital to Revenue		 -3.31% -3.53% -5.23% -6.30% -3.69% -5.35% -6.85% -5.68% -3.84% -6.95% -5.78%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.97 $1.25 $1.23 $1.34 $1.76 $1.44 $0.91 $2.88 $2.21 $2.52 $2.22
Adjusted Weighted Average Basic Shares Outstanding		 223.80M 224.60M 222.80M 221M 219M 220.20M 217.90M 216.60M 215.20M 216.10M 214.80M
Adjusted Diluted Earnings per Share		 $0.97 $1.22 $1.22 $1.33 $1.75 $1.44 $0.91 $2.87 $2.20 $2.51 $2.21
Adjusted Weighted Average Diluted Shares Outstanding		 225.10M 226M 223.70M 221.90M 220M 221.30M 218.70M 217.30M 216M 216.90M 215.50M
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		 222.98M 223.16M 221.72M 219.08M 218.06M 218.11M 216.93M 215.19M 214.66M 214.95M 214.64M
Normalized Net Operating Profit after Tax (NOPAT)		 423 494 512 497 599 553 432 802 656 733 675
Normalized NOPAT Margin		 10.86% 11.64% 11.22% 13.94% 15.54% 12.55% 9.47% 18.82% 15.80% 18.08% 16.49%
Pre Tax Income Margin		 8.54% 10.86% 9.10% 12.72% 14.15% 11.90% 7.72% 19.28% 14.96% 17.07% 14.93%
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		 38.55% 41.12% 50.61% 56.30% 53.06% 54.59% 57.53% 48.36% 47.11% 43.53% 41.18%
Augmented Payout Ratio		 132.48% 135.63% 92.19% 114.31% 107.18% 110.44% 235.28% 196.60% 191.53% 168.34% 67.62%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven view of Targa Resources Corp. (TRGP) using quarterly statements from 2022 through 2025 (latest Q4 2025). The focus is on revenue, profitability, cash generation, capital spending, and leverage trends that may impact investors.

  • Gross margins in 2025 remained solid. In Q4 2025, Operating Revenue was 4.0555B with Total Gross Profit of 1.7479B, yielding roughly a 43% gross margin.
  • Profitability at the per-share level stayed meaningful in 2025. Net income to common shareholders was about 0.545B in Q4 2025, with notable quarterly results including ~0.629B in Q2 2025 and ~0.478B in Q3 2025.
  • Operating cash flow was strong and generally trending higher toward year-end 2025. Q4 2025 net cash from continuing operating activities was about 1.506B, contributing to robust overall cash generation.
  • In Q4 2025, the company generated meaningful free cash flow after investing in capex. Free cash flow approximated 0.542B (CFO of ~1.506B minus capex of ~0.963B), indicating real cash available after asset investment.
  • Leverage remains high. As of the 2025 Q3 balance sheet, long-term debt was around 16.7B, total liabilities about 21.3B, and total equity around 2.7B, reflecting a highly asset-heavy, capital-intensive business typical of the space.
  • Capital expenditures continue to be sizable, consistent with ongoing asset growth and capacity expansion across 2022–2025 (PPE and total assets reflect substantial infrastructure investment).
  • Liquidity risk exists: cash and cash equivalents were relatively modest (about 124M in 2025 Q3), implying a limited immediate liquidity cushion for debt servicing or unexpected needs.
  • Funding volatility: quarterly financing activities show sizable debt issuances and repayments, creating cash-flow swings and reliance on external financing beyond core operating cash flow.
  • Interest & coverage sensitivity: given the debt load and periodic large capital activity, margins and interest expense are sensitive to commodity price shifts and macro interest rates, potentially impacting profitability and cash flow stability.
05/25/26 04:36 PM ETAI Generated. May Contain Errors.

Targa Resources Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Targa Resources' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Targa Resources' net income appears to be on an upward trend, with a most recent value of $1.96 billion in 2025, falling from -$151.40 million in 2015. The previous period was $1.55 billion in 2024. Find out what analysts predict for Targa Resources in the coming months.

Targa Resources' total operating income in 2025 was $3.33 billion, based on the following breakdown:
  • Total Gross Profit: $6.52 billion
  • Total Operating Expenses: $3.19 billion

Over the last 10 years, Targa Resources' total revenue changed from $6.66 billion in 2015 to $17.03 billion in 2025, a change of 155.7%.

Targa Resources' total liabilities were at $22.02 billion at the end of 2025, a 20.2% increase from 2024, and a 216.3% increase since 2015.

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 $166.10 million as of their latest financial filing in 2025.

Over the last 10 years, Targa Resources' book value per share changed from 26.09 in 2015 to 14.29 in 2025, a change of -45.2%.


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Financial statements for NYSE:TRGP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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