Targa Resources

Energy Oil & Gas Storage & Transportation Houston, Texas Last filing Feb 19, 2026 · FY2025

                    Revenue
                    FY2025
                
$17.0B
                    3y CAGR -6.6%
                    
                    P41
                    
                    +3.9%
                    
                    Net income
                    FY2025
                
$1.9B
                    Net margin +11.3%
                    
                    P59
                    
                    +46.6%
                    
                    Total assets
                    FY2025
                
$25.2B
                    ROA +7.6%
                    
                    P89
                    
                    +10.9%
                    
                    Operating cash flow
                    FY2025
                
$3.9B
                    FCF margin +2.2%
                    
                    P13
                    
                    +7.3%

17 yrs · FY2009–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 10 years

Total assets $25.2B

Total liabilities ~$22.2B

Shareholders equity $3.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	0.7%	0.7%	0.7%	1.1%	1.0%	1.5%	1.8%	1.4%	1.0%	0.6%
Accounts Receivable	5.8%	7.1%	7.1%	7.2%	8.8%	5.4%	4.5%	5.1%	5.8%	5.2%
Other Current Assets	2.9%	2.3%	2.8%	3.7%	1.8%	2.2%	2.5%	1.9%	2.1%	2.0%
Total Current Assets	9.4%	10.1%	10.6%	12.0%	11.6%	9.2%	8.8%	8.4%	8.8%	7.8%
Property,Plant and Equipment	81.4%	79.5%	76.5%	72.7%	76.7%	76.7%	77.3%	76.3%	72.5%	75.3%
Other Noncurrent Assets	9.2%	10.4%	12.9%	15.3%	11.6%	14.1%	13.9%	15.3%	18.7%	16.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Current Portion of Long Term Debt	3.1%	1.7%	3.0%	4.3%	1.1%	—	2.0%	6.1%	2.4%	2.1%
Other Current Liabilities	11.0%	12.2%	10.4%	11.4%	14.0%	8.9%	7.9%	10.5%	8.8%	6.9%
Total Current Liabilities	14.1%	14.0%	13.4%	15.7%	15.1%	11.2%	10.0%	16.5%	11.2%	9.1%
Long Term Debt	66.1%	60.6%	59.7%	54.7%	42.3%	46.5%	39.5%	33.3%	—	35.8%
Other Noncurrent Liabilities	7.2%	6.0%	4.7%	4.1%	3.6%	3.2%	4.1%	4.7%	7.6%	9.2%
Equity
Total Stockholders Equity	12.2%	11.4%	13.3%	13.6%	13.2%	16.7%	26.2%	35.9%	42.8%	40.8%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	12.2%	13.6%	14.8%	18.9%	28.1%	30.5%	27.8%	36.3%	43.8%	42.8%
Retained Earnings	9.1%	5.2%	2.4%	-3.2%	-12.0%	-11.9%	-1.8%	-0.8%	-0.5%	-1.5%
Treasury Stock	9.6%	7.5%	4.3%	2.4%	1.3%	1.0%	0.3%	0.2%	0.2%	0.3%
Accumulated Other Comprehensive Income	0.5%	0.1%	0.4%	0.3%	-1.5%	-0.9%	0.5%	0.6%	-0.2%	-0.3%
Noncontrolling Interest	0.5%	8.0%	9.0%	11.8%	20.8%	20.5%	18.7%	8.2%	4.1%	3.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

13 accounts · 10 years

Revenue $17.0B

Operating income $3.3B

Net income $1.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	67.5%	72.1%	77.7%	107.0%	111.5%	52.0%	46.1%	61.9%	61.3%	52.0%
Expenses Cost of Revenue	41.7%	47.1%	51.6%	86.3%	90.3%	32.7%	33.0%	48.6%	48.0%	38.2%
Expenses Depreciation and Amortization	6.0%	6.3%	6.4%	5.6%	5.7%	5.4%	5.2%	4.8%	5.6%	—
Other Income Expense Operating Income	13.2%	11.9%	12.7%	8.8%	5.7%	-8.2%	1.0%	1.4%	-0.9%	0.4%
Other Income Expense Interest Expense	3.4%	3.4%	3.3%	2.3%	2.6%	2.5%	1.8%	1.1%	1.6%	2.0%
Other Income Expense Other Income/expense	-1.5%	-1.6%	-1.7%	0.4%	-0.3%	0.8%	0.5%	-2.7%	-3.6%	-3.5%
Other Income Expense Income Before Tax	9.9%	8.5%	9.4%	8.5%	2.9%	-9.9%	-0.2%	0.4%	-2.0%	-2.0%
Income Tax Income Tax Expense	2.1%	1.7%	1.8%	0.7%	0.1%	-1.6%	-0.5%	0.0%	-2.8%	-0.8%
net Income Other Items Below Tax	-0.4%	-1.2%	-3.6%	-3.2%	-2.9%	-2.3%	-2.0%	-1.1%	-1.2%	-0.9%
net Income net Income	7.6%	5.8%	6.5%	6.1%	0.5%	-9.8%	-1.1%	0.0%	0.4%	-1.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Diluted	0.9%	1.0%	1.1%	1.2%	1.5%	1.5%	1.2%	1.3%	1.4%	1.2%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 10 years

Operating cash flow $3.9B

Investing cash flow $-3.6B

Financing cash flow $-266.6M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Cash From Operating Activities	15.5%	16.1%	15.5%	12.2%	15.1%	11.0%	7.4%	6.8%	6.5%	6.5%
Operating Activities net Income	7.8%	6.8%	7.6%	7.8%	2.8%	-8.3%	0.2%	0.4%	0.7%	-1.2%
Operating Activities Depreciation and Amortization	6.0%	6.3%	6.4%	5.6%	5.7%	5.4%	5.2%	4.8%	5.6%	—
Operating Activities Stock Based Compensation	0.3%	0.3%	0.3%	0.3%	0.4%	0.4%	0.3%	0.3%	0.3%	0.2%
Operating Activities Other Non Cash Items	1.5%	2.7%	1.2%	-1.6%	6.3%	13.5%	1.7%	1.2%	-0.1%	1.6%
Investing Activities Capital Expenditures	-14.1%	-13.0%	-11.5%	-25.8%	-3.3%	-6.0%	-15.3%	-18.4%	-13.0%	-4.4%
Investing Activities Other Investing Activities	-0.4%	-0.2%	-0.1%	4.6%	0.2%	1.3%	-1.0%	-0.2%	-0.2%	0.0%
Investing Activities net Cash From Investing Activities	-14.4%	-13.3%	-11.6%	-21.2%	-3.1%	-4.6%	-16.3%	-18.6%	-13.2%	-4.3%
Financing Activities Proceeds From Debt	461.0%	383.6%	304.2%	213.8%	14.8%	23.8%	34.8%	22.3%	28.6%	27.1%
Financing Activities Repayment of Debt	-448.5%	-378.5%	-297.7%	-189.8%	-22.6%	-23.9%	-28.8%	-12.8%	-27.5%	-35.7%
Financing Activities Dividends Paid	-3.4%	-3.7%	-3.1%	-3.6%	-4.5%	-5.3%	-6.1%	-5.8%	-6.3%	-5.8%
Financing Activities Repurchase of Common Stock	-2.5%	-3.3%	-1.8%	-1.1%	-0.3%	-0.6%	-0.1%	-0.0%	—	—
Financing Activities Other Financing Activities	-7.7%	-0.7%	-5.8%	-10.0%	0.0%	-0.9%	9.7%	8.8%	12.2%	11.7%
Financing Activities net Cash From Financing Activities	-1.1%	-2.7%	-4.3%	9.4%	-12.6%	-6.9%	9.5%	12.4%	7.1%	-2.7%
Cash Reconciliation net Change In Cash	0.0%	0.1%	-0.4%	0.3%	-0.6%	-0.6%	0.5%	0.6%	0.4%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+38.3%	+34.7%	+33.5%	+19.3%	+19.0%	+37.2%	+28.4%	+21.4%	+21.7%	+26.4%
Operating margin	+19.6%	+16.5%	+16.4%	+8.3%	+5.1%	-15.8%	+2.2%	+2.3%	-1.4%	+0.8%
Net margin	+11.3%	+8.0%	+8.4%	+5.7%	+0.4%	-18.8%	-2.4%	+0.0%	+0.6%	-2.8%
FCF margin	+2.2%	+4.2%	+5.1%	-12.7%	+10.6%	+9.6%	-17.2%	-18.8%	-10.5%	+4.1%
Growth
Revenue CAGR (3y)	-6.6%	-1.1%	+24.8%	+34.1%	+17.4%	-2.1%	+9.0%	—	—	—
Returns
ROE	+62.7%	+50.6%	+49.1%	+44.8%	+3.5%	-58.6%	-4.3%	+0.0%	+0.9%	-3.6%
ROA	+7.6%	+5.8%	+6.5%	+6.1%	+0.5%	-9.8%	-1.1%	+0.0%	+0.4%	-1.5%
ROIC	+12.9%	+13.0%	+13.7%	+11.4%	+9.9%	-13.3%	+1.6%	+1.7%	-1.9%	+0.6%
Liquidity
Current ratio	0.67x	0.72x	0.79x	0.77x	0.77x	0.82x	0.89x	0.51x	0.79x	0.86x
Quick ratio	0.46x	0.56x	0.58x	0.53x	0.65x	0.62x	0.63x	0.39x	0.60x	0.64x
Leverage
D/E	7.22x	7.77x	6.55x	6.34x	6.56x	4.98x	2.82x	1.79x	1.34x	1.45x
Interest coverage	3.91x	3.51x	3.82x	3.88x	2.23x	-3.33x	0.57x	1.28x	-0.52x	0.22x
Efficiency
Asset turnover	0.68x	0.72x	0.78x	1.07x	1.11x	0.52x	0.46x	0.62x	0.61x	0.52x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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FY2025 fundamentals · no price

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Targa Resources

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