Targa Resources

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

                    Revenue
                    FY2025
                
$17.0B
                    3y CAGR -6.6%
                    
                    P37
                    
                    +3.9%
                    
                    Net income
                    FY2025
                
$1.9B
                    Net margin +11.3%
                    
                    P53
                    
                    +46.6%
                    
                    Total assets
                    FY2025
                
$25.2B
                    ROA +7.6%
                    
                    P82
                    
                    +10.9%
                    
                    Operating cash flow
                    FY2025
                
$3.9B
                    FCF margin +3.4%
                    
                    P8
                    
                    +7.3%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $25.2B

Total liabilities $3.5B

Shareholders equity $3.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+1.2%	-0.3%	-5.4%	+38.2%	—
Accounts Receivable	+2.6%	+6.7%	+5.1%	+5.7%	—
Inventory	+29.3%	+29.6%	+55.6%	+156.7%	—
Prepaid Expenses	+13.6%	+14.5%	+9.0%	+87.6%	—
Other Current Assets	+13.6%	+14.5%	+9.0%	+87.6%	—
Total Current Assets	+7.5%	+9.1%	+11.4%	+33.2%	—
Property,Plant and Equipment	+15.2%	+15.7%	+16.4%	+21.8%	—
Intangible Assets	+10.8%	+21.8%	+46.5%	+149.8%	—
Long Term Investments	-14.9%	-30.9%	-50.1%	-77.6%	—
Other Noncurrent Assets	+41.5%	+29.9%	+31.2%	+20.4%	—
Total Assets	+13.5%	+14.3%	+16.6%	+28.6%	—
Liabilities
Accounts Payable	+7.5%	+12.8%	+6.0%	+3.3%	—
Accrued Liabilities	+7.1%	+7.3%	+1.7%	+0.4%	—
Operating Lease Liabilities	+68.0%	+29.1%	+36.5%	+23.1%	—
Other Current Liabilities	—	—	—	—	—
Total Current Liabilities	+11.5%	+11.3%	+9.6%	+33.4%	—
Long Term Debt	+27.5%	+29.0%	+40.1%	+74.9%	—
Operating Lease Liabilities Noncurrent	+65.8%	+37.9%	+28.0%	-17.1%	—
Deferred Tax Liabilities	+78.9%	+85.8%	+98.5%	+141.0%	—
Other Noncurrent Liabilities	+7.0%	+9.2%	+17.3%	+13.1%	—
Total Liabilities	+11.5%	+11.3%	+9.6%	+33.4%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	-7.8%	-10.2%	-15.4%	-13.3%	—
Retained Earnings	—	—	—	—	—
Treasury Stock	+85.7%	+103.3%	+109.6%	+127.7%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Noncontrolling Interest	-55.0%	-16.8%	-23.2%	-26.9%	—
Total Stockholders Equity	+11.1%	+8.8%	+16.7%	+32.5%	—
Total Liabilitiesand Equity	+13.5%	+14.3%	+16.6%	+28.6%	—

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $17.0B

Operating income $3.3B

Net income $1.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+0.1%	-1.1%	-2.7%	+23.5%	—
Expenses Cost of Revenue	-6.5%	-8.0%	-11.8%	+23.0%	—
Expenses Selling,General and Administrative	+10.4%	+12.1%	+13.0%	+13.4%	—
Expenses Depreciation and Amortization	+14.9%	+17.8%	+23.6%	+25.9%	—
Expenses Share Based Compensation	+4.1%	+2.2%	+2.7%	-2.9%	—
Expenses Operating Expenses	+14.8%	+16.3%	+20.1%	+22.2%	—
Other Income Expense Operating Income	+40.1%	+46.1%	+74.3%	+99.9%	—
Other Income Expense Interest Expense	+95.6%	+136.2%	+256.8%	+218.2%	—
Other Income Expense Other Income/expense	—	-7.2%	—	—	—
Other Income Expense Income Before Tax	+54.5%	+64.3%	+110.9%	+280.7%	—
Income Tax Income Tax Expense	+144.6%	+196.2%	+395.4%	+790.5%	—
net Income net Income	+128.0%	+164.1%	+334.8%	+1579.1%	—
net Income Comprehensive Income	—	—	—	—	—
Earnings Per Share Basic Eps	—	—	—	—	—
Earnings Per Share Diluted Eps	—	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	-1.4%	-1.2%	-0.9%	-0.6%	—
Earnings Per Share Weighted Average Shares Diluted	-1.3%	-1.1%	-0.6%	+1.1%	—

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $3.9B

Investing cash flow $-3.6B

Financing cash flow $-266.6M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	+128.0%	+164.1%	+334.8%	+1579.1%	—
Operating Activities Depreciation and Amortization	+14.9%	+17.8%	+23.6%	+25.9%	—
Operating Activities Stock Based Compensation	+4.1%	+2.2%	+2.7%	-2.9%	—
Operating Activities Deferred Income Taxes	+155.6%	+211.9%	+437.5%	+933.9%	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—
Operating Activities net Cash From Operating Activities	+14.2%	+16.6%	+18.1%	+3.4%	—
Investing Activities Capital Expenditures	+60.3%	+80.4%	+117.3%	+164.2%	—
Investing Activities Business Acquisitions	—	—	—	—	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	+51.3%	-0.0%	+93.1%	+174.1%	—
Financing Activities Repayment of Debt	-11.2%	-79.4%	-49.4%	+30.1%	—
Financing Activities Repurchase of Common Stock	+100.1%	+166.2%	+205.7%	+462.0%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+1.2%	-0.3%	-5.4%	+38.2%	—
Cash Reconciliation net Change In Cash	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	+1.2%	-0.3%	-5.4%	+38.2%	—
Cash Reconciliation Cash At End of Period	+1.2%	-0.3%	-5.4%	+38.2%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+38.3%	+34.7%	+33.5%	+19.3%	+19.0%
Operating margin	+19.6%	+16.5%	+16.4%	+8.3%	+5.1%
Net margin	+11.3%	+8.0%	+8.4%	+5.7%	+0.4%
FCF margin	+3.4%	+4.2%	+5.1%	+5.0%	+10.6%
Growth
Revenue CAGR (3y)	-6.6%	-1.1%	+24.8%	+34.1%	+17.4%
Returns
ROE	+62.7%	+50.6%	+49.1%	+44.8%	+3.5%
ROA	+7.6%	+5.8%	+6.5%	+6.1%	+0.5%
ROIC	+12.9%	+13.0%	+13.7%	+11.4%	+9.9%
Liquidity
Current ratio	0.67x	0.72x	0.79x	0.77x	0.77x
Quick ratio	0.46x	0.56x	0.58x	0.53x	0.65x
Leverage
D/E	1.16x	1.22x	1.01x	1.15x	1.14x
Interest coverage	206.91x	185.89x	187.59x	494.00x	786.18x
Efficiency
Asset turnover	0.68x	0.72x	0.78x	1.07x	1.11x
Cash conversion cycle	-19d	-21d	-8d	+2d	-5d

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Targa Resources

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