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 revenue.

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	1.0%	1.0%	0.9%	1.0%	0.9%	2.9%	3.8%	2.2%	1.6%	1.1%
Accounts Receivable	8.7%	9.9%	9.2%	6.7%	7.9%	10.4%	9.9%	8.3%	9.4%	10.1%
Other Current Assets	4.2%	3.2%	3.6%	3.5%	1.6%	4.3%	5.4%	3.1%	3.5%	3.9%
Total Current Assets	13.9%	14.0%	13.7%	11.3%	10.4%	17.7%	19.1%	13.5%	14.4%	15.0%
Property,Plant and Equipment	120.6%	110.3%	98.4%	67.9%	68.8%	147.4%	167.8%	123.3%	118.3%	144.8%
Other Noncurrent Assets	13.6%	14.5%	16.6%	14.3%	10.4%	27.1%	30.1%	24.7%	30.5%	32.5%
Total Assets	148.1%	138.8%	128.7%	93.5%	89.7%	192.2%	217.0%	161.6%	163.2%	192.4%
Liabilities
Current Portion of Long Term Debt	4.5%	2.4%	3.9%	4.0%	1.0%	—	4.4%	9.8%	4.0%	4.1%
Other Current Liabilities	16.3%	17.0%	13.3%	10.7%	12.6%	17.1%	17.2%	16.9%	14.4%	13.3%
Total Current Liabilities	20.8%	19.4%	17.2%	14.7%	13.6%	21.5%	21.6%	26.7%	18.3%	17.5%
Long Term Debt	97.9%	84.2%	76.8%	51.1%	38.0%	89.4%	85.8%	53.7%	—	68.8%
Other Noncurrent Liabilities	10.6%	8.3%	6.0%	3.9%	3.2%	6.1%	9.0%	7.5%	12.4%	17.7%
Equity
Total Stockholders Equity	18.0%	15.8%	17.1%	12.7%	11.9%	32.1%	56.7%	58.0%	69.9%	78.4%
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	18.1%	18.9%	19.0%	17.7%	25.2%	58.6%	60.2%	58.7%	71.5%	82.3%
Retained Earnings	13.5%	7.3%	3.1%	-3.0%	-10.8%	-22.9%	-3.9%	-1.2%	-0.9%	-2.8%
Treasury Stock	14.3%	10.5%	5.6%	2.2%	1.2%	1.8%	0.6%	0.4%	0.4%	0.5%
Accumulated Other Comprehensive Income	0.7%	0.2%	0.5%	0.3%	-1.4%	-1.7%	1.1%	0.9%	-0.3%	-0.6%
Noncontrolling Interest	0.8%	11.1%	11.6%	11.1%	18.7%	39.3%	40.6%	13.3%	6.8%	7.1%
Total Liabilitiesand Equity	148.1%	138.8%	128.7%	93.5%	89.7%	192.2%	217.0%	161.6%	163.2%	192.4%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	61.7%	65.3%	66.5%	80.7%	81.0%	62.8%	71.6%	78.6%	78.3%	73.6%
Expenses Depreciation and Amortization	8.9%	8.7%	8.3%	5.2%	5.1%	10.5%	11.2%	7.8%	9.2%	—
Other Income Expense Operating Income	19.6%	16.5%	16.4%	8.3%	5.1%	-15.8%	2.2%	2.3%	-1.4%	0.8%
Other Income Expense Interest Expense	5.0%	4.7%	4.3%	2.1%	2.3%	4.7%	3.9%	1.8%	2.7%	3.8%
Other Income Expense Other Income/expense	-2.2%	-2.3%	-2.2%	0.3%	-0.2%	1.5%	1.1%	-4.3%	-5.9%	-6.8%
Other Income Expense Income Before Tax	14.6%	11.8%	12.1%	7.9%	2.6%	-19.0%	-0.5%	0.6%	-3.3%	-3.9%
Income Tax Income Tax Expense	3.1%	2.3%	2.3%	0.6%	0.1%	-3.0%	-1.0%	0.1%	-4.5%	-1.5%
net Income Other Items Below Tax	-0.6%	-1.7%	-4.6%	-3.0%	-2.6%	-4.4%	-4.3%	-1.7%	-1.9%	-1.8%
net Income net Income	11.3%	8.0%	8.4%	5.7%	0.4%	-18.8%	-2.4%	0.0%	0.6%	-2.8%
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	1.3%	1.4%	1.4%	1.1%	1.3%	2.8%	2.7%	2.1%	2.3%	2.3%

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	23.0%	22.3%	20.0%	11.4%	13.6%	21.1%	16.0%	10.9%	10.7%	12.5%
Operating Activities net Income	11.5%	9.5%	9.8%	7.3%	2.5%	-16.0%	0.5%	0.6%	1.2%	-2.4%
Operating Activities Depreciation and Amortization	8.9%	8.7%	8.3%	5.2%	5.1%	10.5%	11.2%	7.8%	9.2%	—
Operating Activities Stock Based Compensation	0.4%	0.4%	0.4%	0.3%	0.3%	0.8%	0.7%	0.5%	0.5%	0.4%
Operating Activities Other Non Cash Items	2.2%	3.7%	1.5%	-1.5%	5.6%	25.9%	3.7%	2.0%	-0.2%	3.1%
Investing Activities Capital Expenditures	-20.8%	-18.1%	-14.9%	-24.1%	-3.0%	-11.5%	-33.2%	-29.7%	-21.2%	-8.4%
Investing Activities Other Investing Activities	-0.6%	-0.3%	-0.1%	4.3%	0.2%	2.6%	-2.2%	-0.3%	-0.3%	0.1%
Investing Activities net Cash From Investing Activities	-21.4%	-18.4%	-14.9%	-19.8%	-2.8%	-8.9%	-35.4%	-30.0%	-21.5%	-8.3%
Financing Activities Proceeds From Debt	682.8%	532.3%	391.5%	199.8%	13.3%	45.7%	75.5%	36.1%	46.7%	52.2%
Financing Activities Repayment of Debt	-664.2%	-525.3%	-383.2%	-177.4%	-20.2%	-45.9%	-62.4%	-20.7%	-44.9%	-68.7%
Financing Activities Dividends Paid	-5.0%	-5.2%	-4.0%	-3.3%	-4.1%	-10.1%	-13.3%	-9.4%	-10.2%	-11.1%
Financing Activities Repurchase of Common Stock	-3.8%	-4.6%	-2.3%	-1.1%	-0.3%	-1.2%	-0.2%	-0.0%	—	—
Financing Activities Other Financing Activities	-11.3%	-1.0%	-7.5%	-9.3%	0.0%	-1.7%	21.0%	14.1%	20.0%	22.5%
Financing Activities net Cash From Financing Activities	-1.6%	-3.7%	-5.5%	8.7%	-11.3%	-13.3%	20.5%	20.0%	11.5%	-5.2%
Cash Reconciliation net Change In Cash	0.1%	0.1%	-0.5%	0.3%	-0.5%	-1.1%	1.1%	0.9%	0.7%	—

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	—	—	—	—	—	—	—	—	—	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

No price data cached, so there is nothing to multiply. Load prices from the Stock Data tab and this panel reprices itself.

Notes

Your annotations

Not watched

Targa Resources

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Recent price history