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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 3 years

Total assets $25.2B

Total liabilities $3.5B

Shareholders equity $3.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	1.0%	1.0%	0.9%
Accounts Receivable	8.7%	9.9%	9.2%
Inventory	2.5%	2.0%	2.3%
Prepaid Expenses	0.8%	0.8%	0.6%
Other Current Assets	0.8%	0.8%	0.6%
Total Current Assets	13.9%	14.0%	13.7%
Property,Plant and Equipment	120.6%	110.3%	98.4%
Intangible Assets	9.7%	12.1%	14.6%
Long Term Investments	1.8%	1.2%	0.9%
Other Noncurrent Assets	1.9%	1.1%	0.9%
Total Assets	148.1%	138.8%	128.7%
Liabilities
Accounts Payable	11.0%	12.3%	9.8%
Accrued Liabilities	2.1%	2.1%	1.8%
Operating Lease Liabilities	0.5%	0.2%	0.1%
Other Current Liabilities	0.6%	0.5%	0.0%
Total Current Liabilities	20.8%	19.4%	17.2%
Long Term Debt	102.4%	86.5%	80.7%
Operating Lease Liabilities Noncurrent	1.5%	0.6%	0.4%
Deferred Tax Liabilities	8.2%	5.3%	3.3%
Other Noncurrent Liabilities	2.3%	2.4%	2.6%
Total Liabilities	20.8%	19.4%	17.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	18.1%	18.9%	19.0%
Retained Earnings	13.5%	7.3%	3.1%
Treasury Stock	14.3%	10.5%	5.6%
Accumulated Other Comprehensive Income	0.7%	0.2%	0.5%
Noncontrolling Interest	0.8%	11.1%	11.6%
Total Stockholders Equity	18.0%	15.8%	17.1%
Total Liabilitiesand Equity	148.1%	138.8%	128.7%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $17.0B

Operating income $3.3B

Net income $1.9B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	61.7%	65.3%	66.5%
Expenses Selling,General and Administrative	2.4%	2.3%	2.2%
Expenses Depreciation and Amortization	8.9%	8.7%	8.3%
Expenses Share Based Compensation	0.4%	0.4%	0.4%
Expenses Operating Expenses	7.6%	7.2%	6.7%
Other Income Expense Operating Income	19.6%	16.5%	16.4%
Other Income Expense Interest Expense	0.1%	0.1%	0.1%
Other Income Expense Other Income/expense	-0.0%	0.0%	-0.0%
Other Income Expense Income Before Tax	14.6%	11.8%	12.1%
Income Tax Income Tax Expense	3.1%	2.3%	2.3%
net Income net Income	11.3%	8.0%	8.4%
net Income Comprehensive Income	11.8%	7.7%	8.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.3%	1.3%	1.4%
Earnings Per Share Weighted Average Shares Diluted	1.3%	1.4%	1.4%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $3.9B

Investing cash flow $-3.6B

Financing cash flow $-266.6M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	11.3%	8.0%	8.4%
Operating Activities Depreciation and Amortization	8.9%	8.7%	8.3%
Operating Activities Stock Based Compensation	0.4%	0.4%	0.4%
Operating Activities Deferred Income Taxes	3.0%	2.2%	2.2%
Operating Activities Changes In Operating Assets and Liabilities	0.5%	-0.2%	-0.2%
Operating Activities net Cash From Operating Activities	23.0%	22.3%	20.0%
Investing Activities Capital Expenditures	19.6%	18.1%	14.9%
Investing Activities Business Acquisitions	0.7%	—	—
Investing Activities Other Investing Activities	-0.2%	-0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-21.4%	-18.4%	-14.9%
Financing Activities Proceeds From Debt	30.8%	6.1%	23.2%
Financing Activities Repayment of Debt	4.1%	0.1%	1.8%
Financing Activities Repurchase of Common Stock	3.8%	4.6%	2.3%
Financing Activities Tax Withholding On Stock Based Compensation	0.4%	0.3%	0.3%
Financing Activities Other Financing Activities	-0.0%	-0.0%	—
Financing Activities net Cash From Financing Activities	-1.6%	-3.7%	-5.5%
Cash Reconciliation Effect of Exchange Rate On Cash	1.0%	1.0%	0.9%
Cash Reconciliation net Change In Cash	0.1%	0.1%	-0.5%
Cash Reconciliation Cash At Beginning of Period	1.0%	1.0%	0.9%
Cash Reconciliation Cash At End of Period	1.0%	1.0%	0.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+38.3%	+34.7%	+33.5%
Operating margin	+19.6%	+16.5%	+16.4%
Net margin	+11.3%	+8.0%	+8.4%
FCF margin	+3.4%	+4.2%	+5.1%
Growth
Revenue CAGR (3y)	-6.6%	-1.1%	+24.8%
Returns
ROE	+62.7%	+50.6%	+49.1%
ROA	+7.6%	+5.8%	+6.5%
ROIC	+12.9%	+13.0%	+13.7%
Liquidity
Current ratio	0.67x	0.72x	0.79x
Quick ratio	0.46x	0.56x	0.58x
Leverage
D/E	1.16x	1.22x	1.01x
Interest coverage	206.91x	185.89x	187.59x
Efficiency
Asset turnover	0.68x	0.72x	0.78x
Cash conversion cycle	-19d	-21d	-8d

Valuation

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Targa Resources

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