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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 3 years

Total assets $25.2B

Total liabilities ~$22.2B

Shareholders equity $3.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	+5.6%	+11.0%	—
Accounts Receivable	-8.9%	+10.0%	—
Other Current Assets	+38.7%	-10.5%	—
Total Current Assets	+2.9%	+4.6%	—
Property,Plant and Equipment	+13.7%	+14.3%	—
Other Noncurrent Assets	-2.3%	-11.1%	—
Total Assets	+10.9%	+10.0%	—
Liabilities
Current Portion of Long Term Debt	+98.6%	-37.5%	—
Other Current Liabilities	-0.3%	+30.1%	—
Total Current Liabilities	+11.8%	+14.9%	—
Long Term Debt	+20.9%	+11.8%	—
Other Noncurrent Liabilities	+33.5%	+40.2%	—
Equity
Total Stockholders Equity	+18.3%	-5.4%	—
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	-0.0%	+1.0%	—
Retained Earnings	+92.8%	+141.9%	—
Treasury Stock	+41.7%	+91.1%	—
Accumulated Other Comprehensive Income	+313.8%	-67.9%	—
Noncontrolling Interest	-92.9%	-2.4%	—
Total Liabilitiesand Equity	+10.9%	+10.0%	—

Income Statement

Revenue, expense, and profitability

13 accounts · 3 years

Revenue $17.0B

Operating income $3.3B

Net income $1.9B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	+3.9%	+2.0%	—
Expenses Cost of Revenue	-1.8%	+0.2%	—
Expenses Depreciation and Amortization	+6.5%	+7.0%	—
Other Income Expense Operating Income	+23.6%	+2.6%	—
Other Income Expense Interest Expense	+11.2%	+11.5%	—
Other Income Expense Other Income/expense	+1.9%	-8.3%	—
Other Income Expense Income Before Tax	+28.3%	-0.2%	—
Income Tax Income Tax Expense	+37.8%	+5.9%	—
net Income Other Items Below Tax	+62.0%	+63.1%	—
net Income net Income	+46.6%	-2.5%	—
Earnings Per Share Basic Eps	+47.7%	+56.4%	—
Earnings Per Share Diluted Eps	+47.9%	+56.8%	—
Earnings Per Share Weighted Average Shares Diluted	-2.0%	-2.1%	—

Cash Flow Statement

Operating, investing, and financing flows

15 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 Cash From Operating Activities	+7.3%	+13.6%	—
Operating Activities net Income	+26.0%	-1.6%	—
Operating Activities Depreciation and Amortization	+6.5%	+7.0%	—
Operating Activities Stock Based Compensation	+10.0%	+1.3%	—
Operating Activities Other Non Cash Items	-38.4%	+153.8%	—
Investing Activities Capital Expenditures	-19.6%	-24.3%	—
Investing Activities Other Investing Activities	-72.3%	-260.4%	—
Investing Activities net Cash From Investing Activities	-20.5%	-25.8%	—
Financing Activities Proceeds From Debt	+33.3%	+38.7%	—
Financing Activities Repayment of Debt	-31.5%	-39.8%	—
Financing Activities Dividends Paid	-0.4%	-30.6%	—
Financing Activities Repurchase of Common Stock	+15.0%	-102.0%	—
Financing Activities Other Financing Activities	-1037.3%	+85.9%	—
Financing Activities net Cash From Financing Activities	+56.5%	+31.0%	—
Cash Reconciliation net Change In Cash	-43.6%	+120.2%	—

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	+2.2%	+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	7.22x	7.77x	6.55x
Interest coverage	3.91x	3.51x	3.82x
Efficiency
Asset turnover	0.68x	0.72x	0.78x
Cash conversion cycle	—	—	—

Valuation

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Targa Resources

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