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

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	$166.1M 5.6%	$157.3M 11.0%	$141.7M -35.3%	$219.0M 38.2%	$158.5M
Accounts Receivable	$1.5B -8.9%	$1.6B 10.0%	$1.5B 4.4%	$1.4B 5.7%	$1.3B
Inventory	$429.3M 28.4%	$334.3M -10.0%	$371.5M -5.7%	$393.8M 156.7%	$153.4M
Prepaid Expenses	$138.0M 10.8%	$124.6M 26.5%	$98.5M -36.7%	$155.5M 87.6%	$82.9M
Other Current Assets	$138.0M 10.8%	$124.6M 26.5%	$98.5M -36.7%	$155.5M 87.6%	$82.9M
Total Current Assets	$2.4B 2.9%	$2.3B 4.6%	$2.2B -6.9%	$2.4B 33.2%	$1.8B
Property,Plant and Equipment	$20.5B 13.7%	$18.1B 14.3%	$15.8B 11.2%	$14.2B 21.8%	$11.7B
Intangible Assets	$1.7B -16.5%	$2.0B -15.9%	$2.4B -14.0%	$2.7B 149.8%	$1.1B
Long Term Investments	$307.1M 58.9%	$193.3M 32.1%	$146.3M 11.4%	$131.3M -77.6%	$586.5M
Other Noncurrent Assets	$327.4M 82.8%	$179.1M 27.4%	$140.6M 42.9%	$98.4M 20.4%	$81.7M
Total Assets	$25.2B 10.9%	$22.7B 10.0%	$20.7B 5.7%	$19.6B 28.6%	$15.2B
Liabilities
Accounts Payable	$1.9B -6.9%	$2.0B 27.8%	$1.6B 8.7%	$1.4B 3.3%	$1.4B
Accrued Liabilities	$358.6M 6.7%	$336.0M 19.3%	$281.7M 3.1%	$273.3M 0.4%	$272.2M
Operating Lease Liabilities	$93.1M 269.4%	$25.2M 15.6%	$21.8M 51.4%	$14.4M 23.1%	$11.7M
Other Current Liabilities	$102.5M 31.9%	$77.7M 883.5%	$7.9M -95.4%	$172.9M	$0
Total Current Liabilities	$3.5B 11.8%	$3.2B 14.9%	$2.8B -10.0%	$3.1B 33.4%	$2.3B
Long Term Debt	$17.4B 23.0%	$14.2B 9.4%	$13.0B 12.3%	$11.5B 74.9%	$6.6B
Operating Lease Liabilities Noncurrent	$260.4M 188.1%	$90.4M 60.0%	$56.5M 97.6%	$28.6M -17.1%	$34.5M
Deferred Tax Liabilities	$1.4B 59.8%	$872.1M 62.8%	$535.8M 63.5%	$327.7M 141.0%	$136.0M
Other Noncurrent Liabilities	$395.0M 0.7%	$392.3M -5.5%	$415.1M 21.7%	$341.2M 13.1%	$301.6M
Total Liabilities	$3.5B 11.8%	$3.2B 14.9%	$2.8B -10.0%	$3.1B 33.4%	$2.3B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$200.0K 0.0%	$200.0K 0.0%	$200.0K 0.0%	$200.0K 0.0%	$200.0K
Additional Paid In Capital	$3.1B 0.0%	$3.1B 1.0%	$3.1B -17.4%	$3.7B -13.3%	$4.3B
Retained Earnings	$2.3B 92.8%	$1.2B 141.9%	$492.0M 178.5%	$-626.8M 65.6%	$-1.8B
Treasury Stock	$2.4B 41.7%	$1.7B 91.1%	$896.9M 93.0%	$464.7M 127.7%	$204.1M
Accumulated Other Comprehensive Income	$113.8M 313.8%	$27.5M -67.9%	$85.6M 56.5%	$54.7M 123.7%	$-230.9M
Noncontrolling Interest	$130.3M -92.9%	$1.8B -2.4%	$1.9B -19.3%	$2.3B -26.9%	$3.2B
Total Stockholders Equity	$3.1B 18.3%	$2.6B -5.4%	$2.7B 2.8%	$2.7B 32.5%	$2.0B
Total Liabilitiesand Equity	$25.2B 10.9%	$22.7B 10.0%	$20.7B 5.7%	$19.6B 28.6%	$15.2B

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	$17.0B 3.9%	$16.4B 2.0%	$16.1B -23.3%	$20.9B 23.5%	$16.9B
Expenses Cost of Revenue	$10.5B -1.8%	$10.7B 0.2%	$10.7B -36.8%	$16.9B 23.0%	$13.7B
Expenses Selling,General and Administrative	$406.0M 5.5%	$384.9M 10.4%	$348.7M 12.6%	$309.7M 13.4%	$273.2M
Expenses Depreciation and Amortization	$1.5B 6.5%	$1.4B 7.0%	$1.3B 21.3%	$1.1B 25.9%	$870.6M
Expenses Share Based Compensation	$69.5M 10.0%	$63.2M 1.3%	$62.4M 8.5%	$57.5M -2.9%	$59.2M
Expenses Operating Expenses	$1.3B 10.4%	$1.2B 9.1%	$1.1B 18.1%	$912.8M 22.2%	$747.0M
Other Income Expense Operating Income	$3.3B 23.6%	$2.7B 2.6%	$2.6B 51.9%	$1.7B 99.9%	$864.8M
Other Income Expense Interest Expense	$16.1M 11.0%	$14.5M 3.6%	$14.0M 300.0%	$3.5M 218.2%	$1.1M
Other Income Expense Other Income/expense	$-3.8M -1050.0%	$400.0K 108.2%	$-4.9M 67.5%	$-15.1M -3120.0%	$500.0K
Other Income Expense Income Before Tax	$2.5B 28.3%	$1.9B -0.2%	$1.9B 16.8%	$1.7B 280.7%	$436.9M
Income Tax Income Tax Expense	$529.7M 37.8%	$384.5M 5.9%	$363.2M 175.6%	$131.8M 790.5%	$14.8M
net Income net Income	$1.9B 46.6%	$1.3B -2.5%	$1.3B 12.6%	$1.2B 1579.1%	$71.2M
net Income Comprehensive Income	$2.0B 60.2%	$1.3B -8.9%	$1.4B -7.0%	$1.5B 8374.3%	$-17.9M
Earnings Per Share Basic Eps	$9 47.7%	$6 56.4%	$4 -6.6%	$4 5742.9%	$-0
Earnings Per Share Diluted Eps	$8 47.9%	$6 56.8%	$4 -5.7%	$4 5642.9%	$-0
Earnings Per Share Weighted Average Shares Basic	$216.1M -1.9%	$220.2M -2.0%	$224.6M -1.2%	$227.3M -0.6%	$228.6M
Earnings Per Share Weighted Average Shares Diluted	$216.9M -2.0%	$221.3M -2.1%	$226.0M -2.2%	$231.1M 1.1%	$228.6M

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	$1.9B 46.6%	$1.3B -2.5%	$1.3B 12.6%	$1.2B 1579.1%	$71.2M
Operating Activities Depreciation and Amortization	$1.5B 6.5%	$1.4B 7.0%	$1.3B 21.3%	$1.1B 25.9%	$870.6M
Operating Activities Stock Based Compensation	$69.5M 10.0%	$63.2M 1.3%	$62.4M 8.5%	$57.5M -2.9%	$59.2M
Operating Activities Deferred Income Taxes	$516.6M 40.8%	$367.0M 5.0%	$349.6M 179.5%	$125.1M 933.9%	$12.1M
Operating Activities Changes In Operating Assets and Liabilities	$89.5M 367.2%	$-33.5M 6.9%	$-36.0M -115.2%	$236.2M 681.8%	$-40.6M
Operating Activities net Cash From Operating Activities	$3.9B 7.3%	$3.6B 13.6%	$3.2B 34.9%	$2.4B 3.4%	$2.3B
Investing Activities Capital Expenditures	$3.3B 12.4%	$3.0B 24.3%	$2.4B 78.8%	$1.3B 164.2%	$505.1M
Investing Activities Business Acquisitions	$122.8M	—	—	$3.5B	—
Investing Activities Other Investing Activities	$-27.1M -1326.3%	$-1.9M 48.6%	$-3.7M -331.3%	$1.6M 1700.0%	$-100.0K
Investing Activities net Cash From Investing Activities	$-3.6B -20.5%	$-3.0B -25.8%	$-2.4B 42.1%	$-4.1B -776.9%	$-473.2M
Financing Activities Proceeds From Debt	$5.2B 424.3%	$999.4M -73.2%	$3.7B 36.0%	$2.7B 174.1%	$1.0B
Financing Activities Repayment of Debt	$705.2M 7023.2%	$9.9M -96.6%	$290.0M -80.3%	$1.5B 30.1%	$1.1B
Financing Activities Repurchase of Common Stock	$641.8M -15.0%	$754.7M 102.0%	$373.7M 66.2%	$224.8M 462.0%	$40.0M
Financing Activities Tax Withholding On Stock Based Compensation	$67.3M 19.3%	$56.4M 1.1%	$55.8M 55.9%	$35.8M	—
Financing Activities Other Financing Activities	$-6.4M -146.2%	$-2.6M	—	—	—
Financing Activities net Cash From Financing Activities	$-266.6M 56.5%	$-612.8M 31.0%	$-888.1M -148.5%	$1.8B 195.6%	$-1.9B
Cash Reconciliation Effect of Exchange Rate On Cash	$166.1M 5.6%	$157.3M 11.0%	$141.7M -35.3%	$219.0M 38.2%	$158.5M
Cash Reconciliation net Change In Cash	$8.8M -43.6%	$15.6M 120.2%	$-77.3M -227.8%	$60.5M 171.8%	$-84.3M
Cash Reconciliation Cash At Beginning of Period	$166.1M 5.6%	$157.3M 11.0%	$141.7M -35.3%	$219.0M 38.2%	$158.5M
Cash Reconciliation Cash At End of Period	$166.1M 5.6%	$157.3M 11.0%	$141.7M -35.3%	$219.0M 38.2%	$158.5M

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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