Targa Resources Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Targa Resources Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	6,691	8,815	10,484	8,671	8,260	16,950	20,930	16,060	16,382	17,028
Cost of revenue	4,923	6,906	8,238	6,208	5,187	13,730	16,882	10,676	10,703	10,508
Gross profit	1,768	1,909	2,246	2,553	3,074	3,220	4,048	5,384	5,679	6,521
General and administrative	187	203	257	281	255	273	310	349	385	406
Operating income	55.8	-122	238	193	-1,304	865	1,729	2,626	2,695	3,331
Other non-operating income	0.8	-2.6	0.1		3.7	0.5	-15.1	-4.9	0.4	-3.8
Pre-tax income	-260	-293	65.9	-46.7	-1,573	437	1,663	1,943	1,938	2,486
Income tax	-101	-397	5.5	-87.9	-248	14.8	132	363	385	530
Net income to minority interests	28.2	50.2	58.8	250	229	351	336	233	242	33.7
Net income	-187	54	1.6	-209	-1,554	71.2	1,196	1,346	1,312	1,923
EBITDA	814	687	1,053	1,165	-439	1,735	2,825	3,956	4,118	4,847
EPS, basic	-1.80	-0.31	-0.53	-1.44	-7.26	-0.07	3.95	3.69	5.77	8.52
EPS, diluted	-1.80	-0.31	-0.53	-1.44	-7.26	-0.07	3.88	3.66	5.74	8.49
Shares, basic (weighted)	154	207	224	233	232	229	227	225	220	216
Shares, diluted (weighted)	154	207	224	233	232	229	231	226	221	217
Dividend per share	3.64	3.64	3.64	3.64	1.21	0.40	1.40	1.85	2.75	3.75

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	73.5	137	232	331	243	159	219	142	157	166
Receivables	675	828	866	855	863	1,332	1,408	1,471	1,618	1,475
Inventory	138	205	165	162	182	153	394	372	334	429
Other current assets	36.4	62.7	41.3	69.7	87.7	82.9	156	98.5	125	138
Total current assets	1,007	1,270	1,419	1,658	1,460	1,770	2,357	2,195	2,296	2,363
Property, plant and equipment	9,691	10,430	12,928	14,549	12,174	11,668	14,215	15,806	18,063	20,535
Lease right-of-use assets				42	52.7	50.8	57.3	64.2	104	93.9
Goodwill	210	257	46.6	45.2	45.2	45.2	45.2	45.2	45.2	112
Intangible assets	1,654	2,166	1,983	1,735	1,382	1,095	2,735	2,351	1,977	1,651
Other non-current assets	63.5	21.5	36.5	99.1	96.1	81.7	98.4	141	179	327
Total assets	12,871	14,389	16,938	18,815	15,876	15,208	19,560	20,672	22,734	25,218
Accounts payable	844	1,187	1,737	955	834	1,402	1,449	1,575	2,013	1,873
Accrued liabilities	37.2	52.8	57.3	177	186	272	290	282	336	359
Short-term debt	275	350	1,029	370	357	150
Total current liabilities	1,168	1,617	2,799	1,873	1,779	2,299	3,067	2,761	3,173	3,547
Long-term debt	4,606	4,703	5,632	7,440	7,387	6,434	10,702	12,333	13,787	16,662
Lease liabilities				47.2	46.2	34.5	28.6	56.5	90.4	89.5
Other non-current liabilities	215	598	262	306	309	302	341	415	392	395
Total liabilities	7,147	7,633	9,467	10,372	9,973	10,030	14,578	16,062	18,316	22,020
Total debt	4,881	5,053	6,660	7,822	7,756	6,597	11,536	12,954	14,175	17,433
Paid-in capital	5,506	6,303	6,155	5,221	4,840	4,269	3,702	3,059	3,089	3,088
Retained earnings	-187	-77.2	-130	-340	-1,894	-1,822	-627	492	1,190	2,294
Treasury stock	-32.2	-35.6	-39.6	-53.5	-151	-204	-465	-897	-1,714	-2,429
Other comprehensive income	-38.3	-29.9	94.3	92.5	-142	-231	54.7	85.6	27.5	114
Shareholders' equity	5,249	6,160	6,079	4,921	2,654	2,012	2,666	2,740	2,592	3,068
Minority interests	476	596	1,391	3,522	3,249	3,167	2,317	1,870	1,826	130
Total equity	5,724	6,756	7,471	8,443	5,903	5,179	4,982	4,610	4,418	3,198
Total liabilities and equity	12,871	14,389	16,938	18,815	15,876	15,208	19,560	20,672	22,734	25,218
Shares outstanding	185	218	232	233	228	228	226	223	218	215

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	-159	104	60.4	41.2	-1,325	422	1,531	1,579	1,554	1,957
Depreciation and amortization	758	810	816	972	865	871	1,096	1,330	1,423	1,515
Stock-based compensation	29.7	42.3	56.3	60.3	66.2	59.2	57.5	62.4	63.2	69.5
Deferred income tax	-37.8	-393	5.5	-87.9	-233	12.1	125	350	367	517
Change in inventory	-15.9	-73.2	-13.9	-45	-27.7	40.6	-236	36	33.5	-89.5
Change in payables	176	100	57.2	80.8
Cash from operations	837	940	1,144	1,390	1,745	2,303	2,381	3,212	3,650	3,917
Capital expenditures	-562	-1,298	-3,115	-2,878	-952	-505	-1,334	-2,385	-2,966	-3,333
Acquisitions		-571					-3,504			-123
Cash from investing	-559	-1,893	-3,147	-3,072	-738	-473	-4,150	-2,401	-3,021	-3,642
Debt issued	1,000	750	1,000	2,500	1,000	1,000	2,741	3,728	999	5,239
Debt repaid	-1,852	-698		-749	-1,391	-1,132	-1,473			-705
Stock issued	577	1,660	689
Share buybacks			-4	-13.9	-97.4	-53.2	-225	-374	-755	-642
Dividends paid	-566	-843	-908
Cash from financing	-346	1,017	2,098	1,781	-1,095	-1,914	1,829	-888	-613	-267
Net change in cash		63.7	94.9	99	-88.3	-84.3	60.5	-77.3	15.6	8.8
Free cash flow	275	-358	-1,971	-1,488	793	1,798	1,047	826	684	584
Interest paid	282	212	217	288	374	356	401	619	713	793
Income taxes paid	-10.6	-67.5	-0.5	-1.9	43.7	1.3	1.6	8.5	16.7	24.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $277.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.2%	Gross profit / revenue.
Operating margin	22.9%	Operating income / revenue.
EBITDA margin	32.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.5%	Pre-tax income / revenue.
Net margin	13.5%	Net income / revenue.
FCF margin	4.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.6%	Cash from operations / revenue.
Effective tax rate	21.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	62.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.0%	Net income / average total assets.
Return on invested capital (ROIC)	13.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	21.2%	Capital expenditures / revenue.
D&A / revenue	9.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	23.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	17.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	46.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	47.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	29.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-17.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	36.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	38.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	25.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.77x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	5.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	68.7%	Total debt / total assets.
Liabilities / assets	86.7%	Total liabilities / total assets.
Net debt	$19.45B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.54x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$782.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.43B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	0.73x	Revenue / average property, plant and equipment.
Inventory turnover	30.5x	Cost of revenue / average inventory.
Days inventory	12 days	365 x average inventory / cost of revenue.
Receivables turnover	8.58x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	81 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-26 days	Days inventory + days sales outstanding - days payables.
FCF conversion	32.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	82.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$77.80	Revenue / diluted weighted shares.
FCF per share	$3.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.91	Cash from operations / diluted weighted shares.
Book value per share	$17.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.68	Tangible book value / shares outstanding.
Cash per share	$0.62	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	44.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$59.58B	Share price x shares outstanding.
Enterprise value	$79.02B	Market cap + total debt - cash - short-term investments.
P/E	26.3x	Market cap / net income. Only when net income is positive.
P/S	3.56x	Market cap / revenue.
P/B	16.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	41.6x	Market cap / tangible book value, when positive.
P/FCF	80.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.9x	Market cap / cash from operations, when positive.
EV/Sales	4.72x	Enterprise value / revenue.
EV/EBIT	20.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	107x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.2%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.88x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Targa Resources Corp.'s revenue in fiscal 2025?

Targa Resources Corp. reported revenue of $17.03B for fiscal 2025, 3.9% higher than the year before.

Was Targa Resources Corp. profitable in fiscal 2025?

Yes. Net income was $1.92B, a net margin of 11.3%.

How much free cash flow did Targa Resources Corp. generate in fiscal 2025?

Cash from operations of $3.92B minus capital expenditures of $3.33B left free cash flow of $584.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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