Targa Resources Corp.

Listed Company

TRGPCIK 0001389170NYSELarge AcceleratedNatural Gas TransmissionFY ends Dec 31

Period

FY 2025

Revenue

$17.03B

Net Income

$1.92B

Total Assets

$25.22B

Equity

$3.07B

Shares Out

214.64M

Op. Cash Flow

$3.92B

TRGP$282.90+69.83% · past yearDBEQ Basic

Daily closing prices

Business

Targa Resources Corp. is a midstream infrastructure company providing gathering, processing, transporting, and purchasing and selling services for natural gas, NGLs, and crude oil across North America. The company operates natural gas processing plants, NGL fractionation facilities, storage and terminaling infrastructure, and pipeline systems. Operations span two segments: Gathering and Processing, serving major basins including the Permian, Eagle Ford, and Williston; and Logistics and Transportation, featuring NGL pipelines and export capabilities.

Summary from 10-K filed 2026-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	17,028	16,382	16,060	20,930	16,950
Product purchases and fuel	10,508	10,703	10,676	16,882	13,730
Operating expenses	1,298	1,176	1,078	913	747
Depreciation and amortization expense	1,515	1,423	1,330	1,096	871
General and administrative expense	406	385	349	310	273
Other operating (income) expense	−30	−400,000	2	200,000	12
Income (loss) from operations	3,331	2,695	2,626	1,729	865
Interest expense, net	−853	−767	−688	−446	−388
Equity earnings (loss)	12	9	9	9	−24
Other, net	−4	400,000	−5	−15	500,000
Income (loss) before income taxes	2,486	1,938	1,943	1,663	437
Income tax (expense) benefit	−530	−385	−363	−132	−15
Net income (loss)	1,957	1,554	1,579	1,531	422
Less: Net income (loss) attributable to noncontrolling interests	34	242	233	336	351
Net income (loss) attributable to Targa Resources Corp.	1,923	1,312	1,346	1,196	71
Premium on repurchase of noncontrolling interests, net of tax	71	33	510	53	—
Net income (loss) attributable to common shareholders	1,853	1,279	836	897	−16
Net income (loss) per common share - basic	8.52	5.77	3.69	3.95	−0.07
Net income (loss) per common share - diluted	8.49	5.74	3.66	3.88	−0.07
Weighted average shares outstanding - basic	216	220	225	227	229
Weighted average shares outstanding - diluted	217	221	226	231	229

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	166	157	142	219	159
Trade receivables, net of allowances of $0.7 million and $2.5 million as of December 31, 2025 and 2024	1,475	1,618	1,471	1,408	1,332
Inventories	429	334	372	394	153
Assets from risk management activities	155	62	112	180	43
Other current assets	138	125	99	156	83
Total current assets	2,363	2,296	2,195	2,357	1,770
Property, plant and equipment, net	20,535	18,063	15,806	14,215	11,668
Intangible assets, net	1,651	1,977	2,351	2,735	1,095
Long-term assets from risk management activities	35	25	33	25	8
Investments in unconsolidated affiliates	307	193	146	131	587
Other long-term assets	327	179	141	98	82
Total assets	25,218	22,734	20,672	19,560	15,208
Accounts payable	1,873	2,013	1,575	1,449	1,402
Accrued liabilities	359	336	282	290	272
Interest payable	311	269	230	174	139
Liabilities from risk management activities	234	167	54	320	258
Current debt obligations	770	388	621	834	163
Total current liabilities	3,547	3,173	2,761	3,067	2,299
Long-term debt	16,662	13,787	12,333	10,702	6,434
Long-term liabilities from risk management activities	23	92	17	140	109
Deferred income taxes, net	1,394	872	536	328	136
Other long-term liabilities	395	392	415	341	302
Commitments and Contingencies (see Notes 16 and 17)	0	0	0	0	—
Common Stock ($0.001 par value, 450,000,000 shares authorized as of December 31, 2025 and 2024)	200,000	200,000	200,000	200,000	200,000
Additional paid-in capital	3,088	3,089	3,059	3,702	4,269
Retained earnings (deficit)	2,294	1,190	492	−627	−1,822
Accumulated other comprehensive income (loss)	114	28	86	55	−231
Treasury stock, at cost (26,823,261 shares and 24,000,284 shares as of December 31, 2025 and 2024)	−2,429	−1,714	−897	−465	−204
Total Targa Resources Corp. stockholders' equity	3,068	2,592	2,740	2,666	2,012
Noncontrolling interests	130	1,826	1,870	2,317	3,167
Total owners' equity	3,198	4,418	4,610	4,982	5,179
Total liabilities and owners' equity	25,218	22,734	20,672	19,560	15,208

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization in interest expense	17	15	13	11	10
Compensation on equity grants	70	63	62	58	59
Deferred income tax expense (benefit)	517	367	350	125	12
Distributions of earnings received from unconsolidated affiliates	21	20	13	12	84
Risk management activities	5	165	−275	303	116
Other, net	21	15	10	—	—
Receivables and other assets	111	−75	−21	220	−392
Inventories	−90	34	36	−236	41
Accounts payable, accrued liabilities and other liabilities	−257	41	68	−383	565
Interest payable	42	40	56	36	6
Net cash provided by (used in) operating activities	3,917	3,650	3,212	2,381	2,303
Outlays for property, plant and equipment	−3,333	−2,966	−2,385	−1,334	−505
Outlays for business acquisition, net of cash acquired	−123	—	—	−3,504	—
Outlays for asset acquisition, net of cash acquired	−90	—	—	−205	—
Investments in unconsolidated affiliates	−131	−63	−25	−2	−600,000
Return of capital from unconsolidated affiliates	8	6	6	17	20
Other, net	27	2	4	−2	100,000
Net cash provided by (used in) investing activities	−3,642	−3,021	−2,401	−4,150	−473
Repayments of credit facilities	—	—	−290	−5,555	−1,455
Proceeds from borrowings of commercial paper notes	109,556	85,431	59,003	30,504	—
Repayments of commercial paper notes	−110,525	−84,475	−59,837	−29,496	—
Repayment of term loan facility	—	−500	−1,000	—	—
Proceeds from borrowings under accounts receivable securitization facility	1,470	775	143	1,230	630
Repayments of accounts receivable securitization facility	−1,800	−1,020	−368	−580	−830
Proceeds from issuance of senior unsecured notes	5,239	999	3,728	2,741	1,000
Redemption of senior unsecured notes	−705	—	—	−1,473	−1,132
Principal payments of finance leases	−77	−50	−43	−20	−13
Costs incurred in connection with financing arrangements	−57	−10	−36	−46	—
Repurchases of common stock	−642	−755	−374	−225	−53
Shares tendered for tax withholding obligations	−67	−56	−56	−36	—
Contributions from noncontrolling interests	—	12	10	26	16
Distributions to noncontrolling interests	−34	−233	−222	−316	−500
Repurchase of noncontrolling interests	−1,800	−113	−1,119	−926	—
Dividends paid to common shareholders	−818	−616	−427	−380	−188
Other, net	−6	−3	—	—	—
Net cash provided by (used in) financing activities	−267	−613	−888	1,829	−1,914
Net change in cash and cash equivalents	9	16	−77	61	−84

Filings

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Frequently asked questions

What is Targa Resources Corp.'s CIK number?

Targa Resources Corp.'s SEC CIK number is 0001389170 (1389170). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Targa Resources Corp.'s SEC filings?

All of Targa Resources Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Targa Resources Corp. last report earnings?

Targa Resources Corp. (TRGP) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-210165). This is Targa Resources Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Targa Resources Corp.'s most recent earnings 8-K?

Targa Resources Corp.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001193125-26-210165. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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