Targa Resources Corp.
TRGP- Exchange
- NYSE
- Industry
- Natural Gas Transmission
- SEC CIK
- 0001389170
In the last 90 days, Targa Resources Corp. insiders filed 0 open-market purchases and 3 sales; 1,103 institutions reported holding it in 13F filings for Q2 2026, worth $54.6B in total; Harris Associates (Oakmark) is the only superinvestor holding it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 8, 2026, 10:47 PM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 19, 2026 | Feb 20, 2025 | Feb 15, 2024 | Feb 22, 2023 | Feb 24, 2022 |
| Revenue | $17.0B | $16.4B | $16.1B | $20.9B | $16.9B |
| Cost of revenue | $10.5B | $10.7B | $10.7B | $16.9B | $13.7B |
| Selling, general and administrative | $406.0M | $384.9M | $348.7M | $309.7M | $273.2M |
| Operating income | $3.33B | $2.70B | $2.63B | $1.73B | $864.8M |
| Income tax | $529.7M | $384.5M | $363.2M | $131.8M | $14.8M |
| Net income | $1.92B | $1.31B | $1.35B | $1.20B | $71.2M |
| EPS, basic | $8.52 | $5.77 | $3.69 | $3.95 | $-0.07 |
| EPS, diluted | $8.49 | $5.74 | $3.66 | $3.88 | $-0.07 |
| Weighted shares, basic | 216.1M | 220.2M | 224.6M | 227.3M | 228.6M |
| Weighted shares, diluted | 216.9M | 221.3M | 226.0M | 231.1M | 228.6M |
| Margins and growth | |||||
| Operating margin | 19.6% | 16.5% | 16.4% | 8.3% | 5.1% |
| Net margin | 11.3% | 8.0% | 8.4% | 5.7% | 0.4% |
| Revenue growth, year over year | +3.9% | +2.0% | −23.3% | +23.5% | +105.2% |
| Net income growth, year over year | +46.6% | −2.5% | +12.6% | +1,579.1% | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 19, 2026 | Feb 20, 2025 | Feb 15, 2024 | Feb 22, 2023 | Feb 24, 2022 |
| Cash and equivalents | $166.1M | $157.3M | $141.7M | $219.0M | $158.5M |
| Accounts receivable | $1.47B | $1.62B | $1.47B | $1.41B | $1.33B |
| Inventory | $429.3M | $334.3M | $371.5M | $393.8M | $153.4M |
| Total current assets | $2.36B | $2.30B | $2.19B | $2.36B | $1.77B |
| Property, plant and equipment | $20.5B | $18.1B | $15.8B | $14.2B | $11.7B |
| Goodwill | $112.3M | $45.2M | $45.2M | $45.2M | $45.2M |
| Intangible assets | $1.65B | $1.98B | $2.35B | $2.73B | $1.09B |
| Total assets | $25.2B | $22.7B | $20.7B | $19.6B | $15.2B |
| Accounts payable | $1.87B | $2.01B | $1.57B | $1.45B | $1.40B |
| Short-term debt | – | – | – | – | $150.0M |
| Total current liabilities | $3.55B | $3.17B | $2.76B | $3.07B | $2.30B |
| Long-term debt | $17.4B | $14.2B | $13.0B | $11.5B | $6.60B |
| Shareholders' equity | $3.20B | $4.42B | $4.61B | $4.98B | $5.18B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 19, 2026 | Feb 20, 2025 | Feb 15, 2024 | Feb 22, 2023 | Feb 24, 2022 |
| Operating cash flow | $3.92B | $3.65B | $3.21B | $2.38B | $2.30B |
| Capital expenditures | $3.33B | $2.97B | $2.39B | $1.33B | $505.1M |
| Free cash flow | $584.1M | $683.9M | $826.2M | $1.05B | $1.80B |
| Depreciation and amortization | $1.52B | $1.42B | $1.33B | $1.10B | $870.6M |
| Stock-based compensation | $69.5M | $63.2M | $62.4M | $57.5M | $59.2M |
| Investing cash flow | -$3.64B | -$3.02B | -$2.40B | -$4.15B | -$473.2M |
| Financing cash flow | -$266.6M | -$612.8M | -$888.1M | $1.83B | -$1.91B |
| Net change in cash | $8.80M | $15.6M | -$77.3M | $60.5M | -$84.3M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 30, 2026 | 214.6M | 0.0% | SEC |
| Jul 31, 2026 | 214.4M | −0.4% | SEC |
| May 1, 2026 | 214.6M | −1.1% | SEC |
| Feb 13, 2026 | 215.0M | −1.4% | SEC |
| Oct 31, 2025 | 214.7M | −1.6% | SEC |
| Jul 31, 2025 | 215.2M | −1.8% | SEC |
| Apr 30, 2025 | 216.9M | −2.2% | SEC |
| Feb 14, 2025 | 218.1M | −2.3% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.