Targa Resources Corp. (TRGP) Financial Statements
Industry: Natural Gas Transmission
In fiscal 2025, Targa Resources reported revenue of $17.03B, up 3.9% from $16.38B the year before. Net income was $1.92B (a 11.3% net margin), or $8.49 per diluted share. Gross margin was 38.3% and operating margin was 19.6%. Operating activities generated $3.92B of cash, leaving $584.1M of free cash flow. At fiscal year end, Targa Resources held $25.22B in total assets against $22.15B in total liabilities, including $166.1M of cash and equivalents.
Open the full interactive Targa Resources financials → Quarterly statements, key ratios, valuation history and price charts.
Targa Resources Key Stats
| Share Price | $293.04 |
|---|---|
| Market Cap | $63.06B |
| P/E Ratio | 34.5 |
| Revenue YoY Growth | +4.0% |
| 52-Week Range | $143.22 – $302.25 |
| Shares Outstanding | 214.6 million (basic, 2026 Q2) |
Targa Resources Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $8.26B | $16.95B | $20.93B | $16.06B | $16.38B | $17.03B |
| Cost of Goods Sold | $5.11B | $13.73B | $16.88B | $10.68B | $10.70B | $10.51B |
| Gross Profit | $3.16B | $3.22B | $4.05B | $5.38B | $5.68B | $6.52B |
| Operating Income | -$1.30B | $864.8M | $1.73B | $2.63B | $2.70B | $3.33B |
| Pre-Tax Income | -$1.57B | $436.9M | $1.66B | $1.94B | $1.94B | $2.49B |
| Income Tax | -$248.1M | $14.8M | $131.8M | $363.2M | $384.5M | $529.7M |
| Net Income | -$1.55B | $71.2M | $1.20B | $1.35B | $1.31B | $1.92B |
| Diluted EPS | -$7.26 | -$0.07 | $3.88 | $3.66 | $5.74 | $8.49 |
Targa Resources Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $4.15B | $4.06B | $4.09B | $4.44B |
| Net Income | $478.4M | $545.0M | $479.6M | $764.6M |
| Diluted EPS | $2.20 | $2.51 | $2.21 | $3.54 |
Targa Resources Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $242.8M | $158.5M | $219.0M | $141.7M | $157.3M | $166.1M |
| Current Assets | $1.46B | $1.77B | $2.36B | $2.19B | $2.30B | $2.36B |
| Total Assets | $15.88B | $15.21B | $19.56B | $20.67B | $22.73B | $25.22B |
| Current Liabilities | $1.78B | $2.30B | $3.07B | $2.76B | $3.17B | $3.55B |
| Total Long-Term Debt | $7.39B | $6.43B | $10.70B | $12.33B | $13.79B | $16.66B |
| Total Liabilities | $13.22B | $13.20B | $16.89B | $17.93B | $20.14B | $22.15B |
| Shareholders' Equity | $2.65B | $2.01B | $2.67B | $2.74B | $2.59B | $3.07B |
Targa Resources Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.74B | $2.30B | $2.38B | $3.21B | $3.65B | $3.92B |
| Cash From Investing | -$738.1M | -$473.2M | -$4.15B | -$2.40B | -$3.02B | -$3.64B |
| Cash From Financing | -$1.09B | -$1.91B | $1.83B | -$888.1M | -$612.8M | -$266.6M |
| Free Cash Flow | $792.9M | $1.80B | $1.05B | $826.2M | $683.9M | $584.1M |
Figures from Targa Resources' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Targa Resources financials page for every line item.
Targa Resources Company Profile
| Ticker | TRGP |
|---|---|
| Exchange | NYSE |
| Industry | Natural Gas Transmission |
| Headquarters | Houston, Texas |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001389170 |
Frequently Asked Questions
What was Targa Resources' revenue in fiscal 2025?
Targa Resources (TRGP) reported revenue of $17.03B for fiscal 2025.
What is Targa Resources' annual revenue history?
Targa Resources' annual revenue by fiscal year: 2020: $8.26B; 2021: $16.95B; 2022: $20.93B; 2023: $16.06B; 2024: $16.38B; 2025: $17.03B.
What was Targa Resources' net income in fiscal 2025?
Targa Resources reported net income of $1.92B for fiscal 2025.
What was Targa Resources' earnings per share (EPS) in fiscal 2025?
Targa Resources' diluted EPS was $8.49 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Targa Resources generate in fiscal 2025?
Targa Resources generated $584.1M of free cash flow in fiscal 2025.
What was Targa Resources' revenue last quarter?
In its most recent reported quarter (2026 Q2), Targa Resources reported revenue of $4.44B.
How much debt does Targa Resources have?
Targa Resources reported $16.66B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Targa Resources are outstanding?
Targa Resources reported a weighted average of 214.6 million basic shares outstanding in 2026 Q2.
What is Targa Resources' market cap?
Based on its latest closing price, Targa Resources (TRGP) has a market capitalization of about $63.06B.
When does Targa Resources' fiscal year end?
Targa Resources' fiscal year end, as registered with the SEC, is December 31.
Where is Targa Resources headquartered?
Targa Resources lists its business address in Houston, Texas in its SEC filings.