Targa Resources TRGP · USD
Energy · Oil, Gas & Consumable Fuels · US listing · 🇺🇸 United States
S&P 500
273.63
+3.42%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$17.14bn
FY2016FY2025
Net income
$1.84bn
FY2016FY2025
Free cash flow
$584.1m
FY2016FY2025
Shareholders' equity
$3.07bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.14bn | $16.63bn | $15.62bn | $21.68bn | $17.44bn | $8.27bn | $8.67bn | $10.55bn | $8.86bn | $6.64bn |
| Gross profit | $4.54bn | $3.33bn | $2.54bn | $2.79bn | $2.09bn | $1.52bn | $1.49bn | $778.8m | $526.1m | $410.7m |
| Operating income | $3.45bn | $2.94bn | $2.19bn | $2.48bn | $841.4m | $1.27bn | $192.9m | $323.8m | $321.2m | $223.0m |
| Net income | $1.84bn | $1.27bn | $828.2m | $1.14bn | $71.2m | −$1.55bn | −$209.2m | $1.6m | $54.0m | −$187.3m |
| Diluted earnings per share | 8.58 | 5.74 | 3.72 | 4.96 | 0.26 | -5.66 | -0.90 | 0.01 | 0.25 | -1.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $25.22bn | $22.73bn | $20.67bn | $19.56bn | $15.21bn | $15.88bn | $18.82bn | $16.94bn | $14.39bn | $12.87bn |
| Cash and short-term investments | $166.1m | $157.3m | $141.7m | $219.0m | $158.5m | $242.8m | $331.1m | $232.1m | $137.2m | $73.5m |
| Total liabilities | $22.02bn | $18.32bn | $16.06bn | $14.58bn | $10.03bn | $9.97bn | $10.37bn | $9.47bn | $7.42bn | $6.96bn |
| Debt | $17.43bn | $14.17bn | $12.95bn | $11.54bn | $6.60bn | $7.76bn | $7.82bn | $6.66bn | $5.13bn | $4.95bn |
| Shareholders' equity | $3.07bn | $2.59bn | $2.74bn | $2.67bn | $2.01bn | $2.65bn | $4.92bn | $6.08bn | $6.97bn | $5.92bn |
| Shares outstanding | 215m | 221m | 223m | 230m | 276m | 275m | 233m | 232m | 219m | 185m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $3.92bn | $3.65bn | $3.21bn | $2.38bn | $2.30bn | $1.74bn | $1.39bn | $1.14bn | $939.5m | $837.4m |
| Capital spending | −$3.33bn | −$2.97bn | −$2.39bn | −$1.33bn | −$505.1m | −$951.6m | −$2.88bn | −$3.11bn | −$1.30bn | −$562.1m |
| Free cash flow | $584.1m | $683.9m | $826.2m | $1.05bn | $1.80bn | $792.9m | −$1.49bn | −$1.97bn | −$358.0m | $275.3m |
| Dividends paid | −$818.3m | −$615.5m | −$427.3m | −$379.7m | −$187.5m | −$395.9m | −$964.8m | −$908.3m | −$843.2m | −$565.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.44bn | $4.09bn | $4.06bn | $4.20bn | $4.03bn | $4.85bn | $4.41bn | $3.89bn |
| Gross profit | $2.14bn | $1.27bn | $1.75bn | $978.3m | $892.9m | $923.8m | $1.10bn | $864.5m |
| Operating income | $787.1m | $846.9m | $917.4m | $884.7m | $1.03bn | $836.1m | $700.5m | $764.0m |
| Net income | $764.6m | $479.6m | $545.0m | $475.5m | $625.1m | $198.8m | $351.0m | $384.5m |
| Diluted earnings per share | 3.56 | 2.23 | 2.53 | 2.21 | 2.91 | 0.92 | 1.59 | 1.74 |
| Cash from operations | $1.44bn | $739.0m | $1.50bn | $599.0m | $858.0m | $954.0m | $1.33bn | $540.0m |
| Capital spending | −$1.01bn | −$899.0m | −$963.0m | −$671.0m | −$906.0m | −$792.0m | −$726.0m | −$828.0m |
| Free cash flow | $431.0m | −$160.0m | $542.0m | −$72.0m | −$48.0m | $162.0m | $601.0m | −$288.0m |
| Total assets | $28.52bn | $27.11bn | $25.22bn | $24.17bn | $23.51bn | $22.80bn | $22.73bn | $21.90bn |
| Cash and short-term investments | $132.3m | $100.1m | $166.1m | $223.9m | $113.1m | $151.4m | $157.3m | $127.2m |
| Debt | $18.89bn | $18.88bn | $17.20bn | $17.16bn | $16.61bn | $15.97bn | $13.93bn | $14.02bn |
| Shareholders' equity | $3.66bn | $3.14bn | $3.07bn | $2.71bn | $2.59bn | $2.45bn | $2.59bn | $2.57bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.5% | 15.7% | 10.0% |
| Operating income | 11.5% | 22.2% | 25.3% |
| Net income | 17.3% | — | 41.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.3% | 18.6% | 17.4% | 14.9% |
| Operating margin | 18.9% | 15.6% | 13.6% | 10.6% |
| Net margin | 9.2% | 7.2% | 3.7% | 2.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.5 | 31.1 | 23.4 | 14.8 | 202.8 | -4.7 | -21.4 | — | 92.3 | -26.0 |
| Price to sales | 2.3 | 2.4 | 1.2 | 0.8 | 0.8 | 0.9 | 0.5 | 0.4 | 0.6 | 0.7 |
Market value over time
31 Oct 2016 to 16 Sept 2026, in USD
$7.38bn$61.23bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 4% | 99% | 25% | 41% | 81% | 45% | 4% | -16% | -19% | 110% |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 31 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.50 | 3.75 | 2.75 | 1.85 | 1.40 | 0.40 | 1.21 | 3.64 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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