Targa Resources (TRGP) financial statements
Targa Resources reported revenue of $17.0B in fiscal 2025, up 10.9% a year over 9 years.
Net income was $1.9B and the operating margin 19.6%, against 0.8% in 2016.
Free cash flow was $584M.
The diluted share count rose 40% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Targa Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.7B | $8.8B | $10.5B | $8.7B | $8.3B | $16.9B | $20.9B | $16.1B | $16.4B | $17.0B |
| Cost of revenue | $4.9B | $6.9B | $8.2B | $6.2B | $5.2B | $13.7B | $16.9B | $10.7B | $10.7B | $10.5B |
| Gross profit | $1.8B | $1.9B | $2.2B | $2.6B | $3.1B | $3.2B | $4.0B | $5.4B | $5.7B | $6.5B |
| Selling, general and admin | $187M | $203M | $257M | $281M | $255M | $273M | $310M | $349M | $385M | $406M |
| Operating income | $56M | -$122M | $238M | $193M | -$1.3B | $865M | $1.7B | $2.6B | $2.7B | $3.3B |
| Pre-tax income | -$260M | -$293M | $66M | -$47M | -$1.6B | $437M | $1.7B | $1.9B | $1.9B | $2.5B |
| Income tax | -$101M | -$397M | $6M | -$88M | -$248M | $15M | $132M | $363M | $384M | $530M |
| Net income | -$187M | $54M | $2M | -$209M | -$1.6B | $71M | $1.2B | $1.3B | $1.3B | $1.9B |
| EPS (diluted) | -$1.80 | -$0.31 | -$0.53 | -$1.44 | -$7.26 | -$0.07 | $3.88 | $3.66 | $5.74 | $8.49 |
| Diluted shares | 154M | 207M | 224M | 232M | 232M | 229M | 231M | 226M | 221M | 217M |
| Gross margin | 26.4% | 21.7% | 21.4% | 29.4% | 37.2% | 19.0% | 19.3% | 33.5% | 34.7% | 38.3% |
| Operating margin | 0.8% | -1.4% | 2.3% | 2.2% | -15.8% | 5.1% | 8.3% | 16.4% | 16.5% | 19.6% |
| Net margin | -2.8% | 0.6% | 0.0% | -2.4% | -18.8% | 0.4% | 5.7% | 8.4% | 8.0% | 11.3% |
Balance sheet
Fiscal years, from Targa Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $74M | $137M | $232M | $331M | $243M | $158M | $219M | $142M | $157M | $166M |
| Receivables | $675M | $828M | $866M | $855M | $863M | $1.3B | $1.4B | $1.5B | $1.6B | $1.5B |
| Inventory | $138M | $204M | $165M | $162M | $182M | $153M | $394M | $372M | $334M | $429M |
| Total current assets | $1.0B | $1.3B | $1.4B | $1.7B | $1.5B | $1.8B | $2.4B | $2.2B | $2.3B | $2.4B |
| Property, plant and equipment | $9.7B | $10.4B | $12.9B | $14.5B | $12.2B | $11.7B | $14.2B | $15.8B | $18.1B | $20.5B |
| Goodwill | $210M | $257M | $47M | $45M | $45M | $45M | $45M | $45M | $45M | $112M |
| Total assets | $12.9B | $14.4B | $16.9B | $18.8B | $15.9B | $15.2B | $19.6B | $20.7B | $22.7B | $25.2B |
| Total current liabilities | $1.2B | $1.6B | $2.8B | $1.9B | $1.8B | $2.3B | $3.1B | $2.8B | $3.2B | $3.5B |
| Long-term debt | $4.6B | $4.7B | $5.6B | $7.4B | $7.4B | $6.4B | $10.7B | $12.3B | $13.8B | $16.7B |
| Total liabilities | $7.1B | $7.6B | $9.5B | $10.4B | $10.0B | $10.0B | $14.6B | $16.1B | $18.3B | $22.0B |
| Shareholders' equity | $5.2B | $6.2B | $6.1B | $4.9B | $2.7B | $2.0B | $2.7B | $2.7B | $2.6B | $3.1B |
| Net debt | $4.8B | $4.9B | $6.4B | $7.5B | $7.5B | $6.4B | $10.5B | $12.2B | $13.6B | $16.5B |
Cash flow
Fiscal years, from Targa Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $837M | $940M | $1.1B | $1.4B | $1.7B | $2.3B | $2.4B | $3.2B | $3.6B | $3.9B |
| Capital spending | $562M | $1.3B | $3.1B | $2.9B | $952M | $505M | $1.3B | $2.4B | $3.0B | $3.3B |
| Free cash flow | $275M | -$358M | -$2.0B | -$1.5B | $793M | $1.8B | $1.0B | $826M | $684M | $584M |
| Stock-based compensation | $30M | $42M | $56M | $60M | $66M | $59M | $58M | $62M | $63M | $70M |
| Net borrowing | $1.0B | $750M | — | — | — | — | — | — | — | — |
| Free cash flow margin | 4.1% | -4.1% | -18.8% | -17.2% | 9.6% | 10.6% | 5.0% | 5.1% | 4.2% | 3.4% |
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Open TRGP in InvestinglyQuestions
What was Targa Resources's revenue in 2025?
$17.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Targa Resources generate?
$584M in fiscal 2025 (operating cash flow minus capital spending).
From Targa Resources's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.