Targa Resources financials
$273.49−1.42%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.03B | $16.38B | $16.06B | $20.93B | $16.95B | $8.26B | $8.67B | $10.48B | $8.81B | $6.69B |
| Gross profit | $6.52B | $5.68B | $5.38B | $4.05B | $3.22B | $3.07B | $2.46B | $2.25B | $1.91B | $1.77B |
| Gross margin | 38.3% | 34.7% | 33.5% | 19.3% | 19.0% | 37.2% | 28.4% | 21.4% | 21.7% | 26.4% |
| Operating income | $3.30B | $2.69B | $2.63B | $1.73B | $864.8M | -$1.30B | $184.2M | $246.3M | -$22.8M | $56.2M |
| Net income | $1.84B | $1.27B | $828.2M | $896.8M | -$16.1M | -$1.68B | -$334.0M | -$119.3M | -$63.4M | -$278.1M |
| Net margin | 10.8% | 7.7% | 5.2% | 4.3% | −0.1% | −20.4% | −3.9% | −1.1% | −0.7% | −4.2% |
| Diluted EPS | $8.49 | $5.74 | $3.66 | $3.88 | $-0.07 | $-7.26 | $-1.44 | $-0.53 | $-0.31 | $-1.80 |
| EBITDA | $4.82B | $4.12B | $3.96B | $2.83B | $2.19B | $2.00B | $1.39B | $1.26B | $1.07B | $1.02B |
| Operating cash flow | $3.92B | $3.65B | $3.21B | $2.38B | $2.30B | $1.74B | $1.38B | $1.15B | $1.04B | $837.8M |
| Free cash flow | $584.1M | $683.9M | $826.2M | $1.05B | $1.80B | $793.2M | -$1.50B | -$1.96B | -$258.4M | $275.7M |
| Diluted shares | 216.9M | 221.3M | 226.0M | 231.1M | 228.6M | 232.2M | 232.5M | 224.2M | 206.9M | 154.4M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $166.1M | $157.3M | $141.7M | $219.0M | $158.5M | $242.8M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $17.74B | $14.44B | $13.18B | $11.54B | $6.74B | $7.89B |
| Total assets | $25.22B | $22.73B | $20.67B | $19.56B | $15.21B | $15.88B |
| Total liabilities | $22.02B | $18.32B | $16.06B | $14.58B | $9.28B | $9.67B |
| Shareholders' equity | $3.20B | $4.42B | $4.61B | $4.98B | $5.93B | $6.20B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology