TRGP on NYSE

Targa Resources Corp.

Natural gas transmission company, listed on NYSE (TRGP). Summary from the record

$294.62 up 12.07 (4.27%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 19, 2026.

Overview

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TickerTRGP on NYSE¹
IndustryNatural Gas Transmission¹
HeadquartersHouston, Texas¹
Business address811 Louisiana Street, Suite 2100, Houston, Tx 77002³
Filer categoryLarge accelerated filer³

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The following section of this Form 10-K generally refers to business developments during the year ended December 31, 2025. Discussion of prior period business developments that are not included in this Form 10-K can be found in “Part I, Item 1. Business” of our Annual Report on Form 10-K for the year ended December 31, 2024 .⁴ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

19.6%Operating margin⁵

11.3%Net margin⁵

20.5%Revenue growth, 2025⁵

62.7%Return on equity⁵

5.68×Debt to equity⁵

$584.1MFree cash flow⁵

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costsProfit

Cost of revenue62¢$10.5B
Other costs24¢$4.1B
Income tax3¢$529.7M
Profit11¢$1.9B

Out of $17.0B in revenue.⁵

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending85¢$3.3B
Kept or used elsewhere15¢$584.1M

Out of $3.9B of cash from operations.⁵

Financial statements

Revenue⁶⁷⁸⁹⁵$17.0B in 2025+130% since 2019

Operating income⁶⁷⁸⁹⁵$3.3B in 2025+1627% since 2019

Net income⁶⁷⁸⁹⁵$1.9B in 2025

Fiscal year	2019	2020	2021	2022	2023	2024	2025
Revenue	$7.4B⁶	$6.9B⁷	$16.1B⁸	$19.8B⁹	$13.5B⁹	$14.1B⁹	$17.0B⁵
Cost of revenue	$6.2B⁶	$5.2B⁷	$13.7B⁸	$16.9B⁹	$10.7B⁵	$10.7B⁵	$10.5B⁵
Gross profit	$2.6B¹⁰
Operating income	$192.9M⁶	-$1.3B⁷	$864.8M⁸	$1.7B⁹	$2.6B⁵	$2.7B⁵	$3.3B⁵
Income before tax			$436.9M⁸	$1.7B⁹	$1.9B⁵	$1.9B⁵	$2.5B⁵
Income tax	-$87.9M⁶	-$248.1M⁷	$14.8M⁸	$131.8M⁹	$363.2M⁵	$384.5M⁵	$529.7M⁵
Net income	-$209.2M⁶	-$1.6B⁷	$71.2M⁸	$1.2B⁹	$1.3B⁵	$1.3B⁵	$1.9B⁵
Earnings per share	-$1.44⁶	-$7.26⁷	-$0.07⁸	$3.95⁹	$3.69⁵	$5.77⁵	$8.52⁵
Earnings per share (diluted)	-$1.44⁶	-$7.26⁷	-$0.07⁸	$3.88⁹	$3.66⁵	$5.74⁵	$8.49⁵
Shares (weighted, basic)			228.6M shares⁸	227.3M shares⁹	224.6M shares⁵	220.2M shares⁵	216.1M shares⁵
Shares (weighted, diluted)			228.6M shares⁸	231.1M shares⁹	226.0M shares⁵	221.3M shares⁵	216.9M shares⁵

Total assets¹³⁶⁷⁹⁵$25.2B in 2025+34% since 2019

Shareholders’ equity¹³⁶⁷⁸⁹⁵$3.1B in 2025−38% since 2019

Cash¹³⁶⁷⁸⁹⁵$166.1M in 2025−50% since 2019

Long-term debt¹³⁶⁷⁸⁹⁵$17.4B in 2025+123% since 2019

Fiscal year	2019	2020	2021	2022	2023	2024	2025
Cash	$331.1M¹³	$242.8M⁶	$158.5M⁷	$219.0M⁸	$141.7M⁹	$157.3M⁵	$166.1M⁵
Receivables			$1.3B⁷	$1.4B⁸	$1.5B⁹	$1.6B⁵	$1.5B⁵
Inventory			$153.4M⁷	$393.8M⁸	$371.5M⁹	$334.3M⁵	$429.3M⁵
Current assets	$1.7B¹³	$1.5B⁶	$1.8B⁷	$2.4B⁸	$2.2B⁹	$2.3B⁵	$2.4B⁵
Property, plant and equipment			$11.7B⁷	$14.2B⁸	$15.8B⁹	$18.1B⁵	$20.5B⁵
Goodwill			$45.2M⁷	$45.2M⁹	$45.2M⁵	$45.2M⁵	$112.3M⁵
Intangible assets			$1.1B⁸	$2.7B⁹	$2.4B⁵	$2.0B⁵	$1.7B⁵
Total assets	$18.8B¹³	$15.9B⁶	$15.2B⁷	$19.6B⁹	$20.7B⁵	$22.7B⁵	$25.2B⁵
Accounts payable			$1.4B⁷	$1.4B⁸	$1.6B⁹	$2.0B⁵	$1.9B⁵
Short-term debt			$150.0M⁶
Current liabilities	$1.9B¹³	$1.8B⁶	$2.3B⁷	$3.1B⁸	$2.8B⁹	$3.2B⁵	$3.5B⁵
Long-term debt	$7.8B¹³	$7.8B⁶	$6.6B⁷	$11.5B⁸	$13.0B⁹	$14.2B⁵	$17.4B⁵
Retained earnings			-$1.8B⁷	-$626.8M⁸	$492.0M⁹	$1.2B⁵	$2.3B⁵
Shareholders’ equity	$4.9B¹³	$2.7B⁶	$2.0B⁷	$2.7B⁸	$2.7B⁹	$2.6B⁵	$3.1B⁵
Shares outstanding	232.8M shares¹³	228.1M shares⁶	228.2M shares⁷	226.0M shares⁸	222.6M shares⁹	217.8M shares⁵	214.7M shares⁵

Cash from operations⁶⁷⁸⁹⁵$3.9B in 2025+182% since 2019

Capital spending⁶⁷⁸⁹⁵$3.3B in 2025+16% since 2019

Free cash flow⁶⁷⁸⁹⁵$584.1M in 2025

Fiscal year	2019	2020	2021	2022	2023	2024	2025
Cash from operations	$1.4B⁶	$1.7B⁷	$2.3B⁸	$2.4B⁹	$3.2B⁵	$3.6B⁵	$3.9B⁵
Depreciation and amortization			$870.6M⁸	$1.1B⁹	$1.3B⁵	$1.4B⁵	$1.5B⁵
Stock-based compensation			$59.2M⁸	$57.5M⁹	$62.4M⁵	$63.2M⁵	$69.5M⁵
Capital spending	$2.9B⁶	$951.6M⁷	$505.1M⁸	$1.3B⁹	$2.4B⁵	$3.0B⁵	$3.3B⁵
Free cash flow	-$1.5B	$792.9M	$1.8B	$1.0B	$826.2M	$683.9M	$584.1M
Cash from investing			-$473.2M⁸	-$4.1B⁹	-$2.4B⁵	-$3.0B⁵	-$3.6B⁵
Dividends paid
Share buybacks
Cash from financing			-$1.9B⁸	$1.8B⁹	-$888.1M⁵	-$612.8M⁵	-$266.6M⁵
Dividend per share	$3.64⁶	$1.21⁷	$0.40⁸	$1.40⁹	$1.85⁵	$2.75⁵	$3.75⁵

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Leadership

Who has led Targa Resources Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Rene R. Joyce2012–2014

President

Chief financial officer

Chief operating officer

Michael A. Heim2010–2015

201520202025

Chief executive officerMatthew J. Meloy Mar 3, 2020 to now¹⁴
Chief executive officerRene R. Joyce Dec 6, 2010 to Feb 15, 2011¹⁵
ChairRene R. Joyce Jan 17, 2012 to Apr 17, 2014¹⁶
PresidentJennifer R. Kneale Jan 20, 2026 to now¹⁷
PresidentMatthew J. Meloy Jul 3, 2018 to Jan 21, 2020¹⁸
PresidentJeffrey J. McParland Mar 2, 2017 to Mar 4, 2019¹⁹
PresidentMichael A. Heim Jan 17, 2012 to Nov 12, 2015²⁰
Chief financial officerWilliam A. Byers Jul 24, 2024 to now²¹
Chief financial officerJennifer R. Kneale Mar 9, 2018 to Feb 23, 2024²²
Chief financial officerMatthew J. Meloy Dec 6, 2010 to Jan 17, 2018²³
Chief operating officerMichael A. Heim Dec 6, 2010 to Nov 12, 2015²⁴

Board members and other officers (33)

OfficerBenjamin James Branstetter Mar 3, 2026 to now²⁵
OfficerBrent B. Secrest Sep 3, 2026 to now²⁶
Senior VP and CAOJohn Christopher Eklof Mar 12, 2025 to now²⁷
OfficerJennifer R. Kneale Aug 12, 2024 to Feb 26, 2025²⁸
OfficerGerald R. Shrader Dec 13, 2023 to now²⁹
OfficerRegina Gregory Mar 10, 2020 to Aug 11, 2023³⁰
Senior VP and CAOJulie H. Boushka Mar 7, 2019 to Jan 21, 2025³¹
Executive VP - CommercialRobert Muraro Mar 2, 2017 to now³²
Vice chairMichael A. Heim Apr 1, 2016 to Mar 4, 2019³³
OfficerD. Scott Pryor Nov 23, 2015 to now³⁴
OfficerDan C. Middlebrooks Nov 23, 2015 to Aug 7, 2018³⁵
EVP - Engineering & OperationsG. Clark White Nov 23, 2015 to Jan 22, 2024³⁶
OfficerPatrick J. McDonie Nov 23, 2015 to now³⁷
OfficerRene R. Joyce Dec 12, 2013 to Feb 18, 2014³⁸
Pres-Finance & AdministrationJeffrey J. McParland Dec 6, 2010 to Feb 3, 2017³⁹
Sr VP & CAOJohn Robert Sparger Dec 6, 2010 to Jan 24, 2017⁴⁰
Executive Vice PresidentRoy E. Johnson Dec 6, 2010 to Sep 4, 2014⁴¹
Board memberThomas Joseph Mathiasmeier Jul 23, 2026 to now⁴²
Board memberR. Keith Teague Mar 6, 2024 to now⁴³
Board memberCaron A. Lawhorn Mar 15, 2024 to now⁴⁴
Board memberLindsey Cooksen Jun 4, 2020 to now⁴⁵
Board memberMatthew J. Meloy Nov 19, 2020 to now⁴⁶
Board memberBeth A. Bowman Sep 10, 2018 to now⁴⁷
Board memberMichael A. Heim Mar 2, 2016 to Mar 4, 2019⁴⁸
Board memberWaters S. Davis Iv. Jul 24, 2015 to now⁴⁹
Board memberLaura C. Fulton Mar 1, 2013 to now⁵⁰
Board memberErshel C. Redd Jr. Feb 18, 2011 to May 13, 2024⁵¹
Board memberChansoo Joung Dec 6, 2010 to Dec 14, 2010⁵²
Board memberCharles R. Crisp Dec 6, 2010 to now⁵³
Board memberChris Tong Dec 6, 2010 to Mar 31, 2022⁵⁴
Board memberIn Seon Hwang Dec 6, 2010 to Feb 20, 2013⁵⁵
Board memberPeter Kagan Dec 6, 2010 to Mar 3, 2015⁵⁶
Board memberRene R. Joyce Dec 6, 2010 to now¹⁵

Former names

Targa Resources Investments Inc.Feb 8, 2007 to Nov 12, 2010³

Timeline

Mar 3, 2020New chief executive Matthew J. Meloy becomes CEO¹⁴
Dec 6, 2010New chief executive Rene R. Joyce becomes CEO¹⁵

Filings

535 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 70 major events, 287 insider forms, 19 large holders, 139 other. The latest 20:

Sep 17, 2026SD EDGAR
Sep 8, 20264 EDGAR
Sep 3, 20264 EDGAR
Sep 3, 20263 EDGAR
Sep 3, 20264 EDGAR
Aug 26, 2026144 EDGAR
Aug 26, 20264 EDGAR
Aug 25, 2026144 EDGAR
Aug 25, 20264 EDGAR
Aug 25, 20268-K EDGAR
Aug 24, 20264 EDGAR
Aug 20, 2026144 EDGAR
Aug 20, 20264 EDGAR
Aug 6, 202610-Q EDGAR
Aug 6, 20268-K EDGAR
Aug 4, 20264 EDGAR
Aug 4, 20264 EDGAR
Aug 4, 20264 EDGAR
Jul 23, 20264 EDGAR
Jul 23, 20263 EDGAR

The 535 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

113 open-market trades by officers, directors and large owners since October 2021: 0 buys and 113 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Chung Paul WDirector	Sale	1,816	$296.11	$537.7K	Form 4
Aug 25, 2026	CRISP CHARLES RDirector	Sale	3,000	$290.23	$870.7K	Form 4
Aug 21, 2026	Davis Waters S IVDirector	Sale	2,400	$299.67	$719.2K	Form 4
May 12, 2026	CRISP CHARLES RDirector	Sale	10,602	$255.96	$2.7M	Form 4
Mar 5, 2026	Muraro RobertChief Commercial Officer	Sale	24,589	$241.34	$5.9M	Form 4
Mar 2, 2026	McDonie Patrick J.See Remarks	Sale	31,537	$239.36	$7.5M	Form 4
Mar 2, 2026	Branstetter Benjamin JamesSee Remarks	Sale	3,258	$238.83	$778.1K	Form 4
Feb 26, 2026	Cooksen LindseyDirector	Sale	435	$231.72	$100.8K	Form 4
Feb 25, 2026	Pryor D. ScottSee Remarks	Sale	17,500	$228.92	$4.0M	Form 4
Feb 24, 2026	Kneale Jennifer R.President	Sale	29,509	$230.12	$6.8M	Form 4
Feb 24, 2026	CRISP CHARLES RDirector	Sale	1,359	$229.30	$311.6K	Form 4
Dec 5, 2025	Shrader Gerald RSee Remarks	Sale	2,750	$181.21	$498.3K	Form 4
Nov 14, 2025	Pryor D. ScottSee Remarks	Sale	20,000	$172.21	$3.4M	Form 4
Aug 15, 2025	Pryor D. ScottSee Remarks	Sale	20,000	$165.35	$3.3M	Form 4
May 8, 2025	Pryor D. ScottSee Remarks	Sale	20,000	$161.64	$3.2M	Form 4
Feb 28, 2025	Cooksen LindseyDirector	Sale	1,050	$198.14	$208.0K	Form 4
Feb 28, 2025	Chung Paul WDirector	Sale	6,222	$202.92	$1.3M	Form 4
Feb 27, 2025	Pryor D. ScottSee Remarks	Sale	35,000	$197.30	$6.9M	Form 4
Feb 25, 2025	Davis Waters S IVDirector	Sale	2,190	$196.26	$429.8K	Form 4
Feb 25, 2025	MELOY MATTHEW JChief Executive Officer	Sale	48,837	$195.08	$9.5M	Form 4

All 113 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Wellington Management CompanySCHEDULE 13G/A, 4 filings Nov 8, 2024 to May 15, 2026⁵⁷
VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 2026⁵⁸
VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 2026⁵⁹
VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Feb 10, 2022 to Mar 27, 2026⁶⁰
State Street CorporationSC 13G/A, 2 filings Jan 31, 2023 to Jan 30, 2024⁶¹
PRICE T ROWE ASSOCIATES INC /MD/SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 2023⁶²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARTarga Resources Corp. filings on SEC EDGAR
2
Yahoo FinanceTRGP quote
3
SEC EDGARTarga Resources Corp. filings on SEC EDGAR
4
SEC EDGARTarga Resources Corp. annual report, Item 1 (Business)
5
SEC EDGARTarga Resources Corp. 10-K for fiscal 2025
6
SEC EDGARTarga Resources Corp. 10-K for fiscal 2019
7
SEC EDGARTarga Resources Corp. 10-K for fiscal 2020
8
SEC EDGARTarga Resources Corp. 10-K for fiscal 2021
9
SEC EDGARTarga Resources Corp. 10-K for fiscal 2022
10
SEC EDGARTarga Resources Corp. 10-K for fiscal 2019
11
SEC EDGARTarga Resources Corp. 10-Q for fiscal 2026
12
SEC EDGARTarga Resources Corp. 10-Q for fiscal 2026
13
SEC EDGARTarga Resources Corp. 10-K for fiscal 2019
14
SEC EDGARMatthew J. Meloy, Chief executive officer
15
SEC EDGARRene R. Joyce, Chief executive officer
16
SEC EDGARRene R. Joyce, Chair
17
SEC EDGARJennifer R. Kneale, President
18
SEC EDGARMatthew J. Meloy, President
19
SEC EDGARJeffrey J. McParland, President
20
SEC EDGARMichael A. Heim, President
21
SEC EDGARWilliam A. Byers, Chief financial officer
22
SEC EDGARJennifer R. Kneale, Chief financial officer
23
SEC EDGARMatthew J. Meloy, Chief financial officer
24
SEC EDGARMichael A. Heim, Chief operating officer
25
SEC EDGARBenjamin James Branstetter, Officer
26
SEC EDGARBrent B. Secrest, Officer
27
SEC EDGARJohn Christopher Eklof, Senior VP and CAO
28
SEC EDGARJennifer R. Kneale, Officer
29
SEC EDGARGerald R. Shrader, Officer
30
SEC EDGARRegina Gregory, Officer
31
SEC EDGARJulie H. Boushka, Senior VP and CAO
32
SEC EDGARRobert Muraro, Executive VP - Commercial
33
SEC EDGARMichael A. Heim, Vice chair
34
SEC EDGARD. Scott Pryor, Officer
35
SEC EDGARDan C. Middlebrooks, Officer
36
SEC EDGARG. Clark White, EVP - Engineering & Operations
37
SEC EDGARPatrick J. McDonie, Officer
38
SEC EDGARRene R. Joyce, Officer
39
SEC EDGARJeffrey J. McParland, Pres-Finance & Administration
40
SEC EDGARJohn Robert Sparger, Sr VP & CAO
41
SEC EDGARRoy E. Johnson, Executive Vice President
42
SEC EDGARThomas Joseph Mathiasmeier, Board member
43
SEC EDGARR. Keith Teague, Board member
44
SEC EDGARCaron A. Lawhorn, Board member
45
SEC EDGARLindsey Cooksen, Board member
46
SEC EDGARMatthew J. Meloy, Board member
47
SEC EDGARBeth A. Bowman, Board member
48
SEC EDGARMichael A. Heim, Board member
49
SEC EDGARWaters S. Davis Iv., Board member
50
SEC EDGARLaura C. Fulton, Board member
51
SEC EDGARErshel C. Redd Jr., Board member
52
SEC EDGARChansoo Joung, Board member
53
SEC EDGARCharles R. Crisp, Board member
54
SEC EDGARChris Tong, Board member
55
SEC EDGARIn Seon Hwang, Board member
56
SEC EDGARPeter Kagan, Board member
57
SEC EDGARWellington Management Company SCHEDULE 13G/A on Targa Resources Corp.
58
SEC EDGARVANGUARD CAPITAL MANAGEMENT LLC SCHEDULE 13G on Targa Resources Corp.
59
SEC EDGARVANGUARD PORTFOLIO MANAGEMENT LLC SCHEDULE 13G on Targa Resources Corp.
60
SEC EDGARVANGUARD GROUP INC SCHEDULE 13G/A on Targa Resources Corp.
61
SEC EDGARState Street Corporation SC 13G/A on Targa Resources Corp.
62
SEC EDGARPRICE T ROWE ASSOCIATES INC /MD/ SC 13G/A on Targa Resources Corp.