TRGP on NYSE

Targa Resources

Midstream energy company

Targa Resources Corp. is a Fortune 500 company based in Houston, Texas.³ From Wikipedia, CC BY-SA 4.0

$281.32 down 9.59 (3.30%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

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TickerTRGP on NYSE¹
IndustryNatural Gas Transmission¹
Websitewww.targaresources.com
Business address811 Louisiana Street, Suite 2100, Houston, Tx 77002⁵
Filer categoryLarge accelerated filer⁵

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Targa Resources Corp. is a Fortune 500 company based in Houston, Texas. Targa, a midstream energy infrastructure corporation, is one of the largest infrastructure companies delivering natural gas and natural gas liquids in the United States. Their operations are based largely, though not entirely, on the Gulf Coast, particularly in Texas and Louisiana. Matthew J. Meloy has been Chief Executive Officer since 2020.³

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 margin⁷

11.3%Net margin⁷

20.5%Revenue growth, 2025⁷

62.7%Return on equity⁷

5.68×Debt to equity⁷

$584.1MFree cash flow⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Natural Gas Liquids (NGL) brought in 70% of the revenue Targa Resources broke down this way in fiscal 2025.

Natural Gas Liquids (NGL)$12.1B⁷70%down 2% from 2024
Natural Gas$2.0B⁷12%up 64% from 2024
Gathering And Processing Fees$1.8B⁷10%up 10% from 2024
Storage Terminaling And Export$496.8M⁷3%down 0% from 2024
Oil and Condensate$448.3M⁷3%down 14% from 2024
NGL Transportation Fractionation And Services$311.6M⁷2%up 4% from 2024
Midstream Services Other$23.2M⁷0%down 62% from 2024

Products and services by year

Products and services	2023	2024	2025
Natural Gas Liquids (NGL)	$10.6B	$12.4B	$12.1B
Natural Gas	$2.4B	$1.2B	$2.0B
Gathering And Processing Fees	$1.3B	$1.6B	$1.8B
Storage Terminaling And Export	$440.7M	$497.9M	$496.8M
Oil and Condensate	$519.5M	$523.6M	$448.3M
NGL Transportation Fractionation And Services	$261.1M	$298.4M	$311.6M
Midstream Services Other	$53.6M	$60.6M	$23.2M

Business segments

Logistics And Transportation brought in 84% of the revenue Targa Resources broke down this way in fiscal 2025.

Logistics And Transportation$14.3B⁷84%up 3% from 2024
Gathering And Processing$2.7B⁷16%up 0% from 2024

Business segments by year

Business segments	2023	2024	2025
Logistics And Transportation	$13.3B	$13.9B	$14.3B
Gathering And Processing	$2.4B	$2.7B	$2.7B

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.⁷

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.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$17.0B in 2025+130% since 2019

Operating income⁸⁹¹⁰¹¹⁷$3.3B in 2025+1627% since 2019

Net income⁸⁹¹⁰¹¹⁷$1.9B in 2025

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$17.0B	$16.4B	$16.1B
Product purchases and fuel	$10.5B	$10.7B	$10.7B
Operating expenses	$1.3B	$1.2B	$1.1B
Depreciation and amortization expense	$1.5B	$1.4B	$1.3B
General and administrative expense	$406.0M	$384.9M	$348.7M
Other operating (income) expense	-$30.3M	-$400.0K	$1.5M
Income (loss) from operations	$3.3B	$2.7B	$2.6B
Interest expense, net	-$852.8M	-$767.2M	-$687.8M
Equity earnings (loss)	$11.8M	$9.4M	$9.0M
Other, net	-$3.8M	$400.0K	-$4.9M
Income (loss) before income taxes	$2.5B	$1.9B	$1.9B
Income tax (expense) benefit	-$529.7M	-$384.5M	-$363.2M
Net income (loss)	$2.0B	$1.6B	$1.6B
Less: Net income (loss) attributable to noncontrolling interests	$33.7M	$241.5M	$233.4M
Net income (loss) attributable to Targa Resources Corp.	$1.9B	$1.3B	$1.3B
Premium on repurchase of noncontrolling interests, net of tax	$70.5M	$32.9M	$510.1M
Net income (loss) attributable to common shareholders	$1.9B	$1.3B	$835.8M
Net income (loss) per common share - basic	$8.52	$5.77	$3.69
Net income (loss) per common share - diluted	$8.49	$5.74	$3.66
Weighted average shares outstanding - basic	216.1M shares	220.2M shares	224.6M shares
Weighted average shares outstanding - diluted	216.9M shares	221.3M shares	226.0M shares

Total assets¹⁵⁸⁹¹¹⁷$25.2B in 2025+34% since 2019

Shareholders’ equity¹⁵⁸⁹¹⁰¹¹⁷$3.1B in 2025−38% since 2019

Cash¹⁵⁸⁹¹⁰¹¹⁷$166.1M in 2025−50% since 2019

Long-term debt¹⁵⁸⁹¹⁰¹¹⁷$17.4B in 2025+123% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$166.1M	$157.3M
Trade receivables, net of allowances of $0.7 million and $2.5 million as of December 31, 2025 and 2024	$1.5B	$1.6B
Inventories	$429.3M	$334.3M
Assets from risk management activities	$154.7M	$61.8M
Other current assets	$138.0M	$124.6M
Total current assets	$2.4B	$2.3B
Property, plant and equipment, net	$20.5B	$18.1B
Intangible assets, net	$1.7B	$2.0B	$2.4B
Long-term assets from risk management activities	$35.0M	$25.3M
Investments in unconsolidated affiliates	$307.1M	$193.3M
Other long-term assets	$327.4M	$179.1M
Total assets	$25.2B	$22.7B	$20.7B
Accounts payable	$1.9B	$2.0B
Accrued liabilities	$358.6M	$336.0M
Interest payable	$311.0M	$269.1M
Liabilities from risk management activities	$234.1M	$167.3M
Current debt obligations	$770.1M	$387.7M
Total current liabilities	$3.5B	$3.2B
Long-term debt	$16.7B	$13.8B
Long-term liabilities from risk management activities	$22.5M	$92.0M
Deferred income taxes, net	$1.4B	$872.1M
Other long-term liabilities	$395.0M	$392.3M
Commitments and Contingencies (see Notes 16 and 17)	$0	$0
Common Stock ($0.001 par value, 450,000,000 shares authorized as of December 31, 2025 and 2024)	$200.0K	$200.0K
Additional paid-in capital	$3.1B	$3.1B
Retained earnings (deficit)	$2.3B	$1.2B
Accumulated other comprehensive income (loss)	$113.8M	$27.5M
Treasury stock, at cost (26,823,261 shares and 24,000,284 shares as of December 31, 2025 and 2024)	-$2.4B	-$1.7B
Total Targa Resources Corp. stockholders' equity	$3.1B	$2.6B
Noncontrolling interests	$130.3M	$1.8B
Total owners' equity	$3.2B	$4.4B	$4.6B
Total liabilities and owners' equity	$25.2B	$22.7B
Trade receivables, allowances	$700.0K	$2.5M
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	450.0M shares	450.0M shares
Common stock, shares issued (in shares)	242.8M shares	241.8M shares
Common stock, shares outstanding (in shares)	214.7M shares	217.8M shares
Treasury stock, shares (in shares)	28.1M shares	24.0M shares

Cash from operations⁸⁹¹⁰¹¹⁷$3.9B in 2025+182% since 2019

Capital spending⁸⁹¹⁰¹¹⁷$3.3B in 2025+16% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷$584.1M in 2025

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$2.0B	$1.6B	$1.6B
Amortization in interest expense	$17.3M	$14.8M	$13.2M
Compensation on equity grants	$69.5M	$63.2M	$62.4M
Depreciation and amortization expense	$1.5B	$1.4B	$1.3B
Deferred income tax expense (benefit)	$516.6M	$367.0M	$349.6M
Equity (earnings) loss of unconsolidated affiliates	-$11.8M	-$9.4M	-$9.0M
Distributions of earnings received from unconsolidated affiliates	$20.7M	$19.8M	$13.1M
Risk management activities	$5.3M	$164.6M	-$275.4M
Other, net	$21.4M	$14.5M	$9.6M
Receivables and other assets	$110.8M	-$75.0M	-$20.6M
Inventories	-$89.5M	$33.5M	$36.0M
Accounts payable, accrued liabilities and other liabilities	-$256.8M	$40.7M	$68.2M
Interest payable	$41.9M	$39.5M	$55.6M
Net cash provided by (used in) operating activities	$3.9B	$3.6B	$3.2B
Outlays for property, plant and equipment	-$3.3B	-$3.0B	-$2.4B
Outlays for business acquisition, net of cash acquired	-$122.8M
Outlays for asset acquisition, net of cash acquired	-$90.3M
Investments in unconsolidated affiliates	-$130.5M	-$62.9M	-$24.6M
Return of capital from unconsolidated affiliates	$7.8M	$5.5M	$5.5M
Other, net	$27.1M	$1.9M	$3.7M
Net cash provided by (used in) investing activities	-$3.6B	-$3.0B	-$2.4B
Repayments of credit facilities			-$290.0M
Proceeds from borrowings of commercial paper notes	$109.6B	$85.4B	$59.0B
Repayments of commercial paper notes	-$110.5B	-$84.5B	-$59.8B
Repayment of term loan facility		-$500.0M	-$1.0B
Proceeds from borrowings under accounts receivable securitization facility	$1.5B	$775.0M	$143.1M
Repayments of accounts receivable securitization facility	-$1.8B	-$1.0B	-$368.1M
Proceeds from issuance of senior unsecured notes	$5.2B	$999.4M	$3.7B
Redemption of senior unsecured notes	-$705.2M
Principal payments of finance leases	-$76.5M	-$50.1M	-$42.9M
Costs incurred in connection with financing arrangements	-$57.1M	-$9.9M	-$36.1M
Repurchases of common stock	-$641.8M	-$754.7M	-$373.7M
Shares tendered for tax withholding obligations	-$67.3M	-$56.4M	-$55.8M
Contributions from noncontrolling interests		$12.0M	$9.7M
Distributions to noncontrolling interests	-$33.5M	-$232.6M	-$222.1M
Repurchase of noncontrolling interests	-$1.8B	-$112.9M	-$1.1B
Dividends paid to common shareholders	-$818.3M	-$615.5M	-$427.3M
Other, net	-$6.4M	-$2.6M
Net cash provided by (used in) financing activities	-$266.6M	-$612.8M	-$888.1M
Net change in cash and cash equivalents	$8.8M	$15.6M	-$77.3M

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How it started

History and Acquisitions

Targa Resources was founded on October 27, 2005, and is headquartered in Houston, Texas.

In 2015, Targa Resources acquired Oklahoma-based Atlas Pipeline Partners LP and Atlas Energy LP. In 2017, Targa acquired Outrigger Delaware Operating, LLC, Outrigger Southern Delaware Operating, LLC and Outrigger Midland Operating, LLC.

In 2022, Targa acquired Southcross Energy Operating LLC for $200 million.

Also that year, Targa announced plans to add a new 275 million cubic feet-per-day gas processing plant in the Midland Basin portion of the Permian Basin by the fourth quarter of 2023, in addition to the four plants it was already busy constructing in the region to service rising associated gas production in the region.

From Wikipedia’s article on Targa Resources, shared under CC BY-SA 4.0.³

Acquisitions