Targa Resources Corp. (TRGP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.84	$3.25	+14.4%	—	$4.4B	—
Q1 26	$2.57	$2.76	+7.4%	—	$4.1B	—
Q4 25	$2.4	$2.69	+12.1%	—	$4.1B	—
Q3 25	$2.18	$2.41	+10.6%	—	$4.2B	—
Q2 25	$1.98	$2.02	+2.0%	—	$4.3B	—
Q1 25	$2.04	$1.89	-7.4%	—	$4.6B	—
Q4 24	$1.91	$1.46	-23.6%	—	$4.4B	—
Q3 24	$1.56	$1.75	+12.2%	—	$3.9B	—
Q2 24	$1.27	$1.58	+24.4%	—	$3.6B	—
Q1 24	$1.28	$1.37	+7.0%	—	$4.6B	—
Q4 23	$1.46	$1.26	-13.7%	—	$4.2B	—
Q3 23	$1.16	$1.09	-6.0%	—	$3.9B	—
Q2 23	$1.23	$0.98	-20.3%	—	$3.4B	—
Q1 23	$1.37	-$0.56	-140.9%	—	$4.5B	—
Q4 22	$1.38	$1.38	0.0%	—	$4.6B	—
Q3 22	$1.13	$1.37	+21.2%	—	$5.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.63	—	—	$17B	—
FY24	—	$5.87	—	—	$16.4B	—
FY23	—	$3.69	—	—	$16.1B	—
FY22	—	$3.95	—	—	$20.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.7B	$8.8B	$10.5B	$8.7B	$8.3B	$16.9B	$20.9B	$16.1B	$16.4B	$17B
YoY change	+0.49%	+31.7%	+18.9%	-17.3%	-4.74%	+105.2%	+23.5%	-23.3%	+2%	+3.95%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.7B	8.8B	10.5B	8.7B	8.3B	16.9B	20.9B	16.1B	16.4B	17B
Cost of revenue	5.7B	7.7B	9.1B	7.2B	6.1B	14.6B	18B	12B	12.1B	12B
Gross profit	1B	1.1B	1.4B	1.5B	2.2B	2.3B	3B	4.1B	4.3B	5B
Gross margin	15.1%	12.5%	13.6%	17.2%	26.7%	13.9%	14.1%	25.2%	26%	29.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	187.2M	203.4M	256.9M	280.7M	254.6M	273.2M	309.7M	348.7M	384.9M	406M
Operating expenses	740.9M	843.7M	982.5M	984.3M	955.6M	1B	1.2B	1.4B	1.6B	1.7B
Operating income	268.9M	255.6M	447.4M	507.2M	1.3B	1.3B	1.7B	2.6B	2.7B	3.3B
Operating margin	4.02%	2.9%	4.27%	5.85%	15.2%	7.77%	8.26%	16.4%	16.5%	19.6%
Non-operating income, net	-226.2M	-298M	-193.7M	-214.7M	-2.5B	-475.7M	429.9M	6.2M	10.6M	8M
Pretax income	-259.7M	-292.9M	65.9M	-46.7M	-1.6B	436.9M	1.7B	1.9B	1.9B	2.5B
Income tax	-100.6M	-397.1M	5.5M	-87.9M	-248.1M	14.8M	131.8M	363.2M	384.5M	529.7M
Net income	-159.1M	104.2M	60.4M	41.2M	-1.3B	422.1M	1.5B	1.6B	1.6B	2B
Net margin	-2.38%	1.18%	0.58%	0.48%	-16%	2.49%	7.32%	9.83%	9.48%	11.5%
EBITDA	1.2B	1.3B	1.5B	1.5B	2.2B	2.1B	2.8B	4B	4.1B	4.9B
EPS	-1.51	-0.31	-0.53	-1.44	-7.26	-0.07	3.95	3.69	5.87	8.63
Diluted EPS	-1.51	-0.31	-0.53	-1.44	-7.26	-0.07	3.88	3.66	5.87	8.63

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.9B	4.2B	4.6B	3.6B	3.9B	4.4B	4.6B	4.3B	4.2B	4.1B	4.1B	4.4B
Cost of revenue	3B	3.2B	3.6B	2.5B	2.7B	3.3B	3.6B	2.8B	2.9B	2.7B	2.8B	2.8B
Gross profit	875.3M	999.6M	1B	1B	1.1B	1.1B	936.1M	1.5B	1.3B	1.4B	1.3B	1.7B
Gross margin	22.5%	23.6%	22%	28.5%	29.4%	25.1%	20.5%	34%	30.4%	33.5%	31.1%	37.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	90M	95.3M	86.5M	98.3M	102.6M	97.5M	94.5M	95M	104.8M	111.7M	107.8M	108.1M
Operating expenses	370.2M	364.3M	364.5M	388.8M	403.2M	403.7M	392.8M	416.8M	424.4M	440M	427.3M	450.5M
Operating income	505.1M	635.3M	639.4M	627.2M	728.2M	700.5M	543.3M	1B	836.9M	917.4M	846.9M	1.2B
Operating margin	13%	15%	14%	17.6%	18.9%	15.9%	11.9%	24.3%	20.2%	22.6%	20.7%	27.8%
Non-operating income, net	2.9M	4.9M	4.5M	2.8M	1.8M	1.6M	5.8M	6.1M	5.3M	-9.2M	-8M	7M
Pretax income	332.9M	460.1M	415.3M	453.2M	545.1M	524.4M	352M	821.3M	620.9M	692.2M	611.3M	1B
Income tax	53.9M	102.5M	82.7M	94.3M	97M	110.4M	72.2M	184.1M	134.3M	139.1M	123.9M	227.2M
Net income	279M	357.6M	332.6M	358.9M	448.1M	414M	279.8M	637.2M	486.6M	553.1M	487.4M	777.7M
Net margin	7.16%	8.43%	7.29%	10.1%	11.6%	9.4%	6.13%	15%	11.7%	13.6%	11.9%	17.5%
EBITDA	839.3M	979.5M	979.9M	977.8M	1.1B	1.1B	910.9M	1.4B	1.2B	1.3B	1.3B	1.7B
EPS	0.97	—	1.23	1.34	1.77	1.46	0.92	2.92	2.21	2.54	2.23	3.57
Diluted EPS	0.97	—	1.22	1.33	1.77	1.46	0.92	2.92	2.2	2.54	2.23	3.57

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	8.1B	9.5B	6.1B	11.9B	16.7B	19.5B	38.9B	39.6B	59.5B
Enterprise value	—	—	14.5B	17B	13.7B	18.4B	28.1B	32.4B	53B	57B	79.2B
Shares outstanding	184.7M	206.9M	224.2M	232.5M	232.2M	228.6M	227.3M	224.6M	217.8M	214.7M	214.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	133.7	230.4	—	28.3	10.9	12.4	25	20.2	26.5
P/S	—	—	0.77	1.09	0.74	0.7	0.8	1.21	2.37	2.33	3.55
P/B	—	—	1.08	1.12	1.04	2.31	3.35	4.23	8.8	12.4	19
EV/EBITDA	—	—	9.9	11.2	6.11	8.57	10.1	8.18	12.8	11.7	14.4
EV/Sales	—	—	1.38	1.96	1.66	1.09	1.34	2.02	3.23	3.35	4.73
Earnings yield	—	—	0.75%	0.43%	—	3.53%	9.17%	8.09%	4%	4.94%	3.77%
FCF yield	—	—	-24.4%	-15.7%	12.9%	15.1%	6.26%	4.23%	1.76%	1.47%	0.11%
PEG	—	—	—	—	—	—	—	—	—	—	1.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	15.1%	12.5%	13.6%	17.2%	26.7%	13.9%	14.1%	25.2%	26%	29.4%	37.9%
Operating margin	4.02%	2.9%	4.27%	5.85%	15.2%	7.77%	8.26%	16.4%	16.5%	19.6%	27.8%
Net margin	-2.38%	1.18%	0.58%	0.48%	-16%	2.49%	7.32%	9.83%	9.48%	11.5%	13.5%
ROE	-2.78%	1.54%	0.81%	0.49%	-22.4%	8.15%	30.7%	34.3%	35.2%	61.2%	70.8%
ROA	-1.24%	0.72%	0.36%	0.22%	-8.35%	2.78%	7.83%	7.64%	6.83%	7.76%	9.24%
ROIC	2.55%	2.19%	2.95%	3.17%	9.31%	10.9%	9.75%	12.2%	11.7%	12.8%	13%
Return on tangible assets	-1.74%	1.09%	0.47%	0.27%	-9.14%	2.99%	9.1%	8.62%	7.48%	8.3%	8.73%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.86	0.79	0.51	0.89	0.82	0.77	0.77	0.79	0.72	0.67	0.77
Quick ratio	0.74	0.66	0.45	0.8	0.72	0.7	0.64	0.66	0.62	0.55	0.68
Debt / equity	0.85	0.75	0.89	0.93	1.32	1.28	2.32	2.82	3.23	5.48	5.16
Debt / assets	0.38	0.35	0.39	0.42	0.49	0.44	0.59	0.63	0.63	0.69	0.69
Net debt / EBITDA	3.88	3.66	4.39	4.97	3.37	3.01	4.1	3.25	3.42	3.58	3.54
Interest coverage	1.06	1.09	2.41	0.86	-3.02	2.13	4.73	3.82	3.53	3.92	3.92
Effective tax rate	0%	0%	8.35%	0%	0%	3.39%	7.92%	18.7%	19.8%	21.3%	21.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	36.2	42.6	46.8	37.3	35.6	74.1	92.1	71.5	75.2	79.3	77.9
EPS (basic)	-1.51	-0.31	-0.53	-1.44	-7.26	-0.07	3.95	3.69	5.87	8.63	8.63
EPS (diluted)	-1.51	-0.31	-0.53	-1.44	-7.26	-0.07	3.88	3.66	5.87	8.63	10.4
Book value per share	31	32.7	33.3	36.3	25.4	22.7	21.9	20.5	20.3	14.9	14.6
FCF per share	1.49	-1.73	-8.79	-6.4	3.41	7.86	4.6	3.68	3.14	2.72	3.46
Cash per share	0.4	0.66	1.04	1.42	1.05	0.69	0.96	0.63	0.72	0.77	0.62
Capex per share	3.04	6.27	13.9	12.4	4.1	2.21	5.87	10.6	13.6	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.4%	14.7%	29.7%	33.2%	11.5%	2.98%	6.38%	14.9%	18.1%	—	—
Capex / operating cash flow	96.9%	256.4%	351.9%	295%	-157.2%	31.4%	53.9%	69.6%	86.4%	—	—
Payout ratio	-450.2%	820.1%	1.5K%	2.3K%	-29.9%	44.4%	24.8%	27.1%	39.6%	41.8%	40.6%
Dividend yield	—	—	11.4%	10.2%	6.46%	1.57%	2.27%	2.19%	1.58%	2.07%	1.82%

Yield

1.82%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.25

ex-dividend Jul 31, 2026

Payout ratio

41%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$1.25
Apr 30, 2026	$1.25
Jan 30, 2026	$1.00

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.9B	$4.2B	$4.6B	$3.6B	$3.9B	$4.4B	$4.6B	$4.3B	$4.2B	$4.1B	$4.1B	$4.4B
YoY change	-27.3%	-6.92%	+0.93%	+4.65%	-1.15%	+3.91%	-0.02%	+19.6%	+7.77%	-7.94%	-10.2%	+4.23%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	73.5M	137.2M	232.1M	331.1M	242.8M	158.5M	219M	141.7M	157.3M	166.1M
Receivables	674.6M	827.6M	865.5M	855M	862.8M	1.3B	1.4B	1.5B	1.6B	1.5B
Inventory	137.7M	204.5M	164.7M	161.5M	181.5M	153.4M	393.8M	371.5M	334.3M	429.3M
Total current assets	1B	1.3B	1.4B	1.7B	1.5B	1.8B	2.4B	2.2B	2.3B	2.4B
Property, plant & equipment	9.7B	10.4B	12.9B	14.5B	12.2B	11.7B	14.2B	15.8B	18.1B	20.5B
Goodwill & intangibles	3.7B	4.8B	4.1B	3.5B	1.4B	1.1B	2.7B	2.4B	2B	1.7B
Total assets	12.9B	14.4B	16.9B	18.8B	15.9B	15.2B	19.6B	20.7B	22.7B	25.2B
Accounts payable	691.4M	1B	1.2B	954.8M	833.8M	1.4B	1.4B	1.6B	2B	1.9B
Short-term debt	275M	350M	1B	382.2M	368.6M	162.8M	834.3M	620.7M	387.7M	770.1M
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	7.5B	7.4B	6.5B	10.7B	12.4B	13.9B	16.8B
Total liabilities	7.1B	7.6B	9.5B	10.4B	10B	10B	14.6B	16.1B	18.3B	22B
Shareholders' equity	5.7B	6.8B	7.5B	8.4B	5.9B	5.2B	5B	4.6B	4.4B	3.2B
Total debt	4.9B	5.1B	6.7B	7.9B	7.8B	6.6B	11.6B	13B	14.3B	17.5B
Net debt	4.8B	4.9B	6.4B	7.5B	7.6B	6.5B	11.3B	12.9B	14.1B	17.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	139.5M	141.7M	109.9M	166.4M	127.2M	157.3M	151.4M	113.1M	124.1M	166.1M	100.1M	132.3M
Receivables	1.2B	1.5B	1.5B	1.2B	1.3B	1.6B	1.4B	1.4B	1.4B	1.5B	1.7B	2B
Inventory	536.2M	371.5M	224.5M	320.6M	414.9M	334.3M	256.2M	443.5M	490.7M	429.3M	334.4M	311.7M
Total current assets	2.1B	2.2B	2B	1.9B	2B	2.3B	2.1B	2.2B	2.3B	2.4B	2.4B	2.6B
Property, plant & equipment	15.3B	15.8B	16.3B	16.9B	17.4B	18.1B	18.4B	19B	19.6B	20.5B	21.8B	23.1B
Goodwill & intangibles	2.4B	2.4B	2.3B	2.2B	2.1B	2B	1.9B	1.8B	1.7B	1.7B	2.2B	2.1B
Total assets	20.2B	20.7B	20.8B	21.3B	21.9B	22.7B	22.8B	23.5B	24.2B	25.2B	27.1B	28.5B
Accounts payable	1.6B	1.6B	1.7B	1.7B	1.5B	2B	1.9B	1.7B	1.6B	1.9B	2B	2.1B
Short-term debt	602M	620.7M	546.1M	601.2M	653.3M	387.7M	660.4M	768.2M	689.3M	770.1M	696.9M	558M
Total current liabilities	2.7B	2.8B	2.8B	2.9B	2.6B	3.2B	3.2B	3.2B	2.9B	3.5B	3.4B	3.4B
Long-term debt	12.4B	12.4B	12.6B	13B	13.7B	13.9B	15.5B	16.1B	16.7B	16.8B	18.4B	19B
Total liabilities	15.8B	16.1B	16.3B	16.9B	17.4B	18.3B	20.2B	20.8B	21.3B	22B	23.8B	24.7B
Shareholders' equity	4.4B	4.6B	4.6B	4.3B	4.5B	4.4B	2.6B	2.7B	2.8B	3.2B	3.3B	3.8B
Total debt	13B	13B	13.1B	13.6B	14.3B	14.3B	16.2B	16.9B	17.4B	17.5B	19.1B	19.6B
Net debt	12.8B	12.9B	13B	13.5B	14.2B	14.1B	16.1B	16.7B	17.3B	17.4B	19B	19.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-159.1M	104.2M	60.4M	41.2M	-1.3B	422.1M	1.5B	1.6B	1.6B	2B
Depreciation & amortization	757.7M	809.5M	815.9M	971.6M	865.1M	870.6M	1.1B	1.3B	1.4B	1.5B
Stock-based compensation	29.7M	42.3M	56.3M	60.3M	66.2M	59.2M	57.5M	62.4M	63.2M	69.5M
Change in working capital	-62.7M	6.9M	11.5M	-34.7M	52.4M	213.6M	-399.5M	83.6M	-800K	-235.5M
Operating cash flow	579.9M	506.1M	885.2M	975.6M	-605.2M	1.6B	2.5B	3.4B	3.4B	3.9B
Capital expenditure	-562.1M	-1.3B	-3.1B	-2.9B	-951.6M	-505.1M	-1.3B	-2.4B	-3B	—
Investing cash flow	-558.6M	-1.9B	-3.1B	-3.1B	-738.1M	-473.2M	-4.1B	-2.4B	-3B	-308.7M
Dividends paid	-716.2M	-854.5M	-919.6M	-964.8M	-395.9M	-187.5M	-379.7M	-427.3M	-615.5M	-818.3M
Share repurchases	—	—	-4M	-13.9M	-268.2M	-53.2M	-1.2B	-429.5M	-754.7M	-641.8M
Financing cash flow	-3B	-1.7B	542.8M	-2B	-2.9B	-3.4B	-33.2B	-61B	-85.1B	-110.8B
Net change in cash	-2.9B	-3B	-1.7B	-4.1B	-4.2B	-2.2B	-34.9B	-60B	-84.7B	-107.2B
Free cash flow	275.3M	-358M	-2B	-1.5B	792.9M	1.8B	1B	826.2M	683.9M	584.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	279M	357.6M	332.6M	359M	447.9M	414M	279.8M	637.2M	486.6M	553.1M	487.4M	777.7M
Depreciation & amortization	331.3M	341.4M	340.5M	348.6M	355.4M	378.5M	367.6M	373.7M	383.5M	390.5M	426M	453.1M
Stock-based compensation	15.7M	16.7M	14.6M	15.1M	17.7M	15.8M	17.6M	17.1M	17.5M	17.3M	23.2M	18M
Change in working capital	-188.3M	-10.1M	122.3M	-28.9M	-261.5M	167.3M	126.6M	-264.7M	-327M	229.6M	-283.9M	-134.1M
Operating cash flow	495.6M	810M	895.1M	790.8M	655.1M	1.1B	856.3M	858.3M	599.2M	1.5B	739.5M	1.4B
Capital expenditure	-591.7M	-720M	-669.8M	-740.3M	-828.8M	-726.9M	-792.2M	—	—	—	—	—
Investing cash flow	-599.2M	-727M	-677.9M	-749.8M	-847.3M	-746.3M	-813.3M	-50.7M	-19.3M	-217.6M	-1.3B	-3.4M
Dividends paid	-115.2M	-112.5M	-116.6M	-167.6M	-166.4M	-164.9M	-167.2M	-218.4M	-216.9M	-215.8M	-218.9M	-269.7M
Share repurchases	-153.6M	-41M	-160.2M	-391.8M	-221.2M	-54.7M	-124.9M	-324.3M	-155.6M	-37M	-55M	-80.1M
Financing cash flow	-17.4B	-13.1B	-14.1B	-21.8B	-23.1B	-26.2B	-25.8B	-22.6B	-38.5B	-23.9B	-30.2B	-22.9B
Net change in cash	-17.5B	-13B	-13.9B	-21.7B	-23.3B	-25.8B	-25.7B	-21.8B	-37.9B	-22.6B	-30.7B	-21.5B
Free cash flow	-184.4M	237.7M	206.6M	164.2M	-287.9M	601M	162.2M	-47.8M	-72.6M	542.3M	-160M	431.2M

Targa Resources Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement