Friday 6 November 2026 Export TRGP’s income statement to Excel — free account

Targa Resources, Inc.

Targa Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.0 billion, up 3.95% from fiscal 2024.

Revenue: +34.9%
EPS: +38.0%
Free cash flow: +265.7%
Total debt: +13.8%

Quarter to September 2026, against a year earlier

270.86 0.96 −0.35%

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Market cap: $58.3B
P/E: 24.1×
Fwd P/E: 27.8×
Dividend yield: 1.74%
F-score: 6/9
Altman Z: 2.27
Beneish M: −3.05
Dividend safety: 64/100

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Targa Resources, Inc. (TRGP) Debt to equity

Alert me on Debt to equity

Targa Resources, Inc.'s debt to equity at the end of the quarter to 30 September 2026 was 5.0×, down 0.4× from fiscal 2025 (5.5×). Over the past ten years it has ranged from 0.7× (fiscal 2017) to 5.5× (fiscal 2025) — the current reading is the highest in ten years. That is above the Oil & Gas Midstream industry median of 0.8× and above the Energy sector median of 0.4×.

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<iframe src="https://stockrow.com/embed/TRGP/debt-to-equity" width="100%" height="360" style="border:0" loading="lazy" title="Targa Resources, Inc. debt to equity, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/TRGP/metrics/debt-to-equity">Targa Resources, Inc. (TRGP) debt to equity — stockrow.com</a></p>

Period	Debt to equity	Change
FY2025	5.5×	69.90%
FY2024	3.2×	14.17%
FY2023	2.8×	21.36%
FY2022	2.3×	108.08%
FY2021	1.1×	(10.98%)
FY2020	1.3×	39.37%
FY2019	0.9×	3.92%
FY2018	0.9×	19.10%
FY2017	0.7×	(12.18%)
FY2016	0.8×	(13.15%)

Period	Debt to equity	Change
Sep 2026	5.0×	(2.86%)
Jun 2026	5.2×	(11.87%)
Mar 2026	5.9×	7.37%
Dec 2025	5.5×	(11.39%)
43 more quarters	Free account

Against its own ten years

Low 0.7× High 5.5×

Ten-year median 1.1×

Current reading's percentile 100

Company	Debt to equity
OKE ONEOK, Inc. compare	0.9×
KMI Kinder Morgan, Inc. compare	1.0×
EPD Enterprise Products Partners L.P. compare	1.1×
ET Energy Transfer LP compare	1.4×
WMB Williams Companies, Inc. (The) compare	1.6×
TRP TC Energy Corporation compare	1.7×
MPLX MPLX LP compare	1.9×
LNG Cheniere Energy, Inc. compare	2.0×
TRGP Targa Resources, Inc.	5.0×
Oil & Gas Midstream industry median	0.8×
Energy sector median	0.4×
Market median	0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

Targa Resources, Inc. (TRGP) Debt to equity

Debt to equity, annual

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Against its own ten years

Debt to equity against peers

What Debt to equity is

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Debt to equity, annual

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Against its own ten years

Debt to equity against peers

What Debt to equity is

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