Saturday 17 October 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. In the quarter to June 2026, revenue grew 4.23%, EPS grew 22.9%, free cash flow grew 1,002.1% and total debt rose 16.2%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years, operating cash flow growth for five.

294.21 11.66 +4.13%

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Market cap: $60.6B
P/E: 28.0×
Fwd P/E: 24.7×
Dividend yield: 1.53%
F-score: 6/9
Altman Z: 2.27
Beneish M: −3.05
Dividend safety: 64/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 34.25

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	1	—	4	3	—	1	—	—	2	1	—

Insider Ownership 1.64%

Capital & Financial Ratios $m

Market Cap 60,590.00

Revenue 16,741.50

Net Income 2,304.80

Free Cash Flow 740.90

Net Debt 19,445.70

Current Ratio 0.77

Debt/Equity 5.16

P/E ratio 28.05

Fwd P/E 24.70

P/S ratio 3.77

P/B ratio 16.63

Past 5Y EPS Growth —

This Y EPS Growth 32.32%

Next Y EPS Growth 9.59%

Next Y revenue growth 11.47%

Next 5Y EPS Growth 20.56%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 44.87%

10-year low 10-year high

P/S against its own 10 years 99.74%

10-year low 10-year high

P/B against its own 10 years 98.12%

10-year low 10-year high

EV/Sales against its own 10 years 99.74%

10-year low 10-year high

EV/FCF against its own 10 years 81.67%

10-year low 10-year high

Dividends

Payout Ratio 0.43

Annual Dividend Rate 4.50

Annual Dividend Yield 1.53%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	4.99	1.00 1.25 1.25
2025	3.75	0.75 1.00 1.00 1.00
2024	2.75	0.50 0.75 0.75 0.75
2023	1.85	0.35 0.50 0.50 0.50
2022	1.40	0.35 0.35 0.35 0.35
2021	0.40	0.10 0.10 0.10 0.10
2020	1.21	0.91 0.10 0.10 0.10
2019	3.64	0.91 0.91 0.91 0.91
2018	3.64	0.91 0.91 0.91 0.91
2017	3.64	0.91 0.91 0.91 0.91
2016	3.64	0.91 0.91 0.91 0.91

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	142	157	166	132
Receivables	1,471	1,618	1,475	1,952
Inventory	372	334	429	312
Other	210	186	293	233
	2,195	2,296	2,363	2,629

	2023	2024	2025	Q'26
Payables	1,575	2,013	1,873	2,108
ST’ Debt	621	388	770	558
Other	54	167	234	113
	2,761	3,173	3,547	3,411

Compound Annual Growth %

	10y	5y	3y
Sales	9.84%	15.57%	(6.65%)
Cash Flow	14.24%	17.56%	18.06%
Earnings	41.24%	0.00%	27.10%
Book Value	(6.48%)	(12.41%)	(13.74%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	4,095	4,440	—	—	—
’25	4,562	4,260	4,151	4,056	17,028
’24	4,562	3,562	3,852	4,405	16,382
’23	4,521	3,404	3,897	4,239	16,060
’22	4,959	6,056	5,360	4,555	20,930
’21	3,633	3,416	4,460	5,442	16,950
’20	2,049	1,524	2,115	2,573	8,260

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	740	1,441	—	—	—
’25	954	858	599	1,506	3,917
’24	876	905	541	1,328	3,650
’23	1,170	677	407	958	3,212
’22	748	636	460	538	2,381
’21	680	624	495	504	2,303
’20	453	286	357	649	1,745

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(160)	431	—	—	—
’25	162	(48)	(73)	542	584
’24	207	164	(288)	601	684
’23	694	79	(184)	238	826
’22	544	420	64	19	1,047
’21	584	521	373	321	1,798
’20	111	12	170	500	793

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.21	3.54	—	—	—
’25	0.91	2.97	2.20	2.51	8.49
’24	1.22	1.33	1.75	1.44	5.74
’23	0.03	1.44	0.97	1.23	3.66
’22	0.06	1.61	0.84	1.38	3.88
’21	0.53	0.15	0.66	(1.45)	(0.07)
’20	(7.60)	0.21	0.16	(0.04)	(7.26)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	14.55	39.59	33.55	32.00	3.66	25.85	52.19	64.85	81.03	144.14	Analyst estimates 2026–2028 Powerpack
	High	59.35	61.83	59.21	48.78	42.13	58.18	81.50	91.44	209.87	218.51
People
People	Employees	1,970	2,130	2,460	2,680	2,372	2,430	2,850	3,182	3,370	3,570
	Revenue/emp, $m	3.40	4.14	4.26	3.24	3.48	6.98	7.34	5.05	4.86	4.77
Income, $m
Income, $m	Revenue	6,691	8,815	10,484	8,671	8,260	16,950	20,930	16,060	16,382	17,028
	Gross margin, %	26.42	21.65	21.42	28.41	37.21	19.00	19.34	33.52	34.66	38.29
	EBT	(260)	(293)	66	(47)	(1,573)	437	1,663	1,943	1,938	2,486
	EBT margin, %	(3.88)	(3.32)	0.63	(0.54)	(19.04)	2.58	7.95	12.10	11.83	14.60
	Net income	(159)	104	60	41	(1,325)	422	1,531	1,579	1,554	1,957
	Depreciation	980	821	1,037	982	876	881	1,107	1,343	1,438	1,533
Per share, $
Per share, $	Revenue	43.33	42.60	46.76	37.30	35.57	74.15	92.08	71.51	74.39	78.80
	Earnings	(1.80)	(0.31)	(0.53)	(1.44)	(7.26)	(0.07)	3.95	3.69	5.77	8.52
	Cash flow	5.42	4.54	5.10	5.98	7.51	10.07	10.47	14.30	16.57	18.13
	Capex	(3.64)	(6.27)	(13.89)	(12.38)	(4.10)	(2.21)	(5.87)	(10.62)	(13.47)	(15.42)
	Free cash flow	1.78	(1.73)	(8.79)	(6.40)	3.41	7.86	4.60	3.68	3.11	2.70
	Book value	38.31	33.70	34.42	37.51	26.72	25.93	21.92	20.53	20.06	14.80
	Shares, m	154	207	224	233	232	229	227	225	220	216
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	17.84	23.42	30.88	21.65
	P/S	1.34	1.15	0.77	1.09	0.74	0.70	0.77	1.21	2.40	2.34
	P/B	1.56	1.50	1.08	1.12	1.04	2.31	3.22	4.21	8.90	12.47
	EV/Sales	2.06	1.71	1.38	1.96	1.65	1.08	1.31	2.01	3.26	3.36
	EV/FCF	49.98	(42.10)	(7.36)	(11.41)	17.20	10.22	26.16	39.00	77.97	97.82
Cash, $m
Cash, $m	Operating cash flow	837	940	1,144	1,390	1,745	2,303	2,381	3,212	3,650	3,917
	Capex	(562)	(1,297)	(3,115)	(2,878)	(952)	(505)	(1,334)	(2,385)	(2,966)	(3,333)
	Free cash flow	275	(358)	(1,971)	(1,488)	793	1,798	1,047	826	684	584
Balance, $m
Balance, $m	Working capital	(161)	(347)	(1,380)	(214)	(319)	(529)	(710)	(566)	(876)	(1,184)
	Total debt	4,881	5,053	6,660	7,822	7,756	6,597	11,536	12,954	14,175	17,433
	Net debt	4,808	4,916	6,428	7,491	7,513	6,439	11,317	12,812	14,017	17,266
	Shareholders’ equity	5,915	6,973	7,717	8,722	6,205	5,928	4,982	4,610	4,418	3,198
Returns, %
Returns, %	ROA	(2.13)	(0.47)	(0.76)	(1.87)	(9.71)	(0.10)	5.16	4.12	5.85	7.68
	ROIC	0.33	(0.64)	1.05	0.74	(5.94)	4.37	6.63	9.42	9.14	10.17
	ROE	(4.64)	(1.02)	(1.68)	(4.20)	(23.49)	(0.29)	17.65	17.27	28.12	48.35

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
WMB Williams Companies, Inc. (The)	$84.7B	28.3×	30.7×	+9.78% (above 0%: growing)	+51.11% (above 0%: growing)	−195.82% (below 0%: shrinking)	83.33%	38.72%	Compare
EPD Enterprise Products Partners L.P.	$76.8B	12.8×	13.0×	+60.78% (above 0%: growing)	+27.27% (above 0%: growing)	+162.10% (above 0%: growing)	12.06%	12.31%	Compare
KMI Kinder Morgan, Inc.	$73.1B	21.9×	21.4×	+10.76% (above 0%: growing)	+21.88% (above 0%: growing)	−52.59% (below 0%: shrinking)	68.62%	30.06%	Compare
ET Energy Transfer LP	$68.5B	13.8×	13.1×	+78.43% (above 0%: growing)	+84.37% (above 0%: growing)	+146.15% (above 0%: growing)	21.55%	10.41%	Compare
TRP TC Energy Corporation	$62.2B	25.6×	24.9×	+5.59% (above 0%: growing)	+18.28% (above 0%: growing)	+24.24% (above 0%: growing)	70.23%	54.92%	Compare
TRGP Targa Resources, Inc.	$60.6B	28.0×	24.7×	+4.23% (above 0%: growing)	+22.92% (above 0%: growing)	+1,002.09% (above 0%: growing)	48.15%	27.80%
MPLX MPLX LP	$57.9B	12.5×	13.1×	+10.29% (above 0%: growing)	+2.91% (above 0%: growing)	−38.89% (below 0%: shrinking)	56.91%	41.61%	Compare
LNG Cheniere Energy, Inc.	$57.7B	21.4×	— (loss-making)	+23.51% (above 0%: growing)	+100.55% (above 0%: growing)	+452.21% (above 0%: growing)	83.04%	74.84%	Compare
OKE ONEOK, Inc.	$57.2B	16.1×	15.5×	+52.77% (above 0%: growing)	+14.18% (above 0%: growing)	+85.57% (above 0%: growing)	23.30%	13.22%	Compare
Median of peers	$65.3B	18.8×	15.5×	+17.14%	+24.58%	+54.91%	62.77%	34.39%

All 58 Oil & Gas Midstream stocks →

Targa Resources, Inc. (TRGP) key facts

Strength: Targa Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.0 billion, up 3.95% from fiscal 2024.
Targa Resources, Inc. (TRGP) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
As of October 16, 2026, TRGP traded at $294.21, a market capitalization of $60.6 billion.
Targa Resources, Inc. pays an annual dividend of $4.50 per share, a yield of 1.53%, with a payout ratio of 43.0%.
Return on equity was 48.4% and debt-to-equity 5.16.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.27 (grey zone) for fiscal 2025.