financial statements

The full income statement, balance sheet, and cash-flow statement for Targa Resources Inc. (TRGP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	17.0B YoY+20.5%	14.1B YoY+4.6%	13.5B YoY-31.8%	19.8B YoY+23.2%	16.1B YoY+134.1%
Cost of revenue	10.5B YoY-1.8%	10.7B YoY+0.2%	10.7B YoY-36.8%	16.9B YoY+23.0%	13.7B YoY+164.7%
Selling, general & administrative	406M YoY+5.5%	385M YoY+10.4%	349M YoY+12.6%	310M YoY+13.4%	273M YoY+7.3%
General & administrative	406M YoY+5.5%	385M YoY+10.4%	349M YoY+12.6%	310M YoY+13.4%	273M YoY+7.3%
Amortization of intangibles	326M YoY-12.6%	373M YoY-2.8%	384M YoY+58.5%	242M YoY+84.9%	131M YoY-9.0%
Operating income	3.33B YoY+23.6%	2.70B YoY+2.6%	2.63B YoY+51.9%	1.73B YoY+99.9%	865M YoY+166.3%
Other non-operating income	-3.80M YoY-1050.0%	400K YoY+108.2%	-4.90M YoY+67.5%	-15.1M YoY-3120.0%	500K YoY-86.5%
Equity-method income	11.8M YoY+25.5%	9.40M YoY+4.4%	9.00M YoY-1.1%	9.10M YoY+138.1%	-23.9M YoY-132.9%
Pre-tax income	2.49B YoY+28.3%	1.94B YoY-0.2%	1.94B YoY+16.8%	1.66B YoY+280.7%	437M YoY+127.8%
Income tax	530M YoY+37.8%	385M YoY+5.9%	363M YoY+175.6%	132M YoY+790.5%	14.8M YoY+106.0%
	1.92B YoY+46.6%	1.31B YoY-2.5%	1.35B YoY+12.6%	1.20B YoY+1579.1%	71.2M YoY+104.6%
Net income to non-controlling interest	33.7M YoY-86.0%	242M YoY+3.5%	233M YoY-30.5%	336M YoY-4.3%	351M YoY+53.3%
Preferred dividends	—	—	—	30.0M YoY-65.6%	87.3M YoY-4.8%
Net income to common	1.85B YoY+44.8%	1.28B YoY+53.0%	836M YoY-6.8%	897M YoY+5670.2%	-16.1M YoY+99.0%
	$8.49 YoY+47.9%	$5.74 YoY+56.8%	$3.66 YoY-5.7%	$3.88 YoY+5642.9%	-$0.07 YoY+99.0%
EPS (basic)	$8.52 YoY+47.7%	$5.77 YoY+56.4%	$3.69 YoY-6.6%	$3.95 YoY+5742.9%	-$0.07 YoY+99.0%
Weighted-avg shares (basic)	216M YoY-1.9%	220M YoY-2.0%	225M YoY-1.2%	227M YoY-0.6%	229M YoY-1.6%
Weighted-avg shares (diluted)	217M YoY-2.0%	221M YoY-2.1%	226M YoY-2.2%	231M YoY+1.1%	229M YoY-1.6%
Dividends per share	$3.75 YoY+36.4%	$2.75 YoY+48.6%	$1.85 YoY+32.1%	$1.40 YoY+250.0%	$0.40 YoY-66.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.36B YoY+2.9%	2.30B YoY+4.6%	2.19B YoY-6.9%	2.36B YoY+33.2%	1.77B YoY+21.2%
Cash & equivalents	166M YoY+5.6%	157M YoY+11.0%	142M YoY-35.3%	219M YoY+38.2%	159M YoY-34.7%
Accounts receivable	1.47B YoY-8.9%	1.62B YoY+10.0%	1.47B YoY+4.4%	1.41B YoY+5.7%	1.33B YoY+54.4%
Inventory	429M YoY+28.4%	334M YoY-10.0%	372M YoY-5.7%	394M YoY+156.7%	153M YoY-15.5%
Other current assets	138M YoY+10.8%	125M YoY+26.5%	98.5M YoY-36.7%	156M YoY+87.6%	82.9M YoY-5.5%
	25.2B YoY+10.9%	22.7B YoY+10.0%	20.7B YoY+5.7%	19.6B YoY+28.6%	15.2B YoY-4.2%
Property, plant & equipment	20.5B YoY+13.7%	18.1B YoY+14.3%	15.8B YoY+11.2%	14.2B YoY+21.8%	11.7B YoY-4.2%
Operating lease right-of-use	93.9M YoY-9.5%	104M YoY+61.5%	64.2M YoY+12.0%	57.3M YoY+12.8%	50.8M YoY-3.6%
Goodwill	112M YoY+148.5%	45.2M YoY+0.0%	45.2M YoY+0.0%	45.2M YoY+0.0%	45.2M YoY+0.0%
Intangible assets	1.65B YoY-16.5%	1.98B YoY-15.9%	2.35B YoY-14.0%	2.73B YoY+149.8%	1.09B YoY-20.8%
Deferred tax assets	0.00	0.00	0.00	0.00	0.00
Other non-current assets	327M YoY+82.8%	179M YoY+27.4%	141M YoY+42.9%	98.4M YoY+20.4%	81.7M YoY-15.0%
	3.55B YoY+11.8%	3.17B YoY+14.9%	2.76B YoY-10.0%	3.07B YoY+33.4%	2.30B YoY+29.2%
Accounts payable	1.87B YoY-6.9%	2.01B YoY+27.8%	1.57B YoY+8.7%	1.45B YoY+3.3%	1.40B YoY+68.2%
Accrued liabilities	359M YoY+6.7%	336M YoY+19.3%	282M YoY-2.7%	290M YoY+6.4%	272M YoY+46.0%
Short-term & current debt	150M YoY+0.0%	150M YoY+0.0%	150M YoY+0.0%	150M YoY+0.0%	150M YoY-57.9%
Current lease liability	24.3M YoY-3.6%	25.2M YoY+15.6%	21.8M YoY+51.4%	14.4M YoY+23.1%	11.7M YoY-2.5%
Long-term debt	17.4B YoY+23.0%	14.2B YoY+9.4%	13.0B YoY+12.3%	11.5B YoY+74.9%	6.60B YoY-14.9%
Deferred revenue (non-current)	116M YoY-3.7%	120M	—	—	—
Non-current lease liability	89.5M YoY-1.0%	90.4M YoY+60.0%	56.5M YoY+97.6%	28.6M YoY-17.1%	34.5M YoY-25.3%
Deferred tax liabilities	1.39B YoY+59.8%	872M YoY+62.8%	536M YoY+63.5%	328M YoY+141.0%	136M YoY-10.6%
Other non-current liabilities	395M YoY+0.7%	392M YoY-5.5%	415M YoY+21.7%	341M YoY+13.1%	302M YoY-2.4%
	3.07B YoY+18.3%	2.59B YoY-5.4%	2.74B YoY+2.8%	2.67B YoY+32.5%	2.01B YoY-24.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	3.09B YoY-0.0%	3.09B YoY+1.0%	3.06B YoY-17.4%	3.70B YoY-13.3%	4.27B YoY-11.8%
Retained earnings	2.29B YoY+92.8%	1.19B YoY+141.9%	492M YoY+178.5%	-627M YoY+65.6%	-1.82B YoY+3.8%
Treasury stock	2.43B YoY+41.7%	1.71B YoY+91.1%	897M YoY+93.0%	465M YoY+127.7%	204M YoY+35.3%
Accumulated other comprehensive income	114M YoY+313.8%	27.5M YoY-67.9%	85.6M YoY+56.5%	54.7M YoY+123.7%	-231M YoY-62.8%
Non-controlling interest	130M YoY-92.9%	1.83B YoY-2.4%	1.87B YoY-19.3%	2.32B YoY-26.9%	3.17B YoY-2.5%
Total equity incl. non-controlling	3.20B YoY-27.6%	4.42B YoY-4.2%	4.61B YoY-7.5%	4.98B YoY-3.8%	5.18B YoY-12.3%
Total liabilities & equity	25.2B YoY+10.9%	22.7B YoY+10.0%	20.7B YoY+5.7%	19.6B YoY+28.6%	15.2B YoY-4.2%
Common shares issued	243M YoY+0.4%	242M YoY+0.7%	240M YoY+0.9%	238M YoY+0.8%	236M YoY+0.6%
Common shares outstanding	215M YoY-1.4%	218M YoY-2.2%	223M YoY-1.5%	226M YoY-1.0%	228M YoY+0.1%
Shares outstanding (cover)	215M YoY-1.6%	218M YoY-2.2%	223M YoY-1.5%	226M YoY-1.1%	229M YoY-0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.92B YoY+7.3%	3.65B YoY+13.6%	3.21B YoY+34.9%	2.38B YoY+3.4%	2.30B YoY+32.0%
Depreciation & amortization	1.52B YoY+6.5%	1.42B YoY+7.0%	1.33B YoY+21.3%	1.10B YoY+25.9%	871M YoY+0.6%
Share-based compensation	69.5M YoY+10.0%	63.2M YoY+1.3%	62.4M YoY+8.5%	57.5M YoY-2.9%	59.2M YoY-10.6%
Deferred income taxes	517M YoY+40.8%	367M YoY+5.0%	350M YoY+179.5%	125M YoY+933.9%	12.1M YoY+105.2%
Change in inventory	89.5M YoY+367.2%	-33.5M YoY+6.9%	-36.0M YoY-115.2%	236M YoY+681.8%	-40.6M YoY-246.6%
	-3.64B YoY-20.5%	-3.02B YoY-25.8%	-2.40B YoY+42.1%	-4.15B YoY-776.9%	-473M YoY+35.9%
Capital expenditure	3.33B YoY+12.4%	2.97B YoY+24.3%	2.39B YoY+78.8%	1.33B YoY+164.2%	505M YoY-46.9%
Acquisitions	123M	—	—	3.50B	—
Other investing activities	-27.1M YoY-1326.3%	-1.90M YoY+48.6%	-3.70M YoY-331.3%	1.60M YoY+1700.0%	-100K YoY+97.7%
	-267M YoY+56.5%	-613M YoY+31.0%	-888M YoY-148.5%	1.83B YoY+195.6%	-1.91B YoY-74.8%
Other financing activities	-6.40M YoY-146.2%	-2.60M	—	—	—
Net change in cash	8.80M YoY-43.6%	15.6M YoY+120.2%	-77.3M YoY-227.8%	60.5M YoY+171.8%	-84.3M YoY+4.5%
Interest paid	793M YoY+11.3%	713M YoY+15.2%	619M YoY+54.1%	401M YoY+12.7%	356M YoY-4.8%
Income taxes paid	24.3M YoY+45.5%	16.7M YoY+96.5%	8.50M YoY+431.3%	1.60M YoY+23.1%	1.30M YoY-97.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	39.6B YoY+1.7%	38.9B YoY+101.0%	19.4B YoY+16.4%	16.6B YoY+39.1%	12.0B YoY+98.0%
P/E	20.6× YoY-30.6%	29.7× YoY+108.3%	14.2× YoY-51.8%	29.5× YoY-82.4%	168.0×
P/S	2.3× YoY-15.5%	2.8× YoY+97.9%	1.4× YoY+74.8%	0.8× YoY+7.1%	0.7× YoY-15.4%
P/B	12.9× YoY-14.0%	15.0× YoY+93.6%	7.8× YoY+11.0%	7.0× YoY+17.5%	5.9× YoY+161.2%
P/FCF	67.8× YoY+19.1%	56.9× YoY+77.8%	32.0× YoY+159.2%	12.3× YoY+85.6%	6.7× YoY-12.7%
Earnings yield	4.9% YoY+44.1%	3.4% YoY-52.0%	7.0% YoY+107.3%	3.4% YoY+468.9%	0.6%
FCF yield	1.5% YoY-16.1%	1.8% YoY-43.8%	3.1% YoY-61.4%	8.1% YoY-46.1%	15.0% YoY+14.5%
Dividend yield	2.0% YoY+31.9%	1.5% YoY-27.7%	2.1% YoY+11.8%	1.9% YoY+148.8%	0.8% YoY-83.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TRGP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TRGP filings on SEC EDGAR → Not investment advice.

TRGP▼ financial statements

About this data

financial statements