FirmAtlas
Company handbook · TRGP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
TRGP · CIK 1389170 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
TARGA RESOURCES CORP.
$294.90
+12.35 (+4.37%)
Close, Oct 16, 2026 · 52-week $144–308
Last fiscal year
TARGA RESOURCES CORP. reported revenue of $17.0B for the year ended Dec 31, 2025 (FY25), up 20.5% from FY24. Net income was $1.9B, operating cash flow $3.9B and free cash flow $584M. Source: 10-K filed Feb 19, 2026.
Market cap
$63.3B
P/E
27.9
EV/EBITDA
16.5x
Dist. yield
1.53%
ROIC
14.7%
Revenue 1Y
20.5%/yr
EPS 1Y
47.9%/yr
Units 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMatthew J. Meloy
HQHouston, TX
AuditorPricewaterhouseCoopers LLP
Employees3,570
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
19.9%
39.6%
49.7%
101.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.8B deployed
Capex
$6.3B
80.6%
Acquisitions
$123M
1.6%
Buybacks
$1.4B
17.9%
Operating cash flow over the period: $7.6B. Total debt changed by +$2.9B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (3-for-1 split after FY15).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
14,137
17,028+20.5%
16,742
YoY
+20.5%
Operating income
2,695
3,331+23.6%
3,836
Operating margin
19.1%
19.6%+0.5 pp
—
D&A
1,423
1,515+6.5%
—
EBITDA
4,118
4,846+17.7%
—
EBITDA margin
29.1%
28.5%−0.7 pp
—
Interest expense
713
793+11.3%
—
Interest coverage
5.78x
6.11x+0.33x
—
Net income
1,312
1,923+46.6%
2,268
YoY
+46.6%
Net margin
9.3%
11.3%+2.0 pp
—
Earnings per unit (diluted, $)
5.74
8.49+47.9%
10.49
YoY
+47.9%
Balance sheet
Total assets
22,734
25,218+10.9%
28,515
Cash & short-term investments
157
166+5.6%
—
Net PP&E
18,063
20,535+13.7%
—
Other assets
4,514
4,518+0.1%
—
Total liabilities
20,142
22,150+10.0%
24,859
Total debt
13,787
16,662+20.9%
19,020
Other liabilities
6,355
5,488−13.6%
—
Partners’ capital
2,592
3,068+18.3%
3,656
Units outstanding (M)
218
215−1.4%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,650
3,917+7.3%
4,286
Net income
1,554
1,957+26.0%
—
Depreciation & amortization
1,423
1,515+6.5%
—
Stock-based compensation
63
70+10.0%
—
Working capital & other
610
376−38.4%
—
Cash from investing
(3,021)
(3,642)n/m
—
Capex
(2,966)
(3,333)n/m
—
PP&E sold
3
—
—
Acquisitions
—
(123)
—
Other investing
(59)
(186)n/m
—
Cash from financing
(613)
(267)n/m
—
Debt raised
999
5,239+424.3%
—
Debt repaid
—
(705)
—
Buybacks
(755)
(642)n/m
—
Other financing
(857)
(4,159)n/m
—
Net change in cash
16
9−43.6%
—
Free cash flow (OCF − capex)
684
584−14.6%
741
Where the cash went
Operating cash flow
3,650
3,917+7.3%
4,286
Reinvested in the business
2,966
3,456+16.5%
—
% of operating cash flow
81.3%
88.2%
Capex
2,966
3,333+12.4%
3,545
Acquisitions
—
123
—
Free cash flow
684
584−14.6%
741
YoY
−14.6%
Returned to unitholders
755
642−15.0%
—
% of free cash flow
110.4%
109.9%
Buybacks
755
642−15.0%
—
Change in total debt
—
2,876
—
Cash left over
—
2,695
—
FCF conversion (FCF ÷ net income)
52.1%
30.4%−21.8 pp
—
Owner earnings
—
14
—
Owner earnings margin
—
0.1%
—
Buyback yield
1.9%
1.6%−0.3 pp
—
Returns & ratios
Net debt / EBITDA
3.31x
3.40x+0.09x
—
Interest coverage
5.78x
6.11x+0.33x
—
ROIC (all capital)
13.3%
14.7%+1.3 pp
—
Debt / EBITDA
3.35x
3.44x+0.09x
—
Debt / equity
5.32x
5.43x+0.11x
—
ROE
50.6%
62.7%+12.1 pp
—
ROCE
13.8%
15.4%+1.6 pp
—
FCF / unit ($)
3.14
2.72−13.4%
—
EV / EBITDA (year end)
12.75x
11.58x−1.17x
—
Price / DCF proxy
12.87x
11.24x−1.63x
—
Net debt is 3.4x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,151
4,055
4,095
4,440
vs year-ago quarter
Gross profit
1,645
1,748
1,700
2,138
Gross margin
39.6%
43.1%
41.5%
48.2%
Operating income
837
917
847
1,234
Net income
478
545
480
765
vs year-ago quarter
Net margin
11.5%
13.4%
11.7%
17.2%
Earnings per unit (diluted, $)
2.20
2.54
2.21
3.54
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
24,175
25,218
27,107
28,515
Cash & equivalents
124
166
100
132
Total debt
16,742
16,662
18,435
19,020
Partners’ capital
2,707
3,068
3,136
3,656
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
599
1,506
740
1,441
Capex
672
963
900
1,010
Free cash flow
(73)
542
(160)
431
vs year-ago quarter