TRGPTarga Resources

Energy · Pipelines · NYSE

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. 10-K, Item 1

Employees: 3,570
Headquarters: Houston, TX
CEO: Matthew J. Meloy
Next results: around Feb 18, 2027

RevenueFY2016–25 $17.0B+3.9% FY2024: $16.4B 10-K FY2025 · XBRL Net incomeFY2016–25 $1.9B+46.6% Highest in 10 years 10-K FY2025 · XBRL Free cash flowFY2016–25 $584.1M−14.6% FY2024: $683.9M 10-K FY2025 · XBRL Operating marginFY2016–25 19.6%+3.1 pts 0.8% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 19, 2026 against Feb 20, 2025

Area	What changed	Source
Risk factors	5 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Inventory growing faster than revenue	Inventory +28.4% vs revenue +3.9% (+24.5 pts)	10-K · XBRL
Accounting checks	10 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	2 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 19, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-20. Quoted as filed.

Based on our current interpretation of the IRA, the CAMT and related guidance, the impact from the OBBBA, and several operational, economic, accounting and regulatory assumptions, we do not anticipate paying CAMT in the near term.
10-K, Item 1A

All 5 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Inventory growing faster than revenueInventory +28.4% vs revenue +3.9% (+24.5 pts)
✓
Receivables -8.9% vs revenue +3.9% (-12.8 pts)
✓
Cash from operations $3.9B vs net income $1.9B (FY ending 2025-12-31)
✓
Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
The same matters as last year: Valuation of Derivative Instruments and Hedging Activities
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 5, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
Nov 5, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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