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Screener / SEC EDGAR /CIK 0001389170 /10-K filed Feb 19, 2026, compared with Feb 20, 2025 /Numbers from the XBRL of the 10-Ks
Energy peers:
FANGEXEKMIDVNTRGPWMB
NYSE Energy · Pipelines

Targa Resources TRGP

TRGP quote by TradingView

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
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $17.0B through the costs to a net profit of $1.9B · income statement of the 10-K

20% operating margin
Revenue to Gross profit: $6.5BRevenue to Cost of revenue: $10.5BGross profit to Operating profit: $3.3BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $1.4B Revenue: $17.0B REVENUE $17.0B +4% Y/Y Gross profit: $6.5B · 38% margin GROSS PROFIT $6.5B 38% margin Cost of revenue: $10.5B · 62% of revenue COST OF REVENUE $10.5B 62% of revenue Operating profit: $3.3B · 20% margin OPERATING PROFIT $3.3B 20% margin · +24% Y/Y Operating expenses: $3.2B · 19% of revenue OPERATING EXPENSES $3.2B 19% of revenue Net profit: $1.9B · 11% margin NET PROFIT $1.9B 11% margin · +47% Y/Y Tax & other: $1.4B · 8% of revenue TAX & OTHER $1.4B 8% of revenue
Gross profit $6.5B 38% margin
Operating profit $3.3B 20% margin · +24% Y/Y
Net profit $1.9B 11% margin · +47% Y/Y
The full income statement, year by year

TRGP among Energy peers

Six ratios from the latest 10-K. Each corner is the share of 20 peers the company is above, not a score.

Compare
Revenue growth: 3.9%, above 55% of 20 peers (their median -1.0%) REVENUE GROWTH 3.9% · above 55% Gross margin: 41.8%, above 57% of 7 peers (their median 25.2%) GROSS MARGIN 41.8% · above 57% Operating margin: 22.5%, above 42% of 12 peers (their median 27.3%) OPERATING MARGIN 22.5% · above 42% Net margin: 13.5%, above 50% of 20 peers (their median 13.9%) NET MARGIN 13.5% · above 50% FCF margin: 5.1%, above 8% of 13 peers (their median 12.4%) FCF MARGIN 5.1% · above 8% Return on capital: 11.1%, above 67% of 12 peers (their median 8.4%) RETURN ON CAPITAL 11.1% · above 67%
TRGP Peer median Below the median

What changed

5 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 19, 2026 against Feb 20, 2025.

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.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Inventory growing faster than revenue
    Inventory +28.4% vs revenue +3.9% (+24.5 pts)
  • Receivables -8.9% vs revenue +3.9% (-12.8 pts)
9 more checks with nothing to note
  • Cash from operations $3.9B vs net income $1.9B (FY ending Dec 31, 2025)
  • 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

In their words

5 paragraphs in Risk Factors that were not in the 10-K filed Feb 20, 2025. Quoted as filed.

All 5 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    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.
  2. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Various states and groups of states have also adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on areas of coverage similar to what the federal government has or may consider, including GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Our operations are subject to numerous federal, tribal, state and local environmental laws and regulations governing occupational health and safety, the discharge of pollutants into the environment or otherwise relating to environmental protection. These laws and regulations may impose numerous obligations that are applicable to our…

New risk paragraphs, against peers

Latest 10-K of each, Energy companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$20.9B$16.1B$16.4B$17.0B
Net income$1.2B$1.3B$1.3B$1.9B
Operating cash flow$2.4B$3.2B$3.6B$3.9B
Free cash flow$1.0B$826.2M$683.9M$584.1M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$17.0B ▲ 3.9% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Targa Resources, Houston, TX · from the 10-K filed Feb 19, 2026

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets. • gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;

Headquarters
Houston, TX
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 5, 2026

Employees, at the top of the page: "As of December 31, 2025, we employed approximately 3,570 people that primarily support our operations through a wholly-owned subsidiary of ours" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 19, 2026 (open at SEC), compared with the 10-K filed Feb 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/TRGP/export.csv") into a cell.