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TRGPTarga Resources

Energy · Pipelines · NYSE
TRGP quote by TradingView
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FY2025 at a glance

Sales up 3.9%, free cash flow down to $584.1M

XBRL, from each 10-K
RevenueStatements ↓
$17.0B
from $16.4B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.9B
from $1.3B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$584.1M
from $683.9M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.49
from $5.74 in FY2024
FY2016FY2025
Operating marginStatements ↓
19.6%
from 16.5% in FY2024
FY2016FY2025
Total debtStatements ↓
$17.4B
from $14.2B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)11.30Sales (ttm)18.2BNet income (ttm)2.4BSales growth+3.9%EPS growth+47.9%Sales Q/Q+34.9%
Free cash flow933.8MGross margin41.8%Oper. margin22.5%Net margin13.5%FCF margin5.1%ROE64.1%
ROA8.3%R&D / sales-Dividend3.75Debt/Eq5.20Curr. ratio0.74Cash142.6M
Op. cash flow (ttm)5.1BEBITDA4.8BEBITDA margin28.5%Net debt19.7BQuick ratio0.63Interest cover4.20
ROIC11.1%Payout ratio44.2%Tax rate21.3%Stock pay / sales0.4%Shares out.214.6MShares Y/Y-2.0%
Book / share17.78Cash / share0.66Sales / share84.78Asset turnover0.61Inventory turns24.48Days sales out.32
Sales 3Y CAGR-6.6%Sales 5Y CAGR+15.6%EPS 3Y CAGR+29.8%Employees3,570Sales / employee5.1M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin widened to 19.6%16.5% → 19.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

TRGP against Energy peers

Ten years, side by side → · All 21 →
GrowthProfitBalanceCleanInsiders
TRGPPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth
+3.9%10th of 21 · median -0.3%
Net margin
13.5%11th of 21 · median 13.5%
Return on equity
64.1%1st of 21 · median 17.4%
Free cash flow margin
5.1%13th of 14 · median 12.1%
Debt / equity (less is better)
5.2020th of 20 · median 0.41
TRGP and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
TRGP Targa Resources$18.2B +3.9%41.8%13.5%64.1%5.1%5.20
DVN Devon Energy$22.2B +7.8%-16.2%8.6%23.5%0.25
FANG Diamondback Energy$18.6B +35.8%-11.0%5.3%-0.30
KMI Kinder Morgan$18.3B +12.2%-19.6%11.4%16.8%1.05
WMB Williams Companies$15.4B +17.9%-19.9%23.3%-0.7%2.33
EXE Expand Energy$13.9B +186%-19.8%14.1%18.6%0.24
Where each dollar goes

From $16.9B of sales to $71.2M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.2BRevenue to Cost of revenue: $13.7BGross profit to Operating profit: $864.8MGross profit to Operating expenses: $2.4BOperating profit to Net profit: $71.2MOperating profit to Tax & other: $793.6M Revenue: $16.9B Revenue$16.9B +105% Y/Y Gross profit: $3.2B · 19% margin Gross profit$3.2B19% margin Cost of revenue: $13.7B · 81% of revenue Cost of revenue$13.7B81% of revenue Operating profit: $864.8M · 5% margin Operating profit$864.8M5% margin Operating expenses: $2.4B · 14% of revenue Operating expenses$2.4B14% of revenue Net profit: $71.2M · 0% margin Net profit$71.2M0% margin Tax & other: $793.6M · 5% of revenue Tax & other$793.6M5% of revenue

Swipe sideways for the whole flow →

From $20.9B of sales to $1.2B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.0BRevenue to Cost of revenue: $16.9BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $1.2BOperating profit to Tax & other: $533.5M Revenue: $20.9B Revenue$20.9B +23% Y/Y Gross profit: $4.0B · 19% margin Gross profit$4.0B19% margin Cost of revenue: $16.9B · 81% of revenue Cost of revenue$16.9B81% of revenue Operating profit: $1.7B · 8% margin Operating profit$1.7B8% margin +100% Y/Y Operating expenses: $2.3B · 11% of revenue Operating expenses$2.3B11% of revenue Net profit: $1.2B · 6% margin Net profit$1.2B6% margin +1579% Y/Y Tax & other: $533.5M · 3% of revenue Tax & other$533.5M3% of revenue

Swipe sideways for the whole flow →

From $16.1B of sales to $1.3B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $5.4BRevenue to Cost of revenue: $10.7BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $2.8BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $1.3B Revenue: $16.1B Revenue$16.1B −23% Y/Y Gross profit: $5.4B · 34% margin Gross profit$5.4B34% margin Cost of revenue: $10.7B · 66% of revenue Cost of revenue$10.7B66% of revenue Operating profit: $2.6B · 16% margin Operating profit$2.6B16% margin +52% Y/Y Operating expenses: $2.8B · 17% of revenue Operating expenses$2.8B17% of revenue Net profit: $1.3B · 8% margin Net profit$1.3B8% margin +13% Y/Y Tax & other: $1.3B · 8% of revenue Tax & other$1.3B8% of revenue

Swipe sideways for the whole flow →

From $16.4B of sales to $1.3B of profit

FY2024, from the 10-K income statement and revenue by product
NGL to Revenue: $12.4BNatural Gas to Revenue: $1.2BGathering and Processing to Revenue: $1.6BStorage Terminaling and Export to Revenue: $497.9MCondensate and Crude Oil to Revenue: $523.6MOther to Revenue: $359.0MRevenue to Gross profit: $5.7BRevenue to Cost of revenue: $10.7BGross profit to Operating profit: $2.7BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $1.4B NGL: $12.4B · 74% NGL$12.4B74% Natural Gas: $1.2B · 7% Natural Gas$1.2B7% Gathering and Processing: $1.6B · 10% Gathering and Processing$1.6B10% Storage Terminaling and Export: $497.9M · 3% Storage Terminaling and…$497.9M3% Condensate and Crude Oil: $523.6M · 3% Condensate and Crude Oil$523.6M3% Other: $359.0M · 2% Other$359.0M2% Revenue: $16.4B Revenue$16.4B +2% Y/Y Gross profit: $5.7B · 35% margin Gross profit$5.7B35% margin Cost of revenue: $10.7B · 65% of revenue Cost of revenue$10.7B65% of revenue Operating profit: $2.7B · 16% margin Operating profit$2.7B16% margin +3% Y/Y Operating expenses: $3.0B · 18% of revenue Operating expenses$3.0B18% of revenue Net profit: $1.3B · 8% margin Net profit$1.3B8% margin −3% Y/Y Tax & other: $1.4B · 8% of revenue Tax & other$1.4B8% of revenue

Swipe sideways for the whole flow →

From $17.0B of sales to $1.9B of profit

FY2025, from the 10-K income statement and revenue by product
NGL to Revenue: $12.1BNatural Gas to Revenue: $2.0BGathering and Processing to Revenue: $1.8BStorage Terminaling and Export to Revenue: $496.8MCondensate and Crude Oil to Revenue: $448.3MOther to Revenue: $334.8MRevenue 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 NGL: $12.1B · 70% NGL$12.1B70% Natural Gas: $2.0B · 12% Natural Gas$2.0B12% Gathering and Processing: $1.8B · 10% Gathering and Processing$1.8B10% Storage Terminaling and Export: $496.8M · 3% Storage Terminaling and…$496.8M3% Condensate and Crude Oil: $448.3M · 3% Condensate and Crude Oil$448.3M3% Other: $334.8M · 2% Other$334.8M2% Revenue: $17.0B Revenue$17.0B +4% Y/Y Gross profit: $6.5B · 38% margin Gross profit$6.5B38% margin Cost of revenue: $10.5B · 62% of revenue Cost of revenue$10.5B62% of revenue Operating profit: $3.3B · 20% margin Operating profit$3.3B20% margin +24% Y/Y Operating expenses: $3.2B · 19% of revenue Operating expenses$3.2B19% of revenue Net profit: $1.9B · 11% margin Net profit$1.9B11% margin +47% Y/Y Tax & other: $1.4B · 8% of revenue Tax & other$1.4B8% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2021
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median13.5% vs 13.5%
  • ✓
    Return on equity above 15%64.1%
  • !
    A profit in 7 of 10 years
Net margin, FY2016 to FY2025: -2.8% → 11.3%

Balance sheet

0 of 4
  • !
    Interest covered less than 5 timesOperating income is 4.2× interest expense
  • !
    Debt larger than equityDebt / equity 5.20 on the latest balance sheet (peer median 0.41)
  • !
    Current ratio below 1Current ratio 0.74
  • !
    Net debt over 3 years of free cash flow$19.7B net debt, 21.1 years
Debt / equity at each year end, FY2016 to FY2025: 0.93 → 5.68
What the debt is made of ↓

Cash and shareholders

3 of 4
  • !
    Free cash flow positive in 7 of 10 years$584.1M last year
  • ✓
    Share count down over 5 years−6.6%
  • ✓
    Dividend per share up over 5 years$1.21 → $3.75
  • ✓
    Cash from operations above net income$3.9B vs $1.9B
Free cash flow, FY2016 to FY2025: 275.3M → 584.1M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$17.2B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 17.0B Net income 1.9B
FY2016 revenue 6.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-19-005727 FY2016 net income -187.3M · NetIncomeLoss, 0001564590-19-005727 6.7B FY2016 FY2017 revenue 8.8B · Revenues, 0001564590-20-005592 FY2017 net income 54.0M · NetIncomeLoss, 0001564590-20-005592 8.8B FY2017 FY2018 revenue 10.5B · Revenues, 0001564590-21-006640 FY2018 net income 1.6M · NetIncomeLoss, 0001564590-21-006640 10.5B FY2018 FY2019 revenue 8.7B · Revenues, 0001564590-22-006563 FY2019 net income -209.2M · NetIncomeLoss, 0001564590-22-006563 8.7B FY2019 FY2020 revenue 8.3B · Revenues, 0000950170-23-003797 FY2020 net income -1.6B · NetIncomeLoss, 0000950170-23-003797 8.3B FY2020 FY2021 revenue 16.9B · Revenues, 0000950170-24-015841 FY2021 net income 71.2M · NetIncomeLoss, 0000950170-24-015841 16.9B FY2021 FY2021 revenue 20.9B · Revenues, 0000950170-25-023983 FY2021 net income 1.2B · NetIncomeLoss, 0000950170-25-023983 20.9B FY2021 FY2023 revenue 16.1B · Revenues, 0001193125-26-059296 FY2023 net income 1.3B · NetIncomeLoss, 0001193125-26-059296 16.1B FY2023 FY2024 revenue 16.4B · Revenues, 0001193125-26-059296 FY2024 net income 1.3B · NetIncomeLoss, 0001193125-26-059296 16.4B FY2024 FY2025 revenue 17.0B · Revenues, 0001193125-26-059296 FY2025 net income 1.9B · NetIncomeLoss, 0001193125-26-059296 17.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

TRGP's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue17.0B
FY2016: 6.7BFY2017: 8.8BFY2018: 10.5BFY2019: 8.7BFY2020: 8.3BFY2021: 16.9BFY2021: 20.9BFY2023: 16.1BFY2024: 16.4BFY2025: 17.0B FY2017FY2019FY2021FY2023FY2025
Net income1.9B
FY2016: -187.3MFY2017: 54.0MFY2018: 1.6MFY2019: -209.2MFY2020: -1.6BFY2021: 71.2MFY2021: 1.2BFY2023: 1.3BFY2024: 1.3BFY2025: 1.9B FY2017FY2019FY2021FY2023FY2025
Free cash flow584.1M
FY2016: 275.3MFY2017: -358.0MFY2018: -2.0BFY2019: -1.5BFY2020: 792.9MFY2021: 1.8BFY2021: 1.0BFY2023: 826.2MFY2024: 683.9MFY2025: 584.1M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.49
FY2016: -1.80FY2017: -0.31FY2018: -0.53FY2019: -1.44FY2020: -7.26FY2021: -0.07FY2021: 3.88FY2023: 3.66FY2024: 5.74FY2025: 8.49 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.75
FY2016: 3.64FY2017: 3.64FY2018: 3.64FY2019: 3.64FY2020: 1.21FY2021: 0.40FY2021: 1.40FY2023: 1.85FY2024: 2.75FY2025: 3.75 FY2017FY2019FY2021FY2023FY2025
Diluted shares216.9M
FY2016: 154.4MFY2017: 206.9MFY2018: 224.2MFY2019: 232.5MFY2020: 232.2MFY2021: 228.6MFY2021: 231.1MFY2023: 226.0MFY2024: 221.3MFY2025: 216.9M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Logistics And Transportation 14.3B84.2% +3.5%
Gathering And Processing 2.7B15.8% +0.1%
All Other Segments -5.3M0.0% -
Corporate and Eliminations -4.9B-29.1% -

10-K 0001193125-26-059296, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
NGL 12.1B70.9% -2.4%
Natural Gas 2.0B12.0% +64.0%
Gathering and Processing 1.8B10.5% +9.8%
Storage Terminaling and Export 496.8M2.9% -0.2%
Condensate and Crude Oil 448.3M2.6% -14.4%
NGL Transportation, Fractionation and Services 311.6M1.8% +4.4%
Other 23.2M0.1% -61.7%

10-K 0001193125-26-059296, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Revenue6.7B8.8B10.5B8.7B8.3B16.9B20.9B16.1B16.4B17.0B
Cost of revenue4.9B6.9B8.2B6.2B5.2B13.7B16.9B10.7B10.7B10.5B
Gross profit1.8B1.9B2.2B2.6B------
SG&A187.2M203.4M256.9M280.7M254.6M273.2M309.7M348.7M384.9M406.0M
Operating income55.8M-122.4M237.5M192.9M-1.3B864.8M1.7B2.6B2.7B3.3B
Interest expense282.0M212.2M217.2M287.7M374.1M356.0M401.3M618.6M712.7M793.3M
Pretax income-259.7M-292.9M65.9M-46.7M-1.6B436.9M1.7B1.9B1.9B2.5B
Income tax-100.6M-397.1M5.5M-87.9M-248.1M14.8M131.8M363.2M384.5M529.7M
Net income-187.3M54.0M1.6M-209.2M-1.6B71.2M1.2B1.3B1.3B1.9B
EPS (diluted)-1.80-0.31-0.53-1.44-7.26-0.073.883.665.748.49
Diluted shares154.4M206.9M224.2M232.5M232.2M228.6M231.1M226.0M221.3M216.9M
Depreciation & amortization757.7M809.5M815.9M971.6M865.1M870.6M1.1B1.3B1.4B1.5B
EBITDA813.5M687.1M1.1B1.2B-438.6M1.7B2.8B4.0B4.1B4.8B
Gross margin26.4%21.7%21.4%29.4%------
Operating margin0.8%-1.4%2.3%2.2%-15.8%5.1%8.3%16.4%16.5%19.6%
Net margin-2.8%0.6%0.0%-2.4%-18.8%0.4%5.7%8.4%8.0%11.3%
Revenue growth-+31.7%+18.9%-17.3%-4.7%+105%+23.5%-23.3%+2.0%+3.9%
EPS growth--------5.7%+56.8%+47.9%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Cash73.5M137.2M232.1M331.1M242.8M158.5M219.0M141.7M157.3M166.1M
Receivables674.6M827.6M865.5M855.0M862.8M1.3B1.4B1.5B1.6B1.5B
Inventory137.7M204.5M164.7M161.5M181.5M153.4M393.8M371.5M334.3M429.3M
Current assets1.0B1.3B1.4B1.7B1.5B1.8B2.4B2.2B2.3B2.4B
Property & equipment9.7B10.4B12.9B14.5B12.2B11.7B14.2B15.8B18.1B20.5B
Goodwill210.0M256.6M46.6M45.2M45.2M45.2M45.2M45.2M45.2M112.3M
Total assets12.9B14.4B16.9B18.8B15.9B15.2B19.6B20.7B22.7B25.2B
Accounts payable---954.8M833.8M1.4B1.4B1.6B2.0B1.9B
Current liabilities1.2B1.6B2.8B1.9B1.8B2.3B3.1B2.8B3.2B3.5B
Total debt4.9B5.4B7.7B8.2B8.1B6.7B11.5B13.0B14.2B17.4B
Shareholders' equity5.2B6.2B6.1B4.9B2.7B2.0B2.7B2.7B2.6B3.1B
Retained earnings-187.3M-77.2M-130.4M-339.6M-1.9B-1.8B-626.8M492.0M1.2B2.3B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Operating cash flow837.4M939.5M1.1B1.4B1.7B2.3B2.4B3.2B3.6B3.9B
Capital spending562.1M1.3B3.1B2.9B951.6M505.1M1.3B2.4B3.0B3.3B
Free cash flow275.3M-358.0M-2.0B-1.5B792.9M1.8B1.0B826.2M683.9M584.1M
Stock-based pay (added back)29.7M42.3M56.3M60.3M66.2M59.2M57.5M62.4M63.2M69.5M
Acquisitions-570.8M----3.5B--122.8M
Debt raised1.0B750.0M1.0B2.5B1.0B1.0B2.7B3.7B999.4M5.2B
Debt repaid1.9B698.1M-749.4M1.4B1.1B1.5B--705.2M
Investing cash flow-558.6M-1.9B-3.1B-3.1B-738.1M-473.2M-4.1B-2.4B-3.0B-3.6B
Financing cash flow-345.5M1.0B2.1B1.8B-1.1B-1.9B1.8B-888.1M-612.8M-266.6M
Dividend per share3.643.643.643.641.210.401.401.852.753.75

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Stock-based pay (expense)29.7M42.3M56.3M60.3M66.2M59.2M57.5M62.4M63.2M69.5M
Stock-based pay / revenue0.4%0.5%0.5%0.7%0.8%0.3%0.3%0.4%0.4%0.4%
Operating lease cost---9.9M11.6M12.2M17.7M18.3M30.6M28.6M
Operating lease cash paid---8.7M12.3M14.1M18.8M21.4M32.4M32.4M
Finance lease principal paid---11.5M12.4M12.5M19.7M42.9M50.1M76.5M
Right-of-use assets---42.0M52.7M50.8M57.3M64.2M103.7M93.9M
Operating lease liabilities---55.0M58.2M46.2M43.0M78.3M115.6M113.8M
Finance lease liabilities---38.0M30.8M26.5M227.3M289.8M298.1M353.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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