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

TRGP and 9 peers, year by year

The 9 Energy companies closest to TRGP in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
TRGP Targa Resources	FY2025	$17.0B	+3.9%	-	19.6%	11.3%	3.4%	62.7%	5.68
KMI Kinder Morgan	FY2025	$16.9B	+12.7%	-	27.9%	18.0%	17.1%	9.8%	1.03
FANG Diamondback Energy	FY2025	$15.0B	+35.8%	-	8.4%	11.1%	-	4.5%	0.37
WMB Williams Companies	FY2025	$14.9B	+17.9%	-	28.2%	17.6%	6.7%	20.4%	2.29
DVN Devon Energy	FY2025	$17.2B	+5.4%	-	-	15.4%	18.1%	17.0%	0.54
EXE Expand Energy	FY2025	$12.1B	+186%	-	20.4%	15.0%	15.2%	9.8%	0.27
HAL Halliburton	FY2025	$22.2B	−3.3%	-	10.2%	5.8%	7.5%	12.3%	0.68
OXY Occidental Petroleum	FY2025	$21.6B	−5.0%	-	-	7.5%	19.0%	4.5%	0.59
APA APA Corporation	FY2025	$9.5B	−10.6%	-	32.4%	15.1%	-	23.5%	0.74
EQT EQT Corporation	FY2025	$8.6B	+63.9%	-	37.6%	23.6%	32.8%	8.6%	0.33

Revenuepeer median $15.0B

Sales growthpeer median +12.7%

Operating marginpeer median 27.9%

Net marginpeer median 15.1%

FCF marginpeer median 17.1%

EQT 32.8%
OXY 19.0%
DVN 18.1%
KMI 17.1%
EXE 15.2%
HAL 7.5%
WMB 6.7%
TRGP 3.4%
FANG -
APA -

Return on equitypeer median 9.8%

Debt / equitypeer median 0.59

TRGP 5.68
WMB 2.29
KMI 1.03
APA 0.74
HAL 0.68
OXY 0.59
DVN 0.54
FANG 0.37
EQT 0.33
EXE 0.27

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2015 to FY2025

Revenue as reported in the 10-K.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	-	$6.7B	$8.8B	$10.5B	$8.7B	$8.3B	$20.9B	$16.1B	$16.4B	$17.0B
KMI Dec	$14.4B	$13.1B	$13.7B	$14.1B	$13.2B	$11.7B	$16.6B	$15.3B	$15.1B	$16.9B
FANG Dec	$446.7M	$527.1M	$1.2B	$2.2B	$4.0B	$2.8B	$6.8B	$8.4B	$11.1B	$15.0B
WMB Dec	$7.4B	$7.5B	$8.0B	$8.7B	$8.2B	$7.7B	$12.8B	$12.0B	$12.6B	$14.9B
DVN Dec	$13.1B	$10.3B	$6.5B	$8.9B	$6.7B	$4.8B	$13.8B	$15.3B	-	$17.2B
EXE Dec	$12.8B	$7.9B	$10.0B	$10.0B	$8.5B	$5.2B	-	$8.7B	$4.2B	$12.1B
HAL Dec	$23.6B	$15.9B	$20.6B	$24.0B	$22.4B	$14.4B	$15.3B	$23.0B	$22.9B	$22.2B
OXY Dec	$12.5B	$10.1B	$12.5B	$17.8B	$20.9B	$17.8B	$26.0B	$23.2B	$22.7B	$21.6B
APA Dec	-	-	-	-	$7.4B	$5.0B	$8.9B	$9.0B	$10.6B	$9.5B
EQT Dec	$2.3B	$1.6B	$3.4B	$4.7B	$4.4B	$3.1B	$6.8B	$6.9B	$5.3B	$8.6B
Peer median	$12.6B	$9.0B	$9.0B	$9.5B	$8.2B	$5.2B	$13.3B	$12.0B	$11.8B	$15.0B

Sales growth, FY2015 to FY2025

Revenue against the fiscal year before.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	-	-	+31.7%	+19.9%	−20.9%	−7.1%	+23.2%	−31.8%	+2.0%	+3.9%
KMI Dec	-	−9.3%	+5.0%	+3.2%	−9.3%	−16.4%	+60.0%	−24.7%	−1.2%	+12.7%
FANG Dec	-	+18.0%	+129%	+80.6%	+82.5%	−29.1%	+145%	−12.8%	+31.6%	+35.8%
WMB Dec	-	+1.9%	+7.1%	+8.2%	−5.4%	−6.0%	+67.0%	−32.5%	+5.3%	+17.9%
DVN Dec	-	−21.6%	+28.8%	+23.9%	−20.9%	−30.0%	+194%	−23.6%	-	+5.4%
EXE Dec	−44.8%	−38.3%	+20.6%	−0.1%	−14.3%	−38.6%	-	−25.7%	−51.4%	+186%
HAL Dec	-	−32.8%	+29.8%	+16.4%	−6.6%	−35.5%	+5.9%	+13.4%	−0.3%	−3.3%
OXY Dec	-	−19.2%	+24.0%	+42.5%	+17.3%	−10.7%	+51.5%	−21.8%	−2.2%	−5.0%
APA Dec	-	-	-	-	-	−31.9%	+76.3%	−24.7%	+18.2%	−10.6%
EQT Dec	-	−31.3%	+123%	+47.5%	−19.5%	−30.1%	+157%	−7.9%	−23.7%	+63.9%
Peer median	-	−20.4%	+26.4%	+20.2%	−8.0%	−30.0%	+71.7%	−23.6%	−0.8%	+12.7%

Gross margin, FY2015 to FY2025

Gross profit / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	-	26.4%	21.7%	21.4%	29.4%	-	-	-	-	-
KMI Dec	-	-	-	-	-	-	-	-	-	-
FANG Dec	-	-	-	-	-	-	-	-	-	-
WMB Dec	-	-	-	-	-	-	-	-	-	-
DVN Dec	-	-	-	-	-	-	-	-	-	-
EXE Dec	-	-	-	-	-	-	-	-	-	-
HAL Dec	-	-	-	-	-	-	-	-	-	-
OXY Dec	-	-	-	-	-	-	-	-	-	-
APA Dec	-	-	-	-	-	-	-	-	-	-
EQT Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2015 to FY2025

Operating income / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	-	0.8%	−1.4%	2.3%	2.2%	−15.8%	8.3%	16.4%	16.5%	19.6%
KMI Dec	17.0%	27.1%	25.7%	26.8%	36.9%	13.3%	17.6%	27.8%	29.0%	27.9%
FANG Dec	−165.7%	−13.0%	50.2%	46.5%	17.5%	−194.7%	58.9%	54.3%	39.7%	8.4%
WMB Dec	3.1%	9.2%	11.5%	8.8%	23.4%	28.5%	20.6%	35.9%	26.4%	28.2%
DVN Dec	−157.7%	−28.1%	-	-	-	-	-	-	-	-
EXE Dec	−148.2%	−56.0%	−1.4%	3.8%	−0.4%	−166.1%	-	36.0%	−19.0%	20.4%
HAL Dec	−0.7%	−42.6%	6.7%	10.3%	−2.0%	−16.9%	11.8%	17.7%	16.7%	10.2%
OXY Dec	-	-	-	-	-	-	-	-	-	-
APA Dec	-	-	-	-	−29.0%	−81.3%	32.1%	41.0%	23.0%	32.4%
EQT Dec	24.1%	−46.9%	11.3%	−59.1%	−26.1%	−28.7%	−20.0%	33.5%	13.0%	37.6%
Peer median	−0.7%	−28.1%	11.4%	9.6%	−0.4%	−28.7%	19.1%	35.9%	23.0%	27.9%

Net margin, FY2015 to FY2025

Net income / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	-	−2.8%	0.6%	0.0%	−2.4%	−18.8%	5.7%	8.4%	8.0%	11.3%
KMI Dec	1.8%	5.4%	1.3%	11.4%	16.6%	1.0%	10.7%	15.6%	17.3%	18.0%
FANG Dec	−123.3%	−31.3%	40.0%	38.9%	6.1%	−160.6%	32.1%	37.4%	30.2%	11.1%
WMB Dec	−7.8%	−5.7%	27.1%	−1.8%	10.4%	2.7%	11.9%	26.5%	17.6%	17.6%
DVN Dec	−98.1%	−10.2%	13.8%	34.4%	−5.3%	−55.5%	20.5%	24.5%	-	15.4%
EXE Dec	−114.1%	−55.8%	−5.0%	2.3%	−3.6%	−185.8%	-	27.7%	−16.9%	15.0%
HAL Dec	−2.8%	−36.3%	−2.2%	6.9%	−5.0%	−20.4%	9.5%	11.5%	10.9%	5.8%
OXY Dec	−62.7%	−5.7%	10.5%	23.2%	−4.7%	−83.3%	8.9%	20.2%	10.4%	7.5%
APA Dec	-	-	-	-	−48.0%	−96.3%	10.9%	31.7%	7.6%	15.1%
EQT Dec	3.6%	−28.2%	44.7%	−47.7%	−27.7%	−31.3%	−16.8%	25.1%	4.4%	23.6%
Peer median	−35.2%	−19.2%	12.1%	9.1%	−4.7%	−55.5%	10.8%	25.1%	10.7%	15.1%

Free cash flow, FY2015 to FY2025

Cash from operations minus capital spending.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	$217.5M	$275.3M	−$358.0M	−$2.0B	−$1.5B	$792.9M	$1.0B	$826.2M	$683.9M	$584.1M
KMI Dec	$1.4B	$1.9B	$1.4B	$2.1B	$2.5B	$2.8B	$4.4B	$4.2B	$3.0B	$2.9B
FANG Dec	-	-	-	-	-	-	-	-	-	-
WMB Dec	−$459.0M	$2.1B	$690.0M	$37.0M	$1.6B	$2.3B	$2.7B	$3.4B	$2.4B	$1.0B
DVN Dec	$3.8B	$651.0M	$2.9B	$1.5B	$2.0B	$311.0M	$2.9B	$2.7B	-	$3.1B
EXE Dec	−$2.4B	−$1.6B	-	-	-	$22.0M	-	$551.0M	$8.0M	$1.8B
HAL Dec	$722.0M	−$2.5B	$1.1B	$1.1B	$915.0M	$1.2B	$1.1B	$2.1B	$2.4B	$1.7B
OXY Dec	−$1.9B	$667.0M	$1.3B	$2.7B	$1.0B	$1.4B	$7.6B	$6.6B	$5.2B	$4.1B
APA Dec	-	-	-	-	-	-	-	-	-	-
EQT Dec	−$1.2B	$121.5M	$78.6M	−$22.8M	$249.2M	$495.5M	$607.3M	$1.2B	$573.3M	$2.8B
Peer median	−$459.0M	$651.0M	$1.2B	$1.3B	$1.3B	$1.2B	$2.8B	$2.7B	$2.4B	$2.8B

FCF margin, FY2015 to FY2025

Free cash flow / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	-	4.1%	−4.1%	−18.8%	−17.2%	9.6%	5.0%	5.1%	4.2%	3.4%
KMI Dec	9.8%	14.4%	10.3%	15.1%	18.8%	24.3%	26.7%	27.2%	19.9%	17.1%
FANG Dec	-	-	-	-	-	-	-	-	-	-
WMB Dec	−6.2%	28.1%	8.6%	0.4%	19.3%	29.2%	21.2%	28.5%	19.0%	6.7%
DVN Dec	28.8%	6.3%	44.1%	17.2%	30.1%	6.4%	21.2%	17.4%	-	18.1%
EXE Dec	−18.6%	−21.0%	-	-	-	0.4%	-	6.3%	0.2%	15.2%
HAL Dec	3.1%	−15.7%	5.3%	4.7%	4.1%	8.0%	7.3%	9.0%	10.6%	7.5%
OXY Dec	−15.4%	6.6%	10.1%	15.1%	4.8%	8.0%	29.1%	28.5%	22.8%	19.0%
APA Dec	-	-	-	-	-	-	-	-	-	-
EQT Dec	−52.0%	7.6%	2.3%	−0.5%	5.6%	16.2%	8.9%	16.8%	10.9%	32.8%
Peer median	−6.2%	6.6%	9.3%	9.9%	12.2%	8.0%	21.2%	17.4%	14.9%	17.1%

Return on equity, FY2015 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	4.0%	−3.6%	0.9%	0.0%	−4.3%	−58.6%	44.8%	49.1%	50.6%	62.7%
KMI Dec	0.7%	2.1%	0.5%	4.8%	6.5%	0.4%	5.8%	7.9%	8.6%	9.8%
FANG Dec	−29.4%	−4.5%	9.2%	6.2%	1.8%	−51.4%	18.1%	18.9%	8.8%	4.5%
WMB Dec	−9.3%	−9.1%	22.5%	−1.1%	6.4%	1.8%	13.3%	25.6%	17.9%	20.4%
DVN Dec	−182.9%	−12.8%	9.7%	33.4%	−6.1%	−92.9%	30.4%	31.0%	-	17.0%
EXE Dec	n/m	n/m	−26.6%	10.8%	−7.1%	n/m	-	22.5%	−4.1%	9.8%
HAL Dec	−4.3%	−61.2%	−5.6%	17.4%	−14.1%	−59.2%	21.7%	28.1%	23.8%	12.3%
OXY Dec	−32.2%	−2.7%	n/m	19.4%	−2.9%	−79.9%	11.4%	15.5%	6.9%	4.5%
APA Dec	-	-	-	-	−79.6%	n/m	n/m	107.5%	15.2%	23.5%
EQT Dec	1.7%	−7.7%	11.3%	−20.5%	−12.5%	−10.5%	−11.5%	11.7%	1.1%	8.6%
Peer median	−9.3%	−7.7%	9.2%	8.5%	−6.1%	−51.4%	13.3%	22.5%	8.7%	9.8%

Debt / equity, FY2015 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	4.06	0.93	0.88	1.26	1.66	3.06	4.33	4.73	5.47	5.68
KMI Dec	1.23	1.21	1.18	1.11	1.02	1.10	1.08	1.06	1.04	1.03
FANG Dec	0.26	0.30	0.28	0.33	0.41	0.64	0.55	0.40	0.32	0.37
WMB Dec	3.98	5.06	2.17	1.53	1.67	1.90	2.07	2.13	2.16	2.29
DVN Dec	1.80	1.23	0.73	0.47	0.74	1.49	0.70	0.51	-	0.54
EXE Dec	5.00	n/m	5.25	3.69	2.17	n/m	-	0.19	0.32	0.27
HAL Dec	0.99	1.32	1.31	1.09	1.29	1.98	1.36	0.81	0.68	0.68
OXY Dec	0.34	0.46	n/m	0.49	1.13	1.93	1.43	0.63	0.74	0.59
APA Dec	-	-	-	-	-	n/m	n/m	1.95	1.14	0.74
EQT Dec	0.55	0.56	0.35	0.43	0.54	0.55	0.56	0.39	0.45	0.33
Peer median	1.11	1.21	1.18	0.79	1.07	1.49	1.08	0.63	0.71	0.59

EPS (diluted), FY2015 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
TRGP Dec	$1.09	−$1.80	−$0.31	−$0.53	−$1.44	−$7.26	$3.88	$3.66	$5.74	$8.49
KMI Dec	$0.10	$0.25	$0.01	$0.66	$0.96	$0.05	$0.78	$1.06	$1.17	$1.37
FANG Dec	−$8.74	−$2.20	$4.94	$8.06	$1.47	−$28.61	$12.24	$17.34	$15.53	$5.73
WMB Dec	−$0.76	−$0.57	$2.62	−$0.16	$0.70	$0.17	$1.24	$2.60	$1.82	$2.14
DVN Dec	−$31.72	−$2.09	$1.70	$6.10	−$0.89	−$7.12	$4.19	$5.84	-	$4.17
EXE Dec	−$22.26	−$6.43	−$0.70	$29.26	−$49.97	−$998.26	-	$16.92	−$4.55	$7.57
HAL Dec	−$0.79	−$6.69	−$0.53	$1.89	−$1.29	−$3.34	$1.63	-	-	-
OXY Dec	−$10.23	−$0.75	$1.70	$5.39	−$1.22	−$17.06	$1.58	$3.90	$2.44	$1.61
APA Dec	-	-	-	-	−$9.43	−$12.86	$2.59	$9.25	$2.27	$3.99
EQT Dec	$0.56	−$2.71	$8.04	−$8.60	−$4.79	−$3.68	−$3.54	$4.22	$0.45	$3.31
Peer median	−$4.77	−$2.15	$1.70	$3.64	−$1.22	−$7.12	$1.60	$5.03	$1.82	$3.65

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out TRGP and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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