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

The biggest changes in the 10-K filed 2026-02-19, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Net income

+46.6% Big change FY to 2025-12-31 vs 2024-12-31

“The decrease in net income attributable to noncontrolling interests was primarily due to the Badlands Transaction in the first quarter of 2025 and the acquisition of the remaining membership interest in CBF (the “CBF Acquisition”) in the fourth quarter of 2024.”
Read it in the 10-K ↗

Operating margin

16.5% → 19.6% (+3.1 pts) Big change FY to 2025-12-31 vs 2024-12-31

“The increase in operating expenses was primarily due to higher labor, taxes and maintenance costs as a result of system expansions.”
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“The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian, partially offset by lower volumes in other areas.”
Read it in the 10-K ↗

Cash from operations

+7.3% FY to 2025-12-31 vs 2024-12-31

“The increase in net cash provided by operating activities was primarily due to higher collections from customers resulting from increased revenues in 2025 compared to 2024, partially offset by an increase in payments for product purchases, operating costs and interest on debt.”
Read it in the 10-K ↗

Revenue

+3.9% FY to 2025-12-31 vs 2024-12-31

“The increase in commodity sales reflected higher natural gas prices ($766.2 million), higher NGL and natural gas volumes ($518.7 million) and the favorable impact of hedges ($85.0 million), partially offset by lower NGL and condensate prices ($860.2 million).”
Read it in the 10-K ↗

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

Work on TRGP in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/TRGP/export.csv") into a cell.