Targa Resources Corp (TRGP) financial statements: income statement, balance sheet and cash flow

Targa Resources Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Targa Resources Corp reported revenue of $17.0B (+3.9% year on year) and net income of $2.0B (+26.0% year on year).

Income statement

Targa Resources Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenues	$17.0B	$16.4B	$16.1B	$20.9B
Product purchases and fuel	$10.5B	$10.7B	$10.7B	$16.9B
Operating expenses	$1.3B	$1.2B	$1.1B	$912.8M
Depreciation and amortization expense	$1.5B	$1.4B	$1.3B	$1.1B
General and administrative expense	$406.0M	$384.9M	$348.7M	$309.7M
Other operating (income) expense	($30.3M)	($400.0K)	$1.5M	$200.0K
Income (loss) from operations	$3.3B	$2.7B	$2.6B	$1.7B
Interest expense, net	($852.8M)	($767.2M)	($687.8M)	($446.1M)
Equity earnings (loss)	$11.8M	$9.4M	$9.0M	$9.1M
Other, net	($3.8M)	$1.2M	($2.8M)	($15.1M)
Income (loss) before income taxes	$2.5B	$1.9B	$1.9B	$1.7B
Income tax (expense) benefit	($529.7M)	($384.5M)	($363.2M)	($131.8M)
Net income (loss)	$2.0B	$1.6B	$1.6B	$1.5B
Less: Net income (loss) attributable to noncontrolling interests	$33.7M	$241.5M	$233.4M	$335.9M
Net income (loss) attributable to Targa Resources Corp.	$1.9B	$1.3B	$1.3B	$1.2B
Premium on repurchase of noncontrolling interests, net of tax	$70.5M	$32.9M	$510.1M	$53.2M
Net income (loss) attributable to common shareholders	$1.9B	$1.3B	$835.8M	$896.8M
Net income (loss) per common share - basic	$8.52	$5.77	$3.69	$3.95
Net income (loss) per common share - diluted	$8.49	$5.74	$3.66	$3.88
Weighted average shares outstanding - basic	216.1M	220.2M	224.6M	227.3M
Weighted average shares outstanding - diluted	216.9M	221.3M	226.0M	231.1M

Targa Resources Corp income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenues	$4.4B	$4.1B	$4.2B	$4.3B
Product purchases and fuel	$2.3B	$2.4B	$2.5B	$2.4B
Operating expenses	$354.1M	$333.7M	$333.5M	$323.6M
Depreciation and amortization expense	$453.1M	$426.0M	$383.5M	$373.7M
General and administrative expense	$108.1M	$107.8M	$104.8M	$95.0M
Other operating (income) expense	($11.7M)	($14.2M)	($13.9M)	($1.8M)
Income (loss) from operations	$1.2B	$846.9M	$836.9M	$1.0B
Interest expense, net	($236.6M)	($227.6M)	($221.3M)	($218.4M)
Equity earnings (loss)	$7.8M	$8.6M	$6.4M	$5.1M
Other, net	($800.0K)	($16.6M)	($1.1M)	$1.0M
Income (loss) before income taxes	$1.0B	$611.3M	$620.9M	$821.3M
Income tax (expense) benefit	($227.2M)	($123.9M)	($134.3M)	($184.1M)
Net income (loss)	$777.7M	$487.4M	$486.6M	$637.2M
Less: Net income (loss) attributable to noncontrolling interests	$13.1M	$7.8M	$8.2M	$8.1M
Net income (loss) attributable to Targa Resources Corp.	$764.6M	$479.6M	$478.4M	$629.1M
Net income (loss) attributable to common shareholders	$764.6M	$479.6M	$478.4M	$629.1M
Net income (loss) per common share - basic	$3.54	$2.22	$2.21	$2.88
Net income (loss) per common share - diluted	$3.54	$2.21	$2.20	$2.87
Weighted average shares outstanding - basic	214.6M	214.8M	215.2M	216.6M
Weighted average shares outstanding - diluted	215.2M	215.5M	216.0M	217.3M

Balance sheet

Targa Resources Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$166.1M	$157.3M	$141.7M	$219.0M
Trade receivables, net of allowances of $0.7 million and $2.5 million as of December 31, 2025 and 2024	$1.5B	$1.6B	$1.5B	$1.4B
Inventories	$429.3M	$334.3M	$371.5M	$393.8M
Assets from risk management activities	$154.7M	$61.8M	$111.9M	$179.9M
Other current assets	$138.0M	$124.6M	$98.5M	$155.5M
Total current assets	$2.4B	$2.3B	$2.2B	$2.4B
Property, plant and equipment, net	$20.5B	$18.1B	$15.8B	$14.2B
Intangible assets, net	$1.7B	$2.0B	$2.4B	$2.7B
Long-term assets from risk management activities	$35.0M	$25.3M	$33.3M	$24.5M
Investments in unconsolidated affiliates	$307.1M	$193.3M	$146.3M	$131.3M
Other long-term assets	$327.4M	$179.1M	$140.6M	$98.4M
Total assets	$25.2B	$22.7B	$20.7B	$19.6B
Accounts payable	$1.9B	$2.0B	$1.6B	$1.4B
Accrued liabilities	$358.6M	$336.0M	$281.7M	$273.3M
Interest payable	$311.0M	$269.1M	$229.6M	$174.0M
Liabilities from risk management activities	$234.1M	$167.3M	$54.0M	$320.1M
Current debt obligations	$770.1M	$387.7M	$620.7M	$834.3M
Total current liabilities	$3.5B	$3.2B	$2.8B	$3.1B
Long-term debt	$16.7B	$13.8B	$12.3B	$10.7B
Long-term liabilities from risk management activities	$22.5M	$92.0M	$16.8M	$140.1M
Deferred income taxes, net	$1.4B	$872.1M	$535.8M	$327.7M
Other long-term liabilities	$395.0M	$392.3M	$415.1M	$341.2M
Commitments and Contingencies (see Notes 16 and 17)	$0	$0	$0	—
Common Stock ($0.001 par value, 450,000,000 shares authorized as of December 31, 2025 and 2024)	200.0K	200.0K	200.0K	200.0K
Additional paid-in capital	$3.1B	$3.1B	$3.1B	$3.7B
Retained earnings (deficit)	$2.3B	$1.2B	$492.0M	($626.8M)
Accumulated other comprehensive income (loss)	$113.8M	$27.5M	$85.6M	$54.7M
Treasury stock, at cost (26,823,261 shares and 24,000,284 shares as of December 31, 2025 and 2024)	-2.4B	-1.7B	-896.9M	-464.7M
Total Targa Resources Corp. stockholders' equity	$3.1B	$2.6B	$2.7B	$2.7B
Noncontrolling interests	$130.3M	$1.8B	$1.9B	$2.3B
Total owners' equity	$3.2B	$4.4B	$4.6B	$5.0B
Total liabilities and owners' equity	$25.2B	$22.7B	$20.7B	$19.6B

Targa Resources Corp balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$132.3M	$100.1M	$124.1M	$113.1M
Trade receivables, net of allowances of $0.7 million and $0.7 million as of June 30, 2026 and December 31, 2025	$2.0B	$1.7B	$1.4B	$1.4B
Inventories	$311.7M	$334.4M	$490.7M	$443.5M
Assets from risk management activities	$75.5M	$100.6M	$99.8M	$78.3M
Other current assets	$157.5M	$211.4M	$157.3M	$163.7M
Total current assets	$2.6B	$2.4B	$2.3B	$2.2B
Property, plant and equipment, net	$23.1B	$21.8B	$19.6B	$19.0B
Intangible assets, net	$2.1B	$2.2B	$1.7B	$1.8B
Long-term assets from risk management activities	$61.6M	$38.5M	$33.2M	$26.2M
Investments in unconsolidated affiliates	$317.5M	$315.0M	$315.9M	$268.6M
Other long-term assets	$339.1M	$343.5M	$203.1M	$176.1M
Total assets	$28.5B	$27.1B	$24.2B	$23.5B
Accounts payable	$2.1B	$2.0B	$1.6B	$1.7B
Accrued liabilities	$288.1M	$193.2M	$281.1M	$214.0M
Interest payable	$343.4M	$149.8M	$152.2M	$313.2M
Liabilities from risk management activities	$113.2M	$368.1M	$240.2M	$154.6M
Current debt obligations	$558.0M	$696.9M	$689.3M	$768.2M
Total current liabilities	$3.4B	$3.4B	$2.9B	$3.2B
Long-term debt	$19.0B	$18.4B	$16.7B	$16.1B
Long-term liabilities from risk management activities	$149.5M	$112.8M	$34.2M	$72.7M
Deferred income taxes, net	$1.7B	$1.5B	$1.2B	$1.1B
Other long-term liabilities	$406.7M	$415.5M	$391.6M	$390.3M
Contingencies (see Note 13)	$0	$0	$0	$0
Common Stock ($0.001 par value, 450,000,000 shares authorized as of June 30, 2026 and December 31, 2025)	200.0K	200.0K	200.0K	200.0K
Additional paid-in capital	$3.1B	$3.1B	$3.1B	$3.1B
Retained earnings (deficit)	$3.1B	$2.6B	$2.0B	$1.7B
Accumulated other comprehensive income (loss)	$74.5M	($14.7M)	$57.4M	$43.2M
Treasury stock, at cost (28,824,459 shares and 28,108,057 shares as of June 30, 2026 and December 31, 2025)	-2.6B	-2.5B	-2.4B	-2.2B
Total Targa Resources Corp. stockholders' equity	$3.7B	$3.1B	$2.7B	$2.6B
Noncontrolling interests	$139.2M	$132.5M	$127.0M	$123.3M
Total owners' equity	$3.8B	$3.3B	$2.8B	$2.7B
Total liabilities and owners' equity	$28.5B	$27.1B	$24.2B	$23.5B

Cash flow statement

Targa Resources Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income (loss)	$2.0B	$1.6B	$1.6B	$1.5B
Amortization in interest expense	$17.3M	$14.8M	$13.2M	$10.5M
Compensation on equity grants	$69.5M	$63.2M	$62.4M	$57.5M
Depreciation and amortization expense	$1.5B	$1.4B	$1.3B	$1.1B
Deferred income tax expense (benefit)	$516.6M	$367.0M	$349.6M	$125.1M
Equity (earnings) loss of unconsolidated affiliates	($11.8M)	($9.4M)	($9.0M)	($9.1M)
Distributions of earnings received from unconsolidated affiliates	$20.7M	$19.8M	$13.1M	$12.2M
Risk management activities	$5.3M	$164.6M	($275.4M)	$302.5M
Other, net	$21.4M	—	—	—
Receivables and other assets	$110.8M	($75.0M)	($20.6M)	$219.7M
Inventories	($89.5M)	$33.5M	$36.0M	($236.2M)
Accounts payable, accrued liabilities and other liabilities	($256.8M)	$40.7M	$68.2M	($383.0M)
Interest payable	$41.9M	$39.5M	$55.6M	$35.5M
Net cash provided by (used in) operating activities	$3.9B	$3.6B	$3.2B	$2.4B
Outlays for property, plant and equipment	($3.3B)	($3.0B)	($2.4B)	($1.3B)
Outlays for business acquisition, net of cash acquired	($122.8M)	—	—	($3.5B)
Outlays for asset acquisition, net of cash acquired	($90.3M)	—	—	($205.2M)
Investments in unconsolidated affiliates	($130.5M)	($62.9M)	($24.6M)	($1.5M)
Return of capital from unconsolidated affiliates	$7.8M	$5.5M	$5.5M	$16.8M
Other, net	$27.1M	($1.4M)	($1.0M)	($1.6M)
Net cash provided by (used in) investing activities	($3.6B)	($3.0B)	($2.4B)	($4.1B)
Proceeds from borrowings of commercial paper notes	$109.6B	$85.4B	$59.0B	$30.5B
Repayments of commercial paper notes	($110.5B)	($84.5B)	($59.8B)	($29.5B)
Proceeds from borrowings under accounts receivable securitization facility	$1.5B	$775.0M	$143.1M	$1.2B
Repayments of accounts receivable securitization facility	($1.8B)	($1.0B)	($368.1M)	($580.0M)
Proceeds from issuance of senior unsecured notes	$5.2B	$999.4M	$3.7B	$2.7B
Redemption of senior unsecured notes	($705.2M)	—	—	($1.5B)
Principal payments of finance leases	($76.5M)	($50.1M)	($42.9M)	($19.7M)
Costs incurred in connection with financing arrangements	($57.1M)	($9.9M)	($36.1M)	($45.7M)
Repurchases of common stock	($641.8M)	($754.7M)	($429.5M)	($260.6M)
Shares tendered for tax withholding obligations	-67.3M	-56.4M	—	—
Distributions to noncontrolling interests	($33.5M)	($232.6M)	($222.1M)	($316.4M)
Repurchase of noncontrolling interests	($1.8B)	($112.9M)	($1.1B)	($926.3M)
Dividends paid to common shareholders	($818.3M)	($615.5M)	($427.3M)	($379.7M)
Other, net	($6.4M)	($2.6M)	—	—
Net cash provided by (used in) financing activities	($266.6M)	($612.8M)	($888.1M)	$1.8B
Net change in cash and cash equivalents	$8.8M	$15.6M	($77.3M)	$60.5M
Cash and cash equivalents, beginning of period	$157.3M	$141.7M	$219.0M	$158.5M
Cash and cash equivalents, end of period	$166.1M	$157.3M	$141.7M	$219.0M

Targa Resources Corp cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income (loss)	$1.3B	$487.4M	$1.4B	$917.0M
Amortization in interest expense	$10.0M	$4.9M	$12.8M	$7.9M
Compensation on equity grants	$41.2M	$23.2M	$52.2M	$34.7M
Depreciation and amortization expense	$879.1M	$426.0M	$1.1B	$741.3M
Deferred income tax expense (benefit)	$350.3M	$123.9M	$385.5M	$226.7M
Equity (earnings) loss of unconsolidated affiliates	($16.4M)	($8.6M)	($17.0M)	($10.6M)
Distributions of earnings received from unconsolidated affiliates	$11.0M	$1.7M	$12.6M	$7.4M
Risk management activities	$7.2M	$110.3M	$4.8M	($31.7M)
Other, net	$18.9M	$15.8M	$14.6M	$14.0M
Receivables and other assets	($392.5M)	($198.0M)	$197.9M	$319.8M
Inventories	$106.4M	$96.0M	($146.7M)	($105.4M)
Accounts payable, accrued liabilities and other liabilities	($131.9M)	($181.9M)	($516.3M)	($352.5M)
Interest payable	$32.4M	($161.2M)	($116.9M)	$44.1M
Net cash provided by (used in) operating activities	$2.2B	$739.5M	$2.4B	$1.8B
Outlays for property, plant and equipment	($1.9B)	($899.5M)	($2.4B)	($1.7B)
Outlays for business acquisition, net of cash acquired	($1.3B)	($1.3B)	—	—
Investments in unconsolidated affiliates	($5.9M)	($4.0M)	($124.3M)	($75.8M)
Return of capital from unconsolidated affiliates	$900.0K	$3.0M	$6.1M	$3.7M
Other, net	$6.5M	$900.0K	$27.1M	$300.0K
Net cash provided by (used in) investing activities	($3.2B)	($2.2B)	($2.5B)	($1.8B)
Proceeds from borrowings of commercial paper notes	$53.7B	$31.8B	$87.1B	$46.7B
Repayments of commercial paper notes	($53.3B)	($31.5B)	($86.9B)	($47.1B)
Proceeds from borrowings under accounts receivable securitization facility	$1.2B	$1.2B	$1.5B	$870.0M
Repayments of accounts receivable securitization facility	($749.0M)	($600.0M)	($1.2B)	($1.2B)
Proceeds from issuance of senior unsecured notes	$1.5B	$1.5B	$3.5B	$3.5B
Redemption of senior unsecured notes	($687.1M)	($687.1M)	($705.2M)	—
Principal payments of finance leases	($52.1M)	($23.8M)	($53.8M)	($30.2M)
Costs incurred in connection with financing arrangements	($15.0M)	($15.0M)	($43.3M)	($41.3M)
Repurchases of common stock	($135.1M)	($55.0M)	($604.8M)	($449.2M)
Shares tendered for tax withholding obligations	-33.6M	-33.6M	-63.8M	-46.7M
Distributions to noncontrolling interests	($12.3M)	($5.6M)	($28.9M)	($24.2M)
Dividends paid to common shareholders	($488.6M)	($218.9M)	($602.5M)	($385.6M)
Other, net	($5.1M)	—	($6.4M)	($6.4M)
Net cash provided by (used in) financing activities	$959.8M	$1.4B	$16.1M	($86.8M)
Net change in cash and cash equivalents	($33.8M)	($66.0M)	($33.2M)	($44.2M)
Cash and cash equivalents, beginning of period	$166.1M	$166.1M	$157.3M	$157.3M
Cash and cash equivalents, end of period	$132.3M	$100.1M	$124.1M	$113.1M

Targa Resources Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.