Targa Resources Corp.

TRGP 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 17,028.3 16,381.5 +3.9%
Show Product Lines breakouts
Product 14,403.5 13,891.8 +3.7%
Product · All Other Segments -5.3 -164.6 +96.8%
Product · Corporate and Eliminations [Member] -4,914.4 -4,264.6 -15.2%
Product · Gathering and Processing [Member] 4,722.8 4,118.5 +14.7%
Product · Gathering and Processing [Member] 873 1,032.8 -15.5%
Product · Intersegment Elimination 4,914.4 4,264.6 +15.2%
Product · Logistics and Transportation [Member] 191.6 146.1 +31.1%
Product · Logistics and Transportation [Member] 13,535.8 13,023.6 +3.9%
Product · Operating Segments 14,408.8 14,056.4 +2.5%
Service 2,624.8 2,489.7 +5.4%
Service · Corporate and Eliminations [Member] -32.4 -28.1 -15.3%
Service · Gathering and Processing [Member] 1 0.4 +150.0%
Service · Gathering and Processing [Member] 1,819.6 1,656.7 +9.8%
Service · Intersegment Elimination 32.4 28.1 +15.3%
Service · Logistics and Transportation [Member] 31.4 27.7 +13.4%
Service · Logistics and Transportation [Member] 805.2 833 -3.3%
Service · Operating Segments 2,624.8 2,489.7 +5.4%
Show Business Segments breakouts
All Other Segments -5.3 -164.6 +96.8%
All Other Segments · Operating Segments -5.3 -164.6 +96.8%
Corporate and Eliminations [Member] -4,946.8 -4,292.7 -15.2%
Corporate and Eliminations [Member] · Intersegment Elimination -4,946.8 -4,292.7 -15.2%
Gathering and Processing [Member] · Intersegment Elimination 4,723.8 4,118.9 +14.7%
Gathering and Processing [Member] · Material Reconciling Items 7,416.4 6,808.4 +8.9%
Gathering and Processing [Member] · Operating Segments 2,692.6 2,689.5 +0.1%
Logistics and Transportation [Member] · Intersegment Elimination 223 173.8 +28.3%
Logistics and Transportation [Member] · Material Reconciling Items 14,564 14,030.4 +3.8%
Logistics and Transportation [Member] · Operating Segments 14,341 13,856.6 +3.5%
Show Legal Entity breakouts
Targa Resources Partners LP [Member] · Related Party -9.8 — —
Targa Resources Partners LP [Member] · Related Party -9.8 — —
Show Consolidation Items breakouts
Intersegment Elimination 4,946.8 4,292.7 +15.2%
Material Reconciling Items 21,980.4 20,838.8 +5.5%
Operating Segments 17,033.6 16,546.1 +2.9%
Cost of Revenue 10,507.8 10,703 -1.8%
Operating Costs And Expenses 1,298.3 1,175.6 +10.4%
Show Legal Entity breakouts
Targa Resources Partners LP [Member] · Related Party 13.9 14.7 -5.4%
Targa Resources Partners LP [Member] · Related Party 1 0.9 +11.1%
Targa Resources Partners LP [Member] · Related Party 10.9 11.6 -6.0%
Targa Resources Partners LP [Member] · Related Party 2 2.2 -9.1%
Depreciation & Amortization 1,515.3 1,423 +6.5%
General & Administrative 406 384.9 +5.5%
Other Operating Income Expense Net -30.3 -0.4 -7475.0%
Operating Income 3,331.2 2,695.4 +23.6%
Interest Income Expense Nonoperating Net -852.8 -767.2 -11.2%
Income Loss From Equity Method Investments 11.8 9.4 +25.5%
Show Legal Entity breakouts
Targa Resources Partners LP [Member] 11.8 9.4 +25.5%
Targa Resources Partners LP [Member] · Blackcomb [Member] -9.9 — —
Targa Resources Partners LP [Member] · Cayenne Joint Venture [Member] 7 6.8 +2.9%
Targa Resources Partners LP [Member] · Gulf Coast Fractionators LP [Member] -1.2 -11.8 +89.8%
Targa Resources Partners LP [Member] · Little Missouri 4 [Member] 15.9 14.4 +10.4%
Other Non-Operating Income (Expense) -3.8 0.4 -1050.0%
Income Before Taxes 2,486.4 1,938 +28.3%
Income Tax Expense (Benefit) -529.7 -384.5 -37.8%
Net Income 1,956.7 1,553.5 +26.0%
Show Equity Components breakouts
Noncontrolling Interest 33.7 241.5 -86.0%
Retained Earnings 1,923 1,312 +46.6%
Net Income Loss Attributable To Noncontrolling Interest 33.7 241.5 -86.0%
Net Income 1,923 1,312 +46.6%
Premium On Repurchase Of Noncontrolling Interests Net Of Tax 70.5 32.9 +114.3%
Net Income Loss Available To Common Stockholders Basic 1,852.5 1,279.1 +44.8%
EPS (Basic) 8.52 5.77 +47.7%
EPS (Diluted) 8.49 5.74 +47.9%
Wtd Avg Shares (Basic) 216.1 220.2 -1.9%
Wtd Avg Shares (Diluted) 216.9 221.3 -2.0%
Revenue (FY) — — —
Show Product Lines breakouts
Gathering and Processing [Member] 1,793.2 1,632.8 +9.8%
Natural Gas Liquids Reserves 12,079.8 12,372.5 -2.4%
Natural Gas Reserves 2,035.7 1,241.1 +64.0%
NGL Transportation, Fractionation and Services [Member] 311.6 298.4 +4.4%
Oil And Condensate 448.3 523.6 -14.4%
Other [Member] 23.2 60.6 -61.7%
Product 14,563.8 14,137.2 +3.0%
Service 2,624.8 2,489.7 +5.4%
Storage Terminaling and Export [Member] 496.8 497.9 -0.2%
Other Revenue (FY) — — —
Show Product Lines breakouts
Product -160.3 -245.4 +34.7%
Show Hedging Designation breakouts
Designated As Hedging Instrument 90.9 67.8 +34.1%
Nondesignated -251.2 -313.2 +19.8%
Selling, General & Administrative (FY) — — —
Show Legal Entity breakouts
Targa Resources Partners LP [Member] · Related Party -1 -0.9 -11.1%
Targa Resources Partners LP [Member] · Related Party -1 -0.9 -11.1%
Operating Expenses (FY) — — —
Show Business Segments breakouts
Gathering and Processing [Member] 907 814.6 +11.3%
Logistics and Transportation [Member] 393.7 362.3 +8.7%
Show Consolidation Items breakouts
Operating Segments 1,300.7 1,176.9 +10.5%
Comprehensive Income 2,009.3 1,253.9 +60.2%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 166.1 157.3 +5.6%
Accounts Receivable 1,474.6 1,618.3 -8.9%
Inventory 429.3 334.3 +28.4%
Derivative Asset Before Effects Of Master Netting Arrangements Current 154.7 61.8 +150.3%
Other Assets Current 138 124.6 +10.8%
Total Current Assets 2,362.7 2,296.3 +2.9%
Non-Current Assets
Property, Plant & Equipment 20,534.8 18,062.7 +13.7%
Intangible Assets 1,651.4 1,977.4 -16.5%
Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent 35 25.3 +38.3%
Other Non-Current Assets 327.4 179.1 +82.8%
Total Assets 25,218.4 22,734.1 +10.9%
Show Business Segments breakouts
All Other Segments · Operating Segments 1.8 1.9 -5.3%
Corporate and Eliminations [Member] · Operating Segments 306.1 234 +30.8%
Gathering and Processing [Member] · Operating Segments 14,805.4 13,576.6 +9.1%
Logistics and Transportation [Member] · Operating Segments 10,105.1 8,921.6 +13.3%
Show Consolidation Items breakouts
Operating Segments 24,910.5 22,498.2 +10.7%
Operating Lease Right-of-Use Assets 93.9 103.7 -9.5%
Goodwill 112.3 45.2 +148.5%
Show Business Segments breakouts
Gathering and Processing [Member] · Operating Segments 112.3 45.2 +148.5%
Show Consolidation Items breakouts
Operating Segments 112.3 45.2 +148.5%
Show Balance Sheet Location breakouts
Other Noncurrent Assets 112.3 — —
Show Business Acquisition breakouts
Permian Delaware [Member] 89.1 22 +305.0%
Permian Midland [Member] 23.2 23.2 0.0%
Other Assets
Equity Method Investments 307.1 193.3 +58.9%
Show Legal Entity breakouts
Targa Resources Partners LP [Member] 307.1 193.3 +58.9%
Targa Resources Partners LP [Member] · Blackcomb [Member] 131.9 30.3 +335.3%
Targa Resources Partners LP [Member] · Cayenne Joint Venture [Member] 12.3 12.3 0.0%
Targa Resources Partners LP [Member] · Gulf Coast Fractionators LP [Member] 69.2 66.4 +4.2%
Targa Resources Partners LP [Member] · Little Missouri 4 [Member] 93.7 84.3 +11.2%
Current Liabilities
Accounts Payable 1,873 2,012.5 -6.9%
Accrued Liabilities 358.6 336 +6.7%
Interest Payable Current 311 269.1 +15.6%
Derivative Liability Before Effects Of Master Netting Arrangements Current 234.1 167.3 +39.9%
Debt Current Net Of Issuance Cost 770.1 387.7 +98.6%
Total Current Liabilities 3,546.8 3,172.6 +11.8%
Non-Current Liabilities
Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent 22.5 92 -75.5%
Deferred Tax Liabilities 1,393.5 872.1 +59.8%
Other Non-Current Liabilities 395 392.3 +0.7%
Long-Term Debt 17,432.5 14,174.6 +23.0%
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
Senior Unsecured 4.200% Notes due February 2033 [Member] · Unsecured Debt 750 750 0.0%
Senior Unsecured 4.350% Fixed Rate, due January 2029 [Member] · Unsecured Debt 750 — —
Senior Unsecured 4.900% Fixed Rate, due September 2030 [Member] · Unsecured Debt 750 — —
Senior Unsecured 4.950% Notes due April 2052 [Member] · Unsecured Debt 750 750 0.0%
Senior Unsecured 5.000% Notes due January 2028 [Member] · Targa Resources Partners LP [Member] 700.3 700.3 0.0%
Senior Unsecured 5.200% Fixed Rate, due July 2027 [Member] · Unsecured Debt 750 750 0.0%
Senior Unsecured 5.500% Fixed Rate, due February 2035 [Member] · Unsecured Debt 1,000 1,000 0.0%
Senior Unsecured 5.550% Fixed Rate, due August 2035 [Member] · Unsecured Debt 1,000 — —
Senior Unsecured 5.650% Fixed Rate, due February 2036 [Member] · Unsecured Debt 750 — —
Senior Unsecured 6.125% Fixed Rate, due March 2033 [Member] · Unsecured Debt 900 900 0.0%
Senior Unsecured 6.125% Fixed Rate, due May 2055 [Member] · Unsecured Debt 1,000 — —
Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member] · Unsecured Debt 1,000 1,000 0.0%
Senior Unsecured 6.250% fixed rate, due July 2052 [Member] · Unsecured Debt 500 500 0.0%
Senior Unsecured 6.500% Fixed Rate, due February 2053 [Member] · Unsecured Debt 850 850 0.0%
Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member] · Unsecured Debt 1,000 1,000 0.0%
Senior Unsecured Notes Due July 2036 [Member] · Unsecured Debt 1,000 — —
Senior Unsecured of 4.000% Senior Notes due January 2032 [Member] · Targa Resources Partners LP [Member] 1,000 1,000 0.0%
Senior Unsecured of 4.875% Senior Notes due February 2031 [Member] · Targa Resources Partners LP [Member] 1,000 1,000 0.0%
Senior Unsecured of 5.500% Senior Notes due March 2030 [Member] · Targa Resources Partners LP [Member] 949.6 949.6 0.0%
Senior Unsecured of 6.875% Senior Notes due January 2029 [Member] · Targa Resources Partners LP [Member] 679.3 679.3 0.0%
TRGP Senior Revolving Credit Facility due February 2030 [Member] · Revolving Credit Facility 161 1,130.5 -85.8%
Operating Lease Liabilities 89.5 90.4 -1.0%
Contract With Customer Liability Noncurrent 115.5 119.9 -3.7%
Other Liabilities
Long Term Debt And Capital Lease Obligations 16,662.4 13,786.9 +20.9%
Commitments And Contingencies 0 0 —
Stockholders' Equity
Common Stock Value Outstanding 0.2 0.2 0.0%
Additional Paid-In Capital 3,088.1 3,089.1 -0.0%
Retained Earnings 2,294.4 1,190 +92.8%
Accumulated Other Comprehensive Income 113.8 27.5 +313.8%
Treasury Stock Value -2,428.6 -1,714.4 -41.7%
Total Stockholders' Equity 3,067.9 2,592.4 +18.3%
Minority Interest 130.3 1,825.8 -92.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,198.2 4,418.2 -27.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 113.8 27.5 +313.8%
Additional Paid In Capital 3,088.1 3,089.1 -0.0%
Common Stock 0.2 0.2 0.0%
Noncontrolling Interest 130.3 1,825.8 -92.9%
Retained Earnings 2,294.4 1,190 +92.8%
Treasury Stock Common -2,428.6 -1,714.4 -41.7%
Total Liabilities & Equity 25,218.4 22,734.1 +10.9%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Amortization Of Financing Costs And Discounts 17.3 14.8 +16.9%
Stock-Based Compensation 69.5 63.2 +10.0%
Deferred Income Taxes 516.6 367 +40.8%
Show Income Tax Authority breakouts
Domestic Country 466.7 339.2 +37.6%
State And Local Jurisdiction 49.9 27.8 +79.5%
Equity Method Investment Dividends Or Distributions 20.7 19.8 +4.5%
Unrealized Gain Loss On Derivatives 5.3 164.6 -96.8%
Proceeds From Other Operating Activities 21.4 14.5 +47.6%
Increase Decrease In Accounts Receivable And Other Operating Assets 110.8 -75 +247.7%
Change in Inventory -89.5 33.5 -367.2%
Increase Decrease In Account Payable Accrued Liabilities And Other Liabilities -256.8 40.7 -731.0%
Increase Decrease In Interest Payable Net 41.9 39.5 +6.1%
Net Cash from Operations 3,917.4 3,649.7 +7.3%
Investing Activities
Capital Expenditures -3,333.3 -2,965.8 -12.4%
Payments To Acquire Businesses Net Of Cash Acquired -122.8 — —
Payments To Acquire Business Two Net Of Cash Acquired -90.3 — —
Payments For Advance To Affiliate -130.5 -62.9 -107.5%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 7.8 5.5 +41.8%
Other Investing Activities 27.1 1.9 +1326.3%
Net Cash from Investing -3,642 -3,021.3 -20.5%
Financing Activities
Proceeds From Borrowings Of Commercial Paper Notes 109,555.6 85,430.5 +28.2%
Repayments Of Commercial Paper -110,525.1 -84,475 -30.8%
Proceeds From Accounts Receivable Securitization 1,470 775 +89.7%
Repayments Of Accounts Receivable Securitization -1,800 -1,020 -76.5%
Proceeds From Issuance Of Senior Long Term Debt 5,239.4 999.4 +424.3%
Repayments Of Senior Debt -705.2 — —
Finance Lease Principal Payments -76.5 -50.1 -52.7%
Debt Issuance Costs -57.1 -9.9 -476.8%
Payments For Repurchase Of Equity -641.8 -754.7 +15.0%
Tax Withholding for Share Compensation -67.3 -56.4 -19.3%
Payments Of Dividends To Noncontrolling Interests -33.5 -232.6 +85.6%
Payments For Repurchase Of Redeemable Noncontrolling Interest -1,800.4 -112.9 -1494.7%
Payments Of Ordinary Dividends Common And Preferred Shareholders -818.3 -615.5 -32.9%
Proceeds From Payments For Other Financing Activities -6.4 -2.6 -146.2%
Net Cash from Financing -266.6 -612.8 +56.5%
Supplemental
Income Taxes Paid 24.3 16.7 +45.5%
Show Geography breakouts
AZ · State And Local Jurisdiction 0.2 1 -80.0%
CA · State And Local Jurisdiction -0.4 1.1 -136.4%
NM · State And Local Jurisdiction 1.3 1.3 0.0%
State And Local Tax Jurisdiction Other · State And Local Jurisdiction 1.8 1.7 +5.9%
TX · State And Local Jurisdiction 14.3 11.6 +23.3%
Show Income Tax Authority breakouts
Domestic Country 7.1 — —
State And Local Jurisdiction 17.2 16.7 +3.0%
Interest Paid 793.3 712.7 +11.3%
Unpaid Capital Expenditures 108.4 221.7 -51.1%
Other Cash Flow
Net Change in Cash 8.8 15.6 -43.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 166.1 157.3 +5.6%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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