Targa Resources Corp.

TRGP 10-Q · Q2 2025
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TRGP Q2 2025 request

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Income Statement

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Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 4,260.1 3,562 +19.6%
Show Product Lines breakouts
Product 3,636.3 2,966.7 +22.6%
Product · All Other Segments 280.5 -46.6 +701.9%
Product · Corporate and Eliminations [Member] -1,180.7 -898.3 -31.4%
Product · Gathering and Processing [Member] 1,131.5 872.5 +29.7%
Product · Gathering and Processing [Member] 203.3 254.3 -20.1%
Product · Intersegment Elimination 1,180.7 898.3 +31.4%
Product · Logistics and Transportation [Member] 49.2 25.8 +90.7%
Product · Logistics and Transportation [Member] 3,152.5 2,759 +14.3%
Product · Operating Segments 3,355.8 3,013.3 +11.4%
Service 623.8 595.3 +4.8%
Service · Corporate and Eliminations [Member] -7.8 -7.4 -5.4%
Service · Gathering and Processing [Member] 0.3 0.3 0.0%
Service · Gathering and Processing [Member] 410.6 391.3 +4.9%
Service · Intersegment Elimination 7.8 7.4 +5.4%
Service · Logistics and Transportation [Member] 7.5 7.1 +5.6%
Service · Logistics and Transportation [Member] 213.2 204 +4.5%
Service · Operating Segments 623.8 595.3 +4.8%
Show Business Segments breakouts
All Other Segments 280.5 -46.6 +701.9%
All Other Segments · Operating Segments 280.5 -46.6 +701.9%
Corporate and Eliminations [Member] -1,188.5 -905.7 -31.2%
Corporate and Eliminations [Member] · Intersegment Elimination -1,188.5 -905.7 -31.2%
Gathering and Processing [Member] · Intersegment Elimination 1,131.8 872.8 +29.7%
Gathering and Processing [Member] · Material Reconciling Items 1,745.7 1,518.4 +15.0%
Gathering and Processing [Member] · Operating Segments 613.9 645.6 -4.9%
Logistics and Transportation [Member] · Intersegment Elimination 56.7 32.9 +72.3%
Logistics and Transportation [Member] · Material Reconciling Items 3,422.4 2,995.9 +14.2%
Logistics and Transportation [Member] · Operating Segments 3,365.7 2,963 +13.6%
Show Consolidation Items breakouts
Intersegment Elimination 1,188.5 905.7 +31.2%
Material Reconciling Items 5,168.1 4,514.3 +14.5%
Operating Segments 3,979.6 3,608.6 +10.3%
Cost of Revenue 2,436 2,197.4 +10.9%
Operating Costs And Expenses 323.6 290.7 +11.3%
Depreciation & Amortization 373.7 348.6 +7.2%
General & Administrative 95 98.3 -3.4%
Other Operating Income Expense Net -1.8 -0.2 -800.0%
Operating Income 1,033.6 627.2 +64.8%
Interest Income Expense Nonoperating Net -218.4 -176 -24.1%
Income Loss From Equity Method Investments 5.1 2.9 +75.9%
Other Non-Operating Income (Expense) 1 -0.9 +211.1%
Income Before Taxes 821.3 453.2 +81.2%
Income Tax Expense (Benefit) -184.1 -94.3 -95.2%
Net Income 637.2 358.9 +77.5%
Show Equity Components breakouts
Noncontrolling Interest 8.1 60.4 -86.6%
Retained Earnings 629.1 298.5 +110.8%
Net Income Loss Attributable To Noncontrolling Interest 8.1 60.4 -86.6%
Net Income 629.1 298.5 +110.8%
Net Income Loss Available To Common Stockholders Basic 629.1 298.5 +110.8%
EPS (Basic) 2.88 1.34 +114.9%
EPS (Diluted) 2.87 1.33 +115.8%
Wtd Avg Shares (Basic) 216.6 221 -2.0%
Wtd Avg Shares (Diluted) 217.3 221.9 -2.1%
Revenue (Q) — — —
Show Product Lines breakouts
Gathering and Processing [Member] 403.7 385.7 +4.7%
Natural Gas Liquids Reserves 2,832.9 2,719.6 +4.2%
Natural Gas Reserves 458.2 158.6 +188.9%
NGL Transportation, Fractionation and Services [Member] 83.2 75.2 +10.6%
Oil And Condensate 111.3 145.1 -23.3%
Other [Member] 16 19.9 -19.6%
Product 3,402.4 3,023.3 +12.5%
Service 623.8 595.3 +4.8%
Storage Terminaling and Export [Member] 120.9 114.5 +5.6%
Other Revenue (Q) — — —
Show Product Lines breakouts
Product 233.9 -56.6 +513.3%
Show Hedging Designation breakouts
Designated As Hedging Instrument 27.7 32.2 -14.0%
Nondesignated 206.2 -88.8 +332.2%
Operating Expenses (Q) — — —
Show Business Segments breakouts
Gathering and Processing [Member] 219.4 205.7 +6.7%
Logistics and Transportation [Member] 105.4 85.4 +23.4%
Show Consolidation Items breakouts
Operating Segments 324.8 291.1 +11.6%
Comprehensive Income 666.2 276 +141.4%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 113.1 166.4 -32.0%
Accounts Receivable 1,408.6 1,216.9 +15.8%
Inventory 443.5 320.6 +38.3%
Derivative Asset Before Effects Of Master Netting Arrangements Current 78.3 62.8 +24.7%
Other Assets Current 163.7 99.9 +63.9%
Total Current Assets 2,207.2 1,866.6 +18.2%
Non-Current Assets
Property, Plant & Equipment 19,020.3 16,891.2 +12.6%
Intangible Assets 1,814.4 2,164 -16.2%
Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent 26.2 16.9 +55.0%
Other Non-Current Assets 176.1 165.7 +6.3%
Total Assets 23,512.8 21,264.2 +10.6%
Show Business Segments breakouts
All Other Segments 0.1 0.5 -80.0%
All Other Segments · Operating Segments 0.1 0.5 -80.0%
Corporate and Eliminations [Member] · Operating Segments 241.8 190 +27.3%
Gathering and Processing [Member] · Operating Segments 13,937.9 12,956 +7.6%
Logistics and Transportation [Member] · Operating Segments -9,333 8,117.7 -215.0%
Show Consolidation Items breakouts
Operating Segments 23,270.9 21,073.7 +10.4%
Goodwill 45.2 45.2 0.0%
Show Business Segments breakouts
Gathering and Processing [Member] · Operating Segments 45.2 45.2 0.0%
Show Consolidation Items breakouts
Operating Segments 45.2 45.2 0.0%
Other Assets
Equity Method Investments 268.6 159.8 +68.1%
Show Legal Entity breakouts
Targa Resources Partners LP [Member] 268.6 — —
Targa Resources Partners LP [Member] · Blackcomb [Member] 99.9 — —
Targa Resources Partners LP [Member] · Cayenne Joint Venture [Member] 13.9 — —
Targa Resources Partners LP [Member] · Gulf Coast Fractionators LP [Member] 67.5 — —
Targa Resources Partners LP [Member] · Little Missouri 4 [Member] 87.3 — —
Current Liabilities
Accounts Payable 1,726.7 1,686.8 +2.4%
Accrued Liabilities 214 243 -11.9%
Interest Payable Current 313.2 247.9 +26.3%
Derivative Liability Before Effects Of Master Netting Arrangements Current 154.6 111.7 +38.4%
Debt Current Net Of Issuance Cost 768.2 601.2 +27.8%
Total Current Liabilities 3,176.7 2,890.6 +9.9%
Current Portion of Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
Senior Unsecured 6.500% Fixed Rate, due July 2027 [Member] · Targa Resources Partners LP [Member] 705.2 — —
Non-Current Liabilities
Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent 72.7 65.6 +10.8%
Deferred Tax Liabilities 1,079.4 684.5 +57.7%
Other Non-Current Liabilities 390.3 — —
Long-Term Debt 16,850.5 13,567 +24.2%
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 4.900% 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 August 2035 [Member] · Unsecured Debt 1,000 — —
Senior Unsecured 5.500% Fixed Rate, due February 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 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 667 1,303 -48.8%
Other Liabilities
Long Term Debt And Capital Lease Obligations 16,082.3 12,965.8 +24.0%
Commitments And Contingencies 0 0 —
Stockholders' Equity
Common Stock Value Outstanding 0.2 0.2 0.0%
Additional Paid-In Capital 3,053.3 3,088.5 -1.1%
Retained Earnings 1,705.4 783.9 +117.6%
Accumulated Other Comprehensive Income 43.2 11.4 +278.9%
Treasury Stock Value -2,214 -1,416.5 -56.3%
Total Stockholders' Equity 2,588.1 2,467.5 +4.9%
Minority Interest 123.3 1,881.5 -93.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 2,711.4 4,349 -37.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 43.2 11.4 +278.9%
Additional Paid In Capital 3,053.3 3,088.5 -1.1%
Common Stock 0.2 0.2 0.0%
Noncontrolling Interest 123.3 1,881.5 -93.4%
Retained Earnings 1,705.4 783.9 +117.6%
Treasury Stock Common -2,214 -1,416.5 -56.3%
Total Liabilities & Equity 23,512.8 21,264.2 +10.6%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Amortization Of Financing Costs And Discounts 7.9 7.2 +9.7%
Stock-Based Compensation 34.7 29.7 +16.8%
Deferred Income Taxes 226.7 170.8 +32.7%
Equity Method Investment Dividends Or Distributions 7.4 11.2 -33.9%
Unrealized Gain Loss On Derivatives -31.7 68.8 -146.1%
Proceeds From Other Operating Activities 14 6.4 +118.7%
Increase Decrease In Accounts Receivable And Other Operating Assets 319.8 302.9 +5.6%
Change in Inventory -105.4 60.2 -275.1%
Increase Decrease In Account Payable Accrued Liabilities And Other Liabilities -352.5 -269.7 -30.7%
Increase Decrease In Interest Payable Net 44.1 18.3 +141.0%
Net Cash from Operations 1,812.7 1,780.9 +1.8%
Investing Activities
Capital Expenditures -1,698.3 -1,410.1 -20.4%
Payments For Advance To Affiliate -75.8 -20.1 -277.1%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 3.7 1 +270.0%
Other Investing Activities 0.3 1.5 -80.0%
Net Cash from Investing -1,770.1 -1,427.7 -24.0%
Financing Activities
Proceeds From Borrowings Of Commercial Paper Notes 46,656.2 36,477 +27.9%
Repayments Of Commercial Paper -47,119.7 -35,349 -33.3%
Proceeds From Accounts Receivable Securitization 870 125 +596.0%
Repayments Of Accounts Receivable Securitization -1,200 -150 -700.0%
Proceeds From Issuance Of Senior Long Term Debt 3,490.7 — —
Finance Lease Principal Payments -30.2 -23.2 -30.2%
Debt Issuance Costs -41.3 — —
Payments For Repurchase Of Equity -449.2 -478.8 +6.2%
Tax Withholding for Share Compensation -46.7 -36.7 -27.2%
Payments Of Dividends To Noncontrolling Interests -24.2 -113.3 +78.6%
Payments For Repurchase Of Redeemable Noncontrolling Interest -1,800.4 -1.3 -138392.3%
Payments Of Ordinary Dividends Common And Preferred Shareholders -385.6 -284.2 -35.7%
Proceeds From Payments For Other Financing Activities -6.4 — —
Net Cash from Financing -86.8 -328.5 +73.6%
Supplemental
Income Taxes Paid 21.1 9.5 +122.1%
Interest Paid 363.4 379 -4.1%
Other Cash Flow
Net Change in Cash -44.2 24.7 -278.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 113.1 166.4 -32.0%

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

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