Targa Resources Corp.
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TRGP Q3 2025 request
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Pick an endpoint and run the request.Income Statement
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Revenue | 4,151.2 | 3,851.8 | +7.8% |
Show Product Lines breakouts |
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| Product | 3,469.9 | 3,217 | +7.9% |
| Product · All Other Segments | -36.5 | -17.7 | -106.2% |
| Product · Corporate and Eliminations [Member] | -1,212.3 | -913 | -32.8% |
| Product · Gathering and Processing [Member] | 1,173 | 885.2 | +32.5% |
| Product · Gathering and Processing [Member] | 228.1 | 247.8 | -7.9% |
| Product · Intersegment Elimination | 1,212.3 | 913 | +32.8% |
| Product · Logistics and Transportation [Member] | 39.3 | 27.8 | +41.4% |
| Product · Logistics and Transportation [Member] | 3,278.3 | 2,986.9 | +9.8% |
| Product · Operating Segments | 3,506.4 | 3,234.7 | +8.4% |
| Service | 681.3 | 634.8 | +7.3% |
| Service · Corporate and Eliminations [Member] | -8.6 | -8.6 | 0.0% |
| Service · Gathering and Processing [Member] | 0.4 | 1.8 | -77.8% |
| Service · Gathering and Processing [Member] | 472.3 | 431.9 | +9.4% |
| Service · Intersegment Elimination | 8.6 | 8.6 | 0.0% |
| Service · Logistics and Transportation [Member] | 8.2 | 6.8 | +20.6% |
| Service · Logistics and Transportation [Member] | 209 | 202.9 | +3.0% |
| Service · Operating Segments | 681.3 | 634.8 | +7.3% |
Show Business Segments breakouts |
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| All Other Segments | -36.5 | -17.7 | -106.2% |
| All Other Segments · Operating Segments | -36.5 | -17.7 | -106.2% |
| Corporate and Eliminations [Member] | -1,220.9 | -921.6 | -32.5% |
| Corporate and Eliminations [Member] · Intersegment Elimination | -1,220.9 | -921.6 | -32.5% |
| Gathering and Processing [Member] · Intersegment Elimination | 1,173.4 | 887 | +32.3% |
| Gathering and Processing [Member] · Material Reconciling Items | 1,873.8 | 1,566.7 | +19.6% |
| Gathering and Processing [Member] · Operating Segments | 700.4 | 679.7 | +3.0% |
| Logistics and Transportation [Member] · Intersegment Elimination | 47.5 | 34.6 | +37.3% |
| Logistics and Transportation [Member] · Material Reconciling Items | 3,534.8 | 3,224.4 | +9.6% |
| Logistics and Transportation [Member] · Operating Segments | 3,487.3 | 3,189.8 | +9.3% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | 1,220.9 | 921.6 | +32.5% |
| Material Reconciling Items | 5,408.6 | 4,791.1 | +12.9% |
| Operating Segments | 4,187.7 | 3,869.5 | +8.2% |
| Cost of Revenue | 2,506.4 | 2,365 | +6.0% |
| Operating Costs And Expenses | 333.5 | 301 | +10.8% |
| Depreciation & Amortization | 383.5 | 355.4 | +7.9% |
| General & Administrative | 104.8 | 102.6 | +2.1% |
| Other Operating Income Expense Net | -13.9 | -0.4 | -3375.0% |
| Operating Income | 836.9 | 728.2 | +14.9% |
| Interest Income Expense Nonoperating Net | -221.3 | -184.9 | -19.7% |
| Income Loss From Equity Method Investments | 6.4 | 2.2 | +190.9% |
| Other Non-Operating Income (Expense) | -1.1 | -0.4 | -175.0% |
| Income Before Taxes | 620.9 | 545.1 | +13.9% |
| Income Tax Expense (Benefit) | -134.3 | -97 | -38.5% |
| Net Income | 486.6 | 448.1 | +8.6% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 8.2 | 60.7 | -86.5% |
| Retained Earnings | 478.4 | 387.4 | +23.5% |
| Net Income Loss Attributable To Noncontrolling Interest | 8.2 | 60.7 | -86.5% |
| Net Income | 478.4 | 387.4 | +23.5% |
| Net Income Loss Available To Common Stockholders Basic | 478.4 | 387.4 | +23.5% |
| EPS (Basic) | 2.21 | 1.76 | +25.6% |
| EPS (Diluted) | 2.2 | 1.75 | +25.7% |
| Wtd Avg Shares (Basic) | 215.2 | 219 | -1.7% |
| Wtd Avg Shares (Diluted) | 216 | 220 | -1.8% |
| Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Gathering and Processing [Member] | 465.9 | 426.4 | +9.3% |
| Natural Gas Liquids Reserves | 2,909.9 | 2,959.5 | -1.7% |
| Natural Gas Reserves | 502.5 | 168.4 | +198.4% |
| NGL Transportation, Fractionation and Services [Member] | 86.9 | 72.8 | +19.4% |
| Oil And Condensate | 108 | 123.2 | -12.3% |
| Other [Member] | 15.3 | 13.6 | +12.5% |
| Product | 3,520.4 | 3,251.1 | +8.3% |
| Service | 681.3 | 634.8 | +7.3% |
| Storage Terminaling and Export [Member] | 113.2 | 122 | -7.2% |
| Other Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Product | -50.5 | -34.1 | -48.1% |
Show Hedging Designation breakouts |
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| Designated As Hedging Instrument | 22.6 | 30.2 | -25.2% |
| Nondesignated | -73.1 | -64.3 | -13.7% |
| Operating Expenses (Q) | — | — | — |
Show Business Segments breakouts |
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| Gathering and Processing [Member] | 236.1 | 203.7 | +15.9% |
| Logistics and Transportation [Member] | 98.6 | 98.1 | +0.5% |
Show Consolidation Items breakouts |
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| Operating Segments | 334.7 | 301.8 | +10.9% |
| Comprehensive Income | 492.6 | 441.1 | +11.7% |
Balance Sheet
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 124.1 | 127.2 | -2.4% |
| Accounts Receivable | 1,407.7 | 1,301.2 | +8.2% |
| Inventory | 490.7 | 414.9 | +18.3% |
| Derivative Asset Before Effects Of Master Netting Arrangements Current | 99.8 | 75 | +33.1% |
| Other Assets Current | 157.3 | 109.9 | +43.1% |
| Total Current Assets | 2,279.6 | 2,028.2 | +12.4% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 19,610.1 | 17,425.2 | +12.5% |
| Intangible Assets | 1,732.9 | 2,070.7 | -16.3% |
| Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent | 33.2 | 35.3 | -5.9% |
| Other Non-Current Assets | 203.1 | 167.1 | +21.5% |
| Total Assets | 24,174.8 | 21,903.8 | +10.4% |
Show Business Segments breakouts |
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| All Other Segments | 4.1 | 1.5 | +173.3% |
| All Other Segments · Operating Segments | 4.1 | 1.5 | +173.3% |
| Corporate and Eliminations [Member] · Operating Segments | 270.6 | 175.1 | +54.5% |
| Gathering and Processing [Member] · Operating Segments | 14,214.1 | 13,201.9 | +7.7% |
| Logistics and Transportation [Member] · Operating Segments | -9,686 | 8,525.3 | -213.6% |
Show Consolidation Items breakouts |
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| Operating Segments | 23,900.1 | 21,727.2 | +10.0% |
| Goodwill | 45.2 | 45.2 | 0.0% |
Show Business Segments breakouts |
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| Gathering and Processing [Member] · Operating Segments | 45.2 | 45.2 | 0.0% |
Show Consolidation Items breakouts |
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| Operating Segments | 45.2 | 45.2 | 0.0% |
| Other Assets | |||
| Equity Method Investments | 315.9 | 177.3 | +78.2% |
Show Legal Entity breakouts |
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| Targa Resources Partners LP [Member] | 315.9 | — | — |
| Targa Resources Partners LP [Member] · Blackcomb [Member] | 139.8 | — | — |
| Targa Resources Partners LP [Member] · Cayenne Joint Venture [Member] | 13.8 | — | — |
| Targa Resources Partners LP [Member] · Gulf Coast Fractionators LP [Member] | 67.9 | — | — |
| Targa Resources Partners LP [Member] · Little Missouri 4 [Member] | 94.4 | — | — |
| Current Liabilities | |||
| Accounts Payable | 1,584.4 | 1,467.9 | +7.9% |
| Accrued Liabilities | 281.1 | 320.7 | -12.3% |
| Interest Payable Current | 152.2 | 113.2 | +34.5% |
| Derivative Liability Before Effects Of Master Netting Arrangements Current | 240.2 | 72.2 | +232.7% |
| Debt Current Net Of Issuance Cost | 689.3 | 653.3 | +5.5% |
| Total Current Liabilities | 2,947.2 | 2,627.3 | +12.2% |
| Non-Current Liabilities | |||
| Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent | 34.2 | 82.9 | -58.7% |
| Deferred Tax Liabilities | 1,226 | 793.7 | +54.5% |
| Other Non-Current Liabilities | 391.6 | — | — |
| Long-Term Debt | 17,431.3 | 14,254.7 | +22.3% |
| Long-Term Debt (Q) | — | — | — |
Show Debt Instrument breakouts |
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| 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 | 1,000 | 0.0% |
| 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 | 1,295 | 951 | +36.2% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 16,742 | 13,601.4 | +23.1% |
| Commitments And Contingencies | 0 | 0 | — |
| Stockholders' Equity | |||
| Common Stock Value Outstanding | 0.2 | 0.2 | 0.0% |
| Additional Paid-In Capital | 3,070.8 | 3,106.2 | -1.1% |
| Retained Earnings | 1,966.2 | 1,004.7 | +95.7% |
| Accumulated Other Comprehensive Income | 57.4 | 65.1 | -11.8% |
| Treasury Stock Value | -2,387.8 | -1,602.3 | -49.0% |
| Total Stockholders' Equity | 2,706.8 | 2,573.9 | +5.2% |
| Minority Interest | 127 | 1,884.6 | -93.3% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 2,833.8 | 4,458.5 | -36.4% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | 57.4 | 65.1 | -11.8% |
| Additional Paid In Capital | 3,070.8 | 3,106.2 | -1.1% |
| Common Stock | 0.2 | 0.2 | 0.0% |
| Noncontrolling Interest | 127 | 1,884.6 | -93.3% |
| Retained Earnings | 1,966.2 | 1,004.7 | +95.7% |
| Treasury Stock Common | -2,387.8 | -1,602.3 | -49.0% |
| Total Liabilities & Equity | 24,174.8 | 21,903.8 | +10.4% |
Cash Flow Statement
| Metric | YTD Q3 2025 | YTD Q3 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 12.8 | 10.9 | +17.4% |
| Stock-Based Compensation | 52.2 | 47.4 | +10.1% |
| Deferred Income Taxes | 385.5 | 264.1 | +46.0% |
| Equity Method Investment Dividends Or Distributions | 12.6 | 15.2 | -17.1% |
| Unrealized Gain Loss On Derivatives | 4.8 | 86.3 | -94.4% |
| Proceeds From Other Operating Activities | 14.6 | 6.3 | +131.7% |
| Increase Decrease In Accounts Receivable And Other Operating Assets | 197.9 | 239.4 | -17.3% |
| Change in Inventory | -146.7 | -47.2 | -210.8% |
| Increase Decrease In Account Payable Accrued Liabilities And Other Liabilities | -516.3 | -360.3 | -43.3% |
| Increase Decrease In Interest Payable Net | -116.9 | -116.4 | -0.4% |
| Net Cash from Operations | 2,411.9 | 2,321.8 | +3.9% |
| Investing Activities | |||
| Capital Expenditures | -2,370.1 | -2,238.9 | -5.9% |
| Payments For Advance To Affiliate | -124.3 | -39.8 | -212.3% |
| Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital | 6.1 | 1.4 | +335.7% |
| Other Investing Activities | 27.1 | 2.3 | +1078.3% |
| Net Cash from Investing | -2,461.2 | -2,275 | -8.2% |
| Financing Activities | |||
| Proceeds From Borrowings Of Commercial Paper Notes | 87,080.6 | 59,651 | +46.0% |
| Repayments Of Commercial Paper | -86,916.1 | -58,875 | -47.6% |
| Proceeds From Accounts Receivable Securitization | 1,470 | 775 | +89.7% |
Show Short Term Debt Type breakouts |
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| Accounts Receivable Securitization Facility [Member] | 600 | 600 | 0.0% |
| Repayments Of Accounts Receivable Securitization | -1,200 | -750 | -60.0% |
| Proceeds From Issuance Of Senior Long Term Debt | 3,490.7 | 999.4 | +249.3% |
| Repayments Of Senior Debt | -705.2 | — | — |
| Finance Lease Principal Payments | -53.8 | -36.2 | -48.6% |
| Debt Issuance Costs | -43.3 | -9.9 | -337.4% |
| Payments For Repurchase Of Equity | -604.8 | -646.7 | +6.5% |
| Tax Withholding for Share Compensation | -63.8 | -53.3 | -19.7% |
| Payments Of Dividends To Noncontrolling Interests | -28.9 | -172.7 | +83.3% |
| Payments For Repurchase Of Redeemable Noncontrolling Interest | -1,800.4 | -1.3 | -138392.3% |
| Payments Of Ordinary Dividends Common And Preferred Shareholders | -602.5 | -450.6 | -33.7% |
| Proceeds From Payments For Other Financing Activities | -6.4 | — | — |
| Net Cash from Financing | 16.1 | -61.3 | +126.3% |
| Supplemental | |||
| Income Taxes Paid | 24.5 | 9.7 | +152.6% |
| Interest Paid | 740.7 | 694.9 | +6.6% |
| Other Cash Flow | |||
| Net Change in Cash | -33.2 | -14.5 | -129.0% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 124.1 | 127.2 | -2.4% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.