Targa Resources Corp.
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TRGP Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 4,055.5 | 4,405.3 | -7.9% |
Show Product Lines breakouts |
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| Product | 3,412.9 | 3,765.6 | -9.4% |
| Product · All Other Segments | -0.5 | -78.3 | +99.4% |
| Product · Corporate and Eliminations [Member] | -945 | -1,275.4 | +25.9% |
| Product · Gathering and Processing [Member] | 901.3 | 1,229.8 | -26.7% |
| Product · Gathering and Processing [Member] | 240.9 | 258.1 | -6.7% |
| Product · Intersegment Elimination | 945 | 1,275.4 | -25.9% |
| Product · Logistics and Transportation [Member] | 43.7 | 45.6 | -4.2% |
| Product · Logistics and Transportation [Member] | 3,172.5 | 3,585.8 | -11.5% |
| Product · Operating Segments | 3,413.4 | 3,843.9 | -11.2% |
| Service | 642.6 | 639.7 | +0.5% |
| Service · Corporate and Eliminations [Member] | -8.7 | -7.5 | -16.0% |
| Service · Gathering and Processing [Member] | 0.1 | 0.6 | -83.3% |
| Service · Gathering and Processing [Member] | 461.6 | 420.2 | +9.9% |
| Service · Intersegment Elimination | 8.7 | 7.5 | +16.0% |
| Service · Logistics and Transportation [Member] | 8.6 | 6.9 | +24.6% |
| Service · Logistics and Transportation [Member] | 181 | 219.5 | -17.5% |
| Service · Operating Segments | 642.6 | 639.7 | +0.5% |
Show Business Segments breakouts |
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| All Other Segments | -0.5 | -78.3 | +99.4% |
| All Other Segments · Operating Segments | -0.5 | -78.3 | +99.4% |
| Corporate and Eliminations [Member] | -953.7 | -1,282.9 | +25.7% |
| Corporate and Eliminations [Member] · Intersegment Elimination | -953.7 | -1,282.9 | +25.7% |
| Gathering and Processing [Member] · Intersegment Elimination | 901.4 | 1,230.4 | -26.7% |
| Gathering and Processing [Member] · Material Reconciling Items | 1,603.9 | 1,908.7 | -16.0% |
| Gathering and Processing [Member] · Operating Segments | 702.5 | 678.3 | +3.6% |
| Logistics and Transportation [Member] · Intersegment Elimination | 52.3 | 52.5 | -0.4% |
| Logistics and Transportation [Member] · Material Reconciling Items | 3,405.8 | 3,857.8 | -11.7% |
| Logistics and Transportation [Member] · Operating Segments | 3,353.5 | 3,805.3 | -11.9% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | 953.7 | 1,282.9 | -25.7% |
| Material Reconciling Items | 5,009.7 | 5,766.5 | -13.1% |
| Operating Segments | 4,056 | 4,483.6 | -9.5% |
| Cost of Revenue | 2,307.6 | 2,922.6 | -21.0% |
| Operating Costs And Expenses | 337.6 | 305.9 | +10.4% |
| Depreciation & Amortization | 390.5 | 378.5 | +3.2% |
| General & Administrative | 111.7 | 97.5 | +14.6% |
| Other Operating Income Expense Net | -9.3 | 0.3 | -3200.0% |
| Operating Income | 917.4 | 700.5 | +31.0% |
| Interest Income Expense Nonoperating Net | -216 | -177.7 | -21.6% |
| Income Loss From Equity Method Investments | -5.2 | 1.5 | -446.7% |
| Other Non-Operating Income (Expense) | -4 | 0.1 | -4100.0% |
| Income Before Taxes | 692.2 | 524.4 | +32.0% |
| Income Tax Expense (Benefit) | -139.1 | -110.4 | -26.0% |
| Net Income | 553.1 | 414 | +33.6% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 8.1 | 63 | -87.1% |
| Retained Earnings | 545 | 351 | +55.3% |
| Net Income Loss Attributable To Noncontrolling Interest | 8.1 | 63 | -87.1% |
| Net Income | 545 | 351 | +55.3% |
| Net Income Loss Available To Common Stockholders Basic | 545 | 318.1 | +71.3% |
| EPS (Basic) | 2.52 | 1.45 | +73.8% |
| EPS (Diluted) | 2.51 | 1.44 | +74.3% |
| Wtd Avg Shares (Basic) | -0.4 | -0.8 | +50.0% |
| Wtd Avg Shares (Diluted) | -0.4 | -0.7 | +42.9% |
| Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Gathering and Processing [Member] | 454.6 | 414.8 | +9.6% |
| Natural Gas Liquids Reserves | 2,960.2 | 3,347.8 | -11.6% |
| Natural Gas Reserves | 393.1 | 419.4 | -6.3% |
| NGL Transportation, Fractionation and Services [Member] | 64.7 | 76.9 | -15.9% |
| Oil And Condensate | 112 | 118.1 | -5.2% |
| Other [Member] | -7.6 | 12.4 | -161.3% |
| Product | 3,465.3 | 3,885.3 | -10.8% |
| Service | 642.6 | 639.7 | +0.5% |
| Storage Terminaling and Export [Member] | 130.9 | 135.6 | -3.5% |
| Other Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Product | -52.4 | -119.7 | +56.2% |
Show Hedging Designation breakouts |
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| Designated As Hedging Instrument | 46.7 | 8.5 | +449.4% |
| Nondesignated | -99.1 | -128.2 | +22.7% |
| Operating Expenses (Q) | — | — | — |
Show Business Segments breakouts |
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| Gathering and Processing [Member] | 243.3 | 217.4 | +11.9% |
| Logistics and Transportation [Member] | 94.2 | 88.8 | +6.1% |
Show Consolidation Items breakouts |
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| Operating Segments | 337.5 | 306.2 | +10.2% |
| Comprehensive Income | 601.4 | 313.4 | +91.9% |
Balance Sheet
| Metric | Q4 2025 | Q4 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 |
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| 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 |
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| 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 |
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| Gathering and Processing [Member] · Operating Segments | 112.3 | 45.2 | +148.5% |
Show Consolidation Items breakouts |
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| Operating Segments | 112.3 | 45.2 | +148.5% |
Show Balance Sheet Location breakouts |
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| Other Noncurrent Assets | 112.3 | — | — |
Show Business Acquisition breakouts |
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| 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 |
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| 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 |
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| 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 |
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| 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
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 4.5 | 3.9 | +15.4% |
| Stock-Based Compensation | 17.3 | 15.8 | +9.5% |
| Deferred Income Taxes | 131.1 | 102.9 | +27.4% |
| Equity Method Investment Dividends Or Distributions | 8.1 | 4.6 | +76.1% |
| Unrealized Gain Loss On Derivatives | 0.5 | 78.3 | -99.4% |
| Proceeds From Other Operating Activities | 6.8 | 8.2 | -17.1% |
| Increase Decrease In Accounts Receivable And Other Operating Assets | -87.1 | -314.4 | +72.3% |
| Change in Inventory | 57.2 | 80.7 | -29.1% |
| Increase Decrease In Account Payable Accrued Liabilities And Other Liabilities | 259.5 | 401 | -35.3% |
| Increase Decrease In Interest Payable Net | 158.8 | 155.9 | +1.9% |
| Net Cash from Operations | 1,505.5 | 1,327.9 | +13.4% |
| Investing Activities | |||
| Capital Expenditures | -963.2 | -726.9 | -32.5% |
| Payments For Advance To Affiliate | -6.2 | -23.1 | +73.2% |
| Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital | 1.7 | 4.1 | -58.5% |
| Other Investing Activities | 0 | -0.4 | +100.0% |
| Net Cash from Investing | -1,180.8 | -746.3 | -58.2% |
| Financing Activities | |||
| Proceeds From Borrowings Of Commercial Paper Notes | 22,475 | 25,779.5 | -12.8% |
| Repayments Of Commercial Paper | -23,609 | -25,600 | +7.8% |
| Proceeds From Accounts Receivable Securitization | 0 | 0 | — |
| Repayments Of Accounts Receivable Securitization | -600 | -270 | -122.2% |
| Proceeds From Issuance Of Senior Long Term Debt | 1,748.7 | 0 | — |
| Finance Lease Principal Payments | -22.7 | -13.9 | -63.3% |
| Debt Issuance Costs | -13.8 | 0 | — |
| Payments For Repurchase Of Equity | -37 | -108 | +65.7% |
| Tax Withholding for Share Compensation | -3.5 | -3.1 | -12.9% |
| Payments Of Dividends To Noncontrolling Interests | -4.6 | -59.9 | +92.3% |
| Payments For Repurchase Of Redeemable Noncontrolling Interest | 0 | -111.6 | +100.0% |
| Payments Of Ordinary Dividends Common And Preferred Shareholders | -215.8 | -164.9 | -30.9% |
| Net Cash from Financing | -282.7 | -551.5 | +48.7% |
| Supplemental | |||
| Income Taxes Paid | -0.2 | 7 | -102.9% |
| Interest Paid | 52.6 | 17.8 | +195.5% |
| Other Cash Flow | |||
| Net Change in Cash | 42 | 30.1 | +39.5% |
| 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.