Targa Resources Corp.
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TRGP Q1 2026 request
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| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | 4,094.7 | 4,561.5 | -10.2% |
Show Product Lines breakouts |
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| Product | 3,344.6 | 3,884.4 | -13.9% |
| Product · All Other Segments | -110.3 | — | — |
| Product · Corporate and Eliminations [Member] | -975.4 | -1,576.4 | +38.1% |
| Product · Gathering and Processing [Member] | 918.3 | 1,517 | -39.5% |
| Product · Gathering and Processing [Member] | 285.6 | 200.7 | +42.3% |
| Product · Intersegment Elimination | 975.4 | 1,576.4 | -38.1% |
| Product · Logistics and Transportation [Member] | 57.1 | 59.4 | -3.9% |
| Product · Logistics and Transportation [Member] | 3,169.3 | 3,932.5 | -19.4% |
| Product · Operating Segments | 3,454.9 | 4,133.2 | -16.4% |
| Service | 750.1 | 677.1 | +10.8% |
| Service · Corporate and Eliminations [Member] | -8.3 | -7.3 | -13.7% |
| Service · Gathering and Processing [Member] | -0.9 | 0.2 | -550.0% |
| Service · Gathering and Processing [Member] | 574.5 | 475.1 | +20.9% |
| Service · Intersegment Elimination | 8.3 | 7.3 | +13.7% |
| Service · Logistics and Transportation [Member] | 9.2 | 7.1 | +29.6% |
| Service · Logistics and Transportation [Member] | 175.6 | 202 | -13.1% |
| Service · Operating Segments | 750.1 | 677.1 | +10.8% |
Show Business Segments breakouts |
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| All Other Segments | -110.3 | -248.8 | +55.7% |
| All Other Segments · Operating Segments | -110.3 | -248.8 | +55.7% |
| Corporate and Eliminations [Member] | -983.7 | -1,583.7 | +37.9% |
| Corporate and Eliminations [Member] · Intersegment Elimination | -983.7 | -1,583.7 | +37.9% |
| Gathering and Processing [Member] · Intersegment Elimination | 917.4 | 1,517.2 | -39.5% |
| Gathering and Processing [Member] · Material Reconciling Items | 1,777.5 | 2,193 | -18.9% |
| Gathering and Processing [Member] · Operating Segments | 860.1 | 675.8 | +27.3% |
| Logistics and Transportation [Member] · Intersegment Elimination | 66.3 | 66.5 | -0.3% |
| Logistics and Transportation [Member] · Material Reconciling Items | 3,411.2 | 4,201 | -18.8% |
| Logistics and Transportation [Member] · Operating Segments | 3,344.9 | 4,134.5 | -19.1% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | 983.7 | 1,583.7 | -37.9% |
| Material Reconciling Items | 5,188.7 | 6,394 | -18.9% |
| Operating Segments | 4,205 | 4,810.3 | -12.6% |
| Cost of Revenue | 2,394.5 | 3,257.8 | -26.5% |
| Operating Costs And Expenses | 333.7 | 303.6 | +9.9% |
| Depreciation & Amortization | 426 | 367.6 | +15.9% |
| General & Administrative | 107.8 | 94.5 | +14.1% |
| Other Operating Income Expense Net | -14.2 | -5.3 | -167.9% |
| Operating Income | 846.9 | 543.3 | +55.9% |
| Interest Income Expense Nonoperating Net | -227.6 | -197.1 | -15.5% |
| Income Loss From Equity Method Investments | 8.6 | 5.5 | +56.4% |
Show Legal Entity breakouts |
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| Targa Resources Partners LP [Member] | 8.6 | 5.5 | +56.4% |
| Targa Resources Partners LP [Member] · Blackcomb [Member] | 2.8 | -0.3 | +1033.3% |
| Targa Resources Partners LP [Member] · Cayenne Joint Venture [Member] | 2.2 | 1.5 | +46.7% |
| Targa Resources Partners LP [Member] · Gulf Coast Fractionators LP [Member] | 0.1 | 1 | -90.0% |
| Targa Resources Partners LP [Member] · Little Missouri 4 [Member] | 3.5 | 3.3 | +6.1% |
| Other Non-Operating Income (Expense) | -16.6 | 0.3 | -5633.3% |
| Income Before Taxes | 611.3 | 352 | +73.7% |
| Income Tax Expense (Benefit) | -123.9 | -72.2 | -71.6% |
| Net Income | 487.4 | 279.8 | +74.2% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 7.8 | 9.3 | -16.1% |
| Retained Earnings | 479.6 | 270.5 | +77.3% |
| Net Income Loss Attributable To Noncontrolling Interest | 7.8 | 9.3 | -16.1% |
| Net Income | 479.6 | 270.5 | +77.3% |
| Net Income Loss Available To Common Stockholders Basic | 479.6 | 200 | +139.8% |
| EPS (Basic) | 2.22 | 0.91 | +144.0% |
| EPS (Diluted) | 2.21 | 0.91 | +142.9% |
| Wtd Avg Shares (Basic) | 214.8 | 217.9 | -1.4% |
| Wtd Avg Shares (Diluted) | 215.5 | 218.7 | -1.5% |
| Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Gathering and Processing [Member] | 559.7 | 469 | +19.3% |
| Natural Gas Liquids Reserves | 2,982.8 | 3,376.8 | -11.7% |
| Natural Gas Reserves | 473.7 | 681.9 | -30.5% |
| NGL Transportation, Fractionation and Services [Member] | 68.5 | 73.2 | -6.4% |
| Oil And Condensate | 131.8 | 117 | +12.6% |
| Other [Member] | -1.2 | -0.5 | -140.0% |
| Product | 3,588.3 | 4,175.7 | -14.1% |
| Service | 750.1 | 677.1 | +10.8% |
| Storage Terminaling and Export [Member] | 123.1 | 135.4 | -9.1% |
| Other Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Product | -243.7 | -291.3 | +16.3% |
Show Hedging Designation breakouts |
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| Designated As Hedging Instrument | -0.2 | -6.1 | +96.7% |
| Nondesignated | -243.5 | -285.2 | +14.6% |
| Operating Expenses (Q) | — | — | — |
Show Business Segments breakouts |
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| Gathering and Processing [Member] | 233.6 | 208.2 | +12.2% |
| Logistics and Transportation [Member] | 100.2 | 95.5 | +4.9% |
Show Consolidation Items breakouts |
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| Operating Segments | 333.8 | 303.7 | +9.9% |
| Comprehensive Income | 351.1 | 249.1 | +40.9% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 100.1 | 151.4 | -33.9% |
| Accounts Receivable | 1,691.7 | 1,403.3 | +20.6% |
| Inventory | 334.4 | 256.2 | +30.5% |
| Derivative Asset Before Effects Of Master Netting Arrangements Current | 100.6 | 74.2 | +35.6% |
| Other Assets Current | 211.4 | 191.1 | +10.6% |
| Total Current Assets | 2,438.2 | 2,076.2 | +17.4% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 21,770.9 | 18,405.6 | +18.3% |
| Intangible Assets | 2,201.2 | — | — |
| Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent | 38.5 | 34.7 | +11.0% |
| Other Non-Current Assets | 343.5 | 170.3 | +101.7% |
| Total Assets | 27,107.3 | 22,800.3 | +18.9% |
Show Business Segments breakouts |
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| All Other Segments · Operating Segments | 0.1 | — | — |
| Corporate and Eliminations [Member] · Operating Segments | 257.6 | 251.3 | +2.5% |
| Gathering and Processing [Member] · Operating Segments | 16,468.3 | 13,727.9 | +20.0% |
| Logistics and Transportation [Member] · Operating Segments | 10,381.3 | 8,821.1 | +17.7% |
Show Consolidation Items breakouts |
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| Operating Segments | 26,849.6 | 22,549 | +19.1% |
| Goodwill | 118.9 | 45.2 | +163.1% |
Show Business Segments breakouts |
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| Gathering and Processing [Member] · Operating Segments | 118.9 | 45.2 | +163.1% |
Show Consolidation Items breakouts |
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| Operating Segments | 118.9 | 45.2 | +163.1% |
| Other Assets | |||
| Equity Method Investments | 315 | 217.6 | +44.8% |
Show Legal Entity breakouts |
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| Targa Resources Partners LP [Member] | 315 | 217.7 | +44.7% |
| Targa Resources Partners LP [Member] · Blackcomb [Member] | 136.5 | 48.9 | +179.1% |
| Targa Resources Partners LP [Member] · Cayenne Joint Venture [Member] | 14.5 | 13.8 | +5.1% |
| Targa Resources Partners LP [Member] · Gulf Coast Fractionators LP [Member] | 71.2 | 67.4 | +5.6% |
| Targa Resources Partners LP [Member] · Little Missouri 4 [Member] | 92.8 | 87.6 | +5.9% |
| Current Liabilities | |||
| Accounts Payable | 1,987.9 | 1,889.8 | +5.2% |
| Accrued Liabilities | 193.2 | 163.7 | +18.0% |
| Interest Payable Current | 149.8 | — | — |
| Derivative Liability Before Effects Of Master Netting Arrangements Current | 368.1 | 362.7 | +1.5% |
| Debt Current Net Of Issuance Cost | 696.9 | 660.4 | +5.5% |
| Total Current Liabilities | 3,395.9 | 3,198.1 | +6.2% |
| Non-Current Liabilities | |||
| Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent | 112.8 | 194.4 | -42.0% |
| Deferred Tax Liabilities | 1,479.2 | 902.2 | +64.0% |
| Other Non-Current Liabilities | 415.5 | 384.6 | +8.0% |
| Long-Term Debt | 19,131.8 | 16,208.7 | +18.0% |
| 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 April 2031 [Member] · Unsecured Debt | 750 | — | — |
| 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 | 1,000 | 0.0% |
| Senior Unsecured 6.050% Fixed Rate, due May 2056 [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 | 1,000 | 0.0% |
| 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 February 2036 [Member] · Unsecured Debt | 750 | — | — |
| 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% |
| TRGP Senior Revolving Credit Facility due February 2030 [Member] · Revolving Credit Facility | 457 | 920 | -50.3% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 18,434.9 | 15,548.3 | +18.6% |
| Commitments And Contingencies | 0 | 0 | — |
| Stockholders' Equity | |||
| Common Stock Value Outstanding | 0.2 | 0.2 | 0.0% |
| Additional Paid-In Capital | 3,111.3 | 3,036.2 | +2.5% |
| Retained Earnings | 2,556.9 | 1,295.3 | +97.4% |
| Accumulated Other Comprehensive Income | -14.7 | 6.1 | -341.0% |
| Treasury Stock Value | -2,517.2 | -1,886.3 | -33.4% |
| Total Stockholders' Equity | 3,136.5 | 2,451.5 | +27.9% |
| Minority Interest | 132.5 | 121.2 | +9.3% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 3,269 | 2,572.7 | +27.1% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -14.7 | 6.1 | -341.0% |
| Additional Paid In Capital | 3,111.3 | 3,036.2 | +2.5% |
| Common Stock | 0.2 | 0.2 | 0.0% |
| Noncontrolling Interest | 132.5 | 121.2 | +9.3% |
| Retained Earnings | 2,556.9 | 1,295.3 | +97.4% |
| Treasury Stock Common | -2,517.2 | -1,886.3 | -33.4% |
| Total Liabilities & Equity | 27,107.3 | 22,800.3 | +18.9% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 4.9 | 3.9 | +25.6% |
| Stock-Based Compensation | 23.2 | 17.6 | +31.8% |
| Deferred Income Taxes | 123.9 | 56.9 | +117.8% |
| Equity Method Investment Dividends Or Distributions | 1.7 | 2.4 | -29.2% |
| Unrealized Gain Loss On Derivatives | 110.3 | 248.8 | -55.7% |
| Proceeds From Other Operating Activities | 15.8 | 3.9 | +305.1% |
| Increase Decrease In Accounts Receivable And Other Operating Assets | -198 | 217.1 | -191.2% |
| Change in Inventory | 96 | 78.8 | +21.8% |
| Increase Decrease In Account Payable Accrued Liabilities And Other Liabilities | -181.9 | -169.3 | -7.4% |
| Increase Decrease In Interest Payable Net | -161.2 | -147.6 | -9.2% |
| Net Cash from Operations | 739.5 | 954.4 | -22.5% |
| Investing Activities | |||
| Capital Expenditures | -899.5 | -792.2 | -13.5% |
| Payments To Acquire Businesses Net Of Cash Acquired | -1,261.3 | — | — |
| Payments For Advance To Affiliate | -4 | -23.8 | +83.2% |
| Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital | 3 | 2.5 | +20.0% |
| Other Investing Activities | 0.9 | 0.2 | +350.0% |
| Net Cash from Investing | -2,160.9 | -813.3 | -165.7% |
| Financing Activities | |||
| Proceeds From Borrowings Of Commercial Paper Notes | 31,824 | 25,432 | +25.1% |
| Repayments Of Commercial Paper | -31,528 | -25,642.5 | -23.0% |
| Proceeds From Accounts Receivable Securitization | 1,200 | 870 | +37.9% |
Show Short Term Debt Type breakouts |
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| Accounts Receivable Securitization Facility [Member] | 600 | — | — |
| Repayments Of Accounts Receivable Securitization | -600 | -600 | 0.0% |
| Proceeds From Issuance Of Senior Long Term Debt | 1,498.4 | 1,993.9 | -24.9% |
| Repayments Of Senior Debt | -687.1 | — | — |
| Finance Lease Principal Payments | -23.8 | -14.6 | -63.0% |
| Debt Issuance Costs | -15 | -29.3 | +48.8% |
| Payments For Repurchase Of Equity | -55 | -124.9 | +56.0% |
| Tax Withholding for Share Compensation | -33.6 | -46.5 | +27.7% |
| Payments Of Dividends To Noncontrolling Interests | -5.6 | -17.9 | +68.7% |
| Payments Of Ordinary Dividends Common And Preferred Shareholders | -218.9 | -167.2 | -30.9% |
| Net Cash from Financing | 1,355.4 | -147 | +1022.0% |
| Supplemental | |||
| Income Taxes Paid | 0.7 | 0.8 | -12.5% |
| Interest Paid | 384 | 340.9 | +12.6% |
| Other Cash Flow | |||
| Net Change in Cash | -66 | -5.9 | -1018.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 100.1 | 151.4 | -33.9% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.