Targa Resources Corp. (TRGP) Financial Statements
Targa Resources financial statements at a glance
Targa Resources reported revenue of $17.03 billion for fiscal year 2025 (ended December 31, 2025), up 3.9% from fiscal year 2024. Net income was $1.84 billion, a net margin of 10.8%, and diluted earnings per share were $8.63.
At the end of fiscal year 2025 it had total assets of $25.22 billion, total liabilities of $22.02 billion and shareholders' equity of $3.07 billion, with cash and short-term investments of $166.10 million and total debt of $17.52 billion.
Its operations brought in $3.92 billion of cash; capital spending was $3.33 billion, leaving free cash flow of $584.10 million.
The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.
Figures from company filings, in USD; latest fiscal year ended December 31, 2025.
Targa Resources Corp.
Income Statement
Annual • USD
Targa Resources key figures by fiscal year
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $17.0B | $16.4B | $16.1B | $20.9B | $16.9B |
| Gross profit | $5.0B | $4.3B | $4.1B | $3.0B | $2.3B |
| Operating income | $3.3B | $2.7B | $2.6B | $1.7B | $1.3B |
| Net income | $1.8B | $1.3B | $835.8M | $896.8M | -$16.1M |
| Diluted EPS | $8.63 | $5.74 | $3.66 | $3.88 | -$0.07 |
| Total assets | $25.2B | $22.7B | $20.7B | $19.6B | $15.2B |
| Total liabilities | $22.0B | $18.3B | $16.1B | $14.6B | $10.0B |
| Shareholders' equity | $3.1B | $2.6B | $2.7B | $2.7B | $2.0B |
| Cash and short-term investments | $166.1M | $157.3M | $141.7M | $219.0M | $158.5M |
| Total debt | $17.5B | $14.3B | $13.0B | $11.6B | $6.6B |
| Operating cash flow | $3.9B | $3.6B | $3.2B | $2.4B | $2.3B |
| Capital spending | $3.3B | $3.0B | $2.4B | $1.3B | $505.1M |
| Free cash flow | $584.1M | $683.9M | $826.2M | $1.0B | $1.8B |
In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2020.
Questions and answers
What was Targa Resources's revenue in fiscal year 2025?
$17.03 billion, up 3.9% from $16.38 billion in fiscal year 2024.
How much profit does Targa Resources make?
Targa Resources reported net income of $1.84 billion for fiscal year 2025 (10.8% of revenue); operating income was $3.33 billion.
How much cash and debt does Targa Resources have?
At the end of fiscal year 2025: cash and short-term investments of $166.10 million and total debt of $17.52 billion.
What is Targa Resources's free cash flow?
$584.10 million in fiscal year 2025 (operating cash flow of $3.92 billion minus capital spending of $3.33 billion).
