What is TRGP revenue?

Targa Resources Inc. (TRGP) reported $18.19B of revenue for the twelve months ended Sep 30, 2026. That is up 4.7% from the year before. Revenue for fiscal 2025 was $17.03B.

Yes. Targa Resources Inc. earned $2.45B in net income for the twelve months ended Sep 30, 2026, a net margin of 13.5%.

How much cash and debt does TRGP have?

Targa Resources Inc. reported $142.60M in cash and cash equivalents and $19.28B of debt on its most recent balance sheet in SEC filings.

How fast is TRGP revenue growing?

Targa Resources Inc.'s revenue changed +3.9% in fiscal 2025, to $17.03B. Its compound annual growth rate was +15.6% over 5 years.

What is TRGP gross margin?

Targa Resources Inc.'s gross profit was $7.61B on $18.19B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 41.8%.

What is TRGP free cash flow?

Targa Resources Inc. generated $933.80M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $5.05B less capital expenditures.

What is TRGP earnings per share?

Diluted earnings per share were $11.30 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did TRGP last report financial results?

The latest statements here come from Targa Resources Inc.'s 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.

Where does this TRGP financial data come from?

Quantisnow builds these statements from the structured XBRL data Targa Resources Inc. files with the SEC. It is provided for information only and is not investment advice.

Financials · TRGP

Targa Resources Inc. (TRGP) financials

For the twelve months ended Sep 30, 2026, Targa Resources Inc. reported $18.19B of revenue and $2.45B of net income.

Revenue, TTM: $18.19B
Revenue growth, YoY: +4.7%
Net income, TTM: $2.45B
Net income growth, YoY: +41.6%
Net margin: 13.5%
Free cash flow, TTM: $933.80M
EPS, diluted, TTM: $11.30
EPS growth, YoY: +52.3%
Cash: $142.60M
Total debt: $19.28B
P/E: 23.18
P/S: 3.12
Market cap: $56.74B

Annual revenue$17.03B

FY2016FY2025

Annual net income$1.92B

FY2016FY2025

Annual free cash flow$584.10M

FY2016FY2025

TRGP revenue and earnings growth

TRGP revenueQ3 2026$5.60B

Quarter YoY: +34.9%
QoQ: +26.1%
FY YoY: +3.9%
5Y CAGR: +15.6%

TRGP revenue was $5.60B in fiscal Q3 2026 (ended Sep 30, 2026), up 34.9% from a year earlier and up 26.1% from the prior quarter. For the full fiscal 2025 it was $17.03B, up 3.9% from fiscal 2024. Compound annual growth was +15.6% over 5 years. It rose in 6 of the last 9 fiscal years.

TRGP net incomeQ3 2026$658.20M

Quarter YoY: +37.6%
QoQ: -13.9%
FY YoY: +46.6%
10Y CAGR: +41.9%

TRGP net income was $658.20M in fiscal Q3 2026 (ended Sep 30, 2026), up 37.6% from a year earlier and down 13.9% from the prior quarter. For the full fiscal 2025 it was $1.92B, up 46.6% from fiscal 2024. Compound annual growth was +41.9% over 10 years. It rose in 3 of the last 4 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

TRGP EPSQ3 2026$3.04

Quarter YoY: +38.2%
QoQ: -14.1%
FY YoY: +47.9%

TRGP diluted EPS was $3.04 in fiscal Q3 2026 (ended Sep 30, 2026), up 38.2% from a year earlier and down 14.1% from the prior quarter. For the full fiscal 2025 it was $8.49, up 47.9% from fiscal 2024.

TRGP free cash flowQ3 2026$120.30M

QoQ: -72.1%
FY YoY: -14.6%
5Y CAGR: -5.9%
10Y CAGR: +10.4%

TRGP free cash flow was $120.30M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$72.60M a year earlier and down 72.1% from the prior quarter. For the full fiscal 2025 it was $584.10M, down 14.6% from fiscal 2024. Compound annual growth was -5.9% over 5 years and +10.4% over 10 years. It rose in 1 of the last 5 fiscal years.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$17.03B	$16.38B	$16.06B	$20.93B	$16.95B	$8.26B	$8.67B	$10.48B	$8.81B	$6.69B
Cost of revenue	$10.51B	$10.70B	$10.68B	$16.88B	$13.73B	$5.19B	$6.21B	$8.24B	$6.91B	$4.92B
Gross profit	$6.52B	$5.68B	$5.38B	$4.05B	$3.22B	$3.07B	$2.55B	$2.25B	$1.91B	$1.77B
Selling, general and admin	$406.00M	$384.90M	$348.70M	$309.70M	$273.20M	$254.60M	$280.70M	$256.90M	$203.40M	$187.20M
Operating income	$3.33B	$2.70B	$2.63B	$1.73B	$864.80M	-$1.30B	$192.90M	$237.50M	-$122.40M	$55.80M
Pre-tax income	$2.49B	$1.94B	$1.94B	$1.66B	$436.90M	-$1.57B	-$46.70M	$65.90M	-$292.90M	-$259.70M
Income tax	$529.70M	$384.50M	$363.20M	$131.80M	$14.80M	-$248.10M	-$87.90M	$5.50M	-$397.10M	-$100.60M
Net income	$1.92B	$1.31B	$1.35B	$1.20B	$71.20M	-$1.55B	-$209.20M	$1.60M	$54.00M	-$187.30M
EPS, basic	$8.52	$5.77	$3.69	$3.95	-$0.07	-$7.26	-$1.44	-$0.53	-$0.31	-$1.80
EPS, diluted	$8.49	$5.74	$3.66	$3.88	-$0.07	-$7.26	-$1.44	-$0.53	-$0.31	-$1.80
Diluted shares	216.9M	221.3M	226.0M	231.1M	228.6M	232.2M	232.5M	224.2M	206.9M	154.4M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$166.10M	$157.30M	$141.70M	$219.00M	$158.50M	$242.80M	$331.10M	$232.10M	$137.20M	$73.50M
Receivables	$1.47B	$1.62B	$1.47B	$1.41B	$1.33B	$862.80M	$855.00M	$865.50M	$827.60M	$674.60M
Inventory	$429.30M	$334.30M	$371.50M	$393.80M	$153.40M	$181.50M	$161.50M	$164.70M	$204.50M	$137.70M
Current assets	$2.36B	$2.30B	$2.19B	$2.36B	$1.77B	$1.46B	$1.66B	$1.42B	$1.27B	$1.01B
Goodwill	$112.30M	$45.20M	$45.20M	$45.20M	$45.20M	$45.20M	$45.20M	$46.60M	$256.60M	$210.00M
Total assets	$25.22B	$22.73B	$20.67B	$19.56B	$15.21B	$15.88B	$18.82B	$16.94B	$14.39B	$12.87B
Current liabilities	$3.55B	$3.17B	$2.76B	$3.07B	$2.30B	$1.78B	$1.87B	$2.80B	$1.62B	$1.17B
Short-term debt	-	-	-	-	$150.00M	$356.50M	$370.00M	$1.03B	$350.00M	$275.00M
Long-term debt	$16.66B	$13.79B	$12.33B	$10.70B	$6.43B	$7.39B	$7.44B	$5.63B	$4.70B	$4.61B
Total debt	$16.66B	$13.79B	$12.33B	$10.70B	$6.58B	$7.74B	$7.81B	$6.66B	$5.05B	$4.88B
Total liabilities	$22.02B	$18.32B	$16.06B	$14.58B	$10.03B	$9.97B	$10.37B	$9.47B	$7.63B	$7.15B
Shareholders' equity	$3.07B	$4.42B	$4.61B	$4.98B	$5.18B	$5.90B	$8.44B	$7.47B	$6.76B	$5.72B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$3.92B	$3.65B	$3.21B	$2.38B	$2.30B	$1.74B	$1.39B	$1.14B	$939.50M	$837.40M
Capital expenditures	$3.33B	$2.97B	$2.39B	$1.33B	$505.10M	$951.60M	$2.88B	$3.11B	$1.30B	$562.10M
Free cash flow	$584.10M	$683.90M	$826.20M	$1.05B	$1.80B	$792.90M	-$1.49B	-$1.97B	-$358.00M	$275.30M
Investing cash flow	-$3.64B	-$3.02B	-$2.40B	-$4.15B	-$473.20M	-$738.10M	-$3.07B	-$3.15B	-$1.89B	-$558.60M
Financing cash flow	-$266.60M	-$612.80M	-$888.10M	$1.83B	-$1.91B	-$1.09B	$1.78B	$2.10B	$1.02B	-$345.50M
Stock-based compensation	$69.50M	$63.20M	$62.40M	$57.50M	$59.20M	$66.20M	$60.30M	$56.30M	$42.30M	$29.70M
Depreciation and amortization	$1.52B	$1.42B	$1.33B	$1.10B	$870.60M	$865.10M	$971.60M	$815.90M	$809.50M	$757.70M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	3.9%	2.0%	-23.3%	23.5%	105.2%	-4.7%	-17.3%	18.9%	31.7%	-
Net income growth, YoY	46.6%	-2.5%	12.6%	1579.1%	-	-	-	-97.0%	-	-
EPS growth, YoY	47.9%	56.8%	-5.7%	-	-	-	-	-	-	-
Gross margin	38.3%	34.7%	33.5%	19.3%	19.0%	37.2%	29.4%	21.4%	21.7%	26.4%
Operating margin	19.6%	16.5%	16.4%	8.3%	5.1%	-15.8%	2.2%	2.3%	-1.4%	0.8%
Net margin	11.3%	8.0%	8.4%	5.7%	0.4%	-18.8%	-2.4%	0.0%	0.6%	-2.8%
Free cash flow margin	3.4%	4.2%	5.1%	5.0%	10.6%	9.6%	-17.2%	-18.8%	-4.1%	4.1%
Return on equity	62.7%	29.7%	29.2%	24.0%	1.4%	-26.3%	-2.5%	0.0%	0.8%	-3.3%
Return on assets	7.6%	5.8%	6.5%	6.1%	0.5%	-9.8%	-1.1%	0.0%	0.4%	-1.5%
Current ratio	0.67	0.72	0.79	0.77	0.77	0.82	0.89	0.51	0.79	0.86
Debt to equity	5.43	3.12	2.68	2.15	1.27	1.31	0.93	0.89	0.75	0.85

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$5.60B	$4.44B	$4.09B	$4.06B	$4.15B	$4.26B	$4.56B	$4.41B	$3.85B	$3.56B	$4.56B	$4.24B
Cost of revenue	$3.58B	$2.30B	$2.39B	$2.31B	$2.51B	$2.44B	$3.26B	$2.92B	$2.37B	$2.20B	$3.22B	$2.90B
Gross profit	$2.02B	$2.14B	$1.70B	$1.75B	$1.64B	$1.82B	$1.30B	$1.48B	$1.49B	$1.36B	$1.34B	$1.34B
Selling, general and admin	$112.90M	$108.10M	$107.80M	$111.70M	$104.80M	$95.00M	$94.50M	$97.50M	$102.60M	$98.30M	$86.50M	$95.30M
Operating income	$1.10B	$1.23B	$846.90M	$917.40M	$836.90M	$1.03B	$543.30M	$700.50M	$728.20M	$627.20M	$639.40M	$635.30M
Pre-tax income	$850.80M	$1.00B	$611.30M	$692.20M	$620.90M	$821.30M	$352.00M	$524.40M	$545.10M	$453.20M	$415.30M	$460.10M
Income tax	$174.70M	$227.20M	$123.90M	$139.10M	$134.30M	$184.10M	$72.20M	$110.40M	$97.00M	$94.30M	$82.70M	$102.50M
Net income	$658.20M	$764.60M	$479.60M	$545.00M	$478.40M	$629.10M	$270.50M	$351.00M	$387.40M	$298.50M	$275.20M	$299.60M
EPS, basic	$3.05	$3.54	$2.22	$2.52	$2.21	$2.88	$0.91	$1.44	$1.76	$1.34	$1.23	$1.25
EPS, diluted	$3.04	$3.54	$2.21	$2.51	$2.20	$2.87	$0.91	$1.44	$1.75	$1.33	$1.22	$1.22
Diluted shares	215.2M	215.2M	215.5M	-	216.0M	217.3M	218.7M	-	220.0M	221.9M	223.7M	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$142.60M	$132.30M	$100.10M	$166.10M	$124.10M	$113.10M	$151.40M	$157.30M	$127.20M	$166.40M	$109.90M	$141.70M
Receivables	$2.18B	$1.95B	$1.69B	$1.47B	$1.41B	$1.41B	$1.40B	$1.62B	$1.30B	$1.22B	$1.48B	$1.47B
Inventory	$341.80M	$311.70M	$334.40M	$429.30M	$490.70M	$443.50M	$256.20M	$334.30M	$414.90M	$320.60M	$224.50M	$371.50M
Current assets	$2.91B	$2.63B	$2.44B	$2.36B	$2.28B	$2.21B	$2.08B	$2.30B	$2.03B	$1.87B	$1.97B	$2.19B
Goodwill	$118.90M	$118.90M	$118.90M	$112.30M	$45.20M	$45.20M	$45.20M	$45.20M	$45.20M	$45.20M	$45.20M	$45.20M
Total assets	$29.60B	$28.52B	$27.11B	$25.22B	$24.17B	$23.51B	$22.80B	$22.73B	$21.90B	$21.26B	$20.85B	$20.67B
Current liabilities	$3.92B	$3.41B	$3.40B	$3.55B	$2.95B	$3.18B	$3.20B	$3.17B	$2.63B	$2.89B	$2.81B	$2.76B
Long-term debt	$19.28B	$19.02B	$18.43B	$16.66B	$16.74B	$16.08B	$15.55B	$13.79B	$13.60B	$12.97B	$12.51B	$12.33B
Total debt	$19.28B	$19.02B	$18.43B	$16.66B	$16.74B	$16.08B	$15.55B	$13.79B	$13.60B	$12.97B	$12.51B	$12.33B
Total liabilities	$25.64B	$24.72B	$23.84B	$22.02B	$21.34B	$20.80B	$20.23B	$18.32B	$17.45B	$16.92B	$16.27B	$16.06B
Shareholders' equity	$3.82B	$3.80B	$3.27B	$3.07B	$2.83B	$2.71B	$2.57B	$4.42B	$4.46B	$4.35B	$4.58B	$4.61B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$1.37B	$1.44B	$739.50M	$1.51B	$599.20M	$858.30M	$954.40M	$1.33B	$540.90M	$904.50M	$876.40M	$957.70M
Capital expenditures	$1.24B	$1.01B	$899.50M	$963.20M	$671.80M	$906.10M	$792.20M	$726.90M	$828.80M	$740.30M	$669.80M	$720.00M
Free cash flow	$120.30M	$431.20M	-$160.00M	$542.30M	-$72.60M	-$47.80M	$162.20M	$601.00M	-$287.90M	$164.20M	$206.60M	$237.70M
Investing cash flow	-$1.23B	-$1.01B	-$2.16B	-$1.18B	-$691.10M	-$956.80M	-$813.30M	-$746.30M	-$847.30M	-$749.80M	-$677.90M	-$727.00M
Financing cash flow	-$121.60M	-$395.60M	$1.36B	-$282.70M	$102.90M	$60.20M	-$147.00M	-$551.50M	$267.20M	-$98.20M	-$230.30M	-$228.50M
Stock-based compensation	$17.40M	$18.00M	$23.20M	$17.30M	$17.50M	$17.10M	$17.60M	$15.80M	$17.70M	$15.10M	$14.60M	$16.70M
Depreciation and amortization	$459.60M	$453.10M	$426.00M	$390.50M	$383.50M	$373.70M	$367.60M	$378.50M	$355.40M	$348.60M	$340.50M	$341.40M

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	34.9%	4.2%	-10.2%	-7.9%	7.8%	19.6%	-0.0%	3.9%	-1.1%	4.7%	0.9%	-6.9%
Net income growth, YoY	37.6%	21.5%	77.3%	55.3%	23.5%	110.8%	-1.7%	17.2%	76.1%	-9.4%	-44.6%	-5.8%
EPS growth, YoY	38.2%	23.3%	142.9%	74.3%	25.7%	115.8%	-25.4%	18.0%	80.4%	-7.6%	3966.7%	-10.9%
Gross margin	36.1%	48.2%	41.5%	43.1%	39.6%	42.8%	28.6%	33.7%	38.6%	38.3%	29.5%	31.6%
Operating margin	19.6%	27.8%	20.7%	22.6%	20.2%	24.3%	11.9%	15.9%	18.9%	17.6%	14.0%	15.0%
Net margin	11.8%	17.2%	11.7%	13.4%	11.5%	14.8%	5.9%	8.0%	10.1%	8.4%	6.0%	7.1%
Free cash flow margin	2.1%	9.7%	-3.9%	13.4%	-1.7%	-1.1%	3.6%	13.6%	-7.5%	4.6%	4.5%	5.6%
Current ratio	0.74	0.77	0.72	0.67	0.77	0.69	0.65	0.72	0.77	0.65	0.70	0.79
Debt to equity	5.05	5.01	5.64	5.43	5.91	5.93	6.04	3.12	3.05	2.98	2.73	2.68

Source: XBRL data Targa Resources Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

TRGP peers

Company	Revenue	Growth	Net income	Net margin	Market cap
TRGP	$18.19B	+4.7%	$2.45B	13.5%	$56.74B
WMBWilliams Companies Inc.	$15.43B	+10.1%	$3.07B	19.9%	$162.73B
ENBEnbridge Inc	C$89.93B	+40.0%	C$6.73B	7.5%	$102.40B
NGGNational Grid Transco PLC National Grid PLC (NEW)	£17.69B	-3.8%	£3.24B	18.3%	$87.30B
EPDEnterprise Products Partners L.P.	$64.40B	+21.5%	$6.59B	10.2%	$79.86B
KMIKinder Morgan Inc.	$18.34B	+11.7%	$3.60B	19.6%	$66.73B
TRPTC Energy Corporation	C$15.24B	+10.7%	C$3.52B	23.1%	$61.92B
MPLXMPLX LP	$13.21B	+3.1%	$4.34B	32.9%	$56.64B
SREDBA Sempra	$13.55B	+1.6%	$1.96B	14.4%	$51.12B

TRGP FAQ

9 questions

What is TRGP revenue?
Targa Resources Inc. (TRGP) reported $18.19B of revenue for the twelve months ended Sep 30, 2026. That is up 4.7% from the year before. Revenue for fiscal 2025 was $17.03B.
Is TRGP profitable?
Yes. Targa Resources Inc. earned $2.45B in net income for the twelve months ended Sep 30, 2026, a net margin of 13.5%.
How much cash and debt does TRGP have?
Targa Resources Inc. reported $142.60M in cash and cash equivalents and $19.28B of debt on its most recent balance sheet in SEC filings.
How fast is TRGP revenue growing?
Targa Resources Inc.'s revenue changed +3.9% in fiscal 2025, to $17.03B. Its compound annual growth rate was +15.6% over 5 years.
What is TRGP gross margin?
Targa Resources Inc.'s gross profit was $7.61B on $18.19B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 41.8%.
What is TRGP free cash flow?
Targa Resources Inc. generated $933.80M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $5.05B less capital expenditures.
What is TRGP earnings per share?
Diluted earnings per share were $11.30 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did TRGP last report financial results?
The latest statements here come from Targa Resources Inc.'s 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
Where does this TRGP financial data come from?
Quantisnow builds these statements from the structured XBRL data Targa Resources Inc. files with the SEC. It is provided for information only and is not investment advice.