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Targa Resources Corp., together with its subsidiaries, owns, operates, acquires, and develops a portfolio of complementary domestic infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil. It is involved in the purchase and resale of NGL products; and sale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, the company offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. The company also leased and owned railcars, tractors, vacuum trucks and pressurized NGL barges. Targa Resources Corp. was incorporated in 2005 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $17.0B | $4.9B | $1.9B | $584M | 62.7% | 3.9% | 46.6% |
| 2024 | $16.4B | $4.1B | $1.3B | $684M | 50.6% | 2.0% | -2.5% |
| 2023 | $16.1B | $4.0B | $1.3B | $826M | 49.1% | -23.3% | 12.6% |
| 2022 | $20.9B | $3.2B | $1.2B | $1.0B | 44.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 20,929.80 | 16,060.30 | 16,381.50 | 17,028.30 |
| Cost Of Revenue | - | 17,978.10 | 12,006 | 12,126 | 12,023.10 |
| Gross Profit | - | 2,951.70 | 4,054.30 | 4,255.50 | 5,005.20 |
| Operating Expense | - | 1,222.70 | 1,428.10 | 1,560.10 | 1,674 |
| Operating Income | - | 1,729 | 2,626.20 | 2,695.40 | 3,331.20 |
| EBITDA | - | 3,205.30 | 3,959.90 | 4,128.20 | 4,854.50 |
| EBIT | - | 2,109.30 | 2,630.30 | 2,705.20 | 3,339.20 |
| Pretax Income | - | 1,663.20 | 1,942.50 | 1,938 | 2,486.40 |
| Tax Provision | - | 131.80 | 363.20 | 384.50 | 529.70 |
| Net Income | - | 1,195.50 | 1,345.90 | 1,312 | 1,923 |
| Net Income Common Stockholders | - | 896.80 | 828.20 | 1,269.50 | 1,841.40 |
| Total Expenses | - | 19,200.80 | 13,434.10 | 13,686.10 | 13,697.10 |
| Interest Expense | - | 446.10 | 687.80 | 767.20 | 852.80 |
| Selling General And Administration | - | 309.70 | 348.70 | 384.90 | 406 |
| Normalized EBITDA | - | 2,769.40 | 3,959.90 | 4,128.20 | 4,854.50 |
| Normalized Income | - | 794.14 | 1,345.90 | 1,312 | 1,923 |
| Market Cap | 51,736.75 | 51,736.75 | 51,736.75 | 51,736.75 | 51,736.75 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Targa Resources Corp.this co. | TRGP | $53.7B | 26.90↑ premium | 16.86 | 62.7% | 14.23 |
| Valero Energy Corporation | VLO | $73.1B | 30.04 | 2.97 | 9.9% | 11.54 |
| EOG Resources, Inc. | EOG | $72.3B | 14.32 | 2.39 | 16.7% | 6.90 |
| Kinder Morgan, Inc. | KMI | $70.8B | 23.11 | 2.27 | 9.8% | 14.26 |
| Marathon Petroleum Corporation | MPC | $68.5B |
| - |
| - |
| - |
| - |
| - |
| 16.31 |
| 3.81 |
| 23.4% |
| 8.28 |
| Diamondback Energy, Inc. | FANG | $56.6B | 32.93 | 1.48 | 4.5% | 9.69 |
| ONEOK, Inc. | OKE | $54.7B | 16.25 | 2.45 | 15.1% | 11.28 |
| EQT Corporation | EQT | $36.1B | 18.07 | 1.55 | 8.6% | 7.41 |
| Halliburton Company | HAL | $34.5B | 26.27 | 3.22 | 12.3% | 12.16 |
| Peer Median | - | 20.59 | 2.42 | 11.1% | 10.49 | |