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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 |
| Operating 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 |
| Selling General And Administration | - | 309.70 | 348.70 | 384.90 | 406 |
| Total Expenses | - | 19,200.80 | 13,434.10 | 13,686.10 | 13,697.10 |
| Operating Income | - | 1,729 | 2,626.20 | 2,695.40 | 3,331.20 |
| Total Operating Income As Reported | - | 1,729 | 2,626.20 | 2,695.40 | 3,331.20 |
| EBITDA | - | 3,205.30 | 3,959.90 | 4,128.20 | 4,854.50 |
| Normalized EBITDA | - | 2,769.40 | 3,959.90 | 4,128.20 | 4,854.50 |
| EBIT | - | 2,109.30 | 2,630.30 | 2,705.20 | 3,339.20 |
| Interest Expense | - | 446.10 | 687.80 | 767.20 | 852.80 |
| Net Interest Income | - | -495.70 | -687.80 | -767.20 | -852.80 |
| Other Non Operating Income Expenses | - | -15.10 | -4.90 | 0.40 | -3.80 |
| Other Income Expense | - | 429.90 | 4.10 | 9.80 | 8 |
| Interest Expense Non Operating | - | 446.10 | 687.80 | 767.20 | 852.80 |
| Net Non Operating Interest Income Expense | - | -495.70 | -687.80 | -767.20 | -852.80 |
| Pretax Income | - | 1,663.20 | 1,942.50 | 1,938 | 2,486.40 |
| Tax Provision | - | 131.80 | 363.20 | 384.50 | 529.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 34.54 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 1,531.40 | 1,579.30 | 1,553.50 | 1,956.70 |
| Net Income From Continuing And Discontinued Operation | - | 1,195.50 | 1,345.90 | 1,312 | 1,923 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,195.50 | 1,345.90 | 1,312 | 1,923 |
| 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 |
| Net Income Including Noncontrolling Interests | - | 1,531.40 | 1,579.30 | 1,553.50 | 1,956.70 |
| Normalized Income | - | 794.14 | 1,345.90 | 1,312 | 1,923 |
| Diluted NI Availto Com Stockholders | - | 896.80 | 828.20 | 1,269.50 | 1,841.40 |
| Basic Average Shares | - | 227.30 | 224.60 | 217.76 | 214.66 |
| Diluted Average Shares | - | 231.10 | 226 | 217.76 | 214.66 |
| Reconciled Depreciation | - | 1,096 | 1,329.60 | 1,423 | 1,515.30 |
| Reconciled Cost Of Revenue | - | 17,978.10 | 12,006 | 12,126 | 12,023.10 |
| Total Unusual Items | -452.30 | 435.90 | 0 | 0 | - |
| Total Unusual Items Excluding Goodwill | -452.30 | 435.90 | 0 | 0 | - |
| Preferred Stock Dividends | 87.30 | 245.50 | - | - | - |
| Minority Interests | - | -335.90 | -233.40 | -241.50 | -33.70 |
| Special Income Charges | -452.30 | 435.90 | 0 | 0 | - |
| Gain On Sale Of Business | 0 | 435.90 | 0 | 0 | - |
| Write Off | 10.30 | 9.80 | - | - | - |
| Impairment Of Capital Assets | 452.30 | 0 | 0 | - | - |
| Restructuring And Mergern Acquisition | 0.10 | - | - | - | - |
| General And Administrative Expense | - | 309.70 | 348.70 | 384.90 | 406 |
| Other Gand A | - | 309.70 | 348.70 | 384.90 | 406 |
| Total Other Finance Cost | 16.60 | 49.60 | 2.10 | 0.80 | - |
| Other Operating Expenses | - | 913 | 1,079.40 | 1,175.20 | 1,268 |
| Otherunder Preferred Stock Dividend | - | 53.20 | 517.70 | 42.50 | 81.60 |
| Earnings From Equity Interest | - | 9.10 | 9 | 9.40 | 11.80 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Targa Resources Corp.this co. | TRGP | $57.4B | 29.84↑ premium | 18.71 | 62.7% | 15.40 |
| EOG Resources, Inc. | EOG | $75.0B | 15.07 | 2.52 | 16.7% | 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 | 2.54 | 15.1% | 9.47 |
| Kinder Morgan, Inc. | KMI | $70.5B | 23.08 | 2.26 | 9.8% | 14.25 |
| Baker Hughes Company | BKR | $65.6B | 25.34 |
| - |
| - |
| - |
| - |
| - |
| 3.48 |
| 13.7% |
| 15.85 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Diamondback Energy, Inc. | FANG | $57.1B | 34.31 | 1.54 | 4.5% | 10.01 |
| ONEOK, Inc. | OKE | $56.0B | 16.52 | 2.49 | 15.1% | 11.40 |
| Devon Energy Corporation | DVN | $53.0B | 20.08 | 3.42 | 17.0% | 7.96 |
| Peer Median | - | 21.58 | 2.50 | 14.4% | 9.74 | |