gross profit bridgeinconsistent2016-12-31
Withheld: cost revenue, gross profit could not be reconciled with the rest of this filer’s statement.
Revenue
$17.03B
Fiscal year ended 2025-12-31Operating income
$3.33B
Fiscal year ended 2025-12-31Free cash flow
$584.10M
Fiscal year ended 2025-12-31Targa Resources Corp. (TRGP) reported revenue of $17.03B and net income of $1.92B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Targa Resources Corp.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Natural Gas Transmission.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.03B | $16.38B | $16.06B | $20.93B | $16.95B | $8.26B | $8.67B | $10.48B | $8.81B | $5.59B |
| Cost of revenue | $10.51B | $10.70B | $10.68B | $16.88B | $13.73B | $5.19B | $6.21B | $8.24B | $6.91B | Unavailable |
| Gross profit | $6.52B | $5.68B | $5.38B | $4.05B | $3.22B | $3.07B | $2.55B | $2.25B | $1.91B | Unavailable |
| Operating income | $3.33B | $2.70B | $2.63B | $1.73B | $864.80M | -$1.30B | $192.90M | $237.50M | -$122.40M | $55.80M |
| Net income | $1.92B | $1.31B | $1.35B | $1.20B | $71.20M | -$1.55B | -$209.20M | $1.60M | $54.00M | -$187.30M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 216.90M | shares 221.30M | shares 226.00M | shares 231.10M | shares 228.60M | shares 232.20M | shares 232.50M | shares 224.20M | shares 206.90M | shares 154.40M |
| Pretax income | $2.49B | $1.94B | $1.94B | $1.66B | $436.90M | -$1.57B | -$46.70M | $65.90M | -$292.90M | -$259.70M |
| Income tax expense | $529.70M | $384.50M | $363.20M | $131.80M | $14.80M | -$248.10M | -$87.90M | $5.50M | -$397.10M | -$100.60M |
| Diluted EPS | $8.49 | $5.74 | $3.66 | $3.88 | $-0.07 | $-7.26 | $-1.44 | $-0.53 | $-0.31 | $-1.80 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $406.00M | $384.90M | $348.70M | $309.70M | $273.20M | $254.60M | $280.70M | $256.90M | $203.40M | $187.20M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $166.10M | $157.30M | $141.70M | $219.00M | $158.50M | $242.80M | $331.10M | $232.10M | $137.20M | $73.50M |
| Total assets | $25.22B | $22.73B | $20.67B | $19.56B | $15.21B | $15.88B | $18.82B | $16.94B | $14.39B | $12.87B |
| Current assets | $2.36B | $2.30B | $2.19B | $2.36B | $1.77B | $1.46B | $1.66B | $1.42B | $1.27B | $1.01B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $3.55B | $3.17B | $2.76B | $3.07B | $2.30B | $1.78B | $1.87B | $2.80B | $1.62B | $1.17B |
| Total equity incl. NCI | $3.20B | $4.42B | $4.61B | $4.98B | $5.18B | $5.90B | $8.44B | $7.47B | $6.76B | $5.72B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $76.20M | $68.50M |
| Inventory | $429.30M | $334.30M | $371.50M | $393.80M | $153.40M | $181.50M | $161.50M | $164.70M | $204.50M | $137.70M |
| Accounts receivable | $1.47B | $1.62B | $1.47B | $1.41B | $1.33B | $862.80M | $855.00M | $865.50M | $827.60M | $674.60M |
| Goodwill | $112.30M | $45.20M | $45.20M | $45.20M | $45.20M | $45.20M | $45.20M | $46.60M | $256.60M | $210.00M |
| Long-term debt | $16.66B | $13.79B | $12.33B | $10.70B | $6.43B | $7.39B | $7.44B | $5.63B | $4.70B | $4.61B |
| Accounts payable | $1.87B | $2.01B | $1.57B | $1.45B | $1.40B | $833.80M | $954.80M | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Net change in cash | $8.80M | $15.60M | -$77.30M | $60.50M | -$84.30M | -$88.30M | $99.00M | $94.90M | $63.70M | Unavailable |
| Stock-based compensation | $69.50M | $63.20M | $62.40M | $57.50M | $59.20M | $66.20M | $60.30M | $56.30M | $42.30M | $29.70M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $908.30M | $843.20M | $565.90M |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $1.52B | $1.42B | $1.33B | $1.10B | $870.60M | $865.10M | $971.60M | $815.90M | $809.50M | $757.70M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $584.10M | $683.90M | $826.20M | $1.05B | $1.80B | $792.90M | -$1.49B | -$1.97B | -$358.00M | $275.30M |
| Gross margin | 38.3% | 34.7% | 33.5% | 19.3% | 19.0% | 37.2% | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 19.6% | 16.5% | 16.4% | 8.3% | 5.1% | -15.8% | 2.2% | 2.3% | -1.4% | 1.0% |
| FCF margin | 3.4% | 4.2% | 5.1% | 5.0% | 10.6% | 9.6% | -17.2% | -18.8% | -4.1% | 4.9% |
| SBC / revenue | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.8% | 0.7% | 0.5% | 0.5% | 0.5% |
| Current ratio | 0.67x | 0.72x | 0.79x | 0.77x | 0.77x | 0.82x | 0.89x | 0.51x | 0.79x | 0.86x |
| Revenue YoY growth | 3.9% | 2.0% | -23.3% | 23.5% | 105.2% | -4.7% | -17.3% | 18.9% | 57.8% | Unavailable |
| Net margin | 11.3% | 8.0% | 8.4% | 5.7% | 0.4% | -18.8% | -2.4% | 0.0% | 0.6% | -3.4% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 19.6% | 18.1% | 14.9% | 6.4% | 3.0% | 11.5% | 33.2% | 29.7% | 14.7% | 10.1% |
| Long-term debt / equity | 5.21x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 21.3% | 19.8% | 18.7% | 7.9% | 3.4% | Unavailable | Unavailable | 8.3% | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open TRGP in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-06View SEC filing
10-Q · Filed 2026-05-07View SEC filing
10-K · Filed 2026-02-19View SEC filing
10-Q · Filed 2025-11-05View SEC filing
10-Q · Filed 2025-08-07View SEC filing
10-Q · Filed 2025-05-01View SEC filing
Reconciliation checks needing review
1 period on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.