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USD millions

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

Revenue

17,028

16,382

16,060

20,930

16,950

8,260

8,671

10,484

8,815

5,587

—

Net income

1,923

1,312

1,346

1,196

(1,554)

(209)

(187)

102

Diluted EPS

8.49

5.74

3.66

3.88

(0.07)

(7.26)

(1.44)

(0.53)

(0.31)

(1.80)

1.09

2.43

Diluted shares

217

221

226

231

229

232

233

224

207

154

Operating cash flow

3,917

3,650

3,212

2,381

2,303

1,745

1,390

1,144

940

837

1,035

762

Capital expenditures

3,333

2,966

2,385

1,334

505

952

2,878

3,115

1,298

562

817

762

Free cash flow

584

684

826

1,047

1,798

793

(1,488)

(1,971)

(358)

275

218

(0)

Cash & equivalents

166

157

142

219

159

243

331

232

137

140

Total assets

25,218

22,734

20,672

19,560

15,208

15,876

18,815

16,938

14,389

12,871

13,211

6,453

Shareholders' equity

3,068

2,592

2,740

2,666

2,012

2,654

4,921

6,079

6,160

5,249

1,461

170

Targa Resources Corp.

TRGPCIK 000138917016 fiscal years

RevenueFY2025

$17.03B3.9%

Net incomeFY2025

$1.92B46.6%

Free cash flowFY2025

$584.1M14.6%

Diluted EPSFY2025

$8.4947.9%

Trends

FY2016–FY2025 · hover a year for its filing

Revenue & net incomeRevenueNet income

revenue 3.0× since FY2016 · net margin -3.4% → 11.3%

MarginsNet marginFCF margin

FY2025: net 11.3% · free cash flow 3.4% of revenue

Cash flowOperating cash flowFree cash flow

FY2025: $3.92B operating cash − $3.33B capex = $584.1M free cash flow

Returns on capitalReturn on equityReturn on assets

return on equity 19% (FY2011) → 63% (FY2025) · on assets 7.6%

Financial statements

Annual Quarterly

USD millions, except per-share values; share counts in millions. Hover a value for its XBRL tag and filing accession.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Revenue	17,028	16,382	16,060	20,930	16,950	8,260	8,671	10,484	8,815	5,587	—	—
Net income	1,923	1,312	1,346	1,196	71	(1,554)	(209)	2	54	(187)	58	102
Diluted EPS	8.49	5.74	3.66	3.88	(0.07)	(7.26)	(1.44)	(0.53)	(0.31)	(1.80)	1.09	2.43
Diluted shares	217	221	226	231	229	232	233	224	207	154	54	42
Operating cash flow	3,917	3,650	3,212	2,381	2,303	1,745	1,390	1,144	940	837	1,035	762
Capital expenditures	3,333	2,966	2,385	1,334	505	952	2,878	3,115	1,298	562	817	762
Free cash flow	584	684	826	1,047	1,798	793	(1,488)	(1,971)	(358)	275	218	(0)
Cash & equivalents	166	157	142	219	159	243	331	232	137	74	140	81
Total assets	25,218	22,734	20,672	19,560	15,208	15,876	18,815	16,938	14,389	12,871	13,211	6,453
Shareholders' equity	3,068	2,592	2,740	2,666	2,012	2,654	4,921	6,079	6,160	5,249	1,461	170

As reported in SEC filings; a missing tag shows “—”, never zero. Free cash flow is operating cash flow − capex. Methodology