T

TARGA RESOURCES CORP.

TRGP · CIK 0001389170

16 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$17.03B20.5%
FY2025
Net income (FY)
$1.92B46.6%
FY2025
Free cash flow (FY)
$584.1M14.6%
FY2025
Diluted EPS (FY)
$8.4947.9%
FY2025
The story, charted

The shape of the business

FY2016–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10B$20BFY2016 · Revenue $6.69B · Net income −$187.3M · 0001564590-19-005727 · filed 2019-03-01FY16Revenue $6.69BNet income −$187.3M0001564590-19-005727 · filed 2019-03-01FY2017 · Revenue $7.80B · Net income $54.0M · 0001564590-20-005592 · filed 2020-02-20FY17Revenue $7.80BNet income $54.0M0001564590-20-005592 · filed 2020-02-20FY2018 · Revenue $9.35B · Net income $1.6M · 0001564590-21-006640 · filed 2021-02-18FY18Revenue $9.35BNet income $1.6M0001564590-21-006640 · filed 2021-02-18FY2019 · Revenue $7.40B · Net income −$209.2M · 0001564590-22-006563 · filed 2022-02-24FY19Revenue $7.40BNet income −$209.2M0001564590-22-006563 · filed 2022-02-24FY2020 · Revenue $6.87B · Net income −$1.55B · 0000950170-23-003797 · filed 2023-02-22FY20Revenue $6.87BNet income −$1.55B0000950170-23-003797 · filed 2023-02-22FY2021 · Revenue $16.09B · Net income $71.2M · 0000950170-24-015841 · filed 2024-02-15FY21Revenue $16.09BNet income $71.2M0000950170-24-015841 · filed 2024-02-15FY2022 · Revenue $19.82B · Net income $1.20B · 0000950170-25-023983 · filed 2025-02-20FY22Revenue $19.82BNet income $1.20B0000950170-25-023983 · filed 2025-02-20FY2023 · Revenue $13.52B · Net income $1.35B · 0000950170-25-023983 · filed 2025-02-20 · 0001193125-26-059296 · filed 2026-02-19FY23Revenue $13.52BNet income $1.35B0000950170-25-023983 · filed 2025-02-20 · 0001193125-26-059296 · filed 2026-02-19FY2024 · Revenue $14.14B · Net income $1.31B · 0000950170-25-023983 · filed 2025-02-20 · 0001193125-26-059296 · filed 2026-02-19FY24Revenue $14.14BNet income $1.31B0000950170-25-023983 · filed 2025-02-20 · 0001193125-26-059296 · filed 2026-02-19FY2025 · Revenue $17.03B · Net income $1.92B · 0001193125-26-059296 · filed 2026-02-19FY25Revenue $17.03BNet income $1.92B0001193125-26-059296 · filed 2026-02-19FY25Revenue $17.03BNet income $1.92B0001193125-26-059296 · filed 2026-02-19FY17FY19FY21FY23FY25

revenue 2.5× since FY2016 · net margin -2.8% → 11.3%

MarginsNet marginFCF margin
-20%-10%0%10%FY2016 · Net margin -2.8% · FCF margin 4.1%FY16Net margin -2.8%FCF margin 4.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 0.7% · FCF margin -4.6%FY17Net margin 0.7%FCF margin -4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 0.0% · FCF margin -21.1%FY18Net margin 0.0%FCF margin -21.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin -2.8% · FCF margin -20.1%FY19Net margin -2.8%FCF margin -20.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -22.6% · FCF margin 11.5%FY20Net margin -22.6%FCF margin 11.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 0.4% · FCF margin 11.2%FY21Net margin 0.4%FCF margin 11.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 6.0% · FCF margin 5.3%FY22Net margin 6.0%FCF margin 5.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 10.0% · FCF margin 6.1%FY23Net margin 10.0%FCF margin 6.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 9.3% · FCF margin 4.8%FY24Net margin 9.3%FCF margin 4.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 11.3% · FCF margin 3.4%FY25Net margin 11.3%FCF margin 3.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 11.3%FCF margin 3.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’17’19’21’23’25

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

Cash engineOperating cash flowFree cash flow
−$2B$0$2B$4BFY2010 · OCF $205.2M · FCF $65.9M · 0001140361-13-008128 · filed 2013-02-19FY10OCF $205.2MFCF $65.9M0001140361-13-008128 · filed 2013-02-19FY2011 · OCF $379.3M · FCF $47.4M · 0001140361-14-007923 · filed 2014-02-14FY11OCF $379.3MFCF $47.4M0001140361-14-007923 · filed 2014-02-14FY2012 · OCF $428.2M · FCF −$154.5M · 0001140361-14-007923 · filed 2014-02-14FY12OCF $428.2MFCF −$154.5M0001140361-14-007923 · filed 2014-02-14FY2013 · OCF $382.7M · FCF −$630.9M · 0001140361-14-007923 · filed 2014-02-14FY13OCF $382.7MFCF −$630.9M0001140361-14-007923 · filed 2014-02-14FY2014 · OCF $761.8M · FCF −$400,000 · 0001564590-17-001810 · filed 2017-02-21FY14OCF $761.8MFCF −$400,0000001564590-17-001810 · filed 2017-02-21FY2015 · OCF $1.03B · FCF $217.5M · 0001564590-18-002330 · filed 2018-02-16FY15OCF $1.03BFCF $217.5M0001564590-18-002330 · filed 2018-02-16FY2016 · OCF $837.4M · FCF $275.3M · 0001564590-19-005727 · filed 2019-03-01FY16OCF $837.4MFCF $275.3M0001564590-19-005727 · filed 2019-03-01FY2017 · OCF $939.5M · FCF −$358.0M · 0001564590-20-005592 · filed 2020-02-20FY17OCF $939.5MFCF −$358.0M0001564590-20-005592 · filed 2020-02-20FY2018 · OCF $1.14B · FCF −$1.97B · 0001564590-21-006640 · filed 2021-02-18FY18OCF $1.14BFCF −$1.97B0001564590-21-006640 · filed 2021-02-18FY2019 · OCF $1.39B · FCF −$1.49B · 0001564590-22-006563 · filed 2022-02-24FY19OCF $1.39BFCF −$1.49B0001564590-22-006563 · filed 2022-02-24FY2020 · OCF $1.74B · FCF $792.9M · 0000950170-23-003797 · filed 2023-02-22FY20OCF $1.74BFCF $792.9M0000950170-23-003797 · filed 2023-02-22FY2021 · OCF $2.30B · FCF $1.80B · 0000950170-24-015841 · filed 2024-02-15FY21OCF $2.30BFCF $1.80B0000950170-24-015841 · filed 2024-02-15FY2022 · OCF $2.38B · FCF $1.05B · 0000950170-25-023983 · filed 2025-02-20FY22OCF $2.38BFCF $1.05B0000950170-25-023983 · filed 2025-02-20FY2023 · OCF $3.21B · FCF $826.2M · 0001193125-26-059296 · filed 2026-02-19FY23OCF $3.21BFCF $826.2M0001193125-26-059296 · filed 2026-02-19FY2024 · OCF $3.65B · FCF $683.9M · 0001193125-26-059296 · filed 2026-02-19FY24OCF $3.65BFCF $683.9M0001193125-26-059296 · filed 2026-02-19FY2025 · OCF $3.92B · FCF $584.1M · 0001193125-26-059296 · filed 2026-02-19FY25OCF $3.92BFCF $584.1M0001193125-26-059296 · filed 2026-02-19FY25OCF $3.92BFCF $584.1M0001193125-26-059296 · filed 2026-02-19’13’17’21’25

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

Returns on capitalReturn on equityReturn on assets
-50%0%50%FY2011 · ROE 19.4% · ROA 0.8%FY11ROE 19.4%ROA 0.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 26.4% · ROA 0.7%FY12ROE 26.4%ROA 0.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 43.8% · ROA 1.1%FY13ROE 43.8%ROA 1.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 60.2% · ROA 1.6%FY14ROE 60.2%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 4.0% · ROA 0.4%FY15ROE 4.0%ROA 0.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE -3.6% · ROA -1.5%FY16ROE -3.6%ROA -1.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 0.9% · ROA 0.4%FY17ROE 0.9%ROA 0.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 0.0% · ROA 0.0%FY18ROE 0.0%ROA 0.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE -4.3% · ROA -1.1%FY19ROE -4.3%ROA -1.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -58.6% · ROA -9.8%FY20ROE -58.6%ROA -9.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 3.5% · ROA 0.5%FY21ROE 3.5%ROA 0.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 44.8% · ROA 6.1%FY22ROE 44.8%ROA 6.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 49.1% · ROA 6.5%FY23ROE 49.1%ROA 6.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 50.6% · ROA 5.8%FY24ROE 50.6%ROA 5.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 62.7% · ROA 7.6%FY25ROE 62.7%ROA 7.6%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 62.7%ROA 7.6%derived: net income ÷ equity · derived: net income ÷ assets’13’16’19’22’25

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

The receipts