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NYSE · NATURAL GAS TRANSMISSION · LARGE CAP

Targa Resources Corp. TRGP

17 fiscal years on record · USD · FY2025 reported · SEC filings only
4 YEARS OF DIVIDEND GROWTH
$17.0B
▲ 3.9% YoY
$1.9B
▲ 46.6% YoY
$584.1M
▼ 14.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Targa Resources Corp. gathers, compresses, treats, processes, transports, and purchases and sells natural gas; transports, stores, fractionates, treats, and purchases and sells NGLs and NGL products, including services to LPG exporters; and gathers, stores, terminals, and purchases and sells crude oil. It operates in two primary segments: Gathering and Processing, and Logistics and Transportation, also referred to as its Downstream Business. The Gathering and Processing segment includes assets used to gather and/or purchase and sell natural gas produced from oil and gas wells, remove impurities and process the raw natural gas into merchantable natural gas by extracting NGLs, as well as assets used for the gathering, terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico, the Eagle Ford Shale in South Texas, the Barnett Shale in North Texas, the Anadarko, Ardmore and Arkoma Basins in Oklahoma and South Central Kansas, the Williston Basin in North Dakota, and the onshore and near offshore regions of the Louisiana Gulf Coast. The Logistics and Transportation segment includes the activities and assets used to convert mixed NGLs into NGL products, along with other assets and services such as transporting, storing, fractionating, terminaling and marketing of NGLs and NGL products, including services to LPG exporters and natural gas supply and marketing activities supporting its other businesses. Its Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana. Targa Resources Corp. is a publicly traded Delaware corporation formed in October 2005.

Written from the business description in TARGA RESOURCES CORP.'s annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth

USD 17.0B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 17.0 · Net income 1.9
10B20B
2009201220152018202120242025
Compound annual growth
−6.6%
+15.6%
+12.0%
+17.2%
+41.9%
+29.8%
+38.9%
+25.4%
+35.7%
−3.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +15.6% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

11 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 19.6% · Net 11.5%
5%10%15%-5%-10%-15%
200920172025
ROE
FY2025 · ROE 67.9%
20%40%60%-20%-40%
200920172025
Three returns, three denominators.

Each USD of equity produced 68 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 0.6
1B2B-1B-2B
200920172025
Net buybacks $M Dividends $M
FY2015 · Dividends 179.0 · Net buybacks -333.5
100M200M-150M-300MDividendsNet buybacks
2009201020112012201320142015

Total assetsUSD 25.2B
EquityUSD 3.1B
CashUSD 166.1M
Gross debtUSD 17.4B
Net debtUSD 17.3B
Current ratio0.67×

Net debt stands at 563% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
TRGP, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B17.016.416.120.916.98.38.710.58.86.75.5◌◌◌◌◌◌
Operating income $B3.32.72.61.70.9−1.30.20.2−0.10.10.20.60.40.30.40.20.2
EBITDA $B4.84.14.02.81.7−0.41.21.10.70.80.81.00.60.50.50.40.4
Income tax $B0.50.40.40.10.0−0.2−0.10.0−0.4−0.10.00.10.00.00.00.00.0
Net income $B1.91.31.31.20.1−1.6−0.20.00.1−0.20.10.10.10.00.0−0.00.0
Free cash flow $B0.60.70.81.01.80.8−1.5−2.0−0.40.30.2−0.0−0.6−0.20.00.10.2
EPS, diluted $8.495.743.663.88−0.07−7.26−1.44−0.53−0.31−1.801.092.431.550.910.74−30.940.00
Dividend / sh $3.752.751.851.400.401.213.643.643.643.643.39◌◌◌◌◌◌
Payout %——————————307110135163124−14010
ROE %67.949.249.851.13.1−41.0−3.80.00.9−5.67.164.244.525.220.3−10.4◌
Shares out B0.210.220.220.230.230.230.230.230.220.180.060.040.040.040.040.04◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 69 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Nine checks were skipped: cost of revenue is not tagged before 2016. Four checks were skipped: the balance sheet is not tagged before 2009. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityNatural Gas Transmission
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2008

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