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TRGP

Targa Resources Corp.

TRGP

Targa Resources Corp. • NYSE
$175.31 ▲ 1.26% (+2.18)
Market Cap $37.64 B
52w High $218.51
52w Low $144.14
Dividend Yield 4.00%
P/E 23.63
Volume 558.35K
Outstanding Shares 214.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.202B ▲ $93.6M ▲ $475.5M ▼ 11.317% ▼ $2.21 ▼ $1.226B ▼
Q2-2025 $4.026B ▼ $84.3M ▼ $625.1M ▲ 15.526% ▲ $2.89 ▲ $1.413B ▲
Q1-2025 $4.853B ▲ $87.7M ▼ $198.8M ▼ 4.097% ▼ $0.912 ▼ $916.7M ▼
Q4-2024 $4.405B ▲ $403.7M ▲ $351M ▼ 7.968% ▼ $1.451 ▼ $1.081B ▼
Q3-2024 $3.886B $100.5M $384.5M 9.895% $1.756 $1.086B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $223.9M ▲ $24.175B ▲ $21.341B ▲ $2.707B ▲
Q2-2025 $113.1M ▼ $23.513B ▲ $20.801B ▲ $2.588B ▲
Q1-2025 $151.4M ▼ $22.8B ▲ $20.228B ▲ $2.451B ▼
Q4-2024 $157.3M ▲ $22.734B ▲ $18.316B ▲ $2.592B ▲
Q3-2024 $127.2M $21.904B $17.445B $2.574B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $475.5M ▼ $599.2M ▼ $-691.1M ▲ $102.9M ▲ $11M ▲ $-72.6M ▼
Q2-2025 $637.2M ▲ $858.3M ▼ $-956.8M ▼ $60.2M ▲ $-38.3M ▼ $-47.8M ▼
Q1-2025 $279.8M ▼ $954.4M ▼ $-813.3M ▼ $-147M ▲ $-5.9M ▼ $162.2M ▼
Q4-2024 $414M ▼ $1.328B ▲ $-746.3M ▲ $-551.5M ▼ $30.1M ▲ $601M ▲
Q3-2024 $447.9M $540.9M $-847.3M $267.2M $-39.2M $-287.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Corporate Non Segment And Inter Segment Elimination
Corporate Non Segment And Inter Segment Elimination
 $-10.00M ▲$-10.00M ▲$-10.00M ▲$-10.00M ▲
Gathering And Processing
Gathering And Processing
 $1.91Bn ▲$2.19Bn ▲$1.75Bn ▼$1.87Bn ▲
Logistics And Transportation
Logistics And Transportation
 $3.86Bn ▲$4.20Bn ▲$3.42Bn ▼$3.53Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Targa has shifted from a period of volatility and losses in 2020 to far more stable, healthy profitability in recent years. Revenue jumped sharply coming out of the pandemic, then eased back and has been growing again, reflecting both volume growth and more normalized commodity conditions. Profitability at every level – from operating income to EBITDA to net income – has improved, with margins now clearly stronger than a few years ago. Earnings do still move around from year to year, which shows ongoing sensitivity to volumes, spreads, and broader energy market conditions, but the overall trend is toward a larger, more consistently profitable business.

Balance Sheet

Balance Sheet The balance sheet shows a company that is asset‑heavy and highly leveraged. Total assets have climbed steadily as Targa has built out plants, pipelines, and export infrastructure, but equity has grown only modestly, meaning most of that expansion has been funded with debt. Debt now sits at a much higher level than the company’s equity, which amplifies both returns and financial risk. Cash on hand is quite small relative to the scale of the business, so Targa relies heavily on ongoing cash generation and access to capital markets. The structure is typical for midstream, but it leaves the company more exposed to higher interest rates or a prolonged downturn in volumes.

Cash Flow

Cash Flow Cash generation from operations has improved meaningfully over the last five years, now comfortably covering interest, dividends, and a good portion of growth spending. Free cash flow has stayed positive, but it has been held down by very heavy investment in new projects, which is deliberate as Targa builds out its network. The pattern suggests a business that can largely fund its own growth but still leans on debt to accelerate expansion. Overall, the cash flow profile looks robust, but it is tied to continued high utilization of its assets and stable access to financing.

Competitive Edge

Competitive Edge Targa’s edge comes from scale, location, and integration rather than from unique technology. It has a dominant position in the Permian Basin for gathering and processing, strong connectivity to the Mont Belvieu hub, and its own major NGL and LPG export capabilities. This “wellhead‑to‑water” setup lets Targa offer producers a seamless, one‑stop solution that is difficult and expensive for rivals to replicate. A large share of its business is fee‑based, which helps smooth out commodity volatility, but the company remains exposed to changes in production levels, competition from other midstream players, and regulatory or environmental shifts affecting fossil fuels.

Innovation and R&D

Innovation and R&D Targa is not a classic R&D‑driven company; its innovation is mostly about running a vast network of assets more efficiently and safely. It leans on automation, remote monitoring, predictive maintenance, and data analytics to keep plants and pipelines running reliably and at low cost. The firm is also investing in better environmental monitoring, especially around methane emissions, which matters increasingly for regulators and customers. The most important “innovation” is really strategic: systematically expanding its integrated NGL system – new gas plants, long‑haul pipelines, fractionation trains, and export capacity – to deepen its moat. Potential roles in the energy transition are more speculative at this stage and not yet a major driver of the story.

Summary

Over the past five years, Targa has evolved into a larger, more profitable midstream platform with stronger margins and much better cash flow than it had in 2020. The company’s strategy is clear: use heavy investment and substantial leverage to expand an integrated footprint from the Permian wellhead to Gulf Coast export markets, and lock in fee‑based cash flows along the way. This approach has strengthened its competitive position but has also raised its financial risk through higher debt and reliance on continued volume growth. Key things to watch going forward are execution on major projects, the balance between growth spending and balance‑sheet leverage, trends in Permian production and NGL demand, and how policy and environmental pressures affect long‑lived hydrocarbon infrastructure.

NEWS

November 6, 2025 · 5:48 PM UTC

Targa Resources Corp. Prices $1.75 Billion Offering of Senior Notes

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November 5, 2025 · 6:00 AM UTC

Targa Resources Corp. Reports Record Third Quarter 2025 Results and Announces Expectation for a 25% Increase to its 2026 Common Dividend

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October 16, 2025 · 5:24 PM UTC

Targa Resources Corp. Announces Quarterly Dividend and Timing of Third Quarter 2025 Earnings Webcast

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September 30, 2025 · 4:00 PM UTC

Targa Resources Corp. Announces Permian Growth Projects and an Expansion of its Permian to Mont Belvieu NGL Pipeline Transportation System

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September 15, 2025 · 4:30 PM UTC

Targa Resources Corp. Releases Sustainability Report

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