Targa Resources revenue and financials

TRGP · NYSE · USD

$285.72−0.58%−$1.68

Close · October 6, 2026

In the fiscal year ended December 2025, Targa Resources reported revenue of $17.03B (+3.95% year over year). Net income was $1.92B, a net margin of 11.3%.

Annual revenue · 2025: $17.03B
  1. $5.59B2016
  2. $8.81B2017
  3. $10.48B2018
  4. $8.67B2019
  5. $8.26B2020
  6. $16.95B2021
  7. $20.93B2022
  8. $16.06B2023
  9. $16.38B2024
  10. $17.03B2025

Fiscal year ending in December. Sources and method on the page Methodology and sources.

At a glance

Revenue growth
+3.95%
2025 vs 2024
Net income growth
+46.57%
2025 vs 2024
Net margin
11.3%
2024: 8.0%

Financial data

Amounts in millions of USD; per-share values in USD; shares in millions.

ItemQ2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023
Operating cash flow1,4417401,5065998589541,328541905876958407
Depreciation and amortization453426391384374368379355349341343333
Capital expenditure-1,010-900-963-672-906-792-727-829-740-670-720-592
Investing cash flow-1,014-2,161-1,181-691-957-813-746-847-750-678-727-599
Financing cash flow-3961,355-28310360.2-147-552267-98.2-230-229162
Dividends paid-270-219-216-217-218-167-165-166-168-117-113-115
Share repurchases-80.1-88.6-40.5-173-325-171-111-185-355-160-41.0-154
Debt issued21,91234,52224,22441,02422,72128,29625,78024,82322,55214,05013,97618,147
Debt repaid-21,946-32,839-24,232-40,525-22,093-26,257-25,884-24,139-22,071-13,951-13,937-17,656
Net change in cash32.2-66.042.011.0-38.3-5.930.1-39.256.5-31.82.2-29.9
Free cash flow431-160542-72.6-47.8162601-288164207238-184
Levered free cash flow80.1-253336-98.1-304-198542-63289.3282-87.4-132