Targa Resources Inc., founded in 2008 and headquartered in Houston, Texas, is a diversified midstream energy company that provides natural gas processing, NGL fractionation, and pipeline transportation services. The firm generates fee‐based revenues through long-term contracts with over 100 producers in regions such as the Permian Basin and Eagle Ford. Under the leadership of CEO Brian Sawyer since 2017, Targa maintains an estimated market share of 10-15% and is focused on strategic asset expansion and technology investments to drive future growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
17,028,300
16,381,500
16,060,300
20,929,800
Cost of Sales
11,806,100
11,878,600
11,754,300
17,794,900
Gross Profit
5,222,200
4,502,900
4,306,000
3,134,900
Selling, General & Administrative Expenses
406,000
384,900
348,700
309,700
Depreciation & Amortization Expenses
1,515,300
1,423,000
1,329,600
1,096,000
Other Operating Expenses
(30,300)
(400)
1,500
200
Operating Profit
3,331,200
2,695,400
2,626,200
1,729,000
Interest and Investment Income
11,800
9,400
9,000
9,100
Interest Expense
(852,800)
(767,200)
(687,800)
(446,100)
Non-Operating Income
(3,800)
400
(4,900)
470,400
Total Non-Operating Income
(844,800)
(757,400)
(683,700)
33,400
Income Before Provision for Income Taxes
2,486,400
1,938,000
1,942,500
1,663,200
Provision for Income Taxes
529,700
384,500
363,200
131,800
Consolidated Net Income
1,956,700
1,553,500
1,579,300
1,531,400
Net Income Attributable to Minority Interests and Other
104,200
274,400
743,500
389,100
Net Income Attributable to Preferred Dividends
—
—
—
245,500
Net Income Attributable to Common Shareholders
1,852,500
1,279,100
835,800
1,142,300
Basic EPS
8.52
5.77
3.69
3.95
Diluted EPS
8.49
5.74
3.66
3.88
Basic Weighted Average Shares Outstanding
216,100
220,200
224,600
227,300
Diluted Weighted Average Shares Outstanding
216,900
221,300
226,000
231,100
Shares Outstanding
214,662
217,764
222,611
228,842
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
166,100
157,300
141,700
219,000
Total Cash and Cash Equivalents
166,100
157,300
141,700
219,000
Accounts Receivable
1,474,600
1,618,300
1,471,000
1,408,400
Total Trade Receivables
1,474,600
1,618,300
1,471,000
1,408,400
Inventories
429,300
334,300
371,500
393,800
Other Current Assets
292,700
186,400
210,400
335,400
Total Current Assets
2,362,700
2,296,300
2,194,600
2,356,600
Net Property, Plant & Equipment
20,534,800
18,062,700
15,806,400
14,214,600
Net Intangible Assets
1,651,400
1,977,400
2,350,600
2,734,600
Long-Term Investments
307,100
193,300
146,300
131,300
Other Long-Term Assets
362,400
204,400
173,900
122,900
Total Assets
25,218,400
22,734,100
20,671,800
19,560,000
Accounts Payable
1,873,000
2,012,500
1,574,900
1,448,800
Accrued Expenses
358,600
336,000
281,700
289,500
Current Portion of Long-Term Debt
770,100
387,700
620,700
834,300
Other Current Liabilities
545,100
436,400
283,600
494,100
Total Current Liabilities
3,546,800
3,172,600
2,760,900
3,066,700
Long-Term Debt
16,662,400
13,786,900
12,333,200
10,702,100
Other Long-Term Liabilities
1,811,000
1,356,400
967,700
809,000
Total Long-Term Liabilities
18,473,400
15,143,300
13,300,900
11,511,100
Total Liabilities
22,020,200
18,315,900
16,061,800
14,577,800
Common Stock
200
200
200
200
Treasury Stock
(2,428,600)
(1,714,400)
(896,900)
(464,700)
Additional Paid-in Capital
3,088,100
2,294,400
3,058,800
3,702,300
Accumulated Other Comprehensive Income
113,800
27,500
85,600
54,700
Retained Earnings
3,089,100
1,190,000
492,000
(626,800)
Total Common Shareholders' Equity
3,067,900
2,592,400
2,739,700
2,665,700
Minority Interests and Other
130,300
1,825,800
1,870,300
2,316,500
Total Shareholders' Equity
3,198,200
4,418,200
4,610,000
4,982,200
Total Liabilities and Shareholders' Equity
25,218,400
22,734,100
20,671,800
19,560,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,956,700
1,553,500
1,579,300
1,531,400
Depreciation & Amortization
1,532,600
1,437,800
1,342,800
1,107,100
Share-Based Compensation Expense
69,500
63,200
62,400
57,500
Other Adjustments
552,200
556,500
87,900
49,400
Changes in Trade Receivables
110,800
(75,000)
(20,600)
219,700
Changes in Inventories
(89,500)
33,500
36,000
(236,200)
Changes in Accounts Payable
(256,800)
40,700
68,200
(383,000)
Changes in Accrued Expenses
41,900
39,500
55,600
35,500
Cash from Operating Activities
3,917,400
3,649,700
3,211,600
2,380,800
Capital Expenditure
(3,423,600)
(2,965,800)
(2,385,400)
(1,539,500)
Proceeds from Sale of Property, Plant & Equipment
—
—
—
23,000
Purchases of Investments
(130,500)
(62,900)
(24,600)
(1,500)
Proceeds from Sale of Investments
7,800
5,500
5,500
873,800
Payments for Business Acquisitions
(213,100)
—
—
(3,709,100)
Other Investing Activities
27,100
1,900
3,700
(1,600)
Cash from Investing Activities
(3,642,000)
(3,021,300)
(2,400,800)
(4,149,700)
Issuance of Short-Term Debt
111,026,000
86,205,500
59,145,900
31,734,300
Repayments of Short-Term Debt
(112,325,000)
(85,495,000)
(60,204,600)
(30,075,600)
Net Issuance / (Repayments) of Short-Term Debt
(1,299,500)
710,500
(1,058,700)
1,658,700
Issuance of Long-Term Debt
6,709,400
1,774,400
3,870,800
11,316,400
Repayments of Long-Term Debt
(2,581,700)
(1,570,100)
(1,701,000)
(7,627,900)
Net Issuance / (Repayments) of Long-Term Debt
4,127,700
204,300
2,169,800
3,688,500
Repurchases of Common Shares
(709,100)
(811,100)
(429,500)
(260,600)
Net Issuance / (Repurchases) of Common Shares
(709,100)
(811,100)
(429,500)
(260,600)
Repurchases of Preferred Shares
—
—
—
(965,200)
Net Issuance / (Repurchases) of Preferred Shares
—
—
—
(965,200)
Common Share Dividends Paid
(818,300)
(615,500)
(427,300)
(379,700)
Other Financing Activities
(2,709,300)
(965,300)
(1,797,300)
(1,642,000)
Cash from Financing Activities
(266,600)
(612,800)
(888,100)
1,829,400
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash