NYSE: TRGP
Targa Resources
Energy · Natural Gas Transmission
52-week range
$150.00$316.60
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$57.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.9B |
| FY2017, ended Dec 31, 2017 | $10.6B |
| FY2018, ended Dec 31, 2018 | $8.36B |
| FY2019, ended Dec 31, 2019 | $9.52B |
| FY2020, ended Dec 31, 2020 | $6.03B |
| FY2021, ended Dec 31, 2021 | $12.0B |
| FY2022, ended Dec 31, 2022 | $16.7B |
| FY2023, ended Dec 31, 2023 | $19.4B |
| FY2024, ended Dec 31, 2024 | $38.9B |
| FY2025, ended Dec 31, 2025 | $39.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $57.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$16.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.69B |
| FY2017, ended Dec 31, 2017 | $8.81B |
| FY2018, ended Dec 31, 2018 | $10.5B |
| FY2019, ended Dec 31, 2019 | $8.67B |
| FY2020, ended Dec 31, 2020 | $8.26B |
| FY2021, ended Dec 31, 2021 | $16.9B |
| FY2022, ended Dec 31, 2022 | $20.9B |
| FY2023, ended Dec 31, 2023 | $16.1B |
| FY2024, ended Dec 31, 2024 | $16.4B |
| FY2025, ended Dec 31, 2025 | $17.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $16.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$187M | $275M |
| FY2017, ended Dec 31, 2017 | $54.0M | −$358M |
| FY2018, ended Dec 31, 2018 | $1.60M | −$1.97B |
| FY2019, ended Dec 31, 2019 | −$209M | −$1.49B |
| FY2020, ended Dec 31, 2020 | −$1.55B | $793M |
| FY2021, ended Dec 31, 2021 | $71.2M | $1.80B |
| FY2022, ended Dec 31, 2022 | $1.20B | $1.05B |
| FY2023, ended Dec 31, 2023 | $1.35B | $826M |
| FY2024, ended Dec 31, 2024 | $1.31B | $684M |
| FY2025, ended Dec 31, 2025 | $1.92B | $584M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.27B | $741M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$132M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $73.5M |
| FY2017, ended Dec 31, 2017 | $137M |
| FY2018, ended Dec 31, 2018 | $232M |
| FY2019, ended Dec 31, 2019 | $331M |
| FY2020, ended Dec 31, 2020 | $243M |
| FY2021, ended Dec 31, 2021 | $159M |
| FY2022, ended Dec 31, 2022 | $219M |
| FY2023, ended Dec 31, 2023 | $142M |
| FY2024, ended Dec 31, 2024 | $157M |
| FY2025, ended Dec 31, 2025 | $166M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $132M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$19.6B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.88B |
| FY2017, ended Dec 31, 2017 | $5.05B |
| FY2018, ended Dec 31, 2018 | $6.66B |
| FY2019, ended Dec 31, 2019 | $7.82B |
| FY2020, ended Dec 31, 2020 | $7.76B |
| FY2021, ended Dec 31, 2021 | $6.60B |
| FY2022, ended Dec 31, 2022 | $11.5B |
| FY2023, ended Dec 31, 2023 | $13.0B |
| FY2024, ended Dec 31, 2024 | $14.2B |
| FY2025, ended Dec 31, 2025 | $17.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $19.6B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 10.6% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.214M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 194M |
| FY2017, ended Dec 31, 2017 | 219M |
| FY2018, ended Dec 31, 2018 | 232M |
| FY2019, ended Dec 31, 2019 | 233M |
| FY2020, ended Dec 31, 2020 | 229M |
| FY2021, ended Dec 31, 2021 | 229M |
| FY2022, ended Dec 31, 2022 | 227M |
| FY2023, ended Dec 31, 2023 | 223M |
| FY2024, ended Dec 31, 2024 | 218M |
| FY2025, ended Dec 31, 2025 | 215M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 214M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $76.0M more issued than bought back
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| Period | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $29.7M | $577M | −$2.32B |
| FY2017, ended Dec 31, 2017 | $42.3M | $1.66B | — |
| FY2018, ended Dec 31, 2018 | $56.3M | $689M | — |
| FY2019, ended Dec 31, 2019 | $60.3M | — | — |
| FY2020, ended Dec 31, 2020 | $66.2M | — | — |
| FY2021, ended Dec 31, 2021 | $59.2M | — | — |
| FY2022, ended Dec 31, 2022 | $57.5M | — | — |
| FY2023, ended Dec 31, 2023 | $62.4M | — | — |
| FY2024, ended Dec 31, 2024 | $63.2M | — | — |
| FY2025, ended Dec 31, 2025 | $69.5M | — | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $76.0M | — | — |
Revenue (TTM)
$16.7B
−2.0% YoY
Net income (TTM)
$2.27B
+38.4% YoY
Cash
$132M
+17.0% YoY
Total debt
$19.6B
+16.2% YoY
Valuation
At current price- Market Cap
- $67.5B
- P/E
- 29.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.0×
- Price / Book
- 18.5×
- EV / EBITDA
- 15.8×
Growth
Trailing 12 months- Revenue (TTM)
- $16.7B
- Revenue Growth YoY
- −2.0%
- Revenue CAGR 3Y
- −6.6%
- Revenue CAGR 5Y
- 15.6%
- EPS Growth YoY
- 50.1%
- Net Income Growth YoY
- 38.4%
Profitability
Trailing 12 months- Gross Margin
- 43.2%
- Operating Margin
- 22.9%
- Net Margin
- 13.5%
- FCF Margin
- 4.4%
- Return on Equity
- 72.6%
Earnings
Trailing 12 months- Net Income
- $2.27B
- EPS (diluted)
- $10.46
- EBITDA
- $5.49B
- Operating Income
- $3.84B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $132M
- Total Debt
- $19.6B
- Net Debt
- $19.4B
- Total Assets
- $28.5B
- Total Liabilities
- $24.7B
- Shareholders' Equity
- $3.66B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.29B
- Capital Expenditure
- $3.54B
- Free Cash Flow
- $741M
Dividends and risk
Last 12 months- Dividend Yield
- 1.8%
- Dividend / Share
- $5.75
- Beta (5Y)
- 0.80
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $16.7B.
Strength
Operating margin widened 5.3 pts in a year, to 22.9%.
Watch
Net debt is 3.5× EBITDA ($19.4B), a heavy load.
Note
Free cash flow of $741M, 4.4% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 19, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K59Nothing notable
59Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 20, 2025 · Read the filing on EDGAR
- Revenue rose 2% to $16.4 billion and operating income rose 3%, but net income for Targa slipped 3% to $1.31 billion because interest costs were higher.
- Adjusted EBITDA rose 17% to $4.14 billion on record Permian volumes, but adjusted free cash flow fell 64% to $140 million because growth spending reached $3 billion.
- Targa paid $184.8 million to Vitol in April 2024, which ends the long-running Splitter lawsuit.
- The company paid $615 million in dividends and $814 million in buybacks, and issued $1 billion of new notes.
Business momentum
Stable
“Total revenues 16,381.5 16,060.3 321.2 2 %”
Outlook
Neutral
“We believe we have sufficient access to financial resources and liquidity necessary to meet our requirements for working capital, debt service payments and capital expenditures in 2025 and beyond.”
Financial stress
Low
“As of December 31, 2024, both we and the Partnership were in compliance with the covenants contained in our various debt agreements.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Strong volume growth in the Permian
“The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes which drove higher fee-based income in the Permian, partially offset by lower natural gas and condensate prices.”
Logistics segment margin up 21%
“Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems”
Operating cash flow grew and dividend was raised
“The increase in net cash provided by operating activities was primarily due to higher collections from customers resulting from increased revenues during 2024 compared to 2023”
Concerns
Free cash flow fell sharply as spending rose
“The increase in total growth capital expenditures was primarily due to system expansions in the Permian region in response to forecasted production growth and higher activity levels, and expansions in our downstream business.”
Higher interest costs, including the Vitol payment
“The increase in interest expense, net, is due to recognition of cumulative interest on a 2024 legal ruling associated with the Splitter Agreement and higher borrowings, partially offset by higher capitalized interest.”
Hedging losses and much weaker natural gas prices
“Commodity sales are relatively flat reflecting lower natural gas and condensate prices ($1,242.8 million) and the unfavorable impact of hedges ($686.5 million)”
New risks since the previous report
Tariffs and trade policy under the new administration
“Additionally, there is uncertainty about the trade policies of the new Presidential administration, particularly when pertaining to treaties, tariffs and other limitations on international trade.”
Insurers cutting coverage in Texas
“Further, due to the impacts of recent weather events, certain major insurance companies are either reducing, or no longer offering, certain coverages in Texas, among other states.”
Hedge book has turned into a net liability
“The estimated fair value of our risk management position has moved from a net asset position of $74.4 million at December 31, 2023 to a net liability position of $172.2 million at December 31, 2024.”
Biggest risks named
- Volatile commodity prices and producer drilling activity
- Large debt load and interest costs
- Execution risk on large growth projects
- Hedging losses and basis price swings
- Climate, fracking and pipeline safety regulation
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | 0 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 59 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 19, 2026 | Pro | |||
| 10-K | Feb 20, 2025 | 59 | Stable | None | |
| 10-K | Feb 15, 2024 | 56 | Mixed | 1 medium | |
| 10-K | Feb 22, 2023 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 24, 2022 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 18, 2021 | 35 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 20, 2020 | 36 | Sharp deterioration | 1 medium | |
| 10-K | Mar 1, 2019 | 68 | Strong improvement | 1 medium | |
| 10-K | Feb 16, 2018 | 40 | Sharp deterioration | 1 medium | |
| 10-K | Feb 21, 2017 | 25 | Sharp deterioration | 1 serious1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR