TARGA RESOURCES CORP.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 17,432 | 85.0 |
| Stockholders' equity | 3,068 | 15.0 |
| Total capitalization | 20,500 | 100.0 |
214,431,021 shares outstanding at 31 July 2026 (cover page of the 10-Q filed 6 August 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 17,432 |
| Long-term debt, noncurrent | 16,662 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 450,000,000 |
| Common shares issued | 242,770,213 |
| Treasury shares | 28,108,057 |
| Par or stated value per share ($) | 0.001 |
| Outstanding at 7/31/26 | 214,431,021 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 3.75 | 44.2 |
| 2024 | 2.75 | 47.9 |
| 2023 | 1.85 | 50.5 |
| 2022 | 1.40 | 36.1 |
| 2021 | 0.40 | – |
HISTORY AND BUSINESS
HISTORY: State of incorporation not stated in SEC records. Formerly known as Targa Resources Investments Inc. (to 12 November 2010).
BUSINESS: Classified by the SEC under Standard Industrial Classification 4922, Natural Gas Transmission. Large accelerated filer. Principal executive office: 811 Louisiana Street, Suite 2100, Houston, TX 77002. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Operating revenues | 17,028 | 14,137 | 13,521 |
| Depreciation and amortization | 1,515 | 1,423 | 1,330 |
| Operating income | 3,331 | 2,695 | 2,626 |
| Income before income taxes | 2,486 | 1,938 | 1,942 |
| Income taxes | 530 | 384 | 363 |
| Net income | 1,923 | 1,312 | 1,346 |
| Earned per share, diluted ($) | 8.49 | 5.74 | 3.66 |
| Dividends per share ($) | 3.75 | 2.75 | 1.85 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Utility plant, net | 20,535 | 18,063 |
| Cash and equivalents | 166 | 157 |
| Total current assets | 2,363 | 2,296 |
| Total assets | 25,218 | 22,734 |
| Total current liabilities | 3,547 | 3,173 |
| Long-term debt | 16,662 | 13,787 |
| Common stockholders' equity | 3,068 | 2,592 |
| Total capitalization and liabilities | 25,218 | 22,734 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 17,028 | 3,331 | 1,923 | 11.3 | 8.49 | 3.75 | 3,917 | 3,333 | 584 | 25,218 | 22,020d | 17,432 | 3,068 | 62.7 | 5.68 |
| 12/31/24 | 16,382 | 2,695 | 1,312 | 8.0 | 5.74 | 2.75 | 3,650 | 2,966 | 684 | 22,734 | 18,316d | 14,175 | 2,592 | 50.6 | 5.47 |
| 12/31/23 | 16,060 | 2,626 | 1,346 | 8.4 | 3.66 | 1.85 | 3,212 | 2,385 | 826 | 20,672 | 16,062d | 12,954 | 2,740 | 49.1 | 4.73 |
| 12/31/22 | 20,930 | 1,729 | 1,196 | 5.7 | 3.88 | 1.40 | 2,381 | 1,334 | 1,046 | 19,560 | 14,578d | 11,536 | 2,666 | 44.8 | 4.33 |
| 12/31/21 | 16,950 | 865 | 71 | 0.4 | (0.07) | 0.40 | 2,303 | 505 | 1,798 | 15,208 | 10,030d | 6,597 | 2,012 | 3.5 | 3.28 |
| 12/31/20 | 8,260 | (1,304) | (1,554) | -18.8 | (7.26) | 1.21 | 1,744 | 952 | 793 | 15,876 | 9,972d | 7,756 | 2,654 | -58.6 | 2.92 |
| 12/31/19 | 8,671 | 193 | (209) | -2.4 | (1.44) | 3.64 | 1,390 | 2,878 | (1,488) | 18,815 | 10,372d | 7,822 | 4,921 | -4.3 | 1.59 |
| 12/31/18 | 10,484 | 238 | 2 | 0.0 | (0.53) | 3.64 | 1,144 | 3,115 | (1,971) | 16,938 | 9,467d | 6,660 | 6,079 | 0.0 | 1.10 |
| 12/31/17 | 8,815 | (122) | 54 | 0.6 | (0.31) | 3.64 | 940 | 1,298 | (358) | 14,389 | 7,633d | 5,053 | 6,160 | 0.9 | 0.82 |
| 12/31/16 | 6,691 | 56 | (187) | -2.8 | (1.80) | 3.64 | 837 | 562 | 275 | 12,871 | 7,147d | 4,881 | 5,249 | -3.6 | 0.93 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
Targa Resources Corp.
CIK 1389170 · EIN 20-3701075
PRINCIPAL OFFICE:
811 Louisiana Street, Suite 2100, Houston, TX 77002
Tel.: 713-584-1000
INCORPORATED:
–
INDUSTRY (SEC SIC CODE):
4922 · Natural Gas Transmission
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 19 February 2026
FORMER NAMES:
Targa Resources Corp.; Targa Resources Investments Inc.
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/19/26) · 10-K FY2024 (filed 2/20/25) · 10-K FY2023 (filed 2/15/24) · 10-K FY2021 (filed 2/22/23) · 10-K FY2021 (filed 2/24/22) · 10-K FY2020 (filed 2/18/21) · 10-K FY2019 (filed 2/20/20) · 10-K FY2018 (filed 3/1/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.