InsiderClue
Stocks · Energy · Natural Gas Transmission

Targa Resources

TRGP Clue Score41
United States Fiscal year ends December CIK 0001389170
$290.54 +1.34% Close, 12 Oct 2026
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Price $290.54 +440.34% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue6.69Operating income0.06Net income−0.19EPS, diluted−1.80Fiscal year 2017Revenue7.80 +16.6%Operating income−0.12Net income0.05EPS, diluted−0.31Fiscal year 2018Revenue9.35 +19.9%Operating income0.24Net income0.00 −97.0%EPS, diluted−0.53Fiscal year 2019Revenue7.40 −20.9%Operating income0.19Net income−0.21 −13,175.0%EPS, diluted−1.44Fiscal year 2020Revenue6.87 −7.1%Operating income−1.30Net income−1.55EPS, diluted−7.26Fiscal year 2021Revenue16.09 +134.1%Operating income0.86Net income0.07EPS, diluted−0.07Fiscal year 2022Revenue19.82 +23.2%Operating income1.73Net income1.20 +1,579.1%EPS, diluted3.88Fiscal year 2023Revenue13.52 −31.8%Operating income2.63Net income1.35 +12.6%EPS, diluted3.66 −5.7%Fiscal year 2024Revenue14.14 +4.6%Operating income2.70Net income1.31 −2.5%EPS, diluted5.74 +56.8%Fiscal year 2025Revenue17.03 +20.5%Operating income3.33Net income1.92 +46.6%EPS, diluted8.49 +47.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 6.69 7.80 9.35 7.40 6.87 16.09 19.82 13.52 14.14 17.03
Growth +16.6% +19.9% −20.9% −7.1% +134.1% +23.2% −31.8% +4.6% +20.5%
Operating income 0.06 −0.12 0.24 0.19 −1.30 0.86 1.73 2.63 2.70 3.33
Net income −0.19 0.05 0.00 −0.21 −1.55 0.07 1.20 1.35 1.31 1.92
Growth −97.0% −13,175.0% +1,579.1% +12.6% −2.5% +46.6%
EPS, diluted −1.80 −0.31 −0.53 −1.44 −7.26 −0.07 3.88 3.66 5.74 8.49
Growth −5.7% +56.8% +47.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin26.4%Operating margin0.8%Net margin−2.8%Free cash flow margin4.1%Fiscal year 2017Gross margin24.5%Operating margin−1.6%Net margin0.7%Free cash flow margin−4.6%Fiscal year 2018Gross margin24.0%Operating margin2.5%Net margin0.0%Free cash flow margin−21.1%Fiscal year 2019Gross margin34.5%Operating margin2.6%Net margin−2.8%Free cash flow margin−20.1%Fiscal year 2020Operating margin−19.0%Net margin−22.6%Free cash flow margin11.5%Fiscal year 2021Operating margin5.4%Net margin0.4%Free cash flow margin11.2%Fiscal year 2022Operating margin8.7%Net margin6.0%Free cash flow margin5.3%Fiscal year 2023Operating margin19.4%Net margin10.0%Free cash flow margin6.1%Fiscal year 2024Operating margin19.1%Net margin9.3%Free cash flow margin4.8%Fiscal year 2025Operating margin19.6%Net margin11.3%Free cash flow margin3.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 26.4% 24.5% 24.0% 34.5% n/a n/a n/a n/a n/a n/a
Operating margin 0.8% −1.6% 2.5% 2.6% −19.0% 5.4% 8.7% 19.4% 19.1% 19.6%
Net margin −2.8% 0.7% 0.0% −2.8% −22.6% 0.4% 6.0% 10.0% 9.3% 11.3%
Free cash flow margin 4.1% −4.6% −21.1% −20.1% 11.5% 11.2% 5.3% 6.1% 4.8% 3.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.84Capital expenditure−0.56Free cash flow0.28Fiscal year 2017Operating cash flow0.94Capital expenditure−1.30Free cash flow−0.36 −230.0%Fiscal year 2018Operating cash flow1.14Capital expenditure−3.11Free cash flow−1.97Fiscal year 2019Operating cash flow1.39Capital expenditure−2.88Free cash flow−1.49Fiscal year 2020Operating cash flow1.74Capital expenditure−0.95Free cash flow0.79Fiscal year 2021Operating cash flow2.30Capital expenditure−0.51Free cash flow1.80 +126.7%Fiscal year 2022Operating cash flow2.38Capital expenditure−1.33Free cash flow1.05 −41.8%Fiscal year 2023Operating cash flow3.21Capital expenditure−2.39Free cash flow0.83 −21.1%Fiscal year 2024Operating cash flow3.65Capital expenditure−2.97Free cash flow0.68 −17.2%Fiscal year 2025Operating cash flow3.92Capital expenditure−3.33Free cash flow0.58 −14.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.84 0.94 1.14 1.39 1.74 2.30 2.38 3.21 3.65 3.92
Capital expenditure −0.56 −1.30 −3.11 −2.88 −0.95 −0.51 −1.33 −2.39 −2.97 −3.33
Free cash flow 0.28 −0.36 −1.97 −1.49 0.79 1.80 1.05 0.83 0.68 0.58
Growth −230.0% +126.7% −41.8% −21.1% −17.2% −14.6%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.07Total debt4.88Net cash (debt)−4.81Shareholders’ equity5.25Debt to equity0.93Fiscal year 2017Cash0.14Total debt4.70Net cash (debt)−4.57Shareholders’ equity6.16Debt to equity0.76Fiscal year 2018Cash0.23Total debt5.63Net cash (debt)−5.40Shareholders’ equity6.08Debt to equity0.93Fiscal year 2019Cash0.33Total debt7.82Net cash (debt)−7.49Shareholders’ equity4.92Debt to equity1.59Fiscal year 2020Cash0.24Total debt7.76Net cash (debt)−7.51Shareholders’ equity2.65Debt to equity2.92Fiscal year 2021Cash0.16Total debt6.60Net cash (debt)−6.44Shareholders’ equity2.01Debt to equity3.28Fiscal year 2022Cash0.22Total debt11.54Net cash (debt)−11.32Shareholders’ equity2.67Debt to equity4.33Fiscal year 2023Cash0.14Total debt12.95Net cash (debt)−12.81Shareholders’ equity2.74Debt to equity4.73Fiscal year 2024Cash0.16Total debt14.17Net cash (debt)−14.02Shareholders’ equity2.59Debt to equity5.47Fiscal year 2025Cash0.17Total debt17.43Net cash (debt)−17.27Shareholders’ equity3.07Debt to equity5.68
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.07 0.14 0.23 0.33 0.24 0.16 0.22 0.14 0.16 0.17
Total debt 4.88 4.70 5.63 7.82 7.76 6.60 11.54 12.95 14.17 17.43
Net cash (debt) −4.81 −4.57 −5.40 −7.49 −7.51 −6.44 −11.32 −12.81 −14.02 −17.27
Shareholders’ equity 5.25 6.16 6.08 4.92 2.65 2.01 2.67 2.74 2.59 3.07
Debt to equity 0.93 0.76 0.93 1.59 2.92 3.28 4.33 4.73 5.47 5.68

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
26.4% 24.5% 24.0% 34.5% n/a n/a n/a n/a n/a n/a
0.8% −1.6% 2.5% 2.6% −19.0% 5.4% 8.7% 19.4% 19.1% 19.6%
−3.9% −3.8% 0.7% −0.6% −22.9% 2.7% 8.4% 14.4% 13.7% 14.6%
−2.8% 0.7% 0.0% −2.8% −22.6% 0.4% 6.0% 10.0% 9.3% 11.3%
4.1% −4.6% −21.1% −20.1% 11.5% 11.2% 5.3% 6.1% 4.8% 3.4%
Spending
2.8% 2.6% 2.7% 3.8% 3.7% 1.7% 1.6% 2.6% 2.7% 2.4%
8.4% 16.6% 33.3% 38.9% 13.8% 3.1% 6.7% 17.6% 21.0% 19.6%
n/a n/a 8.3% n/a n/a 3.4% 7.9% 18.7% 19.8% 21.3%
Returns
−3.6% 0.9% 0.0% −4.3% −58.6% 3.5% 44.8% 49.1% 50.6% 62.7%
−1.5% 0.4% 0.0% −1.1% −9.8% 0.5% 6.1% 6.5% 5.8% 7.6%
Balance and payout
0.93 0.76 0.93 1.59 2.92 3.28 4.33 4.73 5.47 5.68