Targa Resources Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,957	1,554	1,579	1,531	422.1
Depreciation & Amortization	1,533	1,438	1,343	1,107	880.9
Stock-Based Compensation	69.5	63.2	62.4	57.5	59.2
Other Adjustments	552.2	556.5	87.9	49.4	721.2
Change in Receivables	110.8	-75	-20.6	219.7	-392.4
Changes in Inventories	-89.5	33.5	36	-236.2	40.6
Changes in Accounts Payable	-256.8	40.7	68.2	-383	565.4
Changes in Accrued Expenses	41.9	39.5	55.6	35.5	5.9
Operating Cash Flow	3,917	3,650	3,212	2,381	2,303
Operating Cash Flow Growth	7.33%	13.64%	34.90%	3.38%	32.01%
Capital Expenditures	-3,424	-2,966	-2,385	-1,540	-505.1
Sale of Property, Plant & Equipment	-	-	-	23	12.2
Purchases of Investments	-130.5	-62.9	-24.6	-1.5	-0.6
Proceeds from Sale of Investments	7.8	5.5	5.5	873.8	20.2
Payments for Business Acquisitions	-213.1	-	-	-3,709	-
Other Investing Activities	27.1	1.9	3.7	-1.6	0.1
Investing Cash Flow	-3,642	-3,021	-2,401	-4,150	-473.2
Short-Term Debt Issued	111,026	86,206	59,146	31,734	630
Short-Term Debt Repaid	-112,325	-85,495	-60,205	-30,076	-830
Net Short-Term Debt Issued (Repaid)	-1,300	710.5	-1,059	1,659	-200
Long-Term Debt Issued	6,709	1,774	3,871	11,316	2,250
Long-Term Debt Repaid	-2,582	-1,570	-1,701	-7,628	-3,430
Net Long-Term Debt Issued (Repaid)	4,128	204.3	2,170	3,689	-1,180
Repurchase of Common Stock	-709.1	-811.1	-429.5	-260.6	-53.2
Net Common Stock Issued (Repurchased)	-709.1	-811.1	-429.5	-260.6	-53.2
Repurchase of Preferred Stock	-	-	-	-965.2	-
Net Preferred Stock Issued (Repurchased)	-	-	-	-965.2	-
Common Dividends Paid	-818.3	-615.5	-427.3	-379.7	-187.5
Other Financing Activities	-2,709	-965.3	-1,797	-1,642	-681.3
Financing Cash Flow	-266.6	-612.8	-888.1	1,829	-1,914
Net Cash Flow	8.8	15.6	-77.3	60.5	-84.3
Free Cash Flow	493.8	683.9	826.2	841.3	1,798
Free Cash Flow Growth	-27.80%	-17.22%	-1.80%	-53.20%	126.74%
FCF Margin	2.90%	4.17%	5.14%	4.02%	10.61%
Free Cash Flow Per Share	2.28	3.09	3.66	3.64	7.86
Levered Free Cash Flow	2,485	779.6	1,064	5,473	-320.6
Unlevered Free Cash Flow	426.12	746.33	1,252	575.89	1,823

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.