Targa Resources Income 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
Revenue	17,028	16,382	16,060	20,930	16,950
Revenue Growth (YoY)	3.95%	2.00%	-23.27%	23.48%	105.20%
Cost of Revenue	11,806	11,879	11,754	17,795	14,477
Gross Profit	5,222	4,503	4,306	3,135	2,473
Selling, General & Admin	406	384.9	348.7	309.7	273.2
Depreciation & Amortization Expenses	1,515	1,423	1,330	1,096	870.6
Other Operating Expenses	-30.3	-0.4	1.5	0.2	464.7
Operating Income	3,331	2,695	2,626	1,729	864.8
Interest Income	11.8	9.4	9	9.1	-23.9
Interest Expense	-852.8	-767.2	-687.8	-446.1	-387.9
Other Non-Operating Income (Expense)	-3.8	0.4	-4.9	470.4	17.1
Total Non-Operating Income (Expense)	-844.8	-757.4	-683.7	33.4	-394.7
Pretax Income	2,486	1,938	1,943	1,663	436.9
Provision for Income Taxes	529.7	384.5	363.2	131.8	14.8
Net Income	1,853	1,279	835.8	1,142	71.2
Minority Interest in Earnings	104.2	274.4	743.5	389.1	350.9
Net Income Attributable to Preferred Dividends	-	-	-	245.5	87.3
Net Income to Common	1,853	1,279	835.8	1,142	71.2
Net Income Growth	44.83%	53.04%	-26.83%	1504.35%	-
Shares Outstanding (Basic)	216	220	225	227	229
Shares Outstanding (Diluted)	217	221	226	231	229
Shares Change (YoY)	-1.99%	-2.08%	-2.21%	1.09%	-1.55%
EPS (Basic)	8.52	5.77	3.69	3.95	-0.07
EPS (Diluted)	8.49	5.74	3.66	3.88	-0.07
EPS Growth	47.91%	56.83%	-5.67%	-	-
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%
Free Cash Flow Per Share	2.28	3.09	3.66	3.64	7.86
Dividends Per Share	4.000	3.000	2.000	1.400	0.650
Dividend Growth	33.33%	50.00%	42.86%	115.39%	62.50%
Gross Margin	30.67%	27.49%	26.81%	14.98%	14.59%
Operating Margin	19.56%	16.45%	16.35%	8.26%	5.10%
Profit Margin	11.49%	9.48%	9.83%	7.32%	2.49%
FCF Margin	2.90%	4.17%	5.14%	4.02%	10.61%
EBITDA	4,864	4,133	3,969	2,836	1,746
EBITDA Margin	28.56%	25.23%	24.71%	13.55%	10.30%
EBIT	3,331	2,695	2,626	1,729	864.8
EBIT Margin	19.56%	16.45%	16.35%	8.26%	5.10%
Effective Tax Rate	21.30%	19.84%	18.70%	7.92%	3.39%

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