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	10,508	10,703	10,676	16,882	13,730
Gross Profit	6,521	5,679	5,384	4,048	3,220
Selling, General & Admin	1,704	1,561	1,427	1,223	1,020
Other Operating Expenses	-30.3	-0.4	1.5	0.2	12.4
Operating Expenses	3,189	2,983	2,758	2,319	1,903
Operating Income	3,331	2,695	2,626	1,729	1,317
Interest Expense	-852.8	-767.2	-687.8	-446.1	-387.9
Earnings From Equity Investments	11.8	9.4	9	9.1	-23.9
Other Non Operating Income (Expenses)	-3.8	0.4	-4.9	-64.7	0.5
EBT Excluding Unusual Items	2,486	1,938	1,943	1,227	905.8
Gain (Loss) on Sale of Investments	-	-	-	435.9	-
Asset Writedown	-	-	-	-	-452.3
Other Unusual Items	-	-	-	-	-16.6
Pretax Income	2,486	1,938	1,943	1,663	436.9
Income Tax Expense	529.7	384.5	363.2	131.8	14.8
Earnings From Continuing Operations	1,957	1,554	1,579	1,531	422.1
Minority Interest in Earnings	-33.7	-241.5	-233.4	-335.9	-350.9
Net Income	1,923	1,312	1,346	1,196	71.2
Preferred Dividends & Other Adjustments	70.5	42.5	517.7	298.7	87.3
Net Income to Common	1,853	1,270	828.2	896.8	-16.1
Net Income Growth	46.57%	-2.52%	12.58%	1579.07%	-
Shares Outstanding (Basic)	215	220	225	227	229
Shares Outstanding (Diluted)	215	221	226	231	229
Shares Change (YoY)	-2.92%	-2.08%	-2.21%	1.09%	-1.55%
EPS (Basic)	8.62	5.77	3.69	3.95	-0.07
EPS (Diluted)	8.62	5.74	3.66	3.88	-0.07
EPS Growth	50.22%	56.83%	-5.67%	-	-
Free Cash Flow	-	683.9	826.2	1,047	1,798
Free Cash Flow Per Share	-	3.09	3.66	4.53	7.86
Dividend 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	38.29%	34.66%	33.52%	19.34%	19.00%
Operating Margin	19.56%	16.45%	16.35%	8.26%	7.77%
Profit Margin	10.88%	7.75%	5.16%	4.29%	-0.10%
Free Cash Flow Margin	-	4.17%	5.14%	5.00%	10.61%
EBITDA	4,831	4,129	3,962	2,830	2,192
EBITDA Margin	28.37%	25.20%	24.67%	13.52%	12.93%
D&A For EBITDA	1,500	1,434	1,336	1,101	874.6
EBIT	3,331	2,695	2,626	1,729	1,317
EBIT Margin	19.56%	16.45%	16.35%	8.26%	7.77%
Effective Tax Rate	21.30%	19.84%	18.70%	7.92%	3.39%
Revenue as Reported	17,028	16,382	16,060	20,930	16,950

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.