Targa Resources Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	16,562	17,028	16,382	16,060	20,930	16,950
Revenue Growth (YoY)	1.10%	3.95%	2.00%	-23.27%	23.48%	105.20%
Cost of Revenue	10,973	11,806	11,879	11,754	17,795	14,477
Gross Profit	5,589	5,222	4,503	4,306	3,135	2,473
Selling, General & Admin	419.3	406	384.9	348.7	309.7	273.2
Depreciation & Amortization Expenses	1,574	1,515	1,423	1,330	1,096	870.6
Other Operating Expenses	-39.2	-30.3	-0.4	1.5	0.2	464.7
Total Operating Expenses	1,954	1,891	1,808	1,680	1,406	1,609
Operating Income	3,635	3,331	2,695	2,626	1,729	864.8
Interest Income	14.9	11.8	9.4	9	9.1	-23.9
Interest Expense	-883.3	-852.8	-767.2	-687.8	-446.1	-387.9
Other Non-Operating Income (Expense)	-20.7	-3.8	0.4	-4.9	470.4	17.1
Total Non-Operating Income (Expense)	-889.1	-844.8	-757.4	-683.7	33.4	-394.7
Pretax Income	2,746	2,486	1,938	1,943	1,663	436.9
Provision for Income Taxes	581.4	529.7	384.5	363.2	131.8	14.8
Net Income	2,132	1,853	1,279	835.8	1,142	71.2
Minority Interest in Earnings	32.2	104.2	274.4	743.5	389.1	350.9
Net Income Attributable to Preferred Dividends	-	-	-	-	245.5	87.3
Net Income to Common	2,132	1,853	1,279	835.8	1,142	71.2
Net Income Growth	77.09%	44.83%	53.04%	-26.83%	1504.35%	-
Shares Outstanding (Basic)	215	216	220	225	227	229
Shares Outstanding (Diluted)	216	217	221	226	231	229
Shares Change (YoY)	-1.74%	-1.99%	-2.08%	-2.21%	1.09%	-1.55%
EPS (Basic)	9.83	8.52	5.77	3.69	3.95	-0.07
EPS (Diluted)	9.79	8.49	5.74	3.66	3.88	-0.07
EPS Growth	80.30%	47.91%	56.83%	-5.67%	-	-
Shares Outstanding	214.73	214.66	217.76	222.61	228.84	228.22
Free Cash Flow	261.9	493.8	683.9	826.2	841.3	1,798
Free Cash Flow Growth	-46.96%	-27.80%	-17.22%	-1.80%	-53.20%	126.74%
Free Cash Flow Per Share	1.21	2.28	3.09	3.66	3.64	7.86
Dividends Per Share	4.250	4.000	3.000	2.000	1.400	0.650
Dividend Growth	6.25%	33.33%	50.00%	42.86%	115.39%	62.50%
Gross Margin	33.74%	30.67%	27.49%	26.81%	14.98%	14.59%
Operating Margin	21.95%	19.56%	16.45%	16.35%	8.26%	5.10%
Profit Margin	13.07%	11.49%	9.48%	9.83%	7.32%	2.49%
FCF Margin	1.58%	2.90%	4.17%	5.14%	4.02%	10.61%
EBITDA	5,227	4,864	4,133	3,969	2,836	1,746
EBITDA Margin	31.56%	28.56%	25.23%	24.71%	13.55%	10.30%
EBIT	3,635	3,331	2,695	2,626	1,729	864.8
EBIT Margin	21.95%	19.56%	16.45%	16.35%	8.26%	5.10%
Effective Tax Rate	21.17%	21.30%	19.84%	18.70%	7.92%	3.39%

Updated May 7, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q