Targa Resources Corp. (TRGP)

Targa Resources Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	2,447	1,923	1,312	1,346	1,196	71.2
Depreciation & Amortization	1,729	1,515	1,423	1,330	1,101	874.6
Other Amortization	-	-	-	-	49.6	14.9
Loss (Gain) From Sale of Assets	-	-	-	-	-9.6	2
Asset Writedown & Restructuring Costs	-	-	-	-	9.8	462.6
Loss (Gain) From Sale of Investments	-	-	-	-	-435.9	-
Loss (Gain) on Equity Investments	3.3	8.9	10.4	4.1	3.1	107.9
Stock-Based Compensation	75.9	69.5	63.2	62.4	57.5	59.2
Other Operating Activities	713.7	594.3	802.4	330.4	774	491
Change in Accounts Receivable	-759.6	110.8	-75	-20.6	219.7	-392.4
Change in Inventory	133.3	-89.5	33.5	36	-236.2	40.6
Change in Accounts Payable	670.7	-256.8	40.7	68.2	-383	565.4
Change in Other Net Operating Assets	37.5	41.9	39.5	55.6	35.5	5.9
Operating Cash Flow	5,051	3,917	3,650	3,212	2,381	2,303
Operating Cash Flow Growth	35.07%	7.33%	13.64%	34.90%	3.38%	32.01%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-4,118	-3,333	-2,966	-2,385	-1,334	-505.1
Sale of Property, Plant & Equipment	-	-	-	-	23	12.2
Cash Acquisitions	-1,479	-213.1	-	-	-3,709	-
Investment in Securities	-9.1	-122.7	-57.4	-19.1	872.3	19.6
Other Investing Activities	17.7	27.1	1.9	3.7	-1.6	0.1
Investing Cash Flow	-5,588	-3,642	-3,021	-2,401	-4,150	-473.2

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	111,026	86,206	59,146	31,734	630
Long-Term Debt Issued	-	5,239	999.4	3,728	10,086	1,620
Total Debt Issued	114,235	116,265	87,205	62,874	41,821	2,250
Short-Term Debt Repaid	-	-112,325	-85,495	-60,205	-30,076	-830
Long-Term Debt Repaid	-	-781.7	-550.1	-1,333	-7,048	-2,600
Total Debt Repaid	-112,361	-113,107	-86,045	-61,538	-37,124	-3,430
Net Debt Issued (Repaid)	1,874	3,158	1,160	1,336	4,697	-1,180
Repurchase of Common Stock	-287.7	-709.1	-811.1	-429.5	-260.6	-53.2
Common Dividends Paid	-974	-818.3	-615.5	-427.3	-	-
Dividends Paid	-974	-818.3	-615.5	-427.3	-379.7	-187.5
Other Financing Activities	-57.2	-1,897	-346	-1,367	-1,262	-493.8
Financing Cash Flow	555.5	-266.6	-612.8	-888.1	1,829	-1,914

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Cash Flow	18.5	8.8	15.6	-77.3	60.5	-84.3

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	933.8	584.1	683.9	826.2	1,047	1,798
Free Cash Flow Growth	45.27%	-14.59%	-17.22%	-21.05%	-41.79%	126.74%
Free Cash Flow Margin	5.13%	3.43%	4.17%	5.14%	5.00%	10.61%
Free Cash Flow Per Share	4.33	2.69	3.09	3.66	4.53	7.86
Levered Free Cash Flow	162.13	-264.4	280.73	203.2	243.11	1,356
Unlevered Free Cash Flow	732.75	268.6	760.23	633.08	472.33	1,583

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	853.4	793.3	712.7	618.6	401.3	356
Cash Income Tax Paid	1.1	24.3	16.7	8.5	1.6	1.3
Change in Working Capital	81.9	-193.6	38.7	139.2	-364	219.5

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 5, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 11, 2026

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