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Targa Resources TRGP

US equityMarket cap rank #266Oil & Gas MidstreamNatural Gas
$283.19
+$0.18 (+0.06%)
Market open · Sep 24, 1:10 pm ET
After hours $283.01 0.00%
Open$285.08
Prev close$283.01
Day range$281.41 – $285.78
Volume399.6K
Market cap$60.72B
P/E (TTM)27.1
Dividend yield1.50%

Fundamentals

Latest reported quarter: Q2, ended Jun 2026

Revenue$4.44B+4.2% YoY
Operating profit$1.23B+19.4% YoY
Net profit$777.70M+22.0% YoY
Diluted EPS$3.54+23.3% YoY
Free cash flow$431.20M+1,002.1% YoY
Operating cash flow$1.44B

Revenue, last 8 quarters

$3.9BSep '24$4.4BDec '24$4.6BMar '25$4.3BJun '25$4.2BSep '25$4.1BDec '25$4.1BMar '26$4.4BJun '26

Net profit, last 8 quarters

$448.1MSep '24$414.0MDec '24$279.8MMar '25$637.2MJun '25$486.6MSep '25$553.1MDec '25$487.4MMar '26$777.7MJun '26

Diluted EPS by quarter

1.75Sep '241.46Dec '240.91Mar '252.87Jun '252.20Sep '252.54Dec '252.21Mar '263.54Jun '26

Free cash flow by quarter

$-287.9MSep '24$601.0MDec '24$162.2MMar '25$-47.8MJun '25$-72.6MSep '25$542.3MDec '25$-160.0MMar '26$431.2MJun '26

Annual revenue

$8.3BFY20$16.9BFY21$20.9BFY22$16.1BFY23$16.4BFY24$17.0BFY25

Profitability & balance sheet

Gross margin33.3%
Operating margin22.9%
Net margin13.5%
Return on equity72.3%
Return on assets8.7%
Return on invested capital13.9%
Current ratio0.77
Liabilities / assets86.7%
Cash & investments$132.30M
Total debt$19.47B
Net cash (debt)-$19.34B
Free cash flow / sales4.4%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • Logistics and Transportation$3.50B 71.2%
  • Gathering and Processing$1.31B 26.7%
  • Other$103.10M 2.1%

Income statement

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Revenue as Reported $4.44B $4.09B $17.03B $4.06B $4.15B
Total Operating Revenue $4.44B $4.09B $17.03B $4.06B $4.15B
Cost of Revenue $2.76B $2.82B $12.02B $2.70B $2.89B
Gross Profit $1.69B $1.27B $5.01B $1.36B $1.26B
Operating Expense $450.50M $427.30M $1.67B $440.00M $424.40M
Selling and Admin Expenses $108.10M $107.80M $406.00M $111.70M $104.80M
-General & Admin Expense $108.10M $107.80M $406.00M $111.70M $104.80M
Other Operating Expenses $342.40M $319.50M $1.27B $328.30M $319.60M
Operating Profit $1.23B $846.90M $3.33B $917.40M $836.90M
Net Non-Operating Interest Income (Expense) -$236.60M -$227.60M -$852.80M -$216.00M -$221.30M
Non-Operating Interest Expense $236.60M $852.80M $216.00M $221.30M
Other Income (Expense) $7.00M -$8.00M $8.00M -$9.20M $5.30M
Earnings from Equity Interest $7.80M $8.60M $11.80M -$5.20M $6.40M
Other Non-Operating Income (Expenses) -$800,000.00 -$16.60M -$3.80M -$4.00M -$1.10M
Pretax Profit $1.00B $611.30M $2.49B $692.20M $620.90M
Tax $227.20M $123.90M $529.70M $139.10M $134.30M
Net Profit $777.70M $487.40M $1.96B $553.10M $486.60M
Profit from Continuing Operations $777.70M $487.40M $1.96B $553.10M $486.60M
Minority Interests $13.10M $7.80M $33.70M $8.10M $8.20M
Net Income to Parent Company $764.60M $479.60M $1.92B $545.00M $478.40M
Other Preferred Stock Dividends $0.00 $0.00 $81.60M $3.00M $2.90M
Net Income to Common Stockholders $764.60M $479.60M $1.84B $542.00M $475.50M
Basic EPS $3.54 $2.22 $8.52 $2.54 $2.21
Diluted EPS $3.54 $2.21 $8.49 $2.54 $2.20
Dividend Per Share $1.25 $1.00 $3.75 $1.00 $1.00
Total Other Finance Costs $227.60M

Balance sheet

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Assets $28.52B $27.11B $25.22B $25.22B $24.17B
Total Current Assets $2.63B $2.44B $2.36B $2.36B $2.28B
Cash and Cash Equivalents & Short-Term Investments $132.30M $100.10M $166.10M $166.10M $124.10M
-Cash and Cash Equivalents $132.30M $100.10M $166.10M $166.10M $124.10M
Receivables $1.95B $1.69B $1.47B $1.47B $1.41B
-Accounts Receivable $1.95B $1.69B $1.47B $1.47B $1.41B
Inventory $311.70M $334.40M $429.30M $429.30M $490.70M
Other Current Assets $157.50M $211.40M $138.00M $138.00M $157.30M
Total Non-Current Assets $25.89B $24.67B $22.86B $22.86B $21.90B
Net PPE $23.06B $21.77B $20.53B $20.53B $19.61B
-Gross PPE $36.39B $34.75B $33.20B $33.20B $31.97B
-Accumulated Depreciation -$13.33B -$12.98B -$12.67B -$12.67B -$12.36B
Investments and Advances $317.50M $315.00M $307.10M $307.10M $315.90M
-Long Term Equity Investment $317.50M $315.00M $307.10M $307.10M $315.90M
Financial Assets $61.60M $38.50M $35.00M $35.00M $33.20M
Goodwill and Other Intangible Assets $2.11B $2.20B $1.65B $1.65B $1.73B
Other Non-Current Assets $339.10M $343.50M $327.40M $327.40M $203.10M
Total Liabilities $24.72B $23.84B $22.02B $22.02B $21.34B
Total Current Liabilities $3.41B $3.40B $3.55B $3.55B $2.95B
Payables $2.11B $1.99B $1.87B $1.87B $1.58B
-Accounts Payable $2.11B $1.99B $1.87B $1.87B $1.58B
Current Accrued Expenses $631.50M $343.00M $669.60M $669.60M $433.30M
Short-Term Debt and Capital Lease Obligation $558.00M $696.90M $770.10M $770.10M $689.30M
-Current Debt $451.00M $600.00M $677.00M $677.00M $600.00M
-Current Capital Lease Obligation $107.00M $96.90M $93.10M $93.10M $89.30M
Other Current Liabilities $113.20M $368.10M $234.10M $234.10M $240.20M
Total Non-Current Liabilities $21.31B $20.44B $18.47B $18.47B $18.39B
Long Term Debt and Capital Lease Obligation $19.02B $18.43B $16.75B $16.75B $16.74B
-Long Term Debt $18.33B $18.19B $16.40B $16.40B $16.47B
-Long Term Capital Lease Obligation $687.10M $249.60M $349.90M $349.90M $267.70M
Derivative Product Liabilities $149.50M $112.80M $22.50M $22.50M $34.20M
Non-Current Deferred Liabilities $1.73B $1.48B $1.51B $1.51B $1.23B
Other Non-Current Liabilities $406.70M $415.50M $4.60M $4.60M $391.60M
Total Equity $3.80B $3.27B $3.20B $3.20B $2.83B
Stockholders' Equity $3.66B $3.14B $3.07B $3.07B $2.71B
Capital Stock $200,000.00 $200,000.00 $200,000.00 $200,000.00 $200,000.00
-Common Stock $200,000.00 $200,000.00 $200,000.00 $200,000.00 $200,000.00
Additional Paid-In Capital $3.13B $3.11B $3.09B $3.09B $3.07B
Retained Earnings $3.05B $2.56B $2.29B $2.29B $1.97B
Less: Treasury Stock $2.60B $2.52B $2.43B $2.43B $2.39B
Gains/Losses Not Affecting Retained Earnings $74.50M -$14.70M $113.80M $113.80M $57.40M
Minority Interests $139.20M $132.50M $130.30M $130.30M $127.00M
Non-Current Liabilities $185.40M $185.40M

Cash flow

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Operating Cash Flow $1.44B $739.50M $3.92B $1.51B $599.20M
Net cash flow from continuing operations $1.44B $739.50M $3.92B $1.51B $599.20M
Net Income from Continuing Operations $777.70M $487.40M $1.96B $553.10M $486.60M
Gain/Loss from Continuing Operations -$110.90M $101.70M -$6.50M $5.70M $30.10M
Depreciation & Depletion & Amortization $453.10M $426.00M $1.52B $390.50M $383.50M
Deferred Tax $226.40M $123.90M $516.60M $131.10M $158.80M
Other Non-Cash Items $8.20M $20.70M $38.70M $11.30M $5.50M
Change in Working Capital $59.50M -$445.10M -$193.60M $388.40M -$488.00M
-Change in Receivables -$194.50M -$198.00M $110.80M -$87.10M -$121.90M
-Change in Inventory $10.40M $96.00M -$89.50M $57.20M -$41.30M
-Change in Payables and Accrued Expense $243.60M -$343.10M -$214.90M $418.30M -$324.80M
Net cash flow from investing -$1.01B -$2.16B -$3.64B -$1.18B -$691.10M
Net Cash Flow from Continuing Investing Activities -$1.01B -$2.16B -$3.64B -$1.18B -$691.10M
Net PPE Purchase and Sale -$1.01B -$899.50M -$3.33B -$963.20M -$671.80M
Net Business Purchase and Sale -$9.00M -$1.26B -$335.80M -$217.60M -$46.10M
Net Other Investing Changes $5.60M $900,000.00 $27.10M $0.00 $26.80M
Financing Cash Flow -$395.60M $1.36B -$266.60M -$282.70M $102.90M
Net Cash Flow from Continuing Financing Activities -$395.60M $1.36B -$266.60M -$282.70M $102.90M
Net Issuance Payments Of Debt -$34.00M $1.68B $3.16B -$8.00M $499.20M
Net Common Stock Issuance -$80.10M -$55.00M -$641.80M -$37.00M -$155.60M
Cash Dividends Paid -$269.70M -$218.90M -$818.30M -$215.80M -$216.90M
Net Other Financing Charges -$11.80M -$54.20M -$1.96B -$21.90M -$23.80M
Ending Cash Balance $132.30M $100.10M $166.10M $166.10M $124.10M
Net Change in Cash $32.20M -$66.00M $8.80M $42.00M $11.00M
Beginning Cash Balance $100.10M $166.10M $157.30M $124.10M $113.10M
Free Cash Flow $431.20M -$160.00M $584.10M $542.30M -$72.60M
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