Targa Resources (TRGP) Financials

$160.45 +1.36 (+0.86%)

Closing price 03:59 PM Eastern

Extended Trading

$160.42 -0.03 (-0.02%)

As of 07:23 PM Eastern

Annual Income Statements for Targa Resources

This table shows Targa Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,279	836	897	-16	-1,685	-334	-119	-63	-278	58
Consolidated Net Income / (Loss)	1,554	1,579	1,531	422	-1,325	41	60	104	-159	-151
Net Income / (Loss) Continuing Operations	1,554	1,579	1,531	422	-1,325	41	60	104	-159	-151
Total Pre-Tax Income	1,938	1,943	1,663	437	-1,573	-47	66	-293	-260	-112
Total Operating Income	2,695	2,626	1,729	865	-1,304	193	238	-122	56	159
Total Gross Profit	5,679	5,384	4,048	3,220	3,074	2,463	2,246	1,909	1,768	1,821
Total Revenue	16,382	16,060	20,930	16,950	8,260	8,671	10,484	8,815	6,691	6,659
Operating Revenue	16,382	16,060	20,930	16,950	8,260	8,671	10,484	8,815	6,691	6,659
Total Cost of Revenue	10,703	10,676	16,882	13,730	5,187	6,208	8,238	6,906	4,923	4,838
Operating Cost of Revenue	10,703	10,676	16,882	13,730	5,187	6,208	8,238	6,906	4,923	4,838
Total Operating Expenses	2,983	2,758	2,319	2,356	4,378	2,270	2,008	2,031	1,712	1,662
Selling, General & Admin Expense	1,561	1,427	1,223	1,020	953	984	979	826	741	702
Depreciation Expense	1,423	1,330	1,096	871	865	972	816	810	758	645
Other Operating Expenses / (Income)	-0.40	1.50	0.20	12	117	89	3.50	17	6.60	-7.10
Impairment Charge	0.00	0.00	0.00	452	2,443	225	210	378	207	323
Total Other Income / (Expense), net	-757	-684	-66	-428	-269	-240	-172	-171	-316	-271
Interest & Investment Income	-758	-679	-1.10	-412	-319	-230	-179	-251	-269	-2.50
Other Income / (Expense), net	0.40	-4.90	-65	-16	49	-10	6.90	80	-47	-37
Income Tax Expense	385	363	132	15	-248	-88	5.50	-397	-101	40
Preferred Stock Dividends Declared	0.00	0.00	246	87	131	125	121	117	91	-
Net Income / (Loss) Attributable to Noncontrolling Interest	274	744	389	351	229	250	59	50	28	-210
Basic Earnings per Share	$5.77	$3.69	$3.95	($0.07)	($7.26)	($1.44)	($0.53)	($0.31)	($1.80)	$1.09
Weighted Average Basic Shares Outstanding	220.20M	224.60M	227.30M	228.60M	232.20M	232.50M	224.20M	206.90M	154.40M	53.50M
Diluted Earnings per Share	$5.74	$3.66	$3.88	($0.07)	($7.26)	($1.44)	($0.53)	($0.31)	($1.80)	$1.09
Weighted Average Diluted Shares Outstanding	221.30M	226M	231.10M	228.60M	232.20M	232.50M	224.20M	206.90M	154.40M	53.60M
Weighted Average Basic & Diluted Shares Outstanding	218.11M	223.16M	-	226.64M	228.65M	233.05M	225.10M	204.50M	193.95M	160.56M
Cash Dividends to Common per Share	$2.75	$1.85	$1.40	$0.40	$1.21	$3.64	$3.64	$3.64	$3.64	$3.39

This table shows Targa Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	200	318	387	299	275	280	220	329	6.30	318	193
Consolidated Net Income / (Loss)	280	414	448	359	333	358	279	388	555	396	279
Net Income / (Loss) Continuing Operations	280	414	448	359	333	358	279	388	555	396	279
Total Pre-Tax Income	352	524	545	453	415	460	333	484	666	406	291
Total Operating Income	543	701	728	627	639	635	505	649	837	551	430
Total Gross Profit	1,304	1,483	1,487	1,365	1,344	1,341	1,207	1,335	1,502	1,230	1,054
Total Revenue	4,562	4,405	3,852	3,562	4,562	4,240	3,897	3,404	4,521	4,555	5,360
Operating Revenue	4,562	4,405	3,852	3,562	4,562	4,240	3,897	3,404	4,521	4,555	5,360
Total Cost of Revenue	3,258	2,923	2,365	2,197	3,218	2,899	2,690	2,069	3,019	3,324	4,306
Operating Cost of Revenue	3,258	2,923	2,365	2,197	3,218	2,899	2,690	2,069	3,019	3,324	4,306
Total Operating Expenses	760	782	759	737	705	706	702	686	665	679	624
Selling, General & Admin Expense	398	403	404	389	365	365	368	354	341	345	340
Depreciation Expense	368	379	355	349	341	341	331	332	325	330	287
Other Operating Expenses / (Income)	-5.30	0.20	-0.40	-0.20	0.00	-0.40	2.50	0.00	-0.60	4.60	-3.80
Total Other Income / (Expense), net	-191	-176	-183	-174	-224	-175	-172	-165	-171	-146	-139
Interest & Investment Income	-192	-176	-183	-173	-226	-175	-172	-163	-168	-145	-124
Other Income / (Expense), net	0.30	-	-0.40	-0.90	1.70	0.20	-0.10	-2.00	-3.00	-0.50	-15
Income Tax Expense	72	111	97	94	83	103	54	96	110	9.80	12
Net Income / (Loss) Attributable to Noncontrolling Interest	80	96	61	60	57	77	59	58	549	78	86
Basic Earnings per Share	$0.91	$1.44	$1.76	$1.34	$1.23	$1.25	$0.97	$1.44	$0.03	$1.40	$0.85
Weighted Average Basic Shares Outstanding	217.90M	220.20M	219M	221M	222.80M	224.60M	223.80M	225.60M	226.40M	227.30M	226.60M
Diluted Earnings per Share	$0.91	$1.44	$1.75	$1.33	$1.22	$1.22	$0.97	$1.44	$0.03	$1.37	$0.84
Weighted Average Diluted Shares Outstanding	218.70M	221.30M	220M	221.90M	223.70M	226M	225.10M	226.80M	229.30M	231.10M	230.30M
Weighted Average Basic & Diluted Shares Outstanding	216.93M	218.11M	218.06M	219.08M	221.72M	223.16M	222.98M	223.71M	226.02M	0.00	226.38M

This table details how cash moves in and out of Targa Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	16	-77	61	-84	-88	99	95	64	-67	59
Net Cash From Operating Activities	3,650	3,212	2,381	2,303	1,745	1,390	1,144	940	837	1,035
Net Cash From Continuing Operating Activities	3,650	3,212	2,381	2,303	1,745	1,390	1,144	940	837	1,035
Net Income / (Loss) Continuing Operations	1,554	1,579	1,531	422	-1,325	41	60	104	-159	-151
Consolidated Net Income / (Loss)	1,554	1,579	1,531	422	-1,325	41	60	104	-159	-151
Depreciation Expense	1,423	1,330	1,096	871	865	972	816	810	758	645
Amortization Expense	15	13	11	10	11	10	11	12	15	15
Non-Cash Adjustments To Reconcile Net Income	88	76	-321	652	2,595	322	213	490	299	341
Changes in Operating Assets and Liabilities, net	570	213	64	348	-402	45	44	-475	-75	186
Net Cash From Investing Activities	-3,021	-2,401	-4,150	-473	-738	-3,072	-3,147	-1,893	-559	-2,400
Net Cash From Continuing Investing Activities	-3,021	-2,401	-4,150	-473	-738	-3,072	-3,147	-1,893	-559	-2,400
Purchase of Property, Plant & Equipment	-2,966	-2,385	-1,334	-505	-952	-2,878	-3,115	-1,298	-562	-817
Acquisitions	0.00	0.00	-3,709	0.00	0.00	-	-	-571	-	-1,574
Sale of Property, Plant & Equipment	3.30	4.70	23	12	199	15	257	2.70	4.80	-
Divestitures	0.00	0.00	857	0.00	0.00	70	0.00	-	-	-
Sale and/or Maturity of Investments	5.50	5.50	17	20	13	3.50	5.50	0.20	4.10	1.20
Other Investing Activities, net	-64	-26	-3.10	-0.50	1.60	-283	-295	-27	-5.40	-9.20
Net Cash From Financing Activities	-613	-888	1,829	-1,914	-1,095	1,781	2,098	1,017	-346	1,424
Net Cash From Continuing Financing Activities	-613	-888	1,829	-1,914	-1,095	1,781	2,098	1,017	-346	1,424
Repayment of Debt	-86,008	-61,531	-37,150	-3,417	-3,782	-5,404	-2,172	-3,961	-4,599	-3,680
Repurchase of Preferred Equity	0.00	0.00	-965	0.00	-171	0.00	0.00	-	-	-
Repurchase of Common Equity	-868	-1,493	-1,151	-63	-107	-49	-29	-24	-71	-54
Payment of Dividends	-848	-649	-696	-688	-835	-1,157	-990	-915	-780	-694
Issuance of Debt	87,205	62,874	41,821	2,250	3,771	6,544	3,782	4,118	3,493	5,002
Issuance of Common Equity	12	9.70	26	16	42	555	1,507	1,802	621	415
Other Financing Activities, net	-107	-99	-56	-13	-12	1,291	0.00	-3.40	-3.60	435

This table details how cash moves in and out of Targa Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-5.90	30	-39	57	-32	2.20	-30	-42	-7.20	26	39
Net Cash From Operating Activities	954	1,328	541	905	876	958	407	677	1,170	538	460
Net Cash From Continuing Operating Activities	954	1,328	541	905	876	958	407	677	1,170	538	460
Net Income / (Loss) Continuing Operations	280	414	448	359	333	358	279	388	555	396	279
Consolidated Net Income / (Loss)	280	414	448	359	333	358	279	388	555	396	279
Depreciation Expense	368	379	355	349	341	341	331	332	325	330	287
Amortization Expense	3.90	3.90	3.70	3.50	3.70	3.40	3.40	3.20	3.20	3.30	2.90
Non-Cash Adjustments To Reconcile Net Income	18	27	19	23	19	20	22	17	18	22	14
Changes in Operating Assets and Liabilities, net	285	504	-285	171	181	235	-228	-63	269	-214	-124
Net Cash From Investing Activities	-813	-746	-847	-750	-678	-727	-599	-594	-481	-502	-3,896
Net Cash From Continuing Investing Activities	-813	-746	-847	-750	-678	-727	-599	-594	-481	-502	-3,896
Purchase of Property, Plant & Equipment	-792	-727	-829	-740	-670	-720	-592	-598	-476	-519	-396
Sale and/or Maturity of Investments	2.50	4.10	0.40	0.30	0.70	1.00	0.50	2.80	1.20	4.30	-1.30
Other Investing Activities, net	-24	-24	-20	-11	-9.70	-9.80	-9.00	-0.30	-6.50	-1.60	-
Net Cash From Financing Activities	-147	-552	267	-98	-230	-229	162	-125	-696	-9.30	3,475
Net Cash From Continuing Financing Activities	-147	-552	267	-98	-230	-229	162	-125	-696	-9.30	3,475
Repayment of Debt	-26,272	-25,883	-24,126	-22,059	-13,940	-13,961	-17,645	-14,308	-15,617	-22,389	-10,283
Repurchase of Common Equity	-1,925	-156	-194	-355	-162	-7.20	-155	-149	-1,182	48	-99
Payment of Dividends	-185	-225	-226	-228	-170	-171	-179	-167	-133	-145	-156
Issuance of Debt	28,296	25,780	24,823	22,552	14,050	13,976	18,147	14,507	16,244	22,510	14,013
Issuance of Common Equity	0.00	3.00	3.00	4.20	1.80	2.60	4.20	2.70	0.20	12	4.90
Other Financing Activities, net	-61	-70	-13	-12	-11	-67	-11	-11	-9.40	-45	-4.10

This table presents Targa Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2022	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	22,734	20,672	19,560	19,560	15,876	18,815	16,938	14,389	12,871	13,211
Total Current Assets	2,296	2,195	2,357	2,357	1,460	1,658	1,419	1,270	1,007	920
Cash & Equivalents	157	142	219	219	243	331	232	137	74	140
Accounts Receivable	1,618	1,471	1,408	1,408	863	855	866	828	675	516
Inventories, net	334	372	394	394	182	162	165	205	138	141
Other Current Assets	186	210	335	335	173	173	157	101	53	110
Plant, Property, & Equipment, net	18,063	15,806	14,215	14,215	12,174	14,549	12,928	10,430	9,691	9,703
Total Noncurrent Assets	2,375	2,671	2,989	2,989	2,242	2,608	2,591	2,689	2,173	2,588
Long-Term Investments	193	146	131	131	714	739	491	222	241	259
Intangible Assets	1,977	2,351	2,735	2,735	1,382	1,735	1,983	2,166	1,654	1,810
Other Noncurrent Operating Assets	204	174	123	123	145	135	71	45	69	102
Total Liabilities & Shareholders' Equity	22,734	20,672	19,560	19,560	15,876	18,815	16,938	14,389	12,871	13,211
Total Liabilities	18,316	16,062	14,578	14,578	9,671	10,093	9,467	7,633	7,147	6,961
Total Current Liabilities	3,173	2,761	3,067	3,067	1,779	1,873	2,799	1,617	1,168	875
Short-Term Debt	388	621	834	834	369	382	1,028	350	275	-
Accounts Payable	2,013	1,575	1,449	1,449	834	955	1,737	1,187	844	650
Accrued Expenses	336	282	290	273	186	177	-	-	-	-
Other Current Liabilities	167	54	320	336	258	227	34	80	49	225
Other Current Nonoperating Liabilities	269	230	174	174	133	132	0.00	-	-	-
Total Noncurrent Liabilities	15,143	13,301	11,511	11,511	7,892	8,221	6,669	6,016	5,979	6,086
Long-Term Debt	13,787	12,333	10,702	10,702	7,387	7,440	5,632	4,703	4,606	5,719
Noncurrent Deferred & Payable Income Tax Liabilities	872	536	328	328	152	434	525	479	941	178
Other Noncurrent Operating Liabilities	484	432	481	481	353	346	511	834	432	189
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	301	279	-	-	-	-
Total Equity & Noncontrolling Interests	4,418	4,610	4,982	4,982	5,903	8,443	7,471	6,756	5,724	6,250
Total Preferred & Common Equity	2,592	2,740	2,666	2,666	2,654	4,921	6,079	6,160	5,249	1,461
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,592	2,740	2,666	2,666	2,654	4,921	6,079	6,160	5,249	1,461
Common Stock	3,089	3,059	3,703	3,703	4,840	5,221	6,155	6,303	5,506	1,458
Retained Earnings	1,190	492	-627	-627	-1,894	-340	-130	-77	-187	27
Treasury Stock	-1,714	-897	-465	-465	-151	-54	-40	-36	-32	-29
Accumulated Other Comprehensive Income / (Loss)	28	86	55	55	-142	93	94	-30	-38	5.70
Noncontrolling Interest	1,826	1,870	2,317	2,317	3,249	3,522	1,391	596	476	4,789

This table presents Targa Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	22,800	22,734	21,904	21,264	20,846	20,672	20,190	19,462	19,026	19,560	19,390
Total Current Assets	2,076	2,296	2,028	1,867	1,973	2,195	2,139	1,729	1,639	2,357	2,497
Cash & Equivalents	151	157	127	166	110	142	140	169	212	219	193
Accounts Receivable	1,403	1,618	1,301	1,217	1,484	1,471	1,241	988	1,023	1,408	1,535
Inventories, net	256	334	415	321	225	372	536	312	156	394	471
Other Current Assets	265	186	185	163	155	210	223	259	247	335	298
Plant, Property, & Equipment, net	18,406	18,063	17,425	16,891	16,283	15,806	15,334	14,890	14,470	14,215	13,716
Total Noncurrent Assets	2,319	2,375	2,450	2,506	2,590	2,671	2,717	2,843	2,917	2,989	3,176
Long-Term Investments	218	193	177	160	152	146	138	132	135	131	136
Intangible Assets	1,896	1,977	2,071	2,164	2,257	2,351	2,447	2,543	2,639	2,735	2,840
Other Noncurrent Operating Assets	205	204	202	183	181	174	132	168	143	123	200
Total Liabilities & Shareholders' Equity	22,800	22,734	21,904	21,264	20,846	20,672	20,190	19,462	19,026	19,560	19,390
Total Liabilities	20,228	18,316	17,445	16,915	16,269	16,062	15,812	14,922	14,613	14,578	14,659
Total Current Liabilities	3,198	3,173	2,627	2,891	2,815	2,761	2,682	2,321	2,467	3,067	3,394
Short-Term Debt	660	388	653	601	546	621	602	586	739	834	767
Accounts Payable	1,890	2,013	1,468	1,687	1,710	1,575	1,581	1,173	1,255	1,449	1,806
Accrued Expenses	164	336	321	243	296	282	292	283	189	290	294
Other Current Liabilities	363	167	72	112	77	54	106	51	157	320	426
Other Current Nonoperating Liabilities	122	269	113	248	186	230	101	227	127	174	101
Total Noncurrent Liabilities	17,030	15,143	14,818	14,025	13,454	13,301	13,130	12,601	12,147	11,511	11,265
Long-Term Debt	15,548	13,787	13,601	12,966	12,510	12,333	12,318	11,813	11,440	10,702	10,431
Noncurrent Deferred & Payable Income Tax Liabilities	902	872	794	685	600	536	418	405	298	328	301
Other Noncurrent Operating Liabilities	579	484	423	374	344	432	393	383	409	481	532
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,573	4,418	4,459	4,349	4,578	4,610	4,378	4,540	4,412	4,982	4,731
Total Preferred & Common Equity	2,452	2,592	2,574	2,468	2,704	2,740	2,506	2,675	2,551	2,666	2,385
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,452	2,592	2,574	2,468	2,704	2,740	2,506	2,675	2,551	2,666	2,385
Common Stock	3,036	3,089	3,106	3,089	3,074	3,059	3,062	3,046	3,146	3,703	3,768
Retained Earnings	1,295	1,190	1,005	784	654	492	306	200	-130	-627	-945
Treasury Stock	-1,886	-1,714	-1,602	-1,417	-1,058	-897	-856	-701	-551	-465	-432
Accumulated Other Comprehensive Income / (Loss)	6.10	28	65	11	34	86	-5.30	131	85	55	-6.70
Noncontrolling Interest	121	1,826	1,885	1,882	1,874	1,870	1,872	1,865	1,862	2,317	2,347

This table displays calculated financial ratios and metrics derived from Targa Resources' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.00%	-23.27%	23.48%	105.20%	-4.74%	-17.29%	18.94%	31.74%	0.49%	-22.72%
EBITDA Growth	4.28%	43.07%	60.20%	557.32%	-132.47%	8.74%	37.53%	-0.33%	-0.13%	-20.40%
EBIT Growth	2.84%	57.50%	96.10%	167.66%	-786.21%	-25.20%	679.15%	-579.55%	-92.82%	-80.23%
NOPAT Growth	1.19%	34.12%	90.54%	191.55%	-775.84%	-37.97%	354.06%	-319.35%	-64.97%	-79.79%
Net Income Growth	-1.63%	3.13%	262.81%	131.86%	-3,316.02%	-31.79%	-42.03%	165.49%	-5.09%	-135.79%
EPS Growth	56.83%	-5.67%	5,642.86%	99.04%	-404.17%	-171.70%	-70.97%	82.78%	-265.14%	-55.14%
Operating Cash Flow Growth	13.64%	34.90%	3.38%	32.01%	25.52%	21.49%	21.77%	12.19%	-19.07%	35.82%
Free Cash Flow Firm Growth	18.81%	134.33%	-237.94%	44.54%	173.76%	-10.60%	-39.83%	-194.45%	121.38%	-2,952.76%
Invested Capital Growth	5.75%	7.12%	37.11%	-9.26%	-15.08%	15.36%	17.10%	11.26%	-11.05%	118.56%
Revenue Q/Q Growth	1.02%	-1.93%	-4.06%	20.37%	1.21%	-1.41%	-0.99%	8.50%	5.77%	-31.03%
EBITDA Q/Q Growth	2.55%	2.49%	37.33%	-17.01%	40.12%	7.41%	-11.93%	52.17%	6.14%	-36.82%
EBIT Q/Q Growth	2.47%	3.34%	62.85%	-29.57%	18.69%	24.86%	-37.59%	85.78%	122.11%	-81.93%
NOPAT Q/Q Growth	2.81%	-1.97%	65.30%	-26.41%	18.14%	42.15%	-75.14%	63.30%	204.89%	-84.14%
Net Income Q/Q Growth	3.76%	-2.37%	72.79%	-48.35%	10.84%	228.35%	-86.52%	131.05%	36.41%	-163.00%
EPS Q/Q Growth	3.99%	-3.94%	252.73%	-105.34%	7.52%	-0.70%	-140.46%	88.60%	-1,700.00%	0.00%
Operating Cash Flow Q/Q Growth	11.29%	15.05%	1.42%	-5.91%	11.36%	21.02%	-13.48%	16.19%	-6.95%	-35.32%
Free Cash Flow Firm Q/Q Growth	64.74%	28.31%	-7.87%	-21.76%	137.83%	30.93%	-287.95%	-10.66%	-22.46%	-4.63%
Invested Capital Q/Q Growth	-0.06%	2.24%	4.09%	-1.60%	-3.42%	1.02%	7.87%	3.10%	0.75%	-3.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.66%	33.52%	19.34%	19.00%	37.21%	28.41%	21.42%	21.65%	26.42%	27.35%
EBITDA Margin	25.23%	24.68%	13.24%	10.20%	-4.58%	13.43%	10.22%	8.84%	11.68%	11.75%
Operating Margin	16.45%	16.35%	8.26%	5.10%	-15.78%	2.22%	2.27%	-1.39%	0.83%	2.39%
EBIT Margin	16.46%	16.32%	7.95%	5.01%	-15.19%	2.11%	2.33%	-0.48%	0.13%	1.84%
Profit (Net Income) Margin	9.48%	9.83%	7.32%	2.49%	-16.04%	0.48%	0.58%	1.18%	-2.38%	-2.27%
Tax Burden Percent	80.16%	81.30%	92.08%	96.61%	84.23%	-88.22%	91.65%	-35.58%	61.26%	135.42%
Interest Burden Percent	71.89%	74.10%	99.93%	51.48%	125.41%	-25.55%	26.96%	694.08%	-2,951.14%	-91.19%
Effective Tax Rate	19.84%	18.70%	7.92%	3.39%	0.00%	0.00%	8.35%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	12.00%	12.62%	11.27%	6.67%	-6.38%	0.94%	1.75%	-0.79%	0.36%	1.32%
ROIC Less NNEP Spread (ROIC-NNEP)	7.50%	8.03%	10.57%	0.27%	-12.41%	-0.54%	-1.21%	3.31%	-3.65%	-5.19%
Return on Net Nonoperating Assets (RNNOA)	22.42%	20.31%	16.81%	0.29%	-11.37%	-0.43%	-0.90%	2.46%	-3.01%	-4.77%
Return on Equity (ROE)	34.41%	32.93%	28.07%	6.96%	-17.75%	0.51%	0.85%	1.67%	-2.66%	-3.44%
Cash Return on Invested Capital (CROIC)	6.41%	5.74%	-20.04%	16.38%	9.93%	-13.33%	-14.00%	-11.45%	12.06%	-73.11%
Operating Return on Assets (OROA)	12.42%	13.03%	9.57%	5.46%	-7.23%	1.02%	1.56%	-0.31%	0.07%	1.25%
Return on Assets (ROA)	7.16%	7.85%	8.81%	2.72%	-7.64%	0.23%	0.39%	0.76%	-1.22%	-1.54%
Return on Common Equity (ROCE)	20.33%	18.56%	12.03%	2.68%	-9.01%	0.35%	0.73%	1.53%	-1.49%	-0.64%
Return on Equity Simple (ROE_SIMPLE)	59.93%	57.65%	57.45%	20.98%	-49.93%	0.84%	0.99%	1.69%	-3.03%	-10.36%
Net Operating Profit after Tax (NOPAT)	2,161	2,135	1,592	836	-913	135	218	-86	39	112
NOPAT Margin	13.19%	13.29%	7.61%	4.93%	-11.05%	1.56%	2.08%	-0.97%	0.58%	1.67%
Net Nonoperating Expense Percent (NNEP)	4.50%	4.58%	0.70%	6.40%	6.03%	1.48%	2.96%	-4.10%	4.01%	6.51%
Return On Investment Capital (ROIC_SIMPLE)	11.62%	12.16%	9.64%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	65.34%	66.48%	80.66%	81.00%	62.79%	71.59%	78.58%	78.35%	73.58%	72.65%
SG&A Expenses to Revenue	9.53%	8.88%	5.84%	6.02%	11.54%	11.35%	9.34%	9.37%	11.07%	10.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.21%	17.17%	11.08%	13.90%	52.99%	26.18%	19.16%	23.04%	25.59%	24.96%
Earnings before Interest and Taxes (EBIT)	2,696	2,621	1,664	849	-1,254	183	244	-42	8.80	123
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,134	3,964	2,771	1,730	-378	1,165	1,071	779	781	782
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.96	6.89	5.94	5.58	2.12	1.72	1.10	1.28	1.36	0.65
Price to Tangible Book Value (P/TBV)	63.06	48.50	0.00	12.25	4.42	2.65	1.66	2.11	2.10	0.00
Price to Revenue (P/Rev)	2.37	1.18	0.76	0.66	0.68	0.97	0.64	0.89	1.06	0.14
Price to Earnings (P/E)	30.32	22.58	17.66	0.00	0.00	0.00	0.00	0.00	0.00	16.38
Dividend Yield	1.55%	2.19%	2.00%	0.82%	4.94%	10.02%	12.43%	9.96%	9.25%	19.89%
Earnings Yield	3.30%	4.43%	5.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.11%
Enterprise Value to Invested Capital (EV/IC)	2.94	1.91	1.80	1.76	1.22	1.23	1.05	1.15	1.18	0.96
Enterprise Value to Revenue (EV/Rev)	3.32	2.08	1.40	1.24	1.93	2.19	1.34	1.49	1.82	1.66
Enterprise Value to EBITDA (EV/EBITDA)	13.17	8.43	10.59	12.14	0.00	16.32	13.11	16.91	15.56	14.14
Enterprise Value to EBIT (EV/EBIT)	20.19	12.75	17.63	24.75	0.00	103.97	57.47	0.00	1,381.50	90.24
Enterprise Value to NOPAT (EV/NOPAT)	25.19	15.65	18.43	25.14	0.00	140.76	64.52	0.00	311.24	99.21
Enterprise Value to Operating Cash Flow (EV/OCF)	14.91	10.40	12.32	9.12	9.15	13.68	12.28	14.02	14.52	10.69
Enterprise Value to Free Cash Flow (EV/FCFF)	47.13	34.37	0.00	10.23	11.24	0.00	0.00	0.00	9.22	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.21	2.81	2.32	1.11	1.25	0.90	0.89	0.75	0.85	0.92
Long-Term Debt to Equity	3.12	2.68	2.15	1.09	1.19	0.85	0.75	0.70	0.80	0.92
Financial Leverage	2.99	2.53	1.59	1.07	0.92	0.78	0.75	0.74	0.83	0.92
Leverage Ratio	4.81	4.19	3.19	2.56	2.32	2.21	2.20	2.18	2.18	2.24
Compound Leverage Factor	3.46	3.11	3.18	1.32	2.91	-0.56	0.59	15.16	-64.28	-2.04
Debt to Total Capital	76.24%	73.75%	69.84%	52.67%	55.56%	47.28%	47.13%	42.79%	46.02%	47.78%
Short-Term Debt to Total Capital	2.09%	3.53%	5.05%	1.30%	2.64%	2.31%	7.27%	2.96%	2.59%	0.00%
Long-Term Debt to Total Capital	74.15%	70.22%	64.79%	51.37%	52.92%	44.97%	39.86%	39.83%	43.43%	47.78%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	9.82%	10.65%	14.02%	31.27%	25.43%	22.97%	9.85%	5.04%	4.49%	40.01%
Common Equity to Total Capital	13.94%	15.60%	16.14%	16.06%	19.01%	29.74%	43.02%	52.17%	49.49%	12.21%
Debt to EBITDA	3.43	3.27	4.16	3.81	-20.51	6.72	6.22	6.49	6.25	7.31
Net Debt to EBITDA	3.34	3.20	4.04	3.38	-17.98	5.80	5.54	6.03	5.84	6.80
Long-Term Debt to EBITDA	3.34	3.11	3.86	3.72	-19.53	6.39	5.26	6.04	5.89	7.31
Debt to NOPAT	6.56	6.07	7.25	7.90	-8.50	57.93	30.60	-58.98	124.96	51.29
Net Debt to NOPAT	6.40	5.93	7.03	7.00	-7.45	50.01	27.28	-54.79	116.92	47.71
Long-Term Debt to NOPAT	6.38	5.78	6.72	7.70	-8.09	55.10	25.87	-54.89	117.92	51.29
Altman Z-Score	2.41	1.90	1.91	1.82	0.42	0.96	0.98	1.19	1.08	0.62
Noncontrolling Interest Sharing Ratio	40.94%	43.65%	57.13%	61.55%	49.25%	32.07%	13.97%	8.59%	43.96%	81.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.72	0.79	0.77	0.77	0.82	0.89	0.51	0.79	0.86	1.05
Quick Ratio	0.56	0.58	0.53	0.65	0.62	0.63	0.39	0.60	0.64	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,155	972	-2,831	2,053	1,420	-1,925	-1,741	-1,245	1,318	-6,165
Operating Cash Flow to CapEx	123.20%	134.90%	181.56%	467.21%	231.70%	48.54%	40.03%	72.56%	150.26%	126.62%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-26.58
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.46
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.80	1.20	1.09	0.48	0.49	0.67	0.65	0.51	0.68
Accounts Receivable Turnover	10.61	11.16	15.28	15.45	9.62	10.08	12.38	11.74	11.24	12.30
Inventory Turnover	30.33	27.90	61.70	81.99	30.24	38.06	44.63	40.36	35.33	31.22
Fixed Asset Turnover	0.97	1.07	1.62	1.42	0.62	0.63	0.90	0.88	0.69	0.92
Accounts Payable Turnover	5.97	7.06	11.84	12.28	5.80	4.61	5.63	6.80	6.59	7.51
Days Sales Outstanding (DSO)	34.42	32.72	23.89	23.63	37.95	36.21	29.47	31.10	32.47	29.69
Days Inventory Outstanding (DIO)	12.03	13.08	5.92	4.45	12.07	9.59	8.18	9.04	10.33	11.69
Days Payable Outstanding (DPO)	61.17	51.69	30.82	29.72	62.94	79.14	64.78	53.66	55.38	48.62
Cash Conversion Cycle (CCC)	-14.72	-5.88	-1.01	-1.64	-12.91	-33.34	-27.13	-13.51	-12.58	-7.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,511	17,506	16,342	11,919	13,136	15,469	13,409	11,450	10,291	11,570
Invested Capital Turnover	0.91	0.95	1.48	1.35	0.58	0.60	0.84	0.81	0.61	0.79
Increase / (Decrease) in Invested Capital	1,006	1,163	4,423	-1,217	-2,333	2,060	1,958	1,159	-1,279	6,276
Enterprise Value (EV)	54,432	33,409	29,336	21,004	15,964	19,007	14,045	13,173	12,157	11,063
Market Capitalization	38,782	18,872	15,834	11,236	5,615	8,453	6,715	7,883	7,115	955
Book Value per Share	$11.89	$12.29	$11.78	$8.79	$11.59	$21.14	$26.51	$28.57	$29.03	$26.09
Tangible Book Value per Share	$2.82	$1.75	($0.30)	$4.00	$5.55	$13.69	$17.66	$17.33	$18.72	($13.67)
Total Capital	18,593	17,564	16,519	12,526	13,960	16,544	14,131	11,809	10,605	11,969
Total Debt	14,175	12,954	11,536	6,597	7,756	7,822	6,660	5,053	4,881	5,719
Total Long-Term Debt	13,787	12,333	10,702	6,434	7,387	7,440	5,632	4,703	4,606	5,719
Net Debt	13,824	12,666	11,186	5,852	6,799	6,753	5,938	4,694	4,567	5,320
Capital Expenditures (CapEx)	2,963	2,381	1,311	493	753	2,863	2,858	1,295	557	817
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-646	-87	-95	-524	-193	-163	-584	-134	41	-95
Debt-free Net Working Capital (DFNWC)	-489	54	124	-366	50	168	-352	3.30	114	45
Net Working Capital (NWC)	-876	-566	-710	-529	-319	-214	-1,380	-347	-161	45
Net Nonoperating Expense (NNE)	607	556	61	413	412	94	157	-190	198	263
Net Nonoperating Obligations (NNO)	14,093	12,896	11,360	5,991	6,932	6,747	5,938	4,694	4,567	5,320
Total Depreciation and Amortization (D&A)	1,438	1,343	1,107	881	876	982	827	821	773	660
Debt-free, Cash-free Net Working Capital to Revenue	-3.94%	-0.54%	-0.45%	-3.09%	-2.34%	-1.88%	-5.57%	-1.52%	0.61%	-1.43%
Debt-free Net Working Capital to Revenue	-2.98%	0.34%	0.59%	-2.16%	0.60%	1.94%	-3.36%	0.04%	1.71%	0.68%
Net Working Capital to Revenue	-5.35%	-3.53%	-3.39%	-3.12%	-3.86%	-2.47%	-13.16%	-3.93%	-2.40%	0.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.77	$3.69	$0.00	$0.00	($7.26)	($1.44)	($0.53)	($0.31)	($1.80)	$1.09
Adjusted Weighted Average Basic Shares Outstanding	220.20M	224.60M	0.00	0.00	232.20M	232.50M	224.20M	206.90M	154.40M	53.50M
Adjusted Diluted Earnings per Share	$5.74	$3.66	$0.00	$0.00	($7.26)	($1.44)	($0.53)	($0.31)	($1.80)	$1.09
Adjusted Weighted Average Diluted Shares Outstanding	221.30M	226M	0.00	0.00	232.20M	232.50M	224.20M	206.90M	154.40M	53.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	218.11M	223.16M	0.00	0.00	228.65M	233.05M	232.14M	218.83M	193.95M	160.56M
Normalized Net Operating Profit after Tax (NOPAT)	2,161	2,135	1,592	1,272	797	293	410	179	184	337
Normalized NOPAT Margin	13.19%	13.29%	7.61%	7.51%	9.65%	3.38%	3.91%	2.03%	2.75%	5.07%
Pre Tax Income Margin	11.83%	12.10%	7.95%	2.58%	-19.04%	-0.54%	0.63%	-3.32%	-3.88%	-1.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.53
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.48
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	54.59%	41.12%	45.46%	162.88%	-63.03%	2,807.04%	1,639.74%	878.22%	-490.32%	-458.26%
Augmented Payout Ratio	110.44%	135.63%	120.62%	177.75%	-71.12%	2,926.94%	1,687.25%	900.77%	-535.20%	-494.12%

This table displays calculated financial ratios and metrics derived from Targa Resources' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.02%	3.91%	-1.15%	4.65%	0.93%	-6.92%	-27.30%	-43.79%	-8.84%	-16.30%	20.19%
EBITDA Growth	-7.12%	10.48%	29.44%	-0.41%	-15.18%	10.91%	19.02%	42.29%	136.60%	576.28%	19.15%
EBIT Growth	-15.21%	10.24%	44.12%	-3.21%	-23.10%	15.38%	21.57%	54.59%	198.28%	701.97%	13.28%
NOPAT Growth	-15.66%	12.01%	41.41%	-4.44%	-26.64%	-8.24%	2.68%	29.59%	168.03%	939.03%	13.27%
Net Income Growth	-15.87%	15.74%	60.61%	-7.38%	-40.09%	-9.67%	-0.11%	-43.64%	229.30%	258.87%	-3.02%
EPS Growth	-25.41%	18.03%	80.41%	-7.64%	3,966.67%	-10.95%	15.48%	-10.56%	-50.00%	197.16%	27.27%
Operating Cash Flow Growth	8.90%	38.66%	32.80%	33.64%	-25.08%	78.18%	-11.38%	6.50%	56.35%	6.63%	-7.19%
Free Cash Flow Firm Growth	19.26%	32.37%	19.59%	89.75%	84.32%	82.77%	68.59%	-536.64%	-356.91%	-437.00%	-271.48%
Invested Capital Growth	5.56%	5.75%	8.18%	5.77%	7.25%	7.12%	9.05%	44.12%	43.93%	37.11%	29.62%
Revenue Q/Q Growth	3.55%	14.37%	8.14%	-21.93%	7.62%	8.80%	14.48%	-24.71%	-0.75%	-15.02%	-11.49%
EBITDA Q/Q Growth	-15.50%	-0.36%	11.09%	-0.70%	0.51%	16.74%	-14.53%	-15.43%	31.43%	25.29%	2.19%
EBIT Q/Q Growth	-22.41%	-3.74%	16.21%	-2.31%	0.88%	25.84%	-21.96%	-22.38%	51.36%	32.60%	-0.76%
NOPAT Q/Q Growth	-21.90%	-7.63%	20.52%	-3.00%	3.73%	16.62%	-18.56%	-25.53%	29.75%	30.49%	2.79%
Net Income Q/Q Growth	-32.40%	-7.63%	24.85%	7.91%	-6.99%	28.17%	-28.00%	-30.21%	40.24%	41.75%	-59.38%
EPS Q/Q Growth	-36.81%	-17.71%	31.58%	9.02%	0.00%	25.77%	-32.64%	4,700.00%	-97.81%	63.10%	-47.83%
Operating Cash Flow Q/Q Growth	-28.13%	145.50%	-40.20%	3.21%	-8.49%	135.13%	-39.82%	-42.14%	117.64%	16.95%	-27.68%
Free Cash Flow Firm Q/Q Growth	-20.21%	43.53%	-68.46%	29.40%	-0.70%	32.86%	78.52%	-8.00%	-10.65%	-22.35%	-398.65%
Invested Capital Q/Q Growth	0.12%	-0.06%	3.84%	1.59%	0.30%	2.24%	1.52%	3.02%	0.18%	4.09%	34.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.58%	33.66%	38.60%	38.31%	29.47%	31.63%	30.97%	39.22%	33.22%	27.01%	19.66%
EBITDA Margin	20.06%	24.58%	28.22%	27.47%	21.60%	23.12%	21.55%	28.86%	25.70%	19.41%	13.16%
Operating Margin	11.91%	15.90%	18.91%	17.61%	14.01%	14.99%	12.96%	19.07%	18.51%	12.10%	8.02%
EBIT Margin	11.92%	15.90%	18.90%	17.58%	14.05%	14.99%	12.96%	19.01%	18.44%	12.09%	7.75%
Profit (Net Income) Margin	6.13%	9.40%	11.63%	10.08%	7.29%	8.44%	7.16%	11.38%	12.28%	8.69%	5.21%
Tax Burden Percent	79.49%	78.93%	82.21%	79.19%	80.09%	77.71%	83.81%	80.08%	83.43%	97.58%	95.88%
Interest Burden Percent	64.75%	74.85%	74.90%	72.36%	64.78%	72.42%	65.92%	74.78%	79.82%	73.66%	70.13%
Effective Tax Rate	20.51%	21.07%	17.79%	20.81%	19.91%	22.29%	16.19%	19.92%	16.57%	2.42%	4.12%
Return on Invested Capital (ROIC)	8.59%	11.42%	14.14%	13.07%	10.65%	11.05%	10.84%	19.07%	22.81%	17.49%	12.07%
ROIC Less NNEP Spread (ROIC-NNEP)	7.54%	10.39%	13.02%	12.00%	9.21%	9.93%	9.62%	17.72%	21.27%	15.86%	10.50%
Return on Net Nonoperating Assets (RNNOA)	30.53%	31.05%	39.49%	34.85%	25.56%	25.11%	25.05%	38.91%	43.02%	25.22%	16.33%
Return on Equity (ROE)	39.13%	42.47%	53.63%	47.91%	36.21%	36.16%	35.89%	57.98%	65.83%	42.71%	28.40%
Cash Return on Invested Capital (CROIC)	6.12%	6.41%	3.93%	5.48%	4.49%	5.74%	4.62%	-21.01%	-21.34%	-20.04%	-18.87%
Operating Return on Assets (OROA)	8.95%	12.00%	14.56%	14.04%	11.35%	11.97%	10.72%	19.49%	22.02%	14.56%	9.56%
Return on Assets (ROA)	4.60%	7.09%	8.96%	8.05%	5.89%	6.73%	5.92%	11.67%	14.67%	10.46%	6.43%
Return on Common Equity (ROCE)	28.21%	25.08%	30.83%	27.72%	21.17%	20.37%	19.27%	30.77%	30.46%	18.31%	11.93%
Return on Equity Simple (ROE_SIMPLE)	61.22%	0.00%	58.17%	53.82%	50.18%	0.00%	64.55%	60.48%	75.20%	0.00%	37.17%
Net Operating Profit after Tax (NOPAT)	432	553	599	497	512	494	423	520	698	538	412
NOPAT Margin	9.47%	12.55%	15.54%	13.94%	11.22%	11.64%	10.86%	15.27%	15.44%	11.81%	7.69%
Net Nonoperating Expense Percent (NNEP)	1.05%	1.03%	1.12%	1.07%	1.44%	1.12%	1.22%	1.35%	1.54%	1.64%	1.57%
Return On Investment Capital (ROIC_SIMPLE)	2.30%	2.97%	-	-	-	2.81%	-	-	-	3.26%	-
Cost of Revenue to Revenue	71.42%	66.34%	61.40%	61.69%	70.53%	68.37%	69.03%	60.78%	66.78%	72.99%	80.34%
SG&A Expenses to Revenue	8.73%	9.16%	10.48%	10.92%	7.99%	8.60%	9.44%	10.39%	7.53%	7.57%	6.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.67%	17.75%	19.69%	20.70%	15.45%	16.65%	18.00%	20.15%	14.71%	14.91%	11.64%
Earnings before Interest and Taxes (EBIT)	544	701	728	626	641	636	505	647	834	551	415
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	915	1,083	1,087	978	985	980	840	982	1,162	884	706
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.74	14.96	12.54	11.51	9.12	6.89	7.44	6.24	6.25	5.94	5.47
Price to Tangible Book Value (P/TBV)	78.25	63.06	64.15	93.55	55.24	48.50	313.30	125.88	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.65	2.37	1.99	1.75	1.53	1.18	1.14	0.94	0.78	0.76	0.60
Price to Earnings (P/E)	36.11	30.32	26.01	26.44	22.33	22.58	21.34	19.72	17.91	17.66	53.61
Dividend Yield	1.50%	1.55%	1.70%	1.76%	1.81%	2.19%	2.04%	2.10%	1.99%	2.00%	2.00%
Earnings Yield	2.77%	3.30%	3.85%	3.78%	4.48%	4.43%	4.69%	5.07%	5.58%	5.66%	1.87%
Enterprise Value to Invested Capital (EV/IC)	3.21	2.94	2.60	2.44	2.24	1.91	1.94	1.82	1.81	1.80	1.67
Enterprise Value to Revenue (EV/Rev)	3.63	3.32	2.97	2.68	2.44	2.08	2.02	1.72	1.45	1.40	1.20
Enterprise Value to EBITDA (EV/EBITDA)	14.63	13.17	11.94	11.50	10.39	8.43	8.57	8.21	8.61	10.59	13.02
Enterprise Value to EBIT (EV/EBIT)	22.88	20.19	18.29	18.07	16.20	12.75	13.07	12.53	13.36	17.63	25.70
Enterprise Value to NOPAT (EV/NOPAT)	28.57	25.19	22.90	22.62	20.20	15.65	15.22	14.18	14.55	18.43	27.27
Enterprise Value to Operating Cash Flow (EV/OCF)	15.95	14.91	14.67	13.83	13.48	10.40	11.88	10.78	10.57	12.32	11.19
Enterprise Value to Free Cash Flow (EV/FCFF)	53.81	47.13	68.64	45.75	51.70	34.37	43.77	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.30	3.21	3.20	3.12	2.85	2.81	2.95	2.73	2.76	2.32	2.37
Long-Term Debt to Equity	6.04	3.12	3.05	2.98	2.73	2.68	2.81	2.60	2.59	2.15	2.20
Financial Leverage	4.05	2.99	3.03	2.90	2.77	2.53	2.60	2.20	2.02	1.59	1.56
Leverage Ratio	6.10	4.81	4.76	4.58	4.44	4.19	4.35	3.89	3.74	3.19	3.25
Compound Leverage Factor	3.95	3.60	3.57	3.32	2.87	3.04	2.86	2.91	2.98	2.35	2.28
Debt to Total Capital	86.30%	76.24%	76.17%	75.73%	74.04%	73.75%	74.69%	73.20%	73.41%	69.84%	70.30%
Short-Term Debt to Total Capital	3.52%	2.09%	3.49%	3.36%	3.10%	3.53%	3.48%	3.46%	4.45%	5.05%	4.81%
Long-Term Debt to Total Capital	82.79%	74.15%	72.68%	72.37%	70.94%	70.22%	71.21%	69.74%	68.95%	64.79%	65.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.65%	9.82%	10.07%	10.50%	10.63%	10.65%	10.82%	11.01%	11.22%	14.02%	14.73%
Common Equity to Total Capital	13.05%	13.94%	13.75%	13.77%	15.33%	15.60%	14.49%	15.79%	15.37%	16.14%	14.97%
Debt to EBITDA	3.99	3.43	3.54	3.59	3.45	3.27	3.34	3.32	3.54	4.16	5.55
Net Debt to EBITDA	3.90	3.34	3.46	3.50	3.38	3.20	3.27	3.24	3.44	4.04	5.39
Long-Term Debt to EBITDA	3.83	3.34	3.37	3.43	3.30	3.11	3.18	3.16	3.32	3.86	5.17
Debt to NOPAT	7.79	6.56	6.78	7.05	6.70	6.07	5.93	5.74	5.98	7.25	11.63
Net Debt to NOPAT	7.61	6.40	6.64	6.88	6.57	5.93	5.80	5.60	5.81	7.03	11.29
Long-Term Debt to NOPAT	7.47	6.38	6.47	6.74	6.42	5.78	5.66	5.46	5.62	6.72	10.83
Altman Z-Score	2.11	2.12	1.99	1.86	1.78	1.58	1.59	1.68	1.81	1.73	1.61
Noncontrolling Interest Sharing Ratio	27.90%	40.94%	42.51%	42.15%	41.55%	43.65%	46.31%	46.93%	53.72%	57.13%	58.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.65	0.72	0.77	0.65	0.70	0.79	0.80	0.75	0.66	0.77	0.74
Quick Ratio	0.49	0.56	0.54	0.48	0.57	0.58	0.51	0.50	0.50	0.53	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-544	-453	-802	-476	-674	-670	-997	-4,643	-4,299	-3,885	-3,176
Operating Cash Flow to CapEx	120.47%	182.78%	65.33%	122.36%	131.02%	133.35%	68.95%	113.50%	246.01%	104.53%	120.98%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.75	0.77	0.80	0.81	0.80	0.83	1.03	1.19	1.20	1.23
Accounts Receivable Turnover	11.35	10.61	12.76	14.75	12.85	11.16	11.80	13.72	15.82	15.28	15.44
Inventory Turnover	44.70	30.33	22.46	34.77	57.13	27.90	22.04	49.44	123.74	61.70	46.00
Fixed Asset Turnover	0.94	0.97	0.99	1.02	1.05	1.07	1.13	1.33	1.57	1.62	1.70
Accounts Payable Turnover	5.97	5.97	7.00	7.69	7.34	7.06	6.55	8.27	10.26	11.84	10.48
Days Sales Outstanding (DSO)	32.16	34.42	28.61	24.75	28.42	32.72	30.94	26.61	23.07	23.89	23.64
Days Inventory Outstanding (DIO)	8.17	12.03	16.25	10.50	6.39	13.08	16.56	7.38	2.95	5.92	7.93
Days Payable Outstanding (DPO)	61.15	61.17	52.11	47.43	49.75	51.69	55.69	44.11	35.56	30.82	34.82
Cash Conversion Cycle (CCC)	-20.81	-14.72	-7.24	-12.19	-14.95	-5.88	-8.19	-10.12	-9.54	-1.01	-3.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,534	18,511	18,522	17,838	17,558	17,506	17,121	16,865	16,371	16,342	15,701
Invested Capital Turnover	0.91	0.91	0.91	0.94	0.95	0.95	1.00	1.25	1.48	1.48	1.57
Increase / (Decrease) in Invested Capital	976	1,006	1,401	973	1,186	1,163	1,421	5,163	4,997	4,423	3,588
Enterprise Value (EV)	59,439	54,432	48,115	43,515	39,340	33,409	33,156	30,654	29,630	29,336	26,264
Market Capitalization	43,478	38,782	32,280	28,393	24,672	18,872	18,642	16,692	15,937	15,834	13,048
Book Value per Share	$11.24	$11.89	$11.75	$11.13	$12.14	$12.29	$11.20	$11.84	$11.25	$11.78	$10.52
Tangible Book Value per Share	$2.55	$2.82	$2.30	$1.37	$2.00	$1.75	$0.27	$0.59	($0.39)	($0.30)	($2.01)
Total Capital	18,781	18,593	18,713	17,916	17,634	17,564	17,298	16,939	16,591	16,519	15,929
Total Debt	16,209	14,175	14,255	13,567	13,056	12,954	12,920	12,399	12,179	11,536	11,198
Total Long-Term Debt	15,548	13,787	13,601	12,966	12,510	12,333	12,318	11,813	11,440	10,702	10,431
Net Debt	15,840	13,824	13,950	13,241	12,794	12,666	12,643	12,098	11,832	11,186	10,869
Capital Expenditures (CapEx)	792	727	828	739	669	718	591	596	476	514	380
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-613	-646	-73	-589	-405	-87	-80	-175	-301	-95	-323
Debt-free Net Working Capital (DFNWC)	-462	-489	54	-423	-295	54	59	-5.80	-89	124	-130
Net Working Capital (NWC)	-1,122	-876	-599	-1,024	-842	-566	-543	-592	-828	-710	-896
Net Nonoperating Expense (NNE)	152	139	151	138	179	136	144	132	143	142	133
Net Nonoperating Obligations (NNO)	15,961	14,093	14,063	13,489	12,980	12,896	12,744	12,325	11,959	11,360	10,969
Total Depreciation and Amortization (D&A)	372	382	359	352	344	345	335	335	328	333	290
Debt-free, Cash-free Net Working Capital to Revenue	-3.74%	-3.94%	-0.45%	-3.62%	-2.52%	-0.54%	-0.49%	-0.98%	-1.47%	-0.45%	-1.48%
Debt-free Net Working Capital to Revenue	-2.82%	-2.98%	0.33%	-2.60%	-1.83%	0.34%	0.36%	-0.03%	-0.43%	0.59%	-0.60%
Net Working Capital to Revenue	-6.85%	-5.35%	-3.69%	-6.30%	-5.23%	-3.53%	-3.31%	-3.32%	-4.04%	-3.39%	-4.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.91	$1.44	$1.76	$1.34	$1.23	$1.25	$0.97	$1.44	$0.03	$1.40	$0.85
Adjusted Weighted Average Basic Shares Outstanding	217.90M	220.20M	219M	221M	222.80M	224.60M	223.80M	225.60M	226.40M	227.30M	226.60M
Adjusted Diluted Earnings per Share	$0.91	$1.44	$1.75	$1.33	$1.22	$1.22	$0.97	$1.44	$0.03	$1.37	$0.84
Adjusted Weighted Average Diluted Shares Outstanding	218.70M	221.30M	220M	221.90M	223.70M	226M	225.10M	226.80M	229.30M	231.10M	230.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	216.93M	218.11M	218.06M	219.08M	221.72M	223.16M	222.98M	223.71M	226.02M	0.00	226.38M
Normalized Net Operating Profit after Tax (NOPAT)	432	553	599	497	512	494	423	520	698	538	412
Normalized NOPAT Margin	9.47%	12.55%	15.54%	13.94%	11.22%	11.64%	10.86%	15.27%	15.44%	11.81%	7.69%
Pre Tax Income Margin	7.72%	11.90%	14.15%	12.72%	9.10%	10.86%	8.54%	14.22%	14.72%	8.91%	5.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	57.53%	54.59%	53.06%	56.30%	50.61%	41.12%	38.55%	37.13%	32.86%	45.46%	81.33%
Augmented Payout Ratio	235.28%	110.44%	107.18%	114.31%	92.19%	135.63%	132.48%	127.62%	106.12%	120.62%	222.57%

Frequently Asked Questions About Targa Resources' Financials

When does Targa Resources's fiscal year end?

According to the most recent income statement we have on file, Targa Resources' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Targa Resources' net income changed over the last 9 years?

Targa Resources' net income appears to be on an upward trend, with a most recent value of $1.55 billion in 2024, falling from -$151.40 million in 2015. The previous period was $1.58 billion in 2023. Find out what analysts predict for Targa Resources in the coming months.

What is Targa Resources's operating income?

Targa Resources's total operating income in 2024 was $2.70 billion, based on the following breakdown:

Total Gross Profit: $5.68 billion
Total Operating Expenses: $2.98 billion

How has Targa Resources revenue changed over the last 9 years?

Over the last 9 years, Targa Resources' total revenue changed from $6.66 billion in 2015 to $16.38 billion in 2024, a change of 146.0%.

How much debt does Targa Resources have?

Targa Resources' total liabilities were at $18.32 billion at the end of 2024, a 14.0% increase from 2023, and a 163.1% increase since 2015.

How much cash does Targa Resources have?

In the past 9 years, Targa Resources' cash and equivalents has ranged from $73.50 million in 2016 to $331.10 million in 2019, and is currently $157.30 million as of their latest financial filing in 2024.

How has Targa Resources' book value per share changed over the last 9 years?

Over the last 9 years, Targa Resources' book value per share changed from 26.09 in 2015 to 11.89 in 2024, a change of -54.4%.

Related Companies

This page (NYSE:TRGP) was last updated on 5/23/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Targa Resources (TRGP) Financials

Frequently Asked Questions About Targa Resources' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Targa Resources (TRGP) Financials

Annual Income Statements for Targa Resources

Quarterly Income Statements for Targa Resources

Annual Cash Flow Statements for Targa Resources

Quarterly Cash Flow Statements for Targa Resources

Annual Balance Sheets for Targa Resources

Quarterly Balance Sheets for Targa Resources

Annual Metrics And Ratios for Targa Resources

Quarterly Metrics And Ratios for Targa Resources

Frequently Asked Questions About Targa Resources' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools