Targa Resources (TRGP): financials, SEC filings and peers
Targa Resources (TRGP) is an oil & gas storage & transportation company in the Energy sector of the S&P 500, headquartered in Houston, Texas.
It was founded in 2005 and joined the S&P 500 on October 12, 2022.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Natural Gas Transmission”.
Targa Resources at a glance
- Revenue (12 months)
- $18.2B
- Revenue growth
- +4.7%
- Operating margin
- 22.5%
- Net income (12 months)
- $2.4B
- Free cash flow (12 months)
- $934M
- Cash
- $143M
- Debt
- $19.8B
- Diluted EPS (12 months)
- $11.30
Twelve months to September 30, 2026, from the 10-Q filed November 5, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Targa Resources reported revenue of $18.2 billion, about the same as a year earlier (+4.7%).
Its operating margin was 22.5%, up 4.6 percentage points from a year earlier: for every $100 of sales, about $23 was left as operating profit.
Net income was $2.4 billion (13.5% of revenue), 41.6% higher than a year earlier.
Operating cash flow was $5.1 billion and capital spending $4.1 billion, leaving free cash flow of $934 million (5.1% of revenue). Capital spending equal to 23% of revenue is high; the company is investing heavily.
At the end of the period it held $143 million in cash and $19.8 billion in debt, a net debt position of $19.7 billion.
Five-year trend
- Revenue went from $8.3 billion in fiscal 2020 to $17.0 billion in fiscal 2025, about 15.6% a year.
- Operating margin widened from -15.8% to 19.6% over the same years.
- Free cash flow was positive in each of the last 6 fiscal years.
- Targa Resources reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.9B | $20.9B | $16.1B | $16.4B | $17.0B |
| Revenue growth | 105.2% | 23.5% | -23.3% | 2.0% | 3.9% |
| Operating margin | 5.1% | 8.3% | 16.4% | 16.5% | 19.6% |
| Net income | $71M | $1.2B | $1.3B | $1.3B | $1.9B |
| Free cash flow | $1.8B | $1.0B | $826M | $684M | $584M |
| Diluted EPS | $-0.07 | $3.88 | $3.66 | $5.74 | $8.49 |
Fiscal years as reported in Targa Resources’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed November 5, 2026 — quarterly report
- 8-K filed November 5, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed August 25, 2026 — Executive or director change
- 10-Q filed August 6, 2026 — quarterly report
- 8-K filed August 6, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed July 17, 2026 — Executive or director change
- 8-K filed July 6, 2026 — Material agreement
- 8-K filed May 22, 2026 — Shareholder vote results
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Questions about Targa Resources
Is Targa Resources's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $18.2 billion, up 4.7% from a year earlier, according to its SEC filings.
Is Targa Resources profitable?
Yes. It earned $2.4 billion in net income over the twelve months to September 30, 2026, a net margin of 13.5%.
Does Targa Resources have more cash or more debt?
At September 30, 2026 it had $143 million in cash and $19.8 billion in debt, so more debt than cash.
When did Targa Resources last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on November 5, 2026.
Which companies are similar to Targa Resources?
In the S&P 500, Targa Resources is grouped in Oil & Gas Storage & Transportation within the Energy sector. Kinder Morgan (KMI), Oneok (OKE), Williams Companies (WMB) are in the same group.
Understand the numbers
Source: Targa Resources’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.