15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $17.0B | $1.9B | 38.3% | 19.6% | $584M | $17.4B | $166M |
| 2024 | $16.4B | $1.3B | 34.7% | 16.5% | $684M | $14.2B | $157M |
| 2023 | $16.1B | $1.3B | 33.5% | 16.4% | $826M | $13.0B | $142M |
| 2022 | $20.9B | $1.2B | 19.3% | 8.3% | $1.0B | $11.5B | $219M |
| 2021 | $16.9B | $71M | 19.0% | 5.1% | $1.8B | $6.6B | $159M |
| 2020 | $8.3B | -$1.6B | 37.2% | -15.8% | $793M | $7.8B | $243M |
| 2019 | $8.7B | -$209M | 29.4% | 2.2% | -$1.5B | $7.8B | $331M |
| 2018 | $10.5B | $2M | 21.4% | 2.3% | -$2.0B | $6.7B | $232M |
| 2017 | $8.8B | $54M | 21.7% | -1.4% | -$358M | $5.1B | $137M |
| 2016 | $5.6B | -$187M | 31.6% | 1.0% | $275M | $4.9B | $74M |
| 2015 | — | $58M | — | — | — | $5.9B | $140M |
| 2014 | — | $102M | — | — | — | $3.0B | $81M |
| 2013 | — | $65M | — | — | -$631M | $3.0B | $67M |
| 2012 | — | $38M | — | — | -$155M | $2.5B | $76M |
| 2011 | — | $31M | — | — | $47M | $1.6B | $146M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $4.1B | $480M | 41.5% | 20.7% | -$160M | $19.1B | $100M |
| Dec '25 | $4.1B | $545M | 43.1% | 22.6% | $542M | $17.4B | $166M |
| Sep '25 | $4.2B | $478M | 39.6% | 20.2% | -$73M | $17.4B | $124M |
| Jun '25 | $4.3B | $629M | 42.8% | 24.3% | -$48M | $16.9B | $113M |
| Mar '25 | $4.6B | $271M | 28.6% | 11.9% | $162M | $16.2B | $151M |
| Dec '24 | $4.4B | $351M | 33.7% | 15.9% | $601M | $14.2B | $157M |
| Sep '24 | $3.9B | $387M | 38.6% | 18.9% | -$288M | $14.3B | $127M |
| Jun '24 | $3.6B | $299M | 38.3% | 17.6% | $164M | $13.6B | $166M |
| Mar '24 | $4.6B | $275M | 29.5% | 14.0% | $207M | $13.1B | $110M |
| Dec '23 | $4.2B | $300M | 31.6% | 15.0% | $238M | $13.0B | $142M |
| Sep '23 | $3.9B | $220M | 31.0% | 13.0% | -$184M | $12.9B | $140M |
| Jun '23 | $3.4B | $329M | 39.2% | 19.1% | $79M | $12.4B | $169M |
| Mar '23 | $4.5B | $497M | 33.2% | 18.5% | $694M | $12.2B | $212M |
| Dec '22 | $4.6B | $318M | 27.0% | 12.1% | $19M | $11.5B | $219M |
| Sep '22 | $5.4B | $193M | 19.7% | 8.0% | $64M | $11.2B | $193M |
| Jun '22 | $6.1B | $596M | 16.7% | 7.5% | $420M | $7.5B | $154M |
| Mar '22 | $5.0B | $88M | 15.2% | 6.0% | $544M | $7.2B | $136M |
| Dec '21 | $5.4B | -$314M | 16.0% | -1.7% | $321M | $6.6B | $159M |
| Sep '21 | $4.5B | $182M | 18.9% | 8.2% | $373M | $6.8B | $229M |
| Jun '21 | $3.4B | $56M | 20.7% | 7.2% | $521M | $7.0B | $209M |
How the market has priced TRGP against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Targa Resources's revenue has grown 15.6% per year. These are computed facts, not advice.
As of FY2025, Targa Resources reported $17.4B of total debt against $166M of cash.
In FY2025, gross margin was 38.3%, operating margin 19.6%, and net margin 11.3%.
As of Jun '26, Targa Resources traded at a price-to-earnings ratio of about 30.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.