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Targa Resources Corp. Balance Sheet 2025-2008 | TRGP
Brief overview of Targa Resources Corp.'s balance sheet strength
The comparison uses five available annual reports from the 2015–2019 interval.
The balance sheet expanded from $13.3 billion to $18.8 billion. Growth of +42% and CAGR of 9.2% look measured and sustainable.
Liabilities followed the scale of the balance sheet: +44.1% versus +42% for assets. Leverage did not change materially.
The share of internal funding stands at 26.2% versus 11% initially, providing a reasonable foundation.
Net debt to equity is high at 1.51x; refinancing risk and borrowing costs become more important.
Cash equals 1.8% of the balance sheet, compared with 1.1% five periods ago. This is the readily available cushion.
The accumulated result is -$339.6 million and remains below zero. The number alone does not explain whether losses, dividends or repurchases were the main cause.
Conclusion
Targa Resources Corp.'s balance sheet presents a mixed picture: strengths coexist with a limited cushion. Future capital and debt trends are particularly important.
Annual Balance Sheet Targa Resources Corp.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
17.3 B | 14 B | 12.8 B | 11.3 B | 6.45 B | 7.16 B | 7.45 B | 6.43 B | 4.92 B | 4.81 B | 5.84 B | 2.99 B | 2.92 B | 2.4 B | 1.35 B | 1.35 B | - | - |
Long Term Debt |
17.4 B | 14.2 B | 13 B | 11.5 B | 6.6 B | 7.39 B | 7.41 B | 5.63 B | 4.7 B | 4.61 B | 5.76 B | 2.89 B | 2.99 B | 2.48 B | 1.53 B | 1.53 B | - | - |
Long Term Debt Current |
24.3 M | 25.2 M | 21.8 M | 14.4 M | 11.7 M | 12 M | 7.8 M | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 8.22 B | 6.67 B | 6.02 B | 5.98 B | 6.12 B | 3.09 B | 3.19 B | 2.66 B | 1.59 B | - | - | - |
Total Current Liabilities |
3.55 B | 3.17 B | 2.76 B | 3.07 B | 2.3 B | 1.78 B | 1.87 B | 2.8 B | 1.62 B | 1.17 B | 882 M | 826 M | 770 M | 687 M | 741 M | 624 M | - | - |
Total Liabilities |
- | - | - | - | - | - | 10.1 B | 9.47 B | 7.63 B | 7.15 B | 7 B | 3.91 B | 3.96 B | 3.35 B | 3.39 B | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 3 M | - | - | - |
Retained Earnings |
2.29 B | 1.19 B | 492 M | -627 M | -1.82 B | -1.89 B | -340 M | -130 M | -77.2 M | -187 M | 26.9 M | 25.5 M | 20.5 M | -32 M | - | -101 M | - | - |
Total Assets |
25.2 B | 22.7 B | 20.7 B | 19.6 B | 15.2 B | 15.9 B | 18.8 B | 16.9 B | 14.4 B | 12.9 B | 13.3 B | 6.45 B | 6.05 B | 5.1 B | 3.39 B | 3.39 B | 3.37 B | - |
Cash and Cash Equivalents |
166 M | 157 M | 142 M | 219 M | 158 M | 243 M | 331 M | 232 M | 137 M | 73.5 M | 140 M | 81 M | 66.7 M | 76.3 M | 146 M | 188 M | 252 M | 363 M |
Book Value |
25.2 B | 22.7 B | 20.7 B | 19.6 B | 15.2 B | 15.9 B | 8.72 B | 7.47 B | 6.76 B | 5.72 B | 6.25 B | 2.54 B | 2.09 B | 1.75 B | - | 3.39 B | 3.37 B | - |
Total Shareholders Equity |
3.07 B | 2.59 B | 2.74 B | 2.67 B | 5.18 B | 5.9 B | 4.92 B | 6.08 B | 6.16 B | 5.25 B | 1.46 B | 170 M | 149 M | 144 M | 158 M | 144 M | 755 M | 822 M |
All numbers in USD currency
Quarterly Balance Sheet Targa Resources Corp.
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
19.1 B | 17.4 B | 16.9 B | 16.2 B | 14.2 B | 14.3 B | 13.6 B | 13.1 B | 13 B | 12.9 B | 12.4 B | 12.2 B | 11.5 B | 11.2 B | - | 7.25 B | 6.6 B | 6.79 B | 6.98 B | 7.37 B | 7.76 B | 7.76 B | 7.76 B | 7.76 B | 7.82 B | 7.28 B | 6.64 B | 7.12 B | 5.63 B | 5.68 B | 5.63 B | 5.63 B | 4.7 B | 4.7 B | 4.7 B | 4.7 B | 4.61 B | 4.61 B | 4.61 B | 4.61 B | 5.72 B | 5.72 B | 5.72 B | 5.72 B | 2.86 B | 2.89 B | 2.89 B | 2.89 B | 2.99 B | 2.99 B | 2.99 B | 2.99 B | 2.48 B | 2.48 B | 2.48 B | 2.48 B | 1.57 B | 1.57 B | 1.57 B | 1.57 B |
Retained Earnings |
2.56 B | 1.97 B | 1.71 B | 1.3 B | 1.19 B | 1 B | 784 M | 654 M | 492 M | 306 M | 200 M | -130 M | -627 M | -945 M | - | -1.73 B | -1.82 B | -1.51 B | -1.69 B | -1.75 B | -1.89 B | -1.89 B | -1.89 B | -1.89 B | -340 M | -340 M | -340 M | -340 M | -130 M | -130 M | -130 M | -130 M | -77.2 M | -77.2 M | -77.2 M | -77.2 M | -187 M | -187 M | -187 M | -187 M | 26.9 M | 26.9 M | 26.9 M | 26.9 M | 25.5 M | 25.5 M | 25.5 M | 25.5 M | 20.5 M | 20.5 M | 20.5 M | 20.5 M | -32 M | -32 M | -32 M | -32 M | -70.1 M | -70.1 M | -70.1 M | -70.1 M |
Total Assets |
27.1 B | 24.2 B | 23.5 B | 22.8 B | 22.7 B | 21.9 B | 21.3 B | 20.8 B | 20.7 B | 20.2 B | 19.5 B | 19 B | 19.6 B | 19.4 B | - | 15.3 B | 15.2 B | 16 B | 15.4 B | 15.6 B | 15.9 B | 15.9 B | 15.9 B | 15.9 B | 18.8 B | 18.8 B | 18.8 B | 18.8 B | 16.9 B | 16.9 B | 16.9 B | 16.9 B | 14.4 B | 14.4 B | 14.4 B | 14.4 B | 12.9 B | 12.9 B | 12.9 B | 12.9 B | 13.2 B | 13.2 B | 13.2 B | 13.2 B | 6.42 B | 6.45 B | 6.45 B | 6.45 B | 6.02 B | 6.05 B | 6.05 B | 6.05 B | 5.1 B | 5.1 B | 5.1 B | 5.1 B | 3.83 B | 3.83 B | 3.83 B | 3.83 B |
Cash and Cash Equivalents |
100 M | 124 M | 113 M | 151 M | 157 M | 127 M | 166 M | 110 M | 142 M | 140 M | 169 M | 212 M | 219 M | 193 M | 154 M | 136 M | 158 M | 229 M | 209 M | 248 M | 243 M | 243 M | 243 M | 243 M | 331 M | 331 M | 331 M | 331 M | 232 M | 232 M | 232 M | 232 M | 137 M | 137 M | 137 M | 137 M | 73.5 M | 73.5 M | 73.5 M | 73.5 M | 140 M | 140 M | 140 M | 140 M | 81 M | 81 M | 81 M | 81 M | 66.7 M | 66.7 M | 66.7 M | 66.7 M | 76.3 M | 76.3 M | 76.3 M | 76.3 M | 146 M | 146 M | 146 M | 146 M |
Book Value |
27.1 B | 24.2 B | 23.5 B | 22.8 B | 22.7 B | 21.9 B | 21.3 B | 20.8 B | 20.7 B | 20.2 B | 19.5 B | 19 B | 19.6 B | 19.4 B | - | 15.3 B | 15.2 B | 16 B | 15.4 B | 15.6 B | 15.9 B | 15.9 B | 15.9 B | 15.9 B | 18.8 B | 18.8 B | 18.8 B | 18.8 B | 16.9 B | 16.9 B | 16.9 B | 16.9 B | 14.4 B | 14.4 B | 14.4 B | 14.4 B | 12.9 B | 12.9 B | 12.9 B | 12.9 B | 13.2 B | 13.2 B | 13.2 B | 13.2 B | 6.42 B | 6.45 B | 6.45 B | 6.45 B | 6.02 B | 6.05 B | 6.05 B | 6.05 B | 5.1 B | 5.1 B | 5.1 B | 5.1 B | 3.83 B | 3.83 B | 3.83 B | 3.83 B |
Total Shareholders Equity |
3.14 B | 2.71 B | 2.59 B | 2.45 B | 2.59 B | 4.46 B | 4.35 B | 4.58 B | 2.74 B | 4.38 B | 4.54 B | 4.41 B | 2.67 B | 4.73 B | 4.4 B | 4.02 B | 2.01 B | 5.4 B | 2.19 B | 2.3 B | 2.65 B | 2.65 B | 2.65 B | 2.65 B | 4.92 B | 4.92 B | 4.92 B | 4.92 B | 6.08 B | 6.08 B | 6.08 B | 6.08 B | 6.16 B | 6.16 B | 6.16 B | 6.16 B | 5.25 B | 5.25 B | 5.25 B | 5.25 B | 1.46 B | 1.46 B | 1.46 B | 1.46 B | 170 M | 170 M | 170 M | 170 M | 149 M | 149 M | 149 M | 149 M | 144 M | 144 M | 144 M | 144 M | 158 M | 158 M | 158 M | 158 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Targa Resources Corp., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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