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Targa Resources Corp. (TRGP)
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Targa Resources Corp. Income Statement 2025-2008 | TRGP
Brief overview of financial results at Targa Resources Corp.
This overview is based on financial performance over the past five years. Revenue at Targa Resources Corp. moved from 8.3 billion dollars in 2020 to 17 billion dollars in 2025. Across the full period, sales moved by +106.1%; the average annual rate was 15.6%. Revenue followed a strong upward trend without signs of stagnation.
The five-year change in gross profit reached +112.1%: from 3.1 billion dollars to 6.5 billion dollars. Direct costs broadly followed the top-line trend. At the margin level, the figure shifted from 37.2% to 38.3%. The economics of the core business remained steady.
Over the period, EBITDA shifted from −439 million dollars to 4.8 billion dollars, a change of +1205%. Additional revenue translated efficiently into EBITDA. EBITDA margin was −5.3% at the start and 28.5% at the end. The company improved its ability to convert sales into EBITDA.
The net financial result changed from −1.6 billion dollars to 1.9 billion dollars. The company restored profitability by the end of the period.
Over the period, capitalization shifted from 7.1 billion dollars to 48.8 billion dollars (+591.4%). The market value rose well beyond the pace of financial improvement.
Financial takeaway
Most key measures improved without a pronounced weak signal. The constructive conclusion rests on net-income growth, sales growth and positive operating leverage. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement Targa Resources Corp.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
48.8 B | 45 B | 20.9 B | 17.1 B | 14.9 B | 7.06 B | 8.61 B | 9.68 B | 9.91 B | 10.6 B | 1.2 B | 3.65 B | 3.75 B | 2.47 B | - | - | - | - |
Shares |
216 M | 220 M | 225 M | 227 M | 229 M | 232 M | 232 M | 224 M | 207 M | 185 M | 53.5 M | 42 M | 41.6 M | 41 M | - | 6.5 M | 3.8 M | - |
Historical Prices |
226 | 205 | 93 | 75.4 | 65 | 30.4 | 30.5 | 34.6 | 35.7 | 42 | 17.9 | 63.6 | 60.3 | 36.9 | 26 | - | - | - |
Net Income |
1.92 B | 1.31 B | 1.35 B | 1.2 B | 71.2 M | -1.55 B | -209 M | 1.6 M | 54 M | -187 M | 58.3 M | 102 M | 65.1 M | 38.1 M | 30.7 M | -15 M | 29.3 M | - |
Revenue |
17 B | 16.4 B | 16.1 B | 20.9 B | 16.9 B | 8.26 B | 8.67 B | 10.5 B | 8.81 B | 6.69 B | 6.66 B | 8.62 B | 6.56 B | 5.89 B | 6.99 B | - | - | - |
Cost of Revenue |
10.5 B | 10.7 B | 10.7 B | 16.9 B | 13.7 B | 5.19 B | 6.21 B | 8.24 B | 6.91 B | 4.92 B | - | - | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | 1.58 B | 1.43 B | 1.1 B | 1.01 B | 1.11 B | 1.22 B | 906 M | 809 M | 956 M | - | - | - |
Operating Income |
3.33 B | 2.7 B | 2.63 B | 1.73 B | 865 M | -1.3 B | 193 M | 238 M | -122 M | 55.8 M | 159 M | 640 M | 368 M | 336 M | 351 M | 196 M | 217 M | - |
Interest Expense |
-3.8 M | 400 K | -4.9 M | -15.1 M | 500 K | 3.7 M | - | 100 K | -2.6 M | 800 K | -27.8 M | -8 M | 134 M | 121 M | 112 M | 111 M | 132 M | - |
EBITDA |
4.85 B | 4.12 B | 3.96 B | 2.82 B | 1.74 B | -439 M | 1.41 B | 1.26 B | 1.08 B | 1.03 B | 1.12 B | 987 M | 644 M | 550 M | 532 M | 382 M | 388 M | - |
Operating Expenses |
- | - | - | - | - | - | 1.14 B | 982 M | 828 M | 741 M | 667 M | 583 M | 534 M | 457 M | 604 M | - | - | - |
General and Administrative Expenses |
406 M | 385 M | 349 M | 310 M | 273 M | 255 M | 281 M | 257 M | 203 M | 187 M | 162 M | 148 M | 152 M | 140 M | 136 M | 144 M | 120 M | - |
All numbers in USD currency
Quarterly Income Statement Targa Resources Corp.
| 2026-Q2 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
215 M | 215 M | 215 M | 217 M | 218 M | 218 M | 219 M | 221 M | 223 M | 223 M | 224 M | 226 M | 226 M | 226 M | 227 M | 228 M | 228 M | 228 M | 229 M | 229 M | 228 M | 228 M | 233 M | 233 M | 233 M | 233 M | 233 M | 232 M | 232 M | 232 M | 226 M | 221 M | 219 M | 218 M | 216 M | 204 M | 192 M | 185 M | 168 M | 162 M | 107 M | 56 M | 56 M | 55.9 M | 45.8 M | 42.1 M | 42 M | 42 M | 42 M | 42.2 M | 41.6 M | 41.6 M | 41.6 M | 42.3 M | 41 M | 41 M | 41 M | 42.4 M | 41 M | 41 M | 40.9 M |
Net Income |
765 M | 480 M | 478 M | 629 M | 270 M | - | 387 M | 298 M | 275 M | - | 220 M | 329 M | 497 M | - | 193 M | 596 M | 88 M | - | 182 M | 56.2 M | 146 M | - | 69.3 M | 81 M | -1.74 B | -15.1 M | -47.3 M | -10.2 M | -38.9 M | -88.4 M | -23.7 M | 109 M | 22.9 M | 299 M | -168 M | 57.6 M | -119 M | -141 M | -10.7 M | -23.2 M | -2.7 M | 27 M | 12.7 M | 15.2 M | 3.4 M | 25.6 M | 30.7 M | 26.4 M | 19.6 M | 20.4 M | 16.3 M | 15 M | 13.4 M | 11.2 M | 38.1 M | 38.1 M | 38.1 M | 8.5 M | 4.9 M | 10.5 M | 6.8 M |
Revenue |
4.44 B | 4.09 B | 4.15 B | 4.26 B | 4.56 B | - | 3.85 B | 3.56 B | 4.56 B | - | 3.9 B | 3.4 B | 4.52 B | - | 5.36 B | 6.06 B | 4.96 B | - | 4.46 B | 3.42 B | 3.63 B | - | 2.12 B | 1.52 B | 2.05 B | 2.47 B | 1.9 B | 2 B | 2.3 B | 2.6 B | 2.99 B | 2.44 B | 2.46 B | 2.7 B | 1.88 B | 1.87 B | 2.11 B | - | -2.2 M | -4.4 M | -4.8 M | - | -1.6 M | -1.5 M | 1.9 M | - | 4.7 M | 4.2 M | 4.9 M | - | 5.6 M | 2.9 M | 1.6 M | - | -2.2 M | -200 K | 2.1 M | - | 2.2 M | 1.3 M | 1.7 M |
Cost of Revenue |
2.3 B | 2.39 B | 2.51 B | 2.44 B | 3.26 B | - | 2.36 B | 2.2 B | 3.22 B | - | 2.69 B | 2.07 B | 3.02 B | - | 4.31 B | 5.05 B | 4.2 B | - | 3.61 B | 2.71 B | 2.84 B | - | 1.32 B | 880 M | 1.2 B | - | 1.33 B | 1.36 B | 1.73 B | - | 2.38 B | 1.91 B | 1.94 B | - | 1.66 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 771 M | 574 M | 634 M | 573 M | 589 M | 603 M | 539 M | 515 M | 535 M | 469 M | 447 M | 458 M | 469 M | 430 M | 438 M | 431 M | 460 M | 469 M | 471 M | 421 M | 412 M | 421 M | 398 M | 393 M | 355 M | 297 M | 265 M | 260 M | 260 M | 240 M | 244 M | 262 M | 260 M | 228 M | 250 M | 217 M |
Operating Income |
1.23 B | 847 M | 837 M | 1.03 B | 543 M | - | 728 M | 627 M | 639 M | - | 505 M | 649 M | 837 M | - | 430 M | 452 M | 296 M | - | 366 M | 246 M | 344 M | - | 296 M | 213 M | -2.08 B | -23.7 M | 41.6 M | 114 M | 61.3 M | -80.9 M | 76.7 M | 155 M | 86.3 M | 114 M | -324 M | 37.2 M | 50.5 M | -97.6 M | 51.6 M | 66.3 M | 35.5 M | -207 M | 115 M | 112 M | 138 M | 163 M | 169 M | 150 M | 158 M | 145 M | 88.5 M | 60.9 M | 73.9 M | 86.4 M | 59 M | 83.2 M | 108 M | 108 M | 70.8 M | 98.5 M | 73.5 M |
Interest Expense |
-800 K | -16.6 M | -1.1 M | 1 M | 300 K | - | -400 K | -900 K | 1.7 M | - | -100 K | -2 M | -3 M | - | -14.6 M | 500 K | -500 K | - | 200 K | 100 K | 100 K | - | 1.4 M | 800 K | - | - | - | - | - | - | - | - | - | - | 200 K | 2.3 M | -5.2 M | - | 1.1 M | -100 K | -100 K | - | -600 K | -900 K | -26 M | - | 36.9 M | 35.7 M | 33.9 M | - | 33.4 M | 32.4 M | 32.1 M | - | 30 M | 30.5 M | 30.5 M | - | 26.8 M | 28 M | 28.5 M |
EBITDA |
1.69 B | 1.27 B | 1.22 B | 1.41 B | 911 M | - | 1.08 B | 976 M | 980 M | - | 836 M | 981 M | 1.16 B | - | 717 M | 722 M | 505 M | - | 589 M | 458 M | 560 M | - | 499 M | 418 M | -1.84 B | -23.7 M | 286 M | 351 M | 299 M | -80.9 M | 283 M | 358 M | 284 M | 114 M | -115 M | 241 M | 242 M | -97.6 M | 236 M | 252 M | 229 M | -207 M | 281 M | 276 M | 258 M | 163 M | 256 M | 236 M | 238 M | 145 M | 158 M | 127 M | 138 M | 86.4 M | 108 M | 132 M | 155 M | 108 M | 116 M | 144 M | 30.1 M |
General and Administrative Expenses |
108 M | 108 M | 105 M | 95 M | 94.5 M | - | 103 M | 98.3 M | 86.5 M | - | 90 M | 81 M | 82.4 M | - | 79.1 M | 71 M | 67.1 M | - | 67.3 M | 63.7 M | 61.4 M | - | 58.6 M | 61.5 M | 60.5 M | - | 69.9 M | 72.8 M | 81.1 M | - | 63.2 M | 57 M | 56.7 M | - | 49.9 M | 51 M | 48.7 M | - | 46.1 M | 47 M | 45.3 M | - | 44.9 M | 49.2 M | 42.6 M | - | 43 M | 41.6 M | 38 M | - | 37.7 M | 38.4 M | 36.3 M | - | 35.7 M | 35.7 M | 34.9 M | - | 35.4 M | 35.1 M | -34.6 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Targa Resources Corp. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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