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Targa Resources Corp.TRGP

Sector
Energy
Industry
Natural Gas Transmission
Exchange
NYSE

Stock Price $TRGP

Latest filings

You are here#15 of 25 in Energy by market cap

Filing record · 2016–202610-K1110-Q328-K170

TRGP filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 170 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · May ’17May ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $17.03B
YoY changeLargest recent move+105.2%in FY21Latest +3.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All TRGP Financial Metrics60 metrics

Income Statement15

Balance Sheet26

Cash Flow14

Per Share5

02—Overview

Targa Resources Corp. Financial Overview 2021–2025

Updated Jul 10, 2026

Targa Resources successfully decoupled its bottom line from falling energy prices, driving a 140% surge in net income to $479.6 milliona in Q1 2026 despite declining commodity sales. This performance cements the core investment thesis: the company’s relentless pivot toward stable, fee-based midstream contracts has effectively insulated its cash flows from broader market volatility.

The financial profile of the pipeline operator reflects a dramatic structural upgrade, as earnings per share swung from a $-0.07 loss in FY2021 to an $8.49 profitb by FY2025. This multi-year expansion was fueled by targeted infrastructure consolidation, including a $3.5 billion acquisition in the Delaware Basin during FY2022 and the $1.8 billion buyout of Targa Badlands in Q1 2025. As natural gas processing and fractionation volumes scaled across its network, Targa returned aggressive amounts of capital to shareholders, boosting its annualized dividend to $4.00 per share and deploying a new $1.0 billion share repurchase program in Q2 2025.

The market clearly rewarded this transition toward predictable revenue generation and debt-managed growth. By the close of FY2025, Targa Resources traded at $184.50 per sharec, commanding a $39.6 billion market capitalization. Investors valued the equity at 21.7x earnings at the end of FY2025, reflecting a premium for its dominant footprint across the Permian Basin and its proven capacity to generate consistent yield regardless of the broader commodity cycle.

Recent Developments (Q4 2025 and Q1 2026)

Targa Resources accelerated its Permian Basin expansion in Q1 2026 by closing the $1.25 billiond acquisition of Stakeholder Midstream. This addition boosted midstream fee revenue by 11%, insulating the company as lower commodity sales drove a 10% decline in total revenue to $4.1 billion. Despite softer commodity pricing, Adjusted EBITDA rose 19% year-over-year to $1.4 billion and Adjusted Cash Flow from Operations grew 22% to $1.18 billion. To optimize its capital structure, Targa raised $1.5 billion via a senior notes offering in February 2026 and increased its quarterly dividend to $1.25 per share.

Bulls highlight that growing cash flows comfortably cover these shareholder returns and $55.0 millione in quarterly share repurchases, leaving $1.3 billion available for future buybacks. Conversely, bears caution that the stock's valuation may limit further upside, as equity traded at 29.7x earnings as of May 7, 2026.

What to watch: integration timelines for the Stakeholder Midstream infrastructure; progress on cryogenic processing and NGL pipeline expansions scheduled throughout 2026

03—Filings

Recent SEC Filings

  1. 8-KTarga Resources Corp. 8-K Report, Executive Changes (Aug 25, 2026)Targa Resources Corp. (TRGP) announced significant executive leadership changes effective September 1, 2026. Most notably, Brent B. Secrest has been appointed as President – Logistics and Transportation. Mr. Secrest brings extensive experience from Enterprise Products Holdings LLC, where he held senior commercial and marketing roles for over a decade, suggesting a continued focus on strategic growth and operational efficiency within TRGP's logistics and transportation segment. Concurrently, Benjamin J. Branstetter transitions from President – Logistics and Transportation to Chief Financial Officer. This move signals a strategic internal promotion and likely leverages his understanding of the company's operations in a key financial leadership role. The company has also announced the retirement of current CFO William A. Byers, who will remain with the company through a transition period and will receive certain compensation and accelerated vesting of some equity awards.
  2. 8-KTarga Resources Corp. 8-K Report, Financial Results (Aug 6, 2026)Targa Resources (TRGP) reported record second-quarter 2026 results on August 6, 2026, with net income attributable to Targa of $765 million (vs. $629 million a year earlier) and adjusted EBITDA of $1,603 million, up 38% year-over-year and 14% sequentially. The growth was driven by higher marketing and optimization margin in Logistics and Transportation, record Permian natural gas inlet volumes in Gathering and Processing, and record NGL pipeline, fractionation and LPG export volumes. Segment adjusted operating margin rose 21% in G&P and 44% in L&T for the quarter, while the Other category, which carries unrealized derivative mark-to-market items, fell sharply year-over-year. Management raised its full-year 2026 adjusted EBITDA outlook to the top end of its $5.7 billion to $5.9 billion range and reiterated net growth capex of about $4.5 billion and net maintenance capex of about $250 million. Adjusted free cash flow for the quarter was $205 million, compared with negative $10 million a year earlier, though it remains heavily absorbed by growth spending of $1.1 billion in the quarter. Growth projects, including the East Driver plant, Train 11 fractionator and Delaware Express expansion, came online in the period. Shareholder returns and balance sheet items were also updated. The quarterly dividend was raised to $1.25 per share, a 25% increase over the year-ago quarter, and the company repurchased $80 million of stock during the quarter with $1.24 billion remaining under authorizations. Total consolidated debt was $19.6 billion, liquidity was about $3.2 billion, and the receivables securitization facility was extended to July 2027 with capacity increased to $800 million. Investors should note that Q2 results benefited from strong marketing and optimization gains, and that Permian Waha gas prices turned negative, which hurt realized natural gas prices and prompted some producer curtailments.
  3. 8-KTarga Resources Corp. 8-K Report, Executive Changes (Jul 17, 2026)Targa Resources Corp. announced a strategic addition to its Board of Directors with the appointment of Thomas Mathiasmeier, effective July 16, 2026. Mr. Mathiasmeier brings extensive experience from his recent role as President, Global Gas, Power & Emerging Markets at ConocoPhillips, coupled with a career spanning leadership positions in natural gas marketing, trading, LNG, power, midstream operations, and international commercial activities. His appointment to the Board as a Class II Director, with a term expiring at the 2027 annual meeting, and his subsequent placement on the Audit Committee, is expected to enhance the Company's expertise in critical areas such as business operations, risk management, and strategic planning. Investors should note that Mr. Mathiasmeier's appointment is a non-employee director role, and his compensation will align with the Company's established policies for non-employee directors. This includes a pro-rated restricted stock award of 477 shares, subject to the terms of the Company's 2010 Stock Incentive Plan. Furthermore, Targa Resources has entered into an indemnification agreement with Mr. Mathiasmeier, ensuring he is protected to the fullest extent permitted by Delaware law against liabilities arising from his service. The filing does not indicate any related-party transactions or arrangements requiring specific disclosure beyond standard compensation and indemnification terms.
  4. 8-KTarga Resources Corp. 8-K Report, Material Agreement (Jul 6, 2026)Targa Resources Corp. (TRGP), through its subsidiary Targa Resources Partners LP, announced a significant amendment to its receivables securitization facility on July 6, 2026, impacting its Targa Receivables LLC subsidiary. The key development is the extension of the facility's termination date to July 30, 2027, providing continued access to funding through its accounts receivable. This extension demonstrates the company's ongoing commitment to managing its working capital efficiently and maintaining a stable liquidity position. Furthermore, the amendment introduces an uncommitted line of $200 million, offering additional flexibility and potential access to further financing should market conditions or company needs warrant it. As of the amendment date, approximately $451 million of trade receivables were outstanding under the facility, indicating its substantial utilization and importance to the company's operations. This proactive measure enhances Targa Resources' financial flexibility and supports its operational activities.
  5. 8-KTarga Resources Corp. 8-K Report, Shareholder Vote Results (May 22, 2026)Targa Resources Corp. (TRGP) has filed an 8-K report detailing the outcomes of its 2026 Annual Meeting of Stockholders held on May 21, 2026. The meeting primarily focused on three key proposals: the election of Class I Directors, the ratification of PricewaterhouseCoopers LLP as the independent auditor, and an advisory vote on executive compensation. All proposals presented to the shareholders received strong support, indicating continued confidence in the company's leadership and governance practices. Investors will find comfort in the overwhelming approval for the re-election of all four Class I Directors, who were appointed for a three-year term. Similarly, the selection of PricewaterhouseCoopers LLP as the independent auditor for 2026 was overwhelmingly ratified. The advisory vote on the compensation of named executive officers for fiscal year 2025 also passed, demonstrating shareholder alignment with the company's compensation philosophy. The consistent high levels of support across all voting items suggest a stable and well-governed company.
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04—See also

Related Companies

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