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Targa Resources (TRGP) stock

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NYSE: TRGP NYSE Oil & Gas Storage & Transportation Next results ~November 5, 2026

C Fundamentals grade

Targa Resources is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$250

Valuation models combined (3)

Base case. Range ~$100–$360. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, justified price-to-book), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Targa Resources valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Targa Resources files

Where Targa Resources stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $16.7bn, down 2.0% on a year earlier, slower than 1.1% a quarter earlier. That puts it 872 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 4.4% from 2.5% a year earlier. Operating margin widened to 22.9% from 17.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 5 financial-health checks. Our cash-flow model value is $-54.62 a share, against a share price of $293.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Targa Resources's trailing-twelve-month revenue fell 2.0% year on year, with a free-cash-flow margin of 4.4%. Where it stands out: change in share count of -1.5% ranks 2 of 19 oil & gas storage & transportation companies we cover. Where it lags: long-term debt as % of assets of 68.7% ranks 21 of 26 oil & gas storage & transportation companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 73.3% while net income grew 38.4%: a 35pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 5.3 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 8 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 2.0% over the last 12 months.
  • Insiders selling. 10 insiders sold $34M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Growth easing. The growth rate is 3.1 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 33% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 68.7% ranks 21 of 26 oil & gas storage & transportation companies we cover (median 46.2%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$3.25 against an average estimate of $2.84: beat by 14.2%
Revenue
$4.44bn, up 4.2% on a year earlier
Share reaction
-1.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
adjusted EBITDA $5.7bn to $5.9bn (full year 2026); net growth capital expenditures $4.5bn (2026)
Next report
November 5, 2026; average EPS estimate $2.86

Targa Resources' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.4%
  • 1 week-2.9%
  • 1 month+5.0%
  • This year+62.8%
  • 1 year+94.9%
  • 5 years+497.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$16.7B
Operating margin
22.9%
Net margin
13.5%
EPS (TTM, diluted)
$10.52

Growth

Revenue growth
−2.0%
Change in growth rate
−3.1 pts
Share count change
−1.5%

Cash

Free cash flow (TTM)
$741M
FCF margin
4.4%
Stock pay % of revenue
0.5%

Earnings

Last results
August 6, 2026
Next results (est.)
November 8, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Leadership
  5. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Targa Resources valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of Targa Resources's free cash flow after stock-based pay ( $463M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Targa Resources as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.68 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$360 ~$200–$500 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$150–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$100 ~$86–$130 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$100–$360 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Targa Resources with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$37.61$34.95$28.00$34.71$23.44$46.91$67.41$81.57$171.40$181.09$294.73
Market value$5.8bn$7.2bn$6.3bn$8.1bn$5.4bn$10.7bn$15.6bn$18.4bn$37.9bn$39.3bn$63.5bn
+ Net debt (− = net cash)$4.8bn$4.9bn$6.4bn$7.5bn$7.5bn$6.4bn$11.3bn$12.8bn$14.0bn$17.3bn$19.4bn
Enterprise value$10.6bn$12.1bn$12.7bn$15.6bn$13.0bn$17.2bn$26.9bn$31.2bn$51.9bn$56.5bn$83.0bn
Multiples
Price / sales 1.0x0.8x0.6x0.9x0.7x0.6x0.7x1.1x2.3x2.3x3.8x
Price / earnings —133.9xn/m——150.6x13.0x13.7x28.9x20.4x28.0x
Price / free cash flow 21.1x———6.9x6.0x14.9x22.3x55.5x67.2x85.8x
EV / EBITDA 13.0x17.7x12.1x13.4x—9.9x9.5x7.9x12.6x11.7x15.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Targa Resources's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 2.8% of total assets over 10 years.

  • Pricing power 5 / 20

    Gross margin has been a median 28.7%, moving by 7.6 percentage points (standard deviation) across 9 years.

  • Durability 2 / 20

    Operating margin has been a median 9.8%; its worst year was -23.2%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 9 years, at a median 2.6% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.5% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $4.8bn and EPS of $2.86 (range $2.81 to $2.91) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.51 +28% $19.0bn +12%
Next $12.12 +5% $24.0bn +26%

Next year's EPS estimate has moved +1.6% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.7% on 90 days ago. In the last 30 days, 0 analysts raised Targa Resources's forecast and 1 cut it.

Consensus EPS forecast Targa Resources, last 90 days
$11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.21 Current fiscal year, 60 days ago: $11.50 Current fiscal year, 30 days ago: $11.50 Current fiscal year, 7 days ago: $11.47 Current fiscal year, Now: $11.51 $11.51 Next fiscal year, 90 days ago: $11.93 Next fiscal year, 60 days ago: $12.08 Next fiscal year, 30 days ago: $12.08 Next fiscal year, 7 days ago: $12.02 Next fiscal year, Now: $12.12 $12.12

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.21$11.93
60 days ago $11.50$12.08
30 days ago $11.50$12.08
7 days ago $11.47$12.02
Now $11.51$12.12

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.84 $3.25 +14.2%
Mar 2026 $2.57 $2.76 +7.4%
Dec 2025 $2.40 $2.69 +12.1%
Sept 2025 $2.18 $2.41 +10.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • adjusted EBITDA full year 2026 $5.7bn to $5.9bn Non-GAAP Raised
    “Given the strength of Targa's performance through the first two quarters of the year, Targa now estimates full year 2026 adjusted EBITDA to be towards the top end of our $5.7 billion to $5.9 billion range.” source
  • net growth capital expenditures 2026 about $4.5bn Maintained
    “We continue to estimate net growth capital expenditures to be approximately $4.5 billion, and our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.” source
  • net maintenance capital expenditures 2026 about $250m Maintained
    “We continue to estimate net growth capital expenditures to be approximately $4.5 billion, and our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Targa Resources's revenue by +19.1% next year and +8.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+28.7%, weight 64%) and the company's own record (+2.0%, weight 36%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy2195%
Hold15%
Sell00%

Monthly trend

  1. Oct 202661522
  2. Sep 202661522
  3. Aug 2026614323
  4. Jul 2026614323

Counts of recommendations published by analysts covering Targa Resources, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.0%
of tradable shares
Days to cover
4.76
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
1.4%
of shares
Employees
3,570
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +94.9%

$151.19 on October 31, 2025 to $294.73

ThenNowEffect
Revenue (last 12 months) $17.1bn $16.7bn −2.0%
Net margin 9.6% 13.5% +41.2%
P/E multiple 20.2x 28.0x +38.7%
Share count 219m 216m +1.5%

Biggest factor: net margin.

Last 3 years +256.2%

$82.75 on November 3, 2023 to $294.73

ThenNowEffect
Revenue (last 12 months) $17.8bn $16.7bn −6.2%
Net margin 7.5% 13.5% +80.7%
P/E multiple 14.2x 28.0x +97.7%
Share count 229m 216m +6.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TRGP+100%+44%+21%+110%+6%+63%
Industry peers (median)+39%+21%+9%+27%+11%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TRGP83%50%50%83%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TRGP−18%−30%−16%−17%−32%−11%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 91% from October 5, 2018 to March 18, 2020. Getting back needed a 984% gain, reached on October 1, 2021, 562 days after the low.

Price behaviour

52-week range
$151.71 – $314.99
From 52-week high
−6.4%
vs 50-day average
+1.9%
vs 200-day average
+14.3%
Volatility (1 year)
29%
Beta vs S&P 500
-0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.4%
After a week
9 up, 3 down
typical move ±5.3%
After a month
9 up, 3 down
typical move ±9.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −1.2% +0.5% +2.6% +11.5%
May 7, 2026 −0.6% +0.5% +7.2% +5.9%
February 19, 2026 +1.6% +0.5% +1.6% +4.3%
November 5, 2025 +9.9% −0.7% +10.4% +16.9%
August 7, 2025 +1.3% +0.7% +1.5% −1.6%
May 1, 2025 −5.3% +2.2% −6.3% −5.0%
February 20, 2025 −4.7% −2.1% −7.0% −6.1%
November 5, 2024 +10.0% +3.7% +14.8% +17.2%
August 1, 2024 −3.5% −3.3% +1.1% +8.6%
May 2, 2024 −0.1% +2.2% +1.0% +3.7%
February 15, 2024 +9.7% +0.2% +9.8% +21.5%
November 2, 2023 +4.7% +2.8% −0.5% +6.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Targa Resources in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Targa Resources
$16B $16.5B $17B $17.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $16.4B Revenue (TTM), FY23 Q4: $16.1B Revenue (TTM), FY24 Q1: $16.1B Revenue (TTM), FY24 Q2: $16.3B Revenue (TTM), FY24 Q3: $16.2B Revenue (TTM), FY24 Q4: $16.4B Revenue (TTM), FY25 Q1: $16.4B Revenue (TTM), FY25 Q2: $17.1B Revenue (TTM), FY25 Q3: $17.4B Revenue (TTM), FY25 Q4: $17B Revenue (TTM), FY26 Q1: $16.6B Revenue (TTM), FY26 Q2: $16.7B $16.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $16.4B
FY23 Q4 $16.1B
FY24 Q1 $16.1B
FY24 Q2 $16.3B
FY24 Q3 $16.2B
FY24 Q4 $16.4B
FY25 Q1 $16.4B
FY25 Q2 $17.1B
FY25 Q3 $17.4B
FY25 Q4 $17B
FY26 Q1 $16.6B
FY26 Q2 $16.7B
Revenue growth, TTM YoY Targa Resources
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -24.9% Revenue growth, TTM YoY, FY23 Q4: -23.3% Revenue growth, TTM YoY, FY24 Q1: -21.4% Revenue growth, TTM YoY, FY24 Q2: -8.8% Revenue growth, TTM YoY, FY24 Q3: -1.0% Revenue growth, TTM YoY, FY24 Q4: 2.0% Revenue growth, TTM YoY, FY25 Q1: 1.7% Revenue growth, TTM YoY, FY25 Q2: 5.0% Revenue growth, TTM YoY, FY25 Q3: 7.2% Revenue growth, TTM YoY, FY25 Q4: 3.9% Revenue growth, TTM YoY, FY26 Q1: 1.1% Revenue growth, TTM YoY, FY26 Q2: -2.0% -2.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -24.9%
FY23 Q4 -23.3%
FY24 Q1 -21.4%
FY24 Q2 -8.8%
FY24 Q3 -1.0%
FY24 Q4 2.0%
FY25 Q1 1.7%
FY25 Q2 5.0%
FY25 Q3 7.2%
FY25 Q4 3.9%
FY26 Q1 1.1%
FY26 Q2 -2.0%
Operating margin (TTM) Targa Resources
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 15.5% Operating margin (TTM), FY23 Q4: 16.4% Operating margin (TTM), FY24 Q1: 15.1% Operating margin (TTM), FY24 Q2: 14.8% Operating margin (TTM), FY24 Q3: 16.2% Operating margin (TTM), FY24 Q4: 16.5% Operating margin (TTM), FY25 Q1: 15.9% Operating margin (TTM), FY25 Q2: 17.6% Operating margin (TTM), FY25 Q3: 17.9% Operating margin (TTM), FY25 Q4: 19.6% Operating margin (TTM), FY26 Q1: 21.9% Operating margin (TTM), FY26 Q2: 22.9% 22.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 15.5%
FY23 Q4 16.4%
FY24 Q1 15.1%
FY24 Q2 14.8%
FY24 Q3 16.2%
FY24 Q4 16.5%
FY25 Q1 15.9%
FY25 Q2 17.6%
FY25 Q3 17.9%
FY25 Q4 19.6%
FY26 Q1 21.9%
FY26 Q2 22.9%
FCF margin (TTM) Targa Resources
0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 3.7% FCF margin (TTM), FY23 Q4: 5.1% FCF margin (TTM), FY24 Q1: 2.1% FCF margin (TTM), FY24 Q2: 2.6% FCF margin (TTM), FY24 Q3: 2.0% FCF margin (TTM), FY24 Q4: 4.2% FCF margin (TTM), FY25 Q1: 3.9% FCF margin (TTM), FY25 Q2: 2.5% FCF margin (TTM), FY25 Q3: 3.7% FCF margin (TTM), FY25 Q4: 3.4% FCF margin (TTM), FY26 Q1: 1.6% FCF margin (TTM), FY26 Q2: 4.4% 4.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 3.7%
FY23 Q4 5.1%
FY24 Q1 2.1%
FY24 Q2 2.6%
FY24 Q3 2.0%
FY24 Q4 4.2%
FY25 Q1 3.9%
FY25 Q2 2.5%
FY25 Q3 3.7%
FY25 Q4 3.4%
FY26 Q1 1.6%
FY26 Q2 4.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Targa Resources took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $17B
  2. Cost of revenue $10.5B · 61.7%
  3. Gross profit $6.5B · 38.3%
  4. Selling, general and admin $406M · 2.4%
  5. Other operating costs $2.8B · 16.3%
  6. Operating income $3.3B · 19.6%
  7. Income tax $530M · 3.1%
  8. Interest and other $879M · 5.2%
  9. Net income $1.9B · 11.3%

Shares of revenue. Source: Targa Resources's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5.6 8.8 10.5 8.7 8.3 16.9 20.9 16.1 16.4 17.0 16.7
Gross profit 1.8 1.9 2.2 2.6 3.1 3.2 4.0 5.4 5.7 6.5 7.2
EBITDA 0.8 0.7 1.1 1.2 −0.4 1.7 2.8 4.0 4.1 4.8 5.5
Operating income 0.1 −0.1 0.2 0.2 −1.3 0.9 1.7 2.6 2.7 3.3 3.8
Net income −0.2 0.1 0.0 −0.2 −1.6 0.1 1.2 1.3 1.3 1.9 2.3
Diluted EPS −$1.80 −$0.31 −$0.53 −$1.44 −$7.26 −$0.07 $3.88 $3.66 $5.74 $8.49 $10.52
Growth (year on year)
Revenue — +57.8% +18.9% −17.3% −4.7% +105.2% +23.5% −23.3% +2.0% +3.9% −2.0%
EBITDA — −15.5% +53.3% +10.5% −137.7% — +62.8% +40.0% +4.1% +17.7% +22.5%
Operating income — — — −18.8% −775.8% — +99.9% +51.9% +2.6% +23.6% +27.6%
Net income — — — — — — — +12.6% −2.5% +46.6% +38.4%
Diluted EPS — — — — — — — −5.7% +56.8% +47.9% +40.6%
Margins
Gross margin 31.6% 21.7% 21.4% 29.4% 37.2% 19.0% 19.3% 33.5% 34.7% 38.3% 43.2%
EBITDA margin 14.6% 7.8% 10.0% 13.4% −5.3% 10.2% 13.5% 24.6% 25.1% 28.5% 32.8%
Operating margin 1.0% −1.4% 2.3% 2.2% −15.8% 5.1% 8.3% 16.4% 16.5% 19.6% 22.9%
Net margin −3.4% 0.6% 0.0% −2.4% −18.8% 0.4% 5.7% 8.4% 8.0% 11.3% 13.5%
Free-cash-flow margin 4.9% −4.1% −18.8% −17.2% 9.6% 10.6% 5.0% 5.1% 4.2% 3.4% 4.4%
Cash flow
Cash from operations 0.8 0.9 1.1 1.4 1.7 2.3 2.4 3.2 3.6 3.9 4.3
Capital spending 0.6 1.3 3.1 2.9 1.0 0.5 1.3 2.4 3.0 3.3 3.5
Free cash flow 0.3 −0.4 −2.0 −1.5 0.8 1.8 1.0 0.8 0.7 0.6 0.7
Stock-based pay 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.2 −0.4 −2.0 −1.5 0.7 1.7 1.0 0.8 0.6 0.5 0.7
Balance sheet
Cash 0.1 0.1 0.2 0.3 0.2 0.2 0.2 0.1 0.2 0.2 0.1
Total debt 4.9 5.1 6.7 7.8 7.8 6.6 11.5 13.0 14.2 17.4 19.6
Net debt (negative = net cash) 4.8 4.9 6.4 7.5 7.5 6.4 11.3 12.8 14.0 17.3 19.4
Diluted shares 154m 207m 224m 233m 232m 229m 231m 226m 221m 217m 216m
Returned to shareholders
Dividends 0.6 0.8 0.9 — — — — — — — —
Buybacks — — 0.0 0.0 0.1 0.1 0.2 0.4 0.8 0.6 0.3
Total returned 0.6 0.8 0.9 0.0 0.1 0.1 0.2 0.4 0.8 0.6 0.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $28.5bn
Short-term assets $2.6bnLonger-term assets $25.9bn
What it owes, and who funded it · $7.1bn
Short-term liabilities $3.4bnShareholders' equity $3.7bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $3.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $132m of cash against $19.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 535% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 328% to 535% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.3bn of operating cash flow against $19.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Targa Resources's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$328M
Buybacks, last 3 fiscal years
$1.8B
Diluted share count
−1.5%
year over year
Total shareholder yield
0.5%
dividends 0.0% + buybacks 0.5% of market value
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated TRGP KMI MPLX WMB LNG CQP Median
Revenue, last 12 months $16.7bn $18.3bn $13.2bn $12.5bn $23.2bn $11.7bn $2.0bn
Revenue growth, last 12 months −2.0% 11.7% 8.7% 8.8% 22.5% 13.2% 8.8%
Revenue growth, 3-year average −2.1% 4.9% 4.9% 4.2% −2.0% −0.1% 4.0%
Revenue growth, latest quarter 4.2% 9.3% 10.3% 10.3% 39.0% 7.1% 10.7%
Gross margin 43.2% 51.8% — — 42.6% 47.3% 42.6%
Operating margin 22.9% 29.0% 44.4% 37.5% 28.1% 34.2% 27.3%
Operating margin, 3-year average 18.4% 28.4% 44.0% 35.4% 35.9% 34.6% 20.8%
Net margin 13.5% 19.6% 35.7% 25.0% 13.1% 28.1% 13.1%
Cash from operations / revenue 25.6% 36.7% 45.2% 48.5% 30.9% 29.5% 29.5%
Free-cash-flow margin 4.4% 16.8% 25.2% −12.6% 16.3% 24.8% 11.8%
Free-cash-flow margin, 3-year average 3.2% 19.9% 35.0% 10.9% 15.8% 27.1% 8.8%
Stock pay / revenue 0.5% — 0.2% 0.7% 0.8% — 0.5%
Change in share count −1.5% 0.1% — 0.4% −5.6% 11.7% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth -2.0% 8.8% 23 of 29
Change in growth rate Growth -3.1pp +0.5pp 19 of 29
Gross margin Profitability 43.2% 35.5% 6 of 15
Operating margin Profitability 22.9% 28.1% 16 of 27
Net margin Profitability 13.5% 13.1% 14 of 29
Free-cash-flow margin Cash generation 4.4% 13.6% 20 of 28
Stock pay as % of revenue Cash generation 0.5% 0.8% 8 of 20
Long-term debt as % of assets Balance sheet 68.7% 46.2% 21 of 26
Change in share count Balance sheet -1.5% 0.2% 2 of 19
Days sales outstanding Balance sheet 43 days 43 days 10 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
All Other Segments -$5.3M —
Corporate Non Segment and Inter Segment Elimination -$4.9B —

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Products $14.4B ▲ 3.7%
Natural Gas Liquids Reserves $12.1B ▼ 2.4%
Services $2.6B ▲ 5.4%
Natural Gas Reserves $2B ▲ 64.0%
Gathering and Processing Fees $1.8B ▲ 9.8%
Storage Terminaling and Export $497M ▼ 0.2%
Oil and Condensate $448M ▼ 14.4%
NGL Transportation Fractionation and Services $312M ▲ 4.4%
Midstream Services Other $23.2M ▼ 61.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Targa Resources's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$53.8B
Institutions reporting
1,085
Shares held vs prior quarter
▲ 2.8%
Positions opened / closed
130 / 73

Top buyers and sellers, Q2 2026: 544 institutions bought and 426 sold ; the biggest buyer was Ontario Teachers Pension Plan Board (+821K shares) and the biggest seller Wellington Management Group LLP (−867K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.6B 20.8M 10.4% ▲ 1.4%
State Street Corp $3.8B 14.2M 7.1% ▲ 4.6%
Wellington Management Group LLP $3.8B 14.2M 7.1% ▼ 5.8%
Vanguard Capital Management LLC $3.8B 14.0M 7.0% ▲ 0.5%
Vanguard Portfolio Management LLC $3.1B 11.7M 5.8% ▼ 1.3%
Harris Associates L P $2.1B 7.9M 4.0% ▼ 9.0%
Geode Capital Management, LLC $1.6B 6.1M 3.0% ▲ 1.3%
Norges Bank $1.1B 4.2M 2.1% —
Blackstone Inc. $966M 3.6M 1.8% ▲ 7.8%
Morgan Stanley $954M 3.6M 1.8% ▲ 10.6%
Tortoise Capital Advisors, L.L.C. $946M 3.5M 1.8% ▼ 0.5%
Invesco Ltd. $911M 3.4M 1.7% ▲ 11.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Targa Resources's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $34.3M 25 trades by 10 insiders · 0% under pre-set plans
Net ▼ $34.3M net selling
Insider Date Trade Shares Price Value
Chung Paul W Director September 1, 2026 Sell 1,000 $295.38 $295,380
Chung Paul W Director September 1, 2026 Sell 816 $297.00 $242,352
Crisp Charles R Director August 25, 2026 Sell 3,000 $290.23 $870,690
Davis Waters S Iv Director August 21, 2026 Sell 590 $303.81 $179,248
Davis Waters S Iv Director August 21, 2026 Sell 270 $302.47 $81,667
Davis Waters S Iv Director August 21, 2026 Sell 154 $300.18 $46,228
Davis Waters S Iv Director August 21, 2026 Sell 254 $298.68 $75,865
Davis Waters S Iv Director August 21, 2026 Sell 692 $297.38 $205,787
Davis Waters S Iv Director August 21, 2026 Sell 440 $296.39 $130,412
Crisp Charles R Director May 12, 2026 Sell 10,602 $255.96 $2.7M
Muraro Robert Chief Commercial Officer March 5, 2026 Sell 24,589 $241.34 $5.9M
Branstetter Benjamin James See Remarks March 2, 2026 Sell 3,158 $238.83 $754,225

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 34 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 1 sale of Targa Resources shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 8, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 5, 2025
  • August 7, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Targa Resources was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Targa Resources in brief

What does Targa Resources do?
Targa Resources is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Targa Resources's stock ticker?
Targa Resources trades under the ticker TRGP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Targa Resources's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Targa Resources reported revenue of $16.7B, 2.0% lower than a year earlier, according to its SEC filings.
What is Targa Resources's free cash flow?
Targa Resources's free-cash-flow margin is 4.4% of revenue over the trailing twelve months, ranking 20 of the 28 oil & gas storage & transportation companies we cover.
Who are Targa Resources's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Wellington Management Group LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Targa Resources buying back stock, and does it pay a dividend?
Targa Resources spent $328M on share repurchases over the trailing twelve months, and its diluted share count fell 1.5% over the year.
What is Targa Resources's market cap?
On November 2, 2026, Targa Resources's market capitalisation was about $63.5B, with a price-to-earnings ratio of 28.0 and net debt of $19.4B. Market figures come from third-party market data and may be delayed.
How much debt does Targa Resources have?
Targa Resources's debt-to-equity ratio is 535.4%, from its latest balance sheet (327.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Targa Resources's competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Targa Resources are Kinder Morgan, Mplx LP, Williams Companies, Cheniere Energy, Inc. and Cheniere Energy Partners, L.p. The side-by-side comparison below sets their revenue, margins and growth against Targa Resources's.
Are insiders buying or selling Targa Resources stock?
Over the last 12 months, Targa Resources's directors and officers reported 0 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is Targa Resources's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Targa Resources announces its own schedule.