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Targa Resources cash flow statement

In fiscal 2025, Targa Resources's operations generated $3.92bn of cash; it spent $3.33bn on capital projects, leaving free cash flow of $584m. It returned $642m through buybacks.

Cash flow statement

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations8379401,1441,3901,7452,3032,3813,2123,6503,9174,286
Depreciation and amortisation7588108169728658711,0961,3301,4231,5151,653
Stock-based pay3042566066595862637076
Capital spending5621,2983,1152,8789525051,3342,3852,9663,3333,545
Free cash flow275−358−1,971−1,4887931,7981,047826684584741
Free cash flow after stock pay246−400−2,027−1,5487271,739989764621515665
Dividends paid566843908————————
Share buybacks——4149753225374755642328
Shares issued5771,660689————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Targa Resources's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Targa Resources.