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TRGP (Targa Resources Corp.) Stock Financials & Earnings | Market Cap Arena
TRGP
Targa Resources Corp.
Mkt Cap
$51B
Energy
·
Oil & Gas Midstream
·
🇺🇸 United States
·
NYSE
Revenue (TTM)
$17.1B
Net Income (TTM)
$1.8B
EPS (TTM)
$8.52
Free Cash Flow (TTM)
$584M
Gross Margin
26.5%
Op. Margin
20.1%
Net Margin
10.8%
FCF Margin
3.4%
P/S Ratio (TTM)
3.0x
P/E Ratio (TTM)
27.5x
YoY Rev Growth
+4.0%
Employees
—
Earnings Reports
▶
Q4 2025
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$4.3B
$695M
$613M
Q2 23
$3.2B
$535M
$454M
Q3 23
$3.9B
$582M
$492M
Q4 23
$4.2B
$722M
$627M
Q1 24
$4.6B
$1.0B
$639M
Q2 24
$3.6B
$782M
$684M
Q3 24
$3.9B
$865M
$764M
Q4 24
$4.4B
$1.1B
$701M
Q1 25
$4.9B
$924M
$836M
Q2 25
$4.0B
$893M
$809M
Q3 25
$4.2B
$978M
$885M
Q4 25
$4.1B
$1.7B
$917M
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Revenue Breakdown
TRGP
Targa Resources Corp.
Revenue Breakdown
Q4 2025
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Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
2.5x
45.6x
Q2 23
2.9x
60.2x
Q3 23
3.2x
58.5x
Q4 23
3.2x
61.3x
Q1 24
3.2x
46.3x
Q2 24
3.1x
47.6x
Q3 24
3.1x
41.1x
Q4 24
3.1x
38.8x
Q1 25
3.0x
41.2x
Q2 25
3.0x
32.5x
Q3 25
2.9x
30.8x
Q4 25
3.0x
27.5x
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Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
$1.2B
$694M
Q2 23
$677M
$79M
Q3 23
$407M
-$184M
Q4 23
$958M
$238M
Q1 24
$876M
$207M
Q2 24
$905M
$164M
Q3 24
$541M
-$288M
Q4 24
$1.3B
$601M
Q1 25
$954M
$162M
Q2 25
$858M
-$48M
Q3 25
$599M
-$73M
Q4 25
$1.5B
$542M
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Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$476M
Q2 23
$598M
Q3 23
$592M
Q4 23
$720M
Q1 24
$670M
Q2 24
$740M
Q3 24
$829M
Q4 24
$727M
Q1 25
$792M
Q2 25
$906M
Q3 25
$672M
Q4 25
$963M
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OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
-13.3%
-21.0%
Q2 23
-48.5%
-50.8%
Q3 23
-27.6%
-31.3%
Q4 23
-7.1%
-10.0%
Q1 24
+6.2%
+6.5%
Q2 24
+12.8%
+6.6%
Q3 24
+0.1%
-7.9%
Q4 24
+4.1%
+2.8%
Q1 25
+6.4%
+2.4%
Q2 25
+11.3%
+9.6%
Q3 25
+8.1%
+6.2%
Q4 25
-7.9%
-15.3%
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Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$15M
0.3%
Q2 23
$15M
0.5%
Q3 23
$16M
0.4%
Q4 23
$17M
0.4%
Q1 24
$15M
0.3%
Q2 24
$15M
0.4%
Q3 24
$18M
0.5%
Q4 24
$16M
0.4%
Q1 25
$18M
0.4%
Q2 25
$17M
0.4%
Q3 25
$18M
0.4%
Q4 25
$17M
0.4%
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OpEx Breakdown
G&A
Quarter
G&A
Q1 23
$82M
Q2 23
$81M
Q3 23
$90M
Q4 23
$95M
Q1 24
$87M
Q2 24
$98M
Q3 24
$103M
Q4 24
$98M
Q1 25
$95M
Q2 25
$95M
Q3 25
$105M
Q4 25
$112M
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War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$212M
$0
$212M
Q2 23
$169M
$0
$169M
Q3 23
$140M
$0
$140M
Q4 23
$142M
$0
$142M
Q1 24
$110M
$0
$110M
Q2 24
$166M
$0
$166M
Q3 24
$127M
$0
$127M
Q4 24
$157M
$0
$157M
Q1 25
$151M
$0
$151M
Q2 25
$113M
$0
$113M
Q3 25
$124M
$100M
$224M
Q4 25
$166M
$155M
$321M
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Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
229M
-0.4%
Q2 23
227M
-1.1%
Q3 23
225M
-0.7%
Q4 23
223M
-1.1%
Q1 24
224M
+0.5%
Q2 24
222M
-0.8%
Q3 24
220M
-0.9%
Q4 24
221M
+0.6%
Q1 25
219M
-1.2%
Q2 25
217M
-0.6%
Q3 25
216M
-0.6%
Q4 25
215M
-0.5%
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Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$6M
1K
FY 15
$4M
2K
FY 16
$3M
2K
FY 17
$4M
2K
FY 18
$4M
2K
FY 19
$3M
3K
FY 20
$3M
2K
FY 21
$7M
2K
FY 22
$8M
3K
FY 23
$5M
3K
FY 24
$5M
3K
FY 25
$5M
4K
marketcaparena.com