{ "ticker": "TRGP", "cik": "0001389170", "company": "Targa Resources Corp.", "business_type": "midstream energy", "schema_template": "midstream: revenues split into commodity sales and midstream fees, operating income, net income to common shareholders, diluted EPS; balance sheet with total debt obligations; operating cash flow, capital outlays and free cash flow; segment operating margin; company-defined adjusted EBITDA and adjusted free cash flow", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual US dollars (not millions); per-share amounts in dollars; share counts in actual shares", "units_notes_seen": { "FY2025 10-K (accession 0001193125-26-059296) consolidated balance sheets": "(In millions)", "FY2025 10-K (accession 0001193125-26-059296) consolidated statements of operations": "(In millions, except per share amounts)", "FY2025 10-K (accession 0001193125-26-059296) consolidated statements of cash flows": "(In millions)", "FY2025 10-K (accession 0001193125-26-059296) Note 8 debt obligations and Note 22 segment information": "Except as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in millions of dollars.", "FY2025 10-K (accession 0001193125-26-059296) Note 11 dividend table and Note 12 earnings per common share": "(In millions, except per share amounts)", "FY2025 10-K (accession 0001193125-26-059296) MD&A non-GAAP reconciliation": "(In millions)", "Q3 2026 10-Q (accession 0001193125-26-449541) consolidated balance sheets": "(Unaudited) (In millions)", "Q3 2026 10-Q (accession 0001193125-26-449541) consolidated statements of operations": "(Unaudited) (In millions, except per share amounts)", "Q3 2026 10-Q (accession 0001193125-26-449541) consolidated statements of cash flows": "(Unaudited) (In millions)", "Q3 2026 10-Q (accession 0001193125-26-449541) Note 7 debt obligations and Note 17 segment information": "Except as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in millions of dollars.", "Q3 2026 10-Q (accession 0001193125-26-449541) Note 9 dividend table and Note 10 earnings per common share": "(In millions, except per share amounts)", "Q3 2026 10-Q (accession 0001193125-26-449541) MD&A non-GAAP reconciliation": "(In millions)", "share counts": "Weighted average shares are printed in millions on the statements of operations; shares outstanding are printed as whole shares on the face of the balance sheet. Both are stored here as actual share counts." }, "adjustments": { "splits_applied": [], "adr_ratio": null, "fx": "none; Targa Resources Corp. reports in US dollars", "splits_note": "No stock split falls within or between the periods presented, so no per-share figure is restated." }, "annual": [ { "fiscal_year": 2025, "label": "FY2025", "period_start": "2025-01-01", "period_end": "2025-12-31", "period_type": "fiscal year", "source_accession": "0001193125-26-059296", "income_statement": { "sales_of_commodities": 14403500000, "fees_from_midstream_services": 2624800000, "total_revenues": 17028300000, "product_purchases_and_fuel": 10507800000, "operating_expenses": 1298300000, "depreciation_and_amortization": 1515300000, "general_and_administrative": 406000000, "other_operating_expense_income": -30300000, "operating_income": 3331200000, "interest_expense_net": -852800000, "equity_earnings": 11800000, "other_net": -3800000, "income_before_income_taxes": 2486400000, "income_tax_expense": 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"long_term_liabilities_from_risk_management_activities": 22500000, "deferred_income_taxes_net": 1393500000, "other_long_term_liabilities": 395000000, "total_liabilities_derived": 22020200000, "total_debt_obligations": 17432500000, "total_targa_resources_corp_stockholders_equity": 3067900000, "noncontrolling_interests": 130300000, "total_equity": 3198200000, "common_shares_outstanding": 214662156 }, "cash_flow": { "operating_cash_flow": 3917400000, "capital_expenditures": -3333300000, "free_cash_flow": 584100000, "outlays_for_business_acquisitions": -122800000, "investing_cash_flow": -3642000000, "repurchases_of_common_stock": -641800000, "dividends_paid_to_common_shareholders": -818300000, "repurchase_of_noncontrolling_interests": -1800400000, "financing_cash_flow": -266600000 }, "non_gaap": { "adjusted_ebitda": 4957400000, "adjusted_cash_flow_from_operations": 4108900000, "maintenance_capital_expenditures_net": -226400000, "growth_capital_expenditures_net": -3343500000, 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"financing_cash_flow": -612800000 }, "non_gaap": { "adjusted_ebitda": 4142300000, "adjusted_cash_flow_from_operations": 3372400000, "maintenance_capital_expenditures_net": -231900000, "growth_capital_expenditures_net": -3000400000, "adjusted_free_cash_flow": 140100000 }, "segments": { "gathering_and_processing": { "revenues_including_intersegment": 6808400000, "operating_margin": 2312400000, "capital_expenditures": 1955300000 }, "logistics_and_transportation": { "revenues_including_intersegment": 14030400000, "operating_margin": 2355100000, "capital_expenditures": 1216600000 }, "total_reportable_segments_operating_margin": 4667500000, "other_operating_margin": -164600000, "total_capital_expenditures": 3191800000 }, "shareholder_returns": { "dividends_declared_per_share": 3 } }, { "fiscal_year": 2023, "label": "FY2023", "period_start": "2023-01-01", "period_end": "2023-12-31", "period_type": "fiscal year", "source_accession": "0001193125-26-059296", "income_statement": { 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"common_shares_outstanding": 214480427 }, "non_gaap": { "adjusted_ebitda": 1504300000, "adjusted_cash_flow_from_operations": 1276800000, "maintenance_capital_expenditures_net": -57200000, "growth_capital_expenditures_net": -1186000000, "adjusted_free_cash_flow": 33600000 }, "segments": { "gathering_and_processing": { "revenues_including_intersegment": 2698300000, "operating_margin": 813600000, "capital_expenditures": 786700000 }, "logistics_and_transportation": { "revenues_including_intersegment": 4723900000, "operating_margin": 771000000, "capital_expenditures": 451400000 }, "total_reportable_segments_operating_margin": 1584600000, "other_operating_margin": 63100000, "total_capital_expenditures": 1242300000 }, "shareholder_returns": { "dividends_declared_per_share": 1.25 } }, { "fiscal_year": 2025, "fiscal_quarter": 3, "label": "Q3 FY2025", "period_start": "2025-07-01", "period_end": "2025-09-30", "period_type": "three months", "source_accession": "0001193125-26-449541", 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216000000 }, "non_gaap": { "adjusted_ebitda": 1274800000, "adjusted_cash_flow_from_operations": 1082800000, "maintenance_capital_expenditures_net": -57000000, "growth_capital_expenditures_net": -853000000, "adjusted_free_cash_flow": 172800000 }, "segments": { "gathering_and_processing": { "revenues_including_intersegment": 1873800000, "operating_margin": 637600000, "capital_expenditures": 553000000 }, "logistics_and_transportation": { "revenues_including_intersegment": 3534800000, "operating_margin": 710200000, "capital_expenditures": 302900000 }, "total_reportable_segments_operating_margin": 1347800000, "other_operating_margin": -36500000, "total_capital_expenditures": 861600000 }, "shareholder_returns": { "dividends_declared_per_share": 1 } } ], "year_to_date": { "label": "Nine months ended September 30, 2026", "period_start": "2026-01-01", "period_end": "2026-09-30", "period_type": "nine months", "source_accession": "0001193125-26-449541", "income_statement": { 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"other_operating_margin": 55900000, "total_capital_expenditures": 3355000000 }, "shareholder_returns": { "dividends_declared_per_share": 3.75 }, "prior_year_comparative": { "label": "Nine months ended September 30, 2025", "period_start": "2025-01-01", "period_end": "2025-09-30", "period_type": "nine months", "source_accession": "0001193125-26-449541", "income_statement": { "sales_of_commodities": 10990600000, "fees_from_midstream_services": 1982200000, "total_revenues": 12972800000, "product_purchases_and_fuel": 8200200000, "operating_expenses": 960700000, "depreciation_and_amortization": 1124800000, "general_and_administrative": 294300000, "other_operating_expense_income": -21000000, "operating_income": 2413800000, "interest_expense_net": -636800000, "equity_earnings": 17000000, "other_net": 200000, "income_before_income_taxes": 1794200000, "income_tax_expense": -390600000, "net_income": 1403600000, "net_income_attributable_to_noncontrolling_interests": 25600000, 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491400000 }, "segments": { "gathering_and_processing": { "revenues_including_intersegment": 5812500000, "operating_margin": 1827400000, "capital_expenditures": 1447200000 }, "logistics_and_transportation": { "revenues_including_intersegment": 11158200000, "operating_margin": 1989300000, "capital_expenditures": 899400000 }, "total_reportable_segments_operating_margin": 3816700000, "other_operating_margin": -4800000, "total_capital_expenditures": 2372400000 }, "shareholder_returns": { "dividends_declared_per_share": 3 } } }, "trailing_twelve_months": { "label": "Twelve months ended September 30, 2026", "period_start": "2025-10-01", "period_end": "2026-09-30", "period_type": "trailing twelve months", "source_accession": "0001193125-26-449541", "derivation": "FY2025 (10-K, accession 0001193125-26-059296) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (10-Q, accession 0001193125-26-449541)", "income_statement": { "total_revenues": 18188900000, "depreciation_and_amortization": 1729200000, "operating_income": 4094800000, "net_income": 2494300000, "net_income_attributable_to_targa_resources_corp": 2447400000, "net_income_attributable_to_common_shareholders": 2447400000 }, "cash_flow": { "operating_cash_flow": 5051400000, "capital_expenditures": -4117600000, "free_cash_flow": 933800000, "dividends_paid_to_common_shareholders": -974000000 }, "non_gaap": { "adjusted_ebitda": 5851200000, "adjusted_free_cash_flow": 514400000 } }, "notes": [ "Annual figures (FY2025, FY2024, FY2023) come from the FY2025 10-K (accession 0001193125-26-059296). The income statement and cash flow statement print three years; the balance sheet prints December 31, 2025 and 2024 only, so FY2023 carries no balance sheet. The company's non-GAAP reconciliation in that 10-K covers 2025 and 2024 only, so FY2023 carries no non-GAAP block.", "Q3 FY2026 and Q3 FY2025 (three months ended September 30), the nine-month year-to-date blocks, and the September 30, 2026 balance sheet come from the Q3 2026 10-Q (accession 0001193125-26-449541).", "The statements print dollar amounts in millions; every money figure here is stored in actual US dollars. Per-share amounts are in dollars. Weighted average share counts are printed in millions and are stored as actual share counts.", "Sign convention follows the statements: revenues and the costs-and-expenses lines are positive; 'other_operating_expense_income' is the statement's 'Other operating (income) expense' line, where a negative value is net income; interest expense, other, net and income tax are stored with the statement's sign, so a negative value reduces income. Cash outflows on the cash flow statement are negative.", "Targa computes earnings per share under the two-class method. The EPS numerator is net income attributable to Targa Resources Corp. less the premium on repurchase of noncontrolling interests (net income attributable to common shareholders), less earnings allocated to participating share-based awards ('net_income_allocated_to_common_shareholders_for_eps'). The company states that the dilutive effect of reallocating participating securities was immaterial, so the same numerator is used for basic and diluted EPS.", "The premium on repurchase of noncontrolling interests ($70.5 million in 2025, $32.9 million in 2024 and $510.1 million in 2023) reduces income available to common shareholders but not net income. The 10-Q attributes the 2025 premium, recognized in the first nine months of 2025, to the Badlands Transaction.", "'free_cash_flow' is derived here as net cash provided by operating activities less outlays for property, plant and equipment, both as printed on the cash flow statement. It is not a figure the company reports and differs from the company's own non-GAAP 'adjusted free cash flow' (adjusted cash flow from operations less net maintenance and growth capital expenditures, which include contributions to unconsolidated affiliates), shown separately in 'non_gaap'.", "The balance sheet prints no total-liabilities line. 'total_liabilities_derived' is the sum of total current liabilities, long-term debt, long-term liabilities from risk management activities, deferred income taxes and other long-term liabilities; it equals total assets less total owners' equity in every period shown.", "'total_debt_obligations' is the 'Total debt obligations' line of the debt note: current debt obligations plus long-term debt, including finance lease liabilities and net of unamortized discount and debt issuance costs. 'total_equity' is total owners' equity, which includes noncontrolling interests.", "The 10-Q prints its cash flow statement for the nine months only, so the quarterly entries carry no cash flow block. The segment note does print three-month capital expenditures by segment; these ('segments.total_capital_expenditures') are gross capital expenditures on an accrual basis, not cash outlays. For the nine months ended September 30, 2026 the segment total ($3,355.0 million) equals the MD&A's gross capital expenditures, against cash outlays for property, plant and equipment of $3,154.4 million.", "Segment figures come from the segment note. Segment revenues include intersegment sales, which are eliminated in consolidation, so they do not sum to consolidated revenue. Segment operating margin is the measure the company's chief operating decision maker uses; 'other_operating_margin' is the unrealized mark-to-market gain or loss on derivative contracts not designated as cash flow hedges.", "Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are the company's non-GAAP measures, taken from the reconciliation in MD&A. Maintenance and growth capital expenditures there are net of reimbursements and noncontrolling-interest contributions and are shown as negative deductions, as printed.", "Dividends declared per share: the quarterly figures come from the dividend tables ($1.25 for the quarter ended September 30, 2026 in the 10-Q; $1.00 for the quarter ended September 30, 2025 in the 10-K). Annual and nine-month figures are the sum of the quarterly declarations those tables print: $4.00 for 2025 (four of $1.00), $3.00 for 2024 (four of $0.75), $2.00 for 2023 (four of $0.50), $3.75 for the nine months of 2026 (three of $1.25) and $3.00 for the nine months of 2025 (three of $1.00).", "The trailing twelve months ended September 30, 2026 are derived as FY2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025. Earnings per share is not additive across periods and is not given for the trailing twelve months.", "Common shares outstanding are taken from the face of the balance sheet: 214,480,427 at September 30, 2026, 214,662,156 at December 31, 2025 and 217,763,821 at December 31, 2024." ], "uncertainties": [ "No three-month cash flow figures exist for Q3 FY2026 or Q3 FY2025 in these filings: the 10-Q's cash flow statement covers nine months only, and the six-month figures needed to difference out the quarter are not printed in the 10-K or this 10-Q. Quarterly operating cash flow, cash capital outlays and free cash flow are therefore omitted.", "No balance sheet at September 30, 2025 is presented in these filings, so Q3 FY2025 carries no balance sheet block.", "The 10-K does not print a standalone fourth quarter of 2025, so no Q4 FY2025 entry is included." ], "headline": { "period": "Q3 FY2026", "period_end_words": "September 30, 2026", "metrics": [ { "label": "Revenue", "format": "usd", "value": 5598600000, "text": "$5.60 billion", "exact": "$5,598,600,000", "compact": "$5.60B", "abs": "$5.60 billion", "prior_value": 4151200000, "prior": "$4.15 billion", "priorabs": "$4.15 billion", "yoy": "up 34.9%", "source": { "array": "quarterly", "field": "income_statement.total_revenues", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001193125-26-449541", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001193125-26-449541", "gap_days": 365 } }, { "label": "Net income", "format": "usd", "value": 658200000, "text": "$658.2 million", "exact": "$658,200,000", "compact": "$658.20M", "abs": "$658.2 million", "prior_value": 478400000, "prior": "$478.4 million", "priorabs": "$478.4 million", "yoy": "up 37.6%", "source": { "array": "quarterly", "field": "income_statement.net_income_attributable_to_targa_resources_corp", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001193125-26-449541", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001193125-26-449541", "gap_days": 365 } }, { "label": "Diluted EPS", "format": "eps", "value": 3.04, "text": "$3.04", "exact": "$3.04", "compact": "$3.04", "abs": "$3.04", "prior_value": 2.2, "prior": "$2.20", "priorabs": "$2.20", "yoy": "up 38.2%", "source": { "array": "quarterly", "field": "income_statement.diluted_eps", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001193125-26-449541", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001193125-26-449541", "gap_days": 365 } }, { "label": "Adjusted EBITDA", "format": "usd", "value": 1504300000, "text": "$1.50 billion", "exact": "$1,504,300,000", "compact": "$1.50B", "abs": "$1.50 billion", "prior_value": 1274800000, "prior": "$1.27 billion", "priorabs": "$1.27 billion", "yoy": "up 18.0%", "source": { "array": "quarterly", "field": "non_gaap.adjusted_ebitda", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001193125-26-449541", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001193125-26-449541", "gap_days": 365 } } ], "summary": "Targa Resources reported net income attributable to Targa Resources Corp. of $658.2 million, or $3.04 per diluted share, for Q3 FY2026, the quarter ended September 30, 2026, up 37.6% from a year earlier. Total revenue was $5.60 billion, up 34.9%, mainly on higher commodity prices, and most of the gain in commodity sales was offset by higher product purchase costs. Adjusted EBITDA, the company's main non-GAAP measure, was $1.50 billion, up 18.0%, on higher volumes from new Permian processing plants and the Stakeholder Midstream acquisition.", "qa": [ { "q": "How much did Targa Resources earn in Q3 FY2026?", "a": "Targa Resources reported net income attributable to Targa Resources Corp. of $658.2 million for Q3 FY2026, the quarter ended September 30, 2026, or $3.04 per diluted share. A year earlier it earned $478.4 million, or $2.20 per diluted share, so net income was up 37.6%." }, { "q": "What was Targa Resources revenue in Q3 FY2026?", "a": "Targa Resources reported total revenue of $5.60 billion for Q3 FY2026, the quarter ended September 30, 2026, up 34.9% from $4.15 billion a year earlier. The increase came mainly from higher natural gas, NGL and condensate prices, and most of the gain in commodity sales was offset by higher product purchase costs." }, { "q": "What was Targa Resources adjusted EBITDA in Q3 FY2026?", "a": "Targa Resources reported adjusted EBITDA, a non-GAAP measure, of $1.50 billion for Q3 FY2026, the quarter ended September 30, 2026, up 18.0% from $1.27 billion a year earlier. The growth reflected higher volumes from new Permian processing plants and the Stakeholder Midstream acquisition." }, { "q": "What was Targa Resources earnings per share in Q3 FY2026?", "a": "Targa Resources reported diluted earnings per share of $3.04 for Q3 FY2026, the quarter ended September 30, 2026, up 38.2% from $2.20 a year earlier." } ] }, "company_details": { "Name": "Targa Resources Corp.", "Ticker": "TRGP", "CIK": "0001389170", "Exchange": "NYSE", "State": "Texas", "Incorporation": "", "SIC": "4922", "Office": "Energy & Transportation", "Industry": "Natural Gas Transmission" }, "next_filing": { "predicted_date": "2027-02-18", "predicted_type": "10-K" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q3", "tag": "FY26Q3", "period_end": "2026-09-30", "form": "10-Q", "accession": "0001193125-26-449541", "fiscal_year_end": "1231", "source": "facts" }, "source_filings": [ { "role": "annual", "current": false, "form": "10-K", "fiscal_year": 2025, "fiscal_period": "FY", "tag": "FY25", "period_end": "2025-12-31", "filed": "2026-02-19", "accession": "0001193125-26-059296", "url": "https://www.sec.gov/Archives/edgar/data/1389170/000119312526059296/trgp-20251231.htm", "source": "reported" }, { "role": "quarterly", "current": true, "form": "10-Q", "fiscal_year": 2026, "fiscal_period": "Q3", "tag": "FY26Q3", "period_end": "2026-09-30", "filed": "2026-11-05", "accession": "0001193125-26-449541", "url": "https://www.sec.gov/Archives/edgar/data/1389170/000119312526449541/trgp-20260930.htm", "source": "facts" } ], "figure_sources": { "about": "Where each figure in this file is printed in its SEC filing. 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