Targa Resources Corp.
targaresources.comWhat Do They Do?
Provides gathering, processing and transportation services for natural gas, natural gas liquids and crude oil to producers, marketers and exporters.
10-K for FY2025, filed Feb 19, 2026gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;View ↗
transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and…View ↗
We provide a comprehensive package of services to natural gas and crude oil producers. These services are essential to gather, treat…View ↗
Our transportation assets further enhance our integrated midstream service offerings across the NGL and natural gas value chain by linking…View ↗
How Do They Make Money?
Commodity sales are Targa's largest business: customers buy natural gas, NGLs, condensate and crude oil and pay as each unit is delivered. Service fees are billed monthly or earlier after final commodity delivery; payment is typically due within 10 to 30 days.
10-K for FY2025, filed Feb 19, 2026sales of natural gas, NGLs, condensate and crude oil;View ↗
Our commodity sales contracts typically contain multiple performance obligations, whereby each distinct unit of commodity to be transferred…View ↗
Our customers are typically billed on a monthly basis, or earlier, if final delivery and sale of commodities is made prior to month-end…View ↗
$17B
-
10-K for FY2025, filed Feb 19, 2026
$17B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Sales of Commodities
Sold outright
10-K for FY2025, filed Feb 19, 2026 |
85%
FY2022: 91%
|
Sales of Commodities, FY2025
$14.4B Sources
|
Sold outright |
|
Fees from Midstream Services
Recurring
10-K for FY2025, filed Feb 19, 2026 |
15%
FY2022: 8.9%
|
Fees from Midstream Services, FY2025
$2.6B Sources
|
Recurring |
Who Are Their Customers?
Natural gas and crude oil producers, marketers, and other customers use Targa's gathering, processing, transport, and terminal services; third-party exporters use its terminal and export services.
10-K for FY2025, filed Feb 19, 2026
Do Revenues Turn Into Profits?
Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.
10-K for FY2025, filed Feb 19, 2026
$3.3BView ↗
10-K for FY2025, filed Feb 19, 2026
$1.9BView ↗
10-K for FY2025, filed Feb 19, 2026
$584.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$764.6MView ↗
- ▲ +22%
- vs $629.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 25, 2026
William Byers is retiring as CFO, and Benjamin Branstetter will succeed him
The change takes effect September 1, 2026; Byers will remain in a non-executive role through December 31, 2026.
Sources
8-K, filed Aug 25, 2026
On August 19, 2026, William A. Byers informed the Company of his intent to retire from his position as Chief Financial Officer of the…View ↗
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Aug 6, 2026
Targa moved its 2026 adjusted EBITDA outlook toward the range's top
It now expects adjusted EBITDA toward the top of its $5.7 billion to $5.9 billion range.
Sources
8-K, filed Aug 6, 2026
Given the strength of Targa’s performance through the first two quarters of the year, Targa now estimates full year 2026 adjusted EBITDA to…View ↗
-
May 7, 2026
Targa increased its 2026 adjusted EBITDA estimate to $5.7 billion to $5.9 billion
Sources
8-K, filed May 7, 2026
Increasing full year 2026 adjusted EBITDA estimate to $5.7 billion to $5.9 billionView ↗
Flat. Revenue was $17B in FY2025, about the same as the $16.9B of FY2021.
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