TRGP at a glance
Targa Resources (TRGP, SEC CIK 1389170) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 25, 2026 and Form 4 insider filings as recently as September 8, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Targa Resources (TRGP) reported revenue of $17.0 billion (up 3.9% from FY2024) and net income of $1.9 billion. Diluted EPS was $8.49.
- As of June 30, 2026, 42 institutional investment managers tracked by SignalX reported holding Targa Resources (TRGP) shares worth $26.7 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Chung Paul W on September 1, 2026 of 1,000 shares at $295.38 per share.
- In the last 90 days, TRGP insiders reported 0 open-market purchases ($0) and 9 open-market sales ($2.1M) on Form 4, a net sale of $2.1M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $17.0B
- +3.9% vs prior year
- Insiders · 90 days
- 0 buys · 9 sells
- Net −$2.1M
- 13F holders
- 42 funds
- $26.7B · +3 vs prior quarter
- Latest 8-K
- Aug 25, 2026
- Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Domestic infrastructure assets in natural gas gathering, processing, transportation, and NGL and crude oil logistics
- New emphasis: Increased ownership stakes in joint ventures including 76.8% in Venice Energy and 80% in Targa Train 7 LLC
- Strategic shift: Large capital expenditures with property, plant and equipment net increasing to $20.5B from $18.1B showing expansion and asset growth
- Notable metric: Net income attributable to Targa Resources $1.92B, up from $1.31B in prior year; total assets up to $25.2B from $22.7B
- Unique fact: Significant repurchase of noncontrolling interests in 2025 reducing noncontrolling interests equity from $1.83B to $130.3M, reflecting consolidation moves
Management Discussion & Analysis
- Revenue $17.03B, up 4% YoY from $16.38B; commodity sales $14.4B (+4%), midstream service fees $2.62B (+5%)
- Net income $1.92B, up 47% YoY from $1.31B; operating margin improved with income from operations $3.33B (+24%)
- Best segment: Logistics and Transportation margin $2.79B (+18%), worst: Other segment margin negative $(5.3M) vs $(164.6M)
- Adjusted EBITDA $4.96B (+20%); adjusted free cash flow $539M vs $140M; capex $3.57B total ($3.34B growth, $226M maintenance)
- Management highlights continued growth in fee-based contracts, capital discipline on projects, and risk mitigation via commodity hedging; planned facility turnaround affects fees
Risk Factors
- Regulatory risk: Compliance with Federal Energy Regulatory Commission (FERC) statutes and orders, noncompliance may cause substantial penalties and fines
- Macroeconomic threat: Inflation and Federal Reserve monetary policy increases capital expenditures and operating costs
- Operational risk: Dependence on third-party pipelines and facilities interconnected to Targa’s systems for natural gas, NGLs, and crude oil transportation
- Competitive risk: Highly competitive oil and natural gas industry impacting ability to hire and retain management and operational personnel
- Financial risk: Substantial indebtedness with potential for incurring more debt increasing risks of financial covenant compliance
AI summary of the TRGP 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- Share repurchases totaled 308,102 shares under authorized programs
- Repurchase authorization remaining $1,238,498 thousand at June 30, 2026
- Receivables Purchase Agreement amended July 1, 2026, creating potential financing-documentation changes
AI summary of the TRGP 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 5.02: Departure/Appointment of Directors or Principal Officers
- CFO William A. Byers retires September 1, 2026, remaining in a non-executive transition role through December 31, 2026
- Benjamin J. Branstetter becomes CFO and principal financial officer, moving from President–Logistics and Transportation
Item 7.01: Regulation FD Disclosure
- Targa identifies its website, press releases, SEC filings, and public calls as Regulation FD disclosure channels
- Investors should monitor targaresources.com for potentially material company information beyond SEC filings
Item 2.02: Results of Operations and Financial Condition
- Filing contains only signature certification for Targa Resources Corp., dated August 6, 2026
- No operating results, financial figures, or earnings-period information included in the provided Item 2.02 text
Item EX-99.1: Item EX-99.1
- Record Q2 adjusted EBITDA $1.603B, up 38% YoY and 14% sequentially, led by Permian volumes and L&T optimization margins
- Net income attributable to Targa $765M, up 22% YoY, while adjusted free cash flow reached $205M versus negative $10M
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Thomas Mathiasmeier appointed Class II director through 2027 annual meeting
- Former ConocoPhillips Global Gas, Power & Emerging Markets president adds gas, LNG, midstream and trading expertise
AI summaries of TRGP 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for TRGP
Don't miss the next TRGP filing
- Alerts as it files. A push when TRGP files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut TRGP, by share count.
- Ask anything. An AI agent that reads every TRGP filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Perkins Joe Bob | G | Sep 3, 2026 | 8,370 | - |
| Chung Paul W | Sell | Sep 1, 2026 | 1,000 | $295.38 |
| Chung Paul W | Sell | Sep 1, 2026 | 816 | $297.00 |
| Secrest Brent B. | A | Sep 1, 2026 | 10,000 | - |
| CRISP CHARLES R | Sell | Aug 25, 2026 | 3,000 | $290.23 |
| CRISP CHARLES R | G | Aug 25, 2026 | 1,200 | - |
| Davis Waters S IV | Sell | Aug 21, 2026 | 692 | $297.38 |
| Davis Waters S IV | Sell | Aug 21, 2026 | 254 | $298.68 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $16.4B | $17.0B |
| Operating Income | - | $2.7B | $3.3B |
| Net Income | $1.3B | $1.3B | $1.9B |
| Op. Margin | - | 16.5% | 19.6% |
| Net Margin | - | 8.0% | 11.3% |
| Balance Sheet | |||
| Total Assets | - | $22.7B | $25.2B |
| Equity | $2.7B | $2.6B | $3.1B |
| ROE | 49.1% | 50.6% | 62.7% |
| Per Share | |||
| EPS | $3.66 | $5.74 | $8.49 |
| Cash Flow | |||
| Operating CF | - | $3.6B | $3.9B |
| CapEx | $2.4B | $3.0B | $3.3B |
Source: XBRL data in Targa Resources (TRGP)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate TRGP share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 42 | $26.65B |
| Q1 2026 | 39 | $24.43B |
| Q4 2025 | 38 | $17.79B |
| Q3 2025 | 40 | $16.15B |
| Q2 2025 | 36 | $16.89B |
| Q1 2025 | 37 | $15.24B |
| Q4 2024 | 32 | $12.00B |
| Q3 2024 | 27 | $5.83B |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 291 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
TRGP filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 8, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Aug 26, 2026 | - | - | - |
| 8-K | Aug 25, 2026 | - | Analysis | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Jul 23, 2026 | - | - | - |
| 8-K | Jul 17, 2026 | - | Analysis | - |
| 8-K | Jul 6, 2026 | - | Analysis | - |
| 8-K | May 22, 2026 | - | Analysis | |
| 4 | May 15, 2026 | - | - | |
| 4 | May 13, 2026 | - | - | |
| 4 | May 13, 2026 | - | - | |
| 8-K | May 7, 2026 | - | Analysis | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 30, 2026 | - | - | |
| SC 13G | Apr 29, 2026 | - | - | |
| 4 | Mar 6, 2026 | - | - | - |
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TRGP SEC filings: frequently asked questions
Are TRGP insiders buying or selling?
In the last 90 days, Targa Resources (TRGP) officers, directors and 10% owners reported no open-market purchases and 9 open-market sales worth $2.1 million by 3 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold TRGP stock?
As of June 30, 2026, the largest Targa Resources (TRGP) holders among the 13F filers tracked by SignalX were BlackRock ($5.6 billion), State Street Corp ($3.8 billion), Vanguard Capital Management LLC ($3.8 billion), Vanguard Portfolio Management LLC ($3.1 billion), Blackstone Group ($965.8 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was TRGP's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Targa Resources (TRGP) reported revenue of $17.0 billion (up 3.9% from FY2024) and net income of $1.9 billion. Diluted EPS was $8.49. The figures come from the XBRL data in the 10-K.
What are the main risks in TRGP's latest 10-K?
In the 10-K filed February 19, 2026, Targa Resources (TRGP) flagged: Regulatory risk: Compliance with Federal Energy Regulatory Commission (FERC) statutes and orders, noncompliance may cause substantial penalties and fines. Macroeconomic threat: Inflation and Federal Reserve monetary policy increases capital expenditures and operating costs. (AI summary of the Risk Factors section.)
What did TRGP report in its latest 8-K?
Targa Resources (TRGP) filed an 8-K on August 25, 2026 reporting Item 5.02 (Departure/Appointment of Directors or Principal Officers). CFO William A. Byers retires September 1, 2026, remaining in a non-executive transition role through December 31, 2026.
What are the latest TRGP SEC filings?
Targa Resources (TRGP) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 25, 2026 and a Form 4 insider filing on September 8, 2026.
What is TRGP's SEC CIK number?
Targa Resources (TRGP)'s SEC Central Index Key (CIK) is 1389170. EDGAR lists every TRGP filing under that number.
Ask anything about TRGP
The research agent reads TRGP's filings, financials, insider trades and 13F holders, then answers with sources.