Short answer
Targa Resources (TRGP) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $17.0B (+3.9% year over year) and net income of $1.9B.
- Top risk flagged: Regulatory risk: Compliance with Federal Energy Regulatory Commission (FERC) statutes and orders, noncompliance may cause substantial penalties and fines
FY2025 key financial metrics · XBRL
- Revenue
- $17.0B
- +3.9% YoY
- Net income
- $1.9B
- +46.6% YoY
- Operating margin
- 19.6%
- +3.1 pp YoY
- EPS (diluted)
- $8.49
- +47.9% YoY
- ROE
- 62.7%
- +12.1 pp YoY
- Operating cash flow
- $3.9B
- +7.3% YoY
Source: XBRL data from the Targa Resources (TRGP) FY2025 10-K on SEC EDGAR. USD.
Targa Resources FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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