Targa Resources (TRGP) FY2025 10-K Annual Report
Targa Resources (TRGP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Targa Resources FY2025 10-K Analysis
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
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%)
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
Targa Resources FY2025 Key Financial MetricsXBRL
Revenue
$17.0B
▲ +3.9% YoY
Net Income
$1.9B
▲ +46.6% YoY
Operating Margin
19.6%
▲ +311bp YoY
Net Margin
11.3%
▲ +328bp YoY
ROE
62.7%
▲ +1207bp YoY
Total Assets
$25.2B
▲ +10.9% YoY
EPS (Diluted)
$8.49
▲ +47.9% YoY
Operating Cash Flow
$3.9B
▲ +7.3% YoY
Source: XBRL data from Targa Resources FY2025 10-K filing on SEC EDGAR. All figures in USD.
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