TRGP Targa Resources
FY2025 10-K
Targa Resources (TRGP) filed its fiscal year 2025 10-K annual report with the SEC on Feb 19, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
Financial SummaryXBRL
Revenue
$17.0B
Net Income
$1.9B
Operating Margin
19.6%
Net Margin
11.3%
ROE
62.7%
Total Assets
$25.2B
EPS (Diluted)
$8.49
Operating Cash Flow
$3.9B
Source: XBRL data from Targa Resources FY2025 10-K filing on SEC EDGAR. All figures in USD.
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