$TRGP

Targa Resources Corp.

CIK:0001389170|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues:

Total revenues

$ 4,440.1

$ 4,260.1

$ 8,534.8

$ 8,821.6

Costs and expenses:

Product purchases and fuel

2,302.0

2,436.0

4,696.5

5,693.8

Operating expenses

354.1

323.6

687.8

627.2

Depreciation and amortization expense

453.1

373.7

879.1

741.3

General and administrative expense

108.1

95.0

215.9

189.5

Other operating (income) expense

(11.7)

(1.8)

(25.9)

(7.1)

Income (loss) from operations

1,234.5

1,033.6

2,081.4

1,576.9

Other income (expense):

Interest expense, net

(236.6)

(218.4)

(464.2)

(415.5)

Equity earnings (loss)

7.8

5.1

16.4

10.6

Other, net

(0.8)

1.0

(17.4)

1.3

Income (loss) before income taxes

1,004.9

821.3

1,616.2

1,173.3

Income tax (expense) benefit

(227.2)

(184.1)

(351.1)

(256.3)

Net income (loss)

777.7

637.2

1,265.1

917.0

Less: Net income (loss) attributable to noncontrolling interests

13.1

8.1

20.9

17.4

Net income (loss) attributable to Targa Resources Corp.

764.6

629.1

1,244.2

899.6

Premium on repurchase of noncontrolling interests, net of tax

^[1]

70.5

Net income (loss) attributable to common shareholders

$ 764.6

$ 629.1

$ 1,244.2

$ 829.1

Net income (loss) per common share - basic

$ 3.54

$ 2.88

$ 5.76

$ 3.79

Net income (loss) per common share - diluted

$ 3.54

$ 2.87

$ 5.75

$ 3.78

Weighted average shares outstanding - basic

214.6

216.6

214.7

217.2

Weighted average shares outstanding - diluted

215.2

217.3

215.3

218.0

Sales of Commodities [Member]

Revenues:

Total revenues

$ 3,592.9

$ 3,636.3

$ 6,937.5

$ 7,520.7

Fees from Midstream Services [Member]

Revenues:

Total revenues

$ 847.2

$ 623.8

$ 1,597.3

$ 1,300.9

[1]	Represents premium paid on the Badlands Transaction. See “Note 4 – Acquisitions and Joint Ventures.”

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 1,265.1	$ 917.0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization in interest expense	10.0	7.9
Compensation on equity grants	41.2	34.7
Depreciation and amortization expense	879.1	741.3
Deferred income tax expense (benefit)	350.3	226.7
Equity (earnings) loss of unconsolidated affiliates	(16.4)	(10.6)
Distributions of earnings received from unconsolidated affiliates	11.0	7.4
Risk management activities	7.2	(31.7)
Other, net	18.9	14.0
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets	(392.5)	319.8
Inventories	106.4	(105.4)
Accounts payable, accrued liabilities and other liabilities	(131.9)	(352.5)
Interest payable	32.4	44.1
Net cash provided by (used in) operating activities	2,180.8	1,812.7
Cash flows from investing activities
Outlays for property, plant and equipment	(1,909.6)	(1,698.3)
Outlays for business acquisition, net of cash acquired	(1,266.3)
Investments in unconsolidated affiliates	(5.9)	(75.8)
Return of capital from unconsolidated affiliates	0.9	3.7
Other, net	6.5	0.3
Net cash provided by (used in) investing activities	(3,174.4)	(1,770.1)
Debt obligations:
Proceeds from borrowings of commercial paper notes	53,736.3	46,656.2
Repayments of commercial paper notes	(53,297.0)	(47,119.7)
Proceeds from borrowings under accounts receivable securitization facility	1,200.0	870.0
Repayments of accounts receivable securitization facility	(749.0)	(1,200.0)
Proceeds from issuance of senior unsecured notes	1,498.4	3,490.7
Redemption of senior unsecured notes	(687.1)
Principal payments of finance leases	(52.1)	(30.2)
Costs incurred in connection with financing arrangements	(15.0)	(41.3)
Repurchases of common stock	(135.1)	(449.2)
Shares tendered for tax withholding obligations	(33.6)	(46.7)
Distributions to noncontrolling interests	(12.3)	(24.2)
Repurchase of noncontrolling interests		(1,800.4)
Dividends paid to common shareholders	(488.6)	(385.6)
Other, net	(5.1)	(6.4)
Net cash provided by (used in) financing activities	959.8	(86.8)
Net change in cash and cash equivalents	(33.8)	(44.2)
Cash and cash equivalents, beginning of period	166.1	157.3
Cash and cash equivalents, end of period	$ 132.3	$ 113.1

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 132.3

$ 166.1

Trade receivables, net of allowances of $0.7 million and $0.7 million as of June 30, 2026 and December 31, 2025

1,952.1

1,474.6

Inventories

311.7

429.3

Assets from risk management activities

75.5

154.7

Other current assets

157.5

138.0

Total current assets

2,629.1

2,362.7

Property, plant and equipment, net

23,062.6

20,534.8

Intangible assets, net

2,105.2

1,651.4

Long-term assets from risk management activities

61.6

35.0

Investments in unconsolidated affiliates

317.5

307.1

Other long-term assets

339.1

327.4

Total assets

28,515.1

^[1]

25,218.4

Current liabilities:

Accounts payable

2,108.4

1,873.0

Accrued liabilities

288.1

358.6

Interest payable

343.4

311.0

Liabilities from risk management activities

113.2

234.1

Current debt obligations

558.0

770.1

Total current liabilities

3,411.1

3,546.8

Long-term debt

19,020.0

16,662.4

Long-term liabilities from risk management activities

149.5

22.5

Deferred income taxes, net

1,732.1

1,393.5

Other long-term liabilities

406.7

395.0

Contingencies (see Note 13)

0.0

Targa Resources Corp. stockholders' equity:

Common Stock ($0.001 par value, 450,000,000 shares authorized as of June 30, 2026 and December 31, 2025)

0.2

Additional paid-in capital

3,129.3

3,088.1

Retained earnings (deficit)

3,050.7

2,294.4

Accumulated other comprehensive income (loss)

74.5

113.8

Treasury stock, at cost (28,824,459 shares and 28,108,057 shares as of June 30, 2026 and December 31, 2025)

(2,598.2)

(2,428.6)

Total Targa Resources Corp. stockholders' equity

3,656.5

3,067.9

Noncontrolling interests

139.2

130.3

Total owners' equity

3,795.7

3,198.2

Total liabilities and owners' equity

$ 28,515.1

$ 25,218.4

[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.