Targa Resources Corp.
As of Fiscal Year 2025 (ended December 31, 2025)
Key KPIs at a Glance
| Metric | Value |
|---|---|
| Total Revenue (FY2025) | $17.03 billion, up approximately 4% year-over-year from $16.38 billion in FY2024 |
| Net Income Attributable to Targa (FY2025) | $1.92 billion, up 47% year-over-year from $1.31 billion in FY2024 |
| Adjusted EBITDA (FY2025) | $4.96 billion, up 20% year-over-year from $4.14 billion in FY2024 |
| Gathering and Processing Segment Adjusted Operating Margin | $3.35 billion, up 7% year-over-year from $3.13 billion in FY2024 |
| Logistics and Transportation Segment Adjusted Operating Margin | $3.18 billion, up 17% year-over-year from $2.72 billion in FY2024 |
| Annualized Common Dividend per Share | $4.00 for 2025, up 33% from $3.00 in 2024; board has recommended a further 25% increase to $5.00 for 2026 |
| Net Growth Capital Expenditures | $3.34 billion in FY2025, up from $3.00 billion in FY2024; approximately $4.5 billion planned for 2026 |
| Adjusted Free Cash Flow | $539.0 million in FY2025, up sharply from $140.1 million in FY2024 (closest company-disclosed analogue to distributable cash flow) |
| Common Share Repurchases | $642 million repurchased during FY2025 |
| Employees | Approximately 3,570 employees as of December 31, 2025, per Targa's FY2025 Form 10-K |
Sources: All FY2025/FY2024 figures (total revenue, net income attributable to Targa Resources Corp., consolidated Adjusted EBITDA, segment Adjusted Operating Margin, growth/maintenance capex, share repurchases, Adjusted Free Cash Flow, and the $4.00 2025 / $5.00 2026 annualized common dividend) are company-disclosed, from Targa Resources Corp.'s press release 'Reports Record Fourth Quarter and Full Year 2025 Financial Results and Provides Outlook for Record 2026,' issued February 19, 2026 (globenewswire.com/news-release/2026/02/19/3240865; also posted at targaresources.com/news-releases). FY2023 Adjusted EBITDA ($3,530.0M) and FY2022 Adjusted EBITDA ($2,901.1M) are from Targa's full-year-2023 results press release issued February 15, 2024 (globenewswire.com/news-release/2024/02/15/2829753). FY2021 Adjusted EBITDA ($2,052.0M) is from Targa's full-year-2021 results press release issued February 2022 (targaresources.com/news-releases/news-release-details/targa-resources-corp-reports-fourth-quarter-and-full-year-2021). Employee count (~3,570 as of December 31, 2025) is company-disclosed in Targa's FY2025 Form 10-K, Human Capital section (sec.gov/Archives/edgar/data/1389170/000119312526059296/trgp-20251231.htm). Segment breakdown uses Targa's own primary non-GAAP segment metric, 'Segment Adjusted Operating Margin' (Gathering and Processing; Logistics and Transportation), which is the measure the company itself leads with -- revenue is not broken out cleanly by segment because it is heavily commodity-pass-through and includes intersegment activity. Segment Adjusted Operating Margin excludes corporate G&A and other items not allocated to segments, so the two segments sum to $6,528.2M, which is $1,570.8M higher than consolidated Adjusted EBITDA of $4,957.4M; the pie below totals to the $6,528.2M segment-margin basis, not to consolidated Adjusted EBITDA. Targa does not separately disclose a line item called 'Distributable Cash Flow'; 'Adjusted Free Cash Flow' (2025: $539.0M; 2024: $140.1M) is the closest company-disclosed non-GAAP cash metric and is used in its place. No credible, specifically-attributed third-party market-share estimate (e.g., a sourced Permian gathering-and-processing capacity share or NGL market-share percentage) was found in researched investor materials or analyst commentary as of this writing; Targa's own May 2026 investor presentation makes only qualitative claims (e.g., 'largest natural gas gatherer and processor in the Permian Basin') without a cited percentage, and its Enverus citation covers basin growth-rate comparisons, not market share -- so no market-share figure is included, per instructions not to guess.