Targa Resources Corp.

TRGPNYSEEnergy● Active

$264.13

+$0.04(+0.02%)

Market Cap$56.7B

P/E Ratio—

52W High$280

52W Low$144.14

Avg Volume1.4M

Open$265.23

Beta0.71

Free Cash Flow Financials Revenue

Targa Resources Corp. (TRGP) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TRGP · free cash flow · updated Jun 8, 2026

Core FCF metrics

TRGP · FCF · TTM · margin & CAGR

Free cash flow was $584.1M for FY2025 (fiscal year ending 2025-12-31), down 14.6% year-over-year The FCF margin was 3.4%. Five-year CAGR stands at -5.9%.

FY2025 Free Cash Flow$584.1M▼ -14.6% YoY

Trailing 12M (TTM)$261.9Mtrailing 4 quarters sum

FCF Margin3.4%$584.1M ÷ revenue

3-Year CAGR-17.7%FY2022 → FY2025

5-Year CAGR-5.9%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

TRGP · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$3.92B(3.33B)$584.1M▼ 14.6%3.4%

FY2024$3.65B(2.97B)$683.9M▼ 17.2%4.1%

FY2023$3.21B(2.39B)$826.2M▼ 21.1%5.3%

FY2022$2.38B(1.33B)$1.05B▼ 41.8%4.8%

FY2021$2.30B(505M)$1.80B▲ +126.7%10.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

TRGP · P/FCF · FCF yield · FCF per share

Targa Resources Corp. (TRGP) trades at a FCF yield of 0.46% and a price-to-free-cash-flow ratio of 216.5x. FCF per share stands at $1.22, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

0.46%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.22

TTM FCF ÷ Shares Outstanding

Price / FCF

x216.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x291.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

TRGP · cash flow statement · operating / investing / financing

For FY2025, Targa Resources Corp. generated $3.92B in operating cash flow and spent 3.33B in capital expenditures, yielding $584.1M in free cash flow.

Operating Activities

+$3.92B

Cash from core business operations

2025-12-31

Investing Activities

−$5.44B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$1.53B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($3.92B) − |CapEx| (3.33B) = FCF ($584.1M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

TRGP vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Targa Resources Corp.YOU

TRGP

$584.1M-14.6%3.4%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Targa Resources Corp. (TRGP) reported free cash flow of $584.1M for FY2025 (fiscal year ending 2025-12-31), down 14.6% year-over-year. The FCF margin was 3.4%.

Based on available data, Targa Resources Corp. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $1.80B in FY2021. The 5-year CAGR stands at -5.9%.

Targa Resources Corp.'s FCF yield is 0.46% and price-to-FCF ratio is 216.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

TRGP free cash flow · 8 questions

Targa Resources Corp. free cash flow was $584.1M for FY2025, down 14.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $261.9M.

TRGP free cash flowTRGP FCFTRGP FCF 2025TRGP free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Targa Resources Corp. · Targa Resources Corp. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026