Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.59B | $8.81B | $10.5B | $8.67B | $8.26B | $16.9B | $20.9B | $16.1B | $16.4B | $17.0B |
| Revenue growth | — | 57.8% | 18.9% | -17.3% | -4.7% | 105.2% | 23.5% | -23.3% | 2.0% | 3.9% |
| Gross profit | $1.77B | $1.91B | $2.25B | $2.55B | — | — | — | — | — | — |
| Gross margin | 31.6% | 21.7% | 21.4% | 29.4% | — | — | — | — | — | — |
| Operating income | $55.8M | -$122M | $238M | $193M | -$1.30B | $865M | $1.73B | $2.63B | $2.70B | $3.33B |
| Operating margin | 1.0% | -1.4% | 2.3% | 2.2% | -15.8% | 5.1% | 8.3% | 16.4% | 16.5% | 19.6% |
| Net income | -$187M | $54.0M | $1.60M | -$209M | -$1.55B | $71.2M | $1.20B | $1.35B | $1.31B | $1.92B |
| Net margin | -3.4% | 0.6% | 0.0% | -2.4% | -18.8% | 0.4% | 5.7% | 8.4% | 8.0% | 11.3% |
| EPS (diluted) | -$1.80 | -$0.31 | -$0.53 | -$1.44 | -$7.26 | -$0.07 | $3.88 | $3.66 | $5.74 | $8.49 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $837M | $940M | $1.14B | $1.39B | $1.74B | $2.30B | $2.38B | $3.21B | $3.65B | $3.92B |
| Capital expenditures | $562M | $1.30B | $3.11B | $2.88B | $952M | $505M | $1.33B | $2.39B | $2.97B | $3.33B |
| Free cash flow | $275M | -$358M | -$1.97B | -$1.49B | $793M | $1.80B | $1.05B | $826M | $684M | $584M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $73.5M | $137M | $232M | $331M | $243M | $159M | $219M | $142M | $157M | $166M |
| Total assets | $12.9B | $14.4B | $16.9B | $18.8B | $15.9B | $15.2B | $19.6B | $20.7B | $22.7B | $25.2B |
| Long-term debt | $4.88B | $5.05B | $6.66B | $7.82B | $7.76B | $6.60B | $11.5B | $13.0B | $14.2B | $17.4B |
| Shareholders' equity | $5.25B | $6.16B | $6.08B | $4.92B | $2.65B | $2.01B | $2.67B | $2.74B | $2.59B | $3.07B |
| Retained earnings | -$187M | -$77.2M | -$130M | -$340M | -$1.89B | -$1.82B | -$627M | $492M | $1.19B | $2.29B |
| Shares (wtd avg diluted) | 154M | 207M | 224M | 233M | 232M | 229M | 231M | 226M | 221M | 217M |
Every figure is extracted from Targa Resources Corp.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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