TRGPMEDIUM SIGNALOPERATIONAL10-K

TRGP completed three new 275 MMcf/d processing plants across 2025 while delivering strong earnings growth and expanding its asset base through increased debt financing.

The company executed a significant capacity expansion program with three major processing facilities coming online throughout 2025, positioning it well for continued Permian Basin growth. The meaningful increase in net income alongside higher debt levels suggests TRGP is successfully investing borrowed capital into profitable infrastructure projects that support its midstream energy operations.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

TRGP delivered robust financial performance with net income growing meaningfully to $1.9B while operating income and gross profit expanded at more modest rates. The company's total assets increased 10.9% to $25.2B, funded primarily through a 23% increase in total debt to $17.4B, while stockholders' equity grew 18.3% to $3.1B. The balance sheet expansion aligns with the operational investments in new processing capacity, suggesting disciplined capital deployment in growth projects.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+46.6%
$1.3B→$1.9B

Net income grew 46.6% — bottom-line growth signals improving overall business health.

Inventory
Balance Sheet
+28.4%
$334.3M→$429.3M

Inventory built 28.4% — monitor whether demand supports this build or if write-downs may follow.

Share Buybacks
Cash Flow
+26.9%
$2.6M→$3.3M

Share repurchases increased 26.9% — management returning capital, signals confidence in intrinsic value.

Operating Income
P&L
+23.6%
$2.7B→$3.3B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Total Debt
Balance Sheet
+23%
$14.2B→$17.4B

Debt rose 23% — additional borrowing for investment or operations; monitor coverage ratios.

Stockholders Equity
Balance Sheet
+18.3%
$2.6B→$3.1B

Equity base grew 18.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+13.7%
$2.2B→$2.6B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Liabilities
Balance Sheet
+11.8%
$3.2B→$3.5B

Current liabilities rose 11.8% — increased short-term obligations, watch current ratio.

Total Assets
Balance Sheet
+10.9%
$22.7B→$25.2B

Asset base grew 10.9% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
As of February 13, 2026, there were 214,951,798 shares of the registrant s common stock, $0.001 par value, outstanding.
Form 10-K Summary 85 SIGNATURES Signatures 86 1 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Targa Resources Corp.
The Logistics and Transportation segment also includes our NGL pipeline system, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas.
4 The map below highlights our more significant assets as of December 31, 2025: 5 Recent Developments Permian Basin Processing Expansions In response to increasing production and to meet the infrastructure needs of our customers, our new 275 MMcf/d cryogenic natural gas processing plant additions include: Bull Moose plant in Permian Delaware (the Bull Moose plant ), commenced operations in the first quarter of 2025.
Pembrook II plant in Permian Midland (the Pembrook II plant ), commenced operations in the third quarter of 2025.
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REMOVED
As of February 14, 2025, there were 218,106,765 shares of the registrant s common stock, $0.001 par value, outstanding.
Form 10-K Summary 87 SIGNATURES Signatures 88 1 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Targa Resources Corp.
The Logistics and Transportation segment also includes the Grand Prix NGL Pipeline ( Grand Prix ), which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas.
4 The map below highlights our more significant assets as of December 31, 2024: 5 Recent Developments In response to increasing production and to meet the infrastructure needs of producers and our downstream customers, our major expansion projects include the following: Permian Midland Processing Expansions In August 2023, we announced the construction of a new 275 MMcf/d cryogenic natural gas processing plant in Permian Midland (the Greenwood II plant ).
The Greenwood II plant commenced operations early in the fourth quarter of 2024.
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