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Targa Resources Cash Flow Statement

Operating, investing, and financing cash movements

Targa Resources generated $3.7B in operating cash flow over the trailing twelve months. After $3.4B in capital expenditures, free cash flow was $1.1B. Free cash flow increased 0.7% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$3.7BNet Cash From Investing (TTM)-$5.0BNet Cash From Financing (TTM)$2.7BCapital Expenditures (TTM)$3.4BDepreciation And Amortization Cf (TTM)$1.6BNet Change In Cash (TTM)-$51.3M
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$57.8B
P/E Ratio27.12
ROE76.31%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired—$30.7M$30.7M$30.7M$30.7M$1.3B
Capital expenditures$726.9M$792.2M$906.1M$671.8M$963.2M$899.5M
Payments For Advance To Affiliate$23.1M$23.8M$52M$48.5M$6.2M$4M
Payment for (Proceeds from) Other Investing Activity—-$200K-$100K-$26.8M$0-$900K
Net cash from investing activities-$746.3M-$813.3M-$956.8M-$691.1M-$1.2B-$2.2B
Proceeds from maturities/sales of investments$4.1M$2.5M$1.2M$2.4M$1.7M$3M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in inventories-$80.7M-$78.8M$184.2M$41.3M—-$96M
Deferred income taxes$102.9M$56.9M$169.8M$158.8M$131.1M$123.9M
Depreciation and amortization$378.5M$367.6M$373.7M$383.5M$390.5M$426M
Net cash from operating activities$1.3B$954.4M$858.3M$599.2M$1.5B$739.5M
Net income$414M$279.8M$637.2M$486.6M$553.1M$487.4M
Non-cash interest expense$3.9M$3.9M$4M$4.9M$4.5M$4.9M
Distributions of earnings from equity method investees$4.6M$2.4M$5M$5.2M$8.1M$1.7M
Equity in earnings (losses) of equity method investees$1.5M$5.5M$5.1M$6.4M—$8.6M
Increase Decrease In Account Payable Accrued Liabilities And Other Liabilities$401M-$169.3M-$183.2M-$163.8M—-$181.9M
Increase (Decrease) in Accounts Receivable and Other Operating Assets$314.4M-$217.1M-$102.7M——$198M
Increase Decrease In Interest Payable Net$155.9M-$147.6M$191.7M-$161M$158.8M-$161.2M
Interest received from investments$8.2M$3.9M$10.1M$600K$6.8M$15.8M
Gain (loss) on mark-to-market of Escrowed Shares-$78.3M-$248.8M$280.5M-$36.5M-$500K-$110.3M
Stock-based compensation$15.8M$17.6M$17.1M$17.5M$17.3M$23.2M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Finance Lease, Principal Payments$13.9M$14.6M$15.6M$23.6M$22.7M$23.8M
Payments For Repurchase Of Equity$108M$124.9M$324.3M$155.6M$37M$55M
Payments for Repurchase of Redeemable Noncontrolling Interest$111.6M$1.8B$400K———
Payments Of Debt Issuance Costs$2.5M$29.3M$12M$2M$13.8M$15M
Payments Of Dividends To Noncontrolling Interests$59.9M$17.9M$6.3M$4.7M$4.6M$5.6M
Payments Of Ordinary Dividends Common And Preferred Shareholders$164.9M$167.2M$218.4M$216.9M$215.8M$218.9M
Proceeds from trade receivable securitization facility, net$0$870M—$600M—$1.2B
Proceeds From Borrowings Of Commercial Paper Notes$25.8B$25.4B$21.2B$40.4B$22.5B$31.8B
Proceeds From Issuance Of Senior Long Term Debt$0$2B$1.5B$0$1.7B$1.5B
Repayments Of Accounts Receivable Securitization$270M$600M$600M$0$600M$600M
Repayment of commercial paper$25.6B$25.6B$21.5B$39.8B$23.6B$31.5B
Repayments of Senior Debt—$176.3M$176.3M$176.3M$176.3M$687.1M
Net cash from financing activities-$551.5M-$147M—$102.9M-$282.7M$1.4B
Taxes paid for net share settlement$3.1M$46.5M$200K$17.1M$3.5M$33.6M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$601M$162.2M——$542.3M-$160M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$30.1M-$5.9M-$38.3M$11M$42M-$66M