Targa Resources annual free cash flow
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2025
Targa Resources Free Cash Flow (FCF) History (TRGP)
Targa Resources reported $584.1M in free cash flow for fiscal 2025, a decrease of 14.59% from the previous fiscal year, with a free cash flow margin of 3.43%.
View full Targa Resources company overviewTarga Resources free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $584.1M | −$99.8M | −14.59% | +3.43% |
| 2024 | 2024-12-31 | $683.9M | −$142.3M | −17.22% | +4.84% |
| 2023 | 2023-12-31 | $826.2M | −$220.3M | −21.05% | +6.11% |
| 2022 | 2022-12-31 | $1.05B | −$751.3M | −41.79% | +5.28% |
| 2021 | 2021-12-31 | $1.80B | $1.00B | +126.74% | +11.17% |
| 2020 | 2020-12-31 | $792.9M | $2.28B | — | +11.53% |
| 2019 | 2019-12-31 | −$1.49B | $482.8M | — | −20.11% |
| 2018 | 2018-12-31 | −$1.97B | −$1.61B | — | −21.08% |
| 2017 | 2017-12-31 | −$358.0M | −$633.3M | — | −4.59% |
| 2016 | 2016-12-31 | $275.3M | $57.8M | +26.57% | +4.11% |
| 2015 | 2015-12-31 | $217.5M | $217.9M | — | — |
| 2014 | 2014-12-31 | −$400,000 | $630.5M | — | — |
| 2013 | 2013-12-31 | −$630.9M | −$476.4M | — | — |
| 2012 | 2012-12-31 | −$154.5M | −$201.9M | — | — |
| 2011 | 2011-12-31 | $47.4M | −$18.5M | −28.07% | — |
| 2010 | 2010-12-31 | $65.9M | −$170.5M | −72.12% | — |
| 2009 | 2009-12-31 | $236.4M | — | — | — |
Targa Resources quarterly free cash flow
Q3.10
Q1.11
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Q1.13
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Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $431.2M | $479.0M | — | +9.71% |
| Q1 2026 | 2026-03-31 | −$160.0M | −$322.2M | — | −3.91% |
| Q4 2025 | 2025-12-31 | $542.3M | −$58.7M | −9.77% | +13.37% |
| Q3 2025 | 2025-09-30 | −$72.6M | $215.3M | — | −1.75% |
| Q2 2025 | 2025-06-30 | −$47.8M | −$212.0M | — | −1.12% |
| Q1 2025 | 2025-03-31 | $162.2M | −$44.4M | −21.49% | +3.56% |
| Q4 2024 | 2024-12-31 | $601.0M | $363.3M | +152.84% | +18.49% |
| Q3 2024 | 2024-09-30 | −$287.9M | −$103.5M | — | −7.47% |
| Q2 2024 | 2024-06-30 | $164.2M | $85.4M | +108.38% | +5.39% |
| Q1 2024 | 2024-03-31 | $206.6M | −$487.5M | −70.23% | +5.18% |
| Q4 2023 | 2023-12-31 | $237.7M | $219.1M | +1177.96% | +6.53% |
| Q3 2023 | 2023-09-30 | −$184.4M | −$248.1M | — | −5.49% |
| Q2 2023 | 2023-06-30 | $78.8M | −$341.6M | −81.26% | +2.90% |
| Q1 2023 | 2023-03-31 | $694.1M | $150.3M | +27.64% | +18.26% |
| Q4 2022 | 2022-12-31 | $18.6M | −$302.0M | −94.20% | +0.46% |
| Q3 2022 | 2022-09-30 | $63.7M | −$308.8M | −82.90% | +1.26% |
| Q2 2022 | 2022-06-30 | $420.4M | −$100.7M | −19.32% | +7.25% |
| Q1 2022 | 2022-03-31 | $543.8M | −$39.8M | −6.82% | +11.12% |
| Q4 2021 | 2021-12-31 | $320.6M | −$179.7M | −35.92% | +6.18% |
| Q3 2021 | 2021-09-30 | $372.5M | $202.9M | +119.63% | +8.87% |
| Q2 2021 | 2021-06-30 | $521.1M | $509.0M | +4206.61% | +16.28% |
| Q1 2021 | 2021-03-31 | $583.6M | $472.7M | +426.24% | +16.66% |
| Q4 2020 | 2020-12-31 | $500.3M | $473.2M | +1746.13% | +21.65% |
| Q3 2020 | 2020-09-30 | $169.6M | $486.0M | — | +9.79% |
| Q2 2020 | 2020-06-30 | $12.1M | $575.1M | — | +1.00% |
| Q1 2020 | 2020-03-31 | $110.9M | $746.6M | — | +6.85% |
| Q4 2019 | 2019-12-31 | $27.1M | $878.9M | — | +1.27% |
| Q3 2019 | 2019-09-30 | −$316.4M | $183.8M | — | −19.11% |
| Q2 2019 | 2019-06-30 | −$563.0M | −$185.7M | — | −34.29% |
| Q1 2019 | 2019-03-31 | −$635.7M | −$394.2M | — | −32.36% |
| Q4 2018 | 2018-12-31 | −$851.8M | −$828.5M | — | −58.16% |
| Q3 2018 | 2018-09-30 | −$500.2M | −$228.6M | — | −16.75% |
| Q2 2018 | 2018-06-30 | −$377.3M | −$139.7M | — | −15.44% |
| Q1 2018 | 2018-03-31 | −$241.5M | −$416.0M | — | −9.83% |
| Q4 2017 | 2017-12-31 | −$23.3M | −$162.9M | — | — |
| Q3 2017 | 2017-09-30 | −$271.6M | −$257.5M | — | −12.74% |
| Q2 2017 | 2017-06-30 | −$237.6M | −$336.2M | — | — |
| Q1 2017 | 2017-03-31 | $174.5M | $123.3M | +240.82% | — |
| Q4 2016 | 2016-12-31 | $139.6M | −$7.7M | −5.23% | — |
| Q3 2016 | 2016-09-30 | −$14.1M | −$36.3M | — | — |
| Q2 2016 | 2016-06-30 | $98.6M | $134.3M | — | — |
| Q1 2016 | 2016-03-31 | $51.2M | −$32.5M | −38.83% | — |
| Q4 2015 | 2015-12-31 | $147.3M | $95.1M | +182.18% | — |
| Q3 2015 | 2015-09-30 | $22.2M | $79.7M | — | — |
| Q2 2015 | 2015-06-30 | −$35.7M | $80.4M | — | — |
| Q1 2015 | 2015-03-31 | $83.7M | −$37.3M | −30.83% | — |
| Q4 2014 | 2014-12-31 | $52.2M | $214.1M | — | — |
| Q3 2014 | 2014-09-30 | −$57.5M | $129.7M | — | — |
| Q2 2014 | 2014-06-30 | −$116.1M | $136.8M | — | — |
| Q1 2014 | 2014-03-31 | $121.0M | $149.9M | — | — |
| Q4 2013 | 2013-12-31 | −$161.9M | −$82.3M | — | — |
| Q3 2013 | 2013-09-30 | −$187.2M | −$147.0M | — | — |
| Q2 2013 | 2013-06-30 | −$252.9M | −$182.4M | — | — |
| Q1 2013 | 2013-03-31 | −$28.9M | −$64.7M | — | — |
| Q4 2012 | 2012-12-31 | −$79.6M | −$176.7M | — | — |
| Q3 2012 | 2012-09-30 | −$40.2M | $92.8M | — | — |
| Q2 2012 | 2012-06-30 | −$70.5M | −$140.7M | — | — |
| Q1 2012 | 2012-03-31 | $35.8M | $22.7M | +173.28% | — |
| Q4 2011 | 2011-12-31 | $97.1M | $157.8M | — | — |
| Q3 2011 | 2011-09-30 | −$133.0M | — | — | — |
| Q2 2011 | 2011-06-30 | $70.2M | — | — | — |
| Q1 2011 | 2011-03-31 | $13.1M | — | — | — |
| Q3 2010 | 2010-09-30 | −$60.7M | — | — | — |
Targa Resources free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from $792.9M to $584.1M, a compound annual decline of 5.93%. Targa Resources's latest reported quarter, Q2 2026, generated $431.2M in free cash flow, an increase of $479.0M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Targa Resources filings at SEC.gov ↗