Targa Resources Corp.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
Contents
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Targa Resources Corp. | ||
| (Registrant) | ||
| Date: February 19, 2026 | By: | /s/ William A. Byers |
|---|---|---|
| William A. Byers | ||
| Chief Financial Officer | ||
| (Principal Financial Officer) | ||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities indicated on February 19, 2026.
| Signature | Title (Position with Targa Resources Corp.) |
|---|---|
| /s/ Matthew J. Meloy | Chief Executive Officer and Director |
| Matthew J. Meloy | (Principal Executive Officer) |
| /s/ William A. Byers | Chief Financial Officer |
| William A. Byers | (Principal Financial Officer) |
| /s/ J. Christopher Eklof | Senior Vice President and Chief Accounting Officer |
| J. Christopher Eklof | (Principal Accounting Officer) |
| /s/ Paul W. Chung | Chairman of the Board and Director |
| Paul W. Chung | |
| /s/ Beth A. Bowman | Director |
| Beth A. Bowman | |
| /s/ Lindsey M. Cooksen | Director |
| Lindsey M. Cooksen | |
| /s/ Charles R. Crisp | Director |
| Charles R. Crisp | |
| /s/ Waters S. Davis, IV | Director |
| Waters S. Davis, IV | |
| /s/ Laura C. Fulton | Director |
| Laura C. Fulton | |
| /s/ Rene R. Joyce | Director |
| Rene R. Joyce | |
| /s/ Caron A. Lawhorn | Director |
| Caron A. Lawhorn | |
| /s/ Joe Bob Perkins | Director |
| Joe Bob Perkins | |
| /s/ R. Keith Teague | Director |
| R. Keith Teague | |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
TARGA RESOURCES CORP. AUDITED CONSOLIDATED FINANCIAL STATEMENTS
| Management’s Report on Internal Control Over Financial Reporting | F-2 |
|---|---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | F-3 |
| Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 | F-5 |
| Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 | F-6 |
| Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023 | F-7 |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 | F-8 |
| Consolidated Statements of Changes in Owners’ Equity for the Years Ended December 31, 2025, 2024 and 2023 | F-9 |
| Notes to Consolidated Financial Statements | F-11 |
| Note 1 ― Organization and Operations | F-11 |
| Note 2 ― Basis of Presentation | F-11 |
| Note 3 ― Significant Accounting Policies | F-11 |
| Note 4 ― Acquisitions and Joint Ventures | F-20 |
| Note 5 ― Property, Plant and Equipment and Intangible Assets | F-22 |
| Note 6 ― Goodwill | F-23 |
| Note 7 ― Investments in Unconsolidated Affiliates | F-24 |
| Note 8 ― Debt Obligations | F-25 |
| Note 9 ― Other Long-term Liabilities | F-30 |
| Note 10 ― Leases | F-31 |
| Note 11 ― Common Stock and Related Matters | F-32 |
| Note 12 ― Earnings Per Common Share | F-33 |
| Note 13 ― Derivative Instruments and Hedging Activities | F-34 |
| Note 14 ― Fair Value Measurements | F-36 |
| Note 15 ― Related Party Transactions | F-39 |
| Note 16 ― Commitments | F-39 |
| Note 17 ― Contingencies | F-39 |
| Note 18 ― Revenue | F-40 |
| Note 19 ― Income Taxes | F-41 |
| Note 20 ― Supplemental Cash Flow Information | F-43 |
| Note 21 ― Compensation Plans | F-43 |
| Note 22 ― Segment Information | F-45 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.