Targa Resources Corp.
Close on Nov 2, 2026Market cap $63.20BP/E 28.1Yield 1.27%
Targa Resources Adjusted EBITDA (Non-GAAP): $4,957M in FY2025, up 19.7% from a year earlier.
Where the FY2025 figure comes from
“|| Adjusted EBITDA | $ | 1,341.1 | $ | 1,122.2 | $ | 4,957.4 | $ | 4,142.3”
Core Non-GAAP KPI: Net income before interest, income taxes, depreciation and amortization, adjusted for equity earnings/cash distributions from unconsolidated affiliates, non-cash equity compensation, risk management mark-to-market, and noncontrolling interest.
Annual history
Hover a value to see the sentence it was read from; calculated values show their formula
| Period | Ended | Adjusted EBITDA (Non-GAAP) ($M) | Year on year | Source |
|---|---|---|---|---|
| FY2025 | Dec 31, 2025 | 4,957 | +19.7% | Q4 2025 Form 8-K (2026-02-19) ↗ |
| FY2024 | Dec 31, 2024 | 4,142 | +17.3% | Q4 2025 Form 8-K (2026-02-19) ↗ |
| FY2023 | Dec 31, 2023 | 3,530 | +21.7% | Q4 2024 Form 8-K (2025-02-20) ↗ |
| FY2022 | Dec 31, 2022 | 2,901 | +41.4% | Q4 2023 Form 8-K (2024-02-15) ↗ |
| FY2021 | Dec 31, 2021 | 2,052 | +25.4% | Q4 2022 Form 8-K (2023-02-22) ↗ |
| FY2020 | Dec 31, 2020 | 1,637 | +14.0% | Q4 2021 Form 8-K (2022-02-24) ↗ |
| FY2019 | Dec 31, 2019 | 1,436 | – | FY2020 Form 10-K (2021-02-18) ↗ |
Breakdown
What makes up adjusted EBITDA (Non-GAAP)
- Adjusted Cash Flow from Operations (Non-GAAP)4,109 · FY2025
- Distributable Cash Flow (Legacy Non-GAAP through 2023)2,617 · FY2023
- Adjusted Free Cash Flow (Non-GAAP)539 · FY2025
- Interest Expense on Debt Obligations (Less Non-Cash Amortization)835 · FY2025
- Non-Cash Compensation on Equity Grants69.5 · FY2025
- Cash Distributions from Unconsolidated Affiliates (Adjusted EBITDA Basis)28.5 · FY2025
- Non-Cash Risk Management Activities (Derivative MTM Adjustment)5.30 · FY2025
Cite this data
StockData. (2026). Targa Resources Adjusted EBITDA (Non-GAAP) ($M), annual FY2019–FY2025 [Data set]. Compiled from Targa Resources SEC filings and investor materials. https://stockdatahq.com/stocks/trgp/kpis/adjusted-ebitda
See every metric in the Targa Resources KPI table. Data updated Nov 3, 2026.