Targa Resources (TRGP) FY2020 results: revenue $8.3 billion, down 4.7% on the year
Targa Resources Corp. (TRGP) reported revenue of $8.3 billion for fiscal 2020, the year ended 31 December 2020, down 4.7% on the year before. Net income was -$1.6 billion, and diluted earnings per share $-7.26. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$8.3 billion
-4.7% on the year
FY2016FY2020
Operating margin
-15.8%
2.2% a year earlier
FY2016FY2020
Net income
-$1.6 billion
FY2016FY2020
Diluted EPS
-$7.26
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,260
8,671
10,484
-4.7%
Cost of revenue
5,186
6,208
8,238
-16.5%
Gross profit
3,074
2,553
2,246
+20.4%
Gross margin
37.2%
29.4%
21.4%
Operating income
-1,304
193
238
Operating margin
-15.8%
2.2%
2.3%
Interest expense
391
338
186
+15.8%
Pre-tax income
-1,573
-46.7
65.9
Income tax
-248
-87.9
5.5
Effective tax rate
n/a
n/a
8.3%
Net income
-1,554
-209
1.6
Net margin
-18.8%
-2.4%
0.0%
Diluted EPS
-$7.26
-$1.44
-$0.53
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,744
1,390
1,144
+25.5%
Capital expenditure
952
2,878
3,115
-66.9%
Free cash flow
793
-1,488
-1,971
Free cash flow margin
9.6%
-17.2%
-18.8%
Cash from investing
-738
-3,072
-3,147
Cash from financing
-1,095
1,781
2,098
Depreciation and amortisation
865
972
816
-11.0%
Share-based compensation
66.2
60.3
56.3
+9.8%
Dividends paid
n/a
n/a
908
Dividend per share
$1.21
$3.64
$3.64
-66.8%
Diluted shares, weighted
232m
232m
224m
-0.1%
Shares outstanding at period end
228m
233m
232m
-2.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,654
4,921
6,079
-46.1%
Non-controlling interest
3,249
3,522
1,391
-7.7%
Debt
7,756
7,822
6,660
-0.9%
Operating lease liabilities
46.2
47.2
n/a
-2.1%
Finance lease liabilities
18.7
25.8
0.0
-27.5%
Other liabilities
2,152
2,477
2,807
-13.1%
Total liabilities and equity
15,876
18,815
16,938
-15.6%
Fixed assets
12,174
14,548
12,928
-16.3%
Goodwill
45.2
45.2
46.6
0.0%
Intangible assets
1,382
1,735
1,983
-20.3%
Cash and equivalents
243
331
232
-26.7%
Receivables
863
855
866
+0.9%
Inventory
182
162
165
+12.4%
Other assets
987
1,139
718
-13.3%
Total assets
15,876
18,815
16,938
-15.6%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.