Targa Resources (TRGP) FY2023 results: revenue $16.1 billion, down 23.3% on the year
Targa Resources Corp. (TRGP) reported revenue of $16.1 billion for fiscal 2023, the year ended 31 December 2023, down 23.3% on the year before. Net income was $1.3 billion, up 12.6%, and diluted earnings per share $3.66. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.
Revenue
$16.1 billion
-23.3% on the year
FY2016FY2023
Operating margin
16.4%
8.3% a year earlier
FY2016FY2023
Net income
$1.3 billion
+12.6% on the year
FY2016FY2023
Diluted EPS
$3.66
-5.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,212
2,381
2,303
+34.9%
Capital expenditure
2,385
1,334
505
+78.8%
Free cash flow
826
1,046
1,798
-21.1%
Free cash flow margin
5.1%
5.0%
10.6%
Cash from investing
-2,401
-4,150
-473
Cash from financing
-888
1,829
-1,914
Depreciation and amortisation
1,330
1,096
871
+21.3%
Share-based compensation
62.4
57.5
59.2
+8.5%
Dividend per share
$1.85
$1.40
$0.40
+32.1%
Diluted shares, weighted
226m
231m
229m
-2.2%
Shares outstanding at period end
223m
226m
228m
-1.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,740
2,666
2,012
+2.8%
Non-controlling interest
1,870
2,316
3,167
-19.3%
Debt
12,954
11,536
6,597
+12.3%
Operating lease liabilities
56.5
28.6
34.5
+97.6%
Finance lease liabilities
244
193
13.7
+26.5%
Other liabilities
2,807
2,820
3,384
-0.4%
Total liabilities and equity
20,672
19,560
15,208
+5.7%
Fixed assets
15,806
14,215
11,668
+11.2%
Goodwill
45.2
45.2
45.2
0.0%
Intangible assets
2,351
2,735
1,095
-14.0%
Cash and equivalents
142
219
158
-35.3%
Receivables
1,471
1,408
1,332
+4.4%
Inventory
372
394
153
-5.7%
Other assets
485
544
757
-10.8%
Total assets
20,672
19,560
15,208
+5.7%
10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.