Filing Flows

Filing Flows › Companies › Targa Resources › Cash flow

Targa Resources cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$120M in Q3 2026 · $934M over twelve months

Operating cash flow$1.4B
Capital spending−$1.2B
Free cash flow+$120M
Cash / net income2.0×
Cash conversion cycle-18 days

Analysis

In Q3 2026, Targa Resources generated $1.4B of operating cash flow and spent $1.2B on capital projects, leaving free cash flow of $120M. That is $193M more than in Q3 2025 (−$72.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.1B; the largest uses were net borrowing (+) / repaid (−) ($107.8B), capital spending ($4.1B), other investing ($1.5B); besides operations, cash came from other financing ($108.6B); the cash balance rose by $18.5M.

Operating cash flow was $1.4B against net income of $676M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$460M, receivables −$280M, deferred taxes +$174M.

Its cash conversion cycle was -18 days (receivables 34 + inventory 8 − payables 60): suppliers fund its working capital.

Free cash flow

Targa Resources: free cash flow by quarterTarga Resources: free cash flow by quarter$601MQ4 2024$162MQ1 2025−$47.8MQ2 2025−$72.6MQ3 2025$542MQ4 2025−$160MQ1 2026$431MQ2 2026$120MQ3 2026
Operating cash flow less capital spending.
Targa Resources: operating cash flow against capital spendingTarga Resources: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$727MQ4 2024$954M$792MQ1 2025$858M$906MQ2 2025$599M$672MQ3 2025$1.5B$963MQ4 2025$740M$900MQ1 2026$1.4B$1.0BQ2 2026$1.4B$1.2BQ3 2026
Latest (Q3 2026): Operating cash flow $1.4B, Capital spending $1.2B.

Capital allocation, year by year

Targa Resources: where the cash came from (up) and went (down), by fiscal yearTarga Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.3BFY2021: Net borrowing −$980MFY2021: Asset sales $12.2MFY2021: Capital spending −$505MFY2021: Buybacks −$53.2M$2.3BFY2021FY2022: Operating cash flow $2.4BFY2022: Net borrowing $3.0BFY2022: Asset sales $23.0MFY2022: Capital spending −$1.3BFY2022: Acquisitions −$3.5BFY2022: Buybacks −$225M$5.4BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing −$56.4BFY2023: Asset sales $4.7MFY2023: Capital spending −$2.4BFY2023: Buybacks −$374M$3.2BFY2023FY2024: Operating cash flow $3.6BFY2024: Net borrowing −$83.5BFY2024: Asset sales $3.3MFY2024: Capital spending −$3.0BFY2024: Buybacks −$755M$3.7BFY2024FY2025: Operating cash flow $3.9BFY2025: Net borrowing −$106.1BFY2025: Capital spending −$3.3BFY2025: Acquisitions −$123MFY2025: Buybacks −$642M$3.9BFY2025
Over these 5 years operating cash flow totalled $15.5B; the largest uses were net borrowing ($247.0B) and capital spending ($10.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$143M
Debt$19.8B
Net debt$19.7B
Due within a year$679M

Targa Resources funds itself: free cash flow was $934M over the last twelve months, and $143M of cash and investments stands against $19.8B of debt ($679M due within a year, 0.2× covered by cash).

Targa Resources: debt maturities by year (FY2025)Targa Resources: debt maturities by year (FY2025)$679MYear 1$750MYear 2$700MYear 3$1.8BYear 4$1.9BYear 5$11.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $143M of cash and investments now.

Where the cash came from and went

Targa Resources: sources (+) and uses (−) of cash, Q3 2026Targa Resources: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.4BCapital spending−$1.2BBuybacks−$52.0MNet borrowing (+) / repaid (−)−$26.8MTaxes on employees’ shares−$26.5MOther financing−$16.3MOther investing$11.6MCash drawn (+) / kept (−)−$10.3M
Targa Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Targa Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$108.6BNet borrowing (+) / repaid (−)−$107.8BOperating cash flow$5.1BCapital spending−$4.1BOther investing−$1.5BBuybacks−$224MTaxes on employees’ shares−$63.6MCash drawn (+) / kept (−)−$18.5M

From profit to cash

Targa Resources: net income to operating cash flow, Q3 2026Targa Resources: net income to operating cash flow, Q3 2026Net income$676MDepreciation & amortization$460MStock-based pay$17.4MDeferred taxes$174MReceivables−$280MInventory−$30.3MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202634860-18
Q2 2026371381-31
Q1 2026351473-23
Q4 2025331869-18
Q3 2025311761-12
Q2 2025301368-24
Q1 202530854-16
Q4 2024301255-13

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4B−$1.2B—−$52.0M−$26.8M−$10.3M$120M
Q2 2026$1.4B−$1.0B−$5.0M−$80.1M−$21.8B−$32.2M$431M
Q1 2026$740M−$900M−$1.3B−$55.0M$1.5B$66.0M−$160M
Q4 2025$1.5B−$963M—−$37.0M−$21.9B−$42.0M$542M
Q3 2025$599M−$672M—−$156M−$39.8B−$11.0M−$72.6M
Q2 2025$858M−$906M—−$324M−$20.0B$38.3M−$47.8M
Q1 2025$954M−$792M—−$125M−$23.7B$5.9M$162M
Q4 2024$1.3B−$727M—−$108M−$25.6B−$30.1M$601M

Targa Resources: income statement and cash flow

Targa Resources, Q3 2026: revenue $5.6B (+35% year over year), operating margin 19.6%. The chart follows the revenue to costs, profit and cash.

Targa Resources: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.