0001193125-26-059296 | 10-K | XBRL Viewer

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Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Dec. 31, 2025
TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	4.60%
Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	5.20%
Minimum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	3.90%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.70%
Maximum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.80%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.30%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Contingencies	12 Months Ended
Dec. 31, 2025
Loss Contingency [Abstract]
Contingencies	Note 17 — Contingencies Legal Proceedings We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies, including, but not limited to the U.S. Environmental Protection Agency (the “EPA”), Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department, Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert monetary sanctions for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business. On July 24, 2023, we received a Notice of Violation (the “New Mexico NOV”) from the New Mexico Environment Department (the “NMED”), Air Quality Bureau, relating to alleged air permit violations at the Red Hills gas processing facility. The alleged air permit violations occurred primarily between August 1, 2021 and June 30, 2022, while the facility was owned by Lucid Energy Delaware, LLC (“Lucid”), a subsidiary we acquired in July 2022 and renamed Targa Northern Delaware LLC. On December 5, 2024, we received a proposed Administrative Compliance Order (the “ACO”) from the NMED relating to the violations identified in the New Mexico NOV and certain other alleged violations. The ACO includes a proposed civil penalty of approximately $47.8 million and requires certain capital improvements to address the operations and excess air emissions at the Red Hills processing facility. These capital improvements, totaling approximately $140 million, were substantially completed by December 31, 2024. On January 3, 2025, we filed a Request for Hearing with the NMED with respect to the ACO. We have cooperated with the NMED in identifying and correcting legacy environmental issues since our acquisition of Lucid, and we expect to continue to engage with the NMED to resolve this matter and certain additional matters identified during our negotiations with the NMED. Although this matter is ongoing and we cannot predict its ultimate outcome, we believe we have valid defenses to many of the NMED allegations and intend to vigorously defend this matter. On October 26, 2023, we received a final judgment in a lawsuit alleging a breach of contract related to the major winter storm in February 2021. The damages awarded against us are approximately $6.9 million, not including pre-judgment interest. Both parties appealed the judgment. On December 9, 2025, the Fifth Circuit Court of Appeals (i) reversed the trial court’s summary judgment in favor of Targa and remanded the case to trial court for further proceedings and (ii) upheld the $6.9 million jury verdict in favor of MIECO. Targa has filed a motion for reconsideration, and the appeal remains pending at the Fifth Circuit Court of Appeals. In April 2024, we received an administrative Notice of Violation (the “EPA NOV”) from the EPA and a request for the production of documents from the United States Attorney’s Office for North Dakota relating to alleged violations of the Clean Air Act (“CAA”), at certain Targa Badlands LLC compressor stations. The EPA NOV and subpoena stem from inspections the EPA conducted at the compressor stations on June 15, 2023, as well as related records reviews. In October 2024, we began negotiations with the U.S. Attorney’s Office with respect to resolution of a single-count information alleging a violation of the CAA related to untimely installation of monitoring equipment at one compressor station, which carries a maximum fine of $500,000, and we entered into a Plea Agreement on December 16, 2024 reflecting these terms. In July 2025, we entered into a Consent Agreement and Final Order with the EPA that resolves the allegations contained in the EPA NOV by requiring, among other things, payment of an administrative penalty in the amount of approximately $3.2 million. On December 5, 2025, Targa Badlands was sentenced under the Plea Agreement, which, among other things, imposed the maximum fine of $500,000.

Contingencies

12 Months Ended

Dec. 31, 2025

Loss Contingency [Abstract]

Contingencies

Note 17 — Contingencies

Legal Proceedings

We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies, including, but not limited to the U.S. Environmental Protection Agency (the “EPA”), Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department, Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert monetary sanctions for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business.

On July 24, 2023, we received a Notice of Violation (the “New Mexico NOV”) from the New Mexico Environment Department (the “NMED”), Air Quality Bureau, relating to alleged air permit violations at the Red Hills gas processing facility. The alleged air permit violations occurred primarily between August 1, 2021 and June 30, 2022, while the facility was owned by Lucid Energy Delaware, LLC (“Lucid”), a subsidiary we acquired in July 2022 and renamed Targa Northern Delaware LLC. On December 5, 2024, we received a proposed Administrative Compliance Order (the “ACO”) from the NMED relating to the violations identified in the New Mexico NOV and certain other alleged violations. The ACO includes a proposed civil penalty of approximately $47.8 million and requires certain capital improvements to address the operations and excess air emissions at the Red Hills processing facility. These capital improvements, totaling approximately $140 million, were substantially completed by December 31, 2024.

On January 3, 2025, we filed a Request for Hearing with the NMED with respect to the ACO. We have cooperated with the NMED in identifying and correcting legacy environmental issues since our acquisition of Lucid, and we expect to continue to engage with the NMED to resolve this matter and certain additional matters identified during our negotiations with the NMED. Although this matter is ongoing and we cannot predict its ultimate outcome, we believe we have valid defenses to many of the NMED allegations and intend to vigorously defend this matter.

On October 26, 2023, we received a final judgment in a lawsuit alleging a breach of contract related to the major winter storm in February 2021. The damages awarded against us are approximately $6.9 million, not including pre-judgment interest. Both parties appealed the judgment. On December 9, 2025, the Fifth Circuit Court of Appeals (i) reversed the trial court’s summary judgment in favor of Targa and remanded the case to trial court for further proceedings and (ii) upheld the $6.9 million jury verdict in favor of MIECO. Targa has filed a motion for reconsideration, and the appeal remains pending at the Fifth Circuit Court of Appeals.

In April 2024, we received an administrative Notice of Violation (the “EPA NOV”) from the EPA and a request for the production of documents from the United States Attorney’s Office for North Dakota relating to alleged violations of the Clean Air Act (“CAA”), at certain Targa Badlands LLC compressor stations. The EPA NOV and subpoena stem from inspections the EPA conducted at the compressor stations on June 15, 2023, as well as related records reviews. In October 2024, we began negotiations with the U.S. Attorney’s Office with respect to resolution of a single-count information alleging a violation of the CAA related to untimely installation of monitoring equipment at one compressor station, which carries a maximum fine of $500,000, and we entered into a Plea Agreement on December 16, 2024 reflecting these terms. In July 2025, we entered into a Consent Agreement and Final Order with the EPA that resolves the allegations contained in the EPA NOV by requiring, among other things, payment of an administrative penalty in the amount of approximately $3.2 million. On December 5, 2025, Targa Badlands was sentenced under the Plea Agreement, which, among other things, imposed the maximum fine of $500,000.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments in Unconsolidated Affiliates - Additional Information (Details) - Targa Resources Partners LP [Member]	Dec. 31, 2025
Blackcomb Joint Venture [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	17.50%
Gulf Coast Fractionators LP [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	38.80%
Cayenne Joint Venture [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
Little Missouri 4 [Member] \| Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Entity Registrant Name	TARGA RESOURCES CORP.
Trading Symbol	TRGP
Entity Central Index Key	0001389170
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		214,951,798
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	20-3701075
Entity File Number	001-34991
Entity Address, Address Line One	811 Louisiana Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	584-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 37,012.7
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders, to be filed no later than 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates, are incorporated by reference into Part III of this Annual Report on Form 10-K.

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Estimated fair value of derivative instruments, net liability	$ 66,900,000
Amount expected to reclassify commodity hedge related net deferred gains to earnings before income taxes	120,700,000
Loss contigency reduction of maximum loss due to counterparty credit risk by master netting provision	6,200,000
Derivative liability	109,600,000	$ 140,700,000
Derivative collateral amount	0
Credit Risk [Member]
Derivative [Line Items]
Derivative liability	104,100,000
Minimum [Member]
Derivative [Line Items]
Loss contigency estimate of possible loss	100,000
Maximum [Member]
Derivative [Line Items]
Loss contigency estimate of possible loss	$ 14,900,000

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share for the periods presented:


		Year Ended December 31,
		2025		2024		2023
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.		$	1,923.0	$	1,312.0	$	1,345.9
Less: Premium on repurchase of noncontrolling interests, net of tax (1)			70.5		32.9		510.1
Net income (loss) attributable to common shareholders			1,852.5		1,279.1		835.8
Less: Participating share-based earnings (2)			11.1		9.6		7.6
Net income (loss) allocated to common shareholders for basic earnings per share		$	1,841.4	$	1,269.5	$	828.2

Weighted average shares outstanding - basic			216.1		220.2		224.6
Dilutive effect of unvested restricted stock awards			0.8		1.1		1.4
Weighted average shares outstanding - diluted			216.9		221.3		226.0

Net income (loss) available per common share - basic		$	8.52	$	5.77	$	3.69
Net income (loss) available per common share - diluted		$	8.49	$	5.74	$	3.66

(1)

Represents premiums paid on the Badlands Transaction, the CBF Acquisition, the Carnero Acquisition, and the Grand Prix Transaction. See “Note 4 – Acquisitions and Joint Ventures”.

(2)

Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.

Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share

The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis):


	Year Ended December 31,
	2025		2024		2023
Unvested restricted stock awards		1.0		1.2		1.5

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 112.3	$ 45.2	$ 45.2
Permian Delaware [Member]
Goodwill [Line Items]
Goodwill	89.1	22.0
Permian Midland [Member]
Goodwill [Line Items]
Goodwill	$ 23.2	$ 23.2

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

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-Topic 805
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-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member]	12 Months Ended
	Dec. 31, 2025 MMBTU bbl
Swaps [Member] \| Year 2026 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	93,304
Swaps [Member] \| Year 2026 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	37,384
Swaps [Member] \| Year 2027 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	77,778
Swaps [Member] \| Year 2027 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	23,956
Swaps [Member] \| Year 2028 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	58,189
Swaps [Member] \| Year 2028 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	17,739
Swaps [Member] \| Year 2029 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Swaps [Member] \| Year 2029 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Basis Swaps [Member] \| Year 2026 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	490,370
Basis Swaps [Member] \| Year 2027 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	336,829
Basis Swaps [Member] \| Year 2028 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	157,298
Basis Swaps [Member] \| Year 2029 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	24,959
Future [Member] \| Year 2026 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	24,099
Future [Member] \| Year 2027 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2028 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2029 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] \| Year 2026 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	8,249
Options [Member] \| Year 2027 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	3,316
Options [Member] \| Year 2028 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	2,452
Options [Member] \| Year 2029 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0

Debt Obligations - Partnership's Accounts Receivable Securitization Facility - Additional Information (Details) - Accounts Receivable Securitization Facility [Member] $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600.0
Termination date	Aug. 31, 2026

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Common Stock and Related Matters (Tables)

12 Months Ended

Dec. 31, 2025

Class of Stock Disclosures [Abstract]

Dividends Declared and/or Paid

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2025, 2024 and 2023:


Three Months Ended	Date Paid or To Be Paid	Total Common Dividends Declared		Amount of Common Dividends Paid or To Be Paid		Dividends on Share-Based Awards		Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
2025
December 31, 2025	February 13, 2026	$	216.7	$	215.0	$	1.7	$	1.00000
September 30, 2025	November 17, 2025		216.9		214.7		2.2		1.00000
June 30, 2025	August 15, 2025		217.6		215.2		2.4		1.00000
March 31, 2025	May 15, 2025		219.0		216.9		2.1		1.00000

2024
December 31, 2024	February 14, 2025	$	165.2	$	163.6	$	1.6	$	0.75000
September 30, 2024	November 15, 2024		165.2		163.5		1.7		0.75000
June 30, 2024	August 15, 2024		166.1		164.3		1.8		0.75000
March 31, 2024	May 15, 2024		168.1		166.3		1.8		0.75000

2023
December 31, 2023	February 15, 2024	$	112.8	$	111.6	$	1.2	$	0.50000
September 30, 2023	November 15, 2023		113.0		111.5		1.5		0.50000
June 30, 2023	August 15, 2023		113.6		111.8		1.8		0.50000
March 31, 2023	May 15, 2023		114.7		113.0		1.7		0.50000

Segment Information - Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Depreciation and amortization expense	$ (1,515.3)	$ (1,423.0)	$ (1,329.6)
General and administrative expense	(406.0)	(384.9)	(348.7)
Other operating income (expense)	30.3	0.4	(1.5)
Interest expense, net	(852.8)	(767.2)	(687.8)
Equity earnings (loss)	11.8	9.4	9.0
Other, net	(3.8)	0.4	(5.3)
Income (loss) before income taxes	2,486.4	1,938.0	1,942.5
Total Reportable Segments Operating Margin [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	5,227.5	4,667.5	4,030.9
Other [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	$ (5.3)	$ (164.6)	$ 275.5

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024
Operating Loss Carryforwards [Line Items]
Maximum percentage of taxable income allowed to offset by net operating loss carryforwards per year	80.00%
Tax Credit Carryforward, Description	The tax credit carryforwards expire in 2044.
Tax-effected valuation allowance	$ 5,900,000	$ 5,900,000
Uncertain tax reserves	$ 0
Percentage of the first-year depreciation allowance on qualified property placed	100.00%
Federal [Member]
Operating Loss Carryforwards [Line Items]
Total net operating loss carryforwards	$ 4,400,000,000
Tax credit carryforward	$ 3,800,000
Tax-effected valuation allowance		5,200,000
State [Member]
Operating Loss Carryforwards [Line Items]
Tax-effected valuation allowance		$ 700,000
Inflation Reduction Act [Member]
Operating Loss Carryforwards [Line Items]
Corporate alternative minimum tax percentage			15.00%

Debt Obligations - Previous TRGP Revolver - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	May 31, 2024	Feb. 28, 2022	Dec. 31, 2025
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments	$ (800,000)
Previous TRGP Revolver [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity		$ 2,750,000,000
Remaining borrowing capacity		$ 100,000,000.0
Maturity date		Feb. 17, 2027
Basis spread on variable rate			0.00%
Gain (loss) due to debt extinguishments			$ (600,000)
Previous TRGP Revolver [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Previous TRGP Revolver [Member] \| Term SOFR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Previous TRGP Revolver [Member] \| Term SOFR [Member] \| SOFR Adjustment For Term SOFR Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Previous TRGP Revolver [Member] \| Minimum [Member] \| Term SOFR [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.125%
Previous TRGP Revolver [Member] \| Minimum [Member] \| Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.125%
Previous TRGP Revolver [Member] \| Maximum [Member] \| Term SOFR [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Previous TRGP Revolver [Member] \| Maximum [Member] \| Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%

Segment Information - Other Financial Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Other financial information [Abstract]

Total assets

^[1]

$ 25,218.4

$ 22,734.1

$ 20,671.8

Goodwill

112.3

45.2

Capital expenditures

3,441.3

3,191.8

2,443.6

Operating Segments [Member]

Other financial information [Abstract]

Total assets

^[1]

24,910.5

22,498.2

20,463.0

Goodwill

112.3

45.2

Capital expenditures

3,418.3

3,171.9

2,424.7

Operating Segments [Member] | Gathering and Processing [Member]

Other financial information [Abstract]

Total assets

^[1]

14,805.4

13,576.6

12,685.2

Goodwill

112.3

45.2

Capital expenditures

2,046.1

1,955.3

1,514.7

Operating Segments [Member] | Logistics and Transportation [Member]

Other financial information [Abstract]

Total assets

^[1]

10,105.1

8,921.6

7,777.8

Capital expenditures

1,372.2

1,216.6

910.0

Operating Segments [Member] | Other [Member]

Other financial information [Abstract]

Total assets

^[1]

1.8

1.9

4.2

Operating Segments [Member] | Corporate and Eliminations [Member]

Other financial information [Abstract]

Total assets

^[1]

306.1

234.0

204.6

Capital expenditures

$ 23.0

$ 19.9

$ 18.9

[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Topic 944
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

These accompanying financial statements and related notes present our consolidated financial position as of December 31, 2025 and 2024, and the results of operations, comprehensive income (loss), cash flows, and changes in owners’ equity for the years ended December 31, 2025, 2024 and 2023. We have prepared these consolidated financial statements in accordance with GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current year presentation.

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities, Noncurrent [Abstract]
Deferred revenue	$ 115.5	$ 119.9
Asset retirement obligations	185.4	177.7	$ 103.0
Operating lease liabilities	89.5	90.4
Other liabilities	4.6	4.3
Total other long-term liabilities	$ 395.0	$ 392.3

Property, Plant and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2025

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets

Property, Plant and Equipment and Intangible Assets


	December 31, 2025			December 31, 2024			Estimated Useful Lives (In Years)
Gathering systems (1)	$	12,431.3		$	11,575.0		5 to 20
Processing and fractionation facilities		10,477.3			9,543.3		5 to 25
Terminaling and storage facilities		1,648.4			1,469.1		5 to 25
Transportation assets		4,536.0			4,131.5		10 to 50
Other property, plant and equipment		586.5			537.7		3 to 25
Land		209.3			198.6		—
Construction in progress (1)		2,804.9			1,702.9		—
Finance lease right-of-use assets		507.4			401.3		5 to 14
Property, plant and equipment		33,201.1			29,559.4
Accumulated depreciation, amortization and impairment		(12,666.3	)		(11,496.7	)
Property, plant and equipment, net	$	20,534.8		$	18,062.7

Intangible assets		4,378.0			4,378.0		10 to 20
Accumulated amortization and impairment		(2,726.6	)		(2,400.6	)
Intangible assets, net	$	1,651.4		$	1,977.4

(1)

The December 31, 2025 balance includes $133.1 million of gathering systems assets and $12.1 million of construction in progress from the Dovetail Acquisition and the Nile Acquisition. See “Note 4 – Acquisitions and Joint Ventures”.

For each of the years ended December 31, 2025, 2024 and 2023 depreciation expense was $1,189.3 million, $1,049.8 million and $945.6 million, respectively.

Intangible Assets

Intangible assets consist of customer contracts and customer relationships acquired in prior business combinations. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers.

For each of the years ended December 31, 2025, 2024 and 2023 amortization expense was $326.0 million, $373.2 million and $384.0 million, respectively.

The estimated annual amortization expense for intangible assets is approximately $279.8 million, $252.2 million, $234.0 million, $214.1 million and $184.3 million for each of the years 2026 through 2030. As of December 31, 2025, the weighted average amortization period for our intangible assets was approximately 9 years.

The following table shows the changes in our intangible assets for the periods presented:


	December 31, 2025			December 31, 2024
Balance at beginning of period	$	1,977.4		$	2,350.6
Amortization		(326.0	)		(373.2	)
Balance at end of period	$	1,651.4		$	1,977.4

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,923.0	$ 1,312.0	$ 1,345.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per Common Share

Note 12 — Earnings per Common Share

Restricted Stock Unit awards (“RSUs”) that vest no later than three years following the RSUs’ grant date participate in quarterly cash dividend payments. As these RSUs and certain four-year retention awards participate in nonforfeitable dividends with the common equity owners of the Company, they are considered participating securities.

We calculate earnings per share using the two-class method. Earnings are allocated to common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings to the extent that each security participates in earnings.

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share for the periods presented:


		Year Ended December 31,
		2025		2024		2023
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.		$	1,923.0	$	1,312.0	$	1,345.9
Less: Premium on repurchase of noncontrolling interests, net of tax (1)			70.5		32.9		510.1
Net income (loss) attributable to common shareholders			1,852.5		1,279.1		835.8
Less: Participating share-based earnings (2)			11.1		9.6		7.6
Net income (loss) allocated to common shareholders for basic earnings per share		$	1,841.4	$	1,269.5	$	828.2

Weighted average shares outstanding - basic			216.1		220.2		224.6
Dilutive effect of unvested restricted stock awards			0.8		1.1		1.4
Weighted average shares outstanding - diluted			216.9		221.3		226.0

Net income (loss) available per common share - basic		$	8.52	$	5.77	$	3.69
Net income (loss) available per common share - diluted		$	8.49	$	5.74	$	3.66

(1)

Represents premiums paid on the Badlands Transaction, the CBF Acquisition, the Carnero Acquisition, and the Grand Prix Transaction. See “Note 4 – Acquisitions and Joint Ventures”.

(2)


	Year Ended December 31,
	2025		2024		2023
Unvested restricted stock awards		1.0		1.2		1.5

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative Asset [Abstract]
Derivative assets	$ 189.7	$ 87.1
Pro forma net presentation, asset, current	52.7	$ 9.3
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		Derivative Asset Before Effects Of Master Netting Arrangements Current
Pro forma net presentation, asset, noncurrent	16.9	$ 5.3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
Pro forma net presentation, asset, total	69.6	$ 14.6
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	166.7	85.9
Pro forma net presentation, asset, total	46.6	13.4
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	23.0	1.2
Pro forma net presentation, asset, current	21.4	0.1
Pro forma net presentation, asset, noncurrent	1.6	1.1
Pro forma net presentation, asset, total	23.0	1.2
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Derivative assets	154.7	61.8
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	133.3	61.7
Pro forma net presentation, asset	31.3	9.2
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	21.4	0.1
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Derivative assets	35.0	25.3
Other Long-term Assets [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	33.4	24.2
Pro forma net presentation, asset	15.3	4.2
Other Long-term Assets [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	$ 1.6	$ 1.1

Segment Information - Revenues and Operating Margin (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues:

Revenues

$ 17,028.3

$ 16,381.5

$ 16,060.3

Sales of Commodities [Member]

Revenues:

Revenues

14,403.5

13,891.8

13,962.1

Fees from Midstream Services [Member]

Revenues:

Revenues

2,624.8

2,489.7

2,098.2

Gathering and Processing [Member]

Revenues:

Operating expenses

907.0

814.6

746.6

Other segment items

^[1]

4,070.2

3,681.4

4,402.7

Operating margin

2,439.2

2,312.4

2,082.2

Logistics and Transportation [Member]

Revenues:

Operating expenses

393.7

362.3

332.0

Other segment items

^[1]

11,382.0

11,313.0

11,375.1

Operating margin

2,788.3

2,355.1

1,948.7

Total Reportable Segments [Member]

Revenues:

Operating margin

5,227.5

4,667.5

4,030.9

Other [Member]

Revenues:

Revenues

(5.3)

(164.6)

275.5

Operating margin

(5.3)

(164.6)

275.5

Corporate and Eliminations [Member]

Revenues:

Revenues

(4,946.8)

(4,292.7)

(5,102.5)

Operating Segments [Member]

Revenues:

Revenues

17,033.6

16,546.1

15,784.8

Operating expenses

1,300.7

1,176.9

1,078.6

Other segment items

^[1]

15,452.2

14,994.4

15,777.8

Operating margin

5,227.5

4,667.5

4,030.9

Operating Segments [Member] | Sales of Commodities [Member]

Revenues:

Revenues

14,408.8

14,056.4

13,686.6

Operating Segments [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

2,624.8

2,489.7

2,098.2

Operating Segments [Member] | Gathering and Processing [Member]

Revenues:

Revenues

2,692.6

2,689.5

2,442.6

Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]

Revenues:

Revenues

873.0

1,032.8

1,076.1

Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

1,819.6

1,656.7

1,366.5

Operating Segments [Member] | Logistics and Transportation [Member]

Revenues:

Revenues

14,341.0

13,856.6

13,342.2

Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]

Revenues:

Revenues

13,535.8

13,023.6

12,610.5

Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

805.2

833.0

731.7

Operating Segments [Member] | Other [Member]

Revenues:

Revenues

(5.3)

(164.6)

275.5

Operating Segments [Member] | Other [Member] | Sales of Commodities [Member]

Revenues:

Revenues

(5.3)

(164.6)

275.5

Intersegment Eliminations [Member]

Revenues:

Revenues

4,946.8

4,292.7

5,102.5

Intersegment Eliminations [Member] | Sales of Commodities [Member]

Revenues:

Revenues

4,914.4

4,264.6

5,054.2

Intersegment Eliminations [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

32.4

28.1

48.3

Intersegment Eliminations [Member] | Gathering and Processing [Member]

Revenues:

Revenues

4,723.8

4,118.9

4,788.9

Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]

Revenues:

Revenues

4,722.8

4,118.5

4,786.3

Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

1.0

0.4

2.6

Intersegment Eliminations [Member] | Logistics and Transportation [Member]

Revenues:

Revenues

223.0

173.8

313.6

Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]

Revenues:

Revenues

191.6

146.1

267.9

Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

31.4

27.7

45.7

Intersegment Eliminations [Member] | Corporate and Eliminations [Member]

Revenues:

Revenues

(4,946.8)

(4,292.7)

(5,102.5)

Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]

Revenues:

Revenues

(4,914.4)

(4,264.6)

(5,054.2)

Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]

Revenues:

Revenues

(32.4)

(28.1)

(48.3)

Consolidated Revenue [Member]

Revenues:

Revenues

21,980.4

20,838.8

20,887.3

Consolidated Revenue [Member] | Gathering and Processing [Member]

Revenues:

Revenues

7,416.4

6,808.4

7,231.5

Consolidated Revenue [Member] | Logistics and Transportation [Member]

Revenues:

Revenues

$ 14,564.0

$ 14,030.4

$ 13,655.8

[1]	“Other segment items” represents Product purchases and fuel.

Compensation Plans - 2010 TRC Stock Incentive Plan (Details) - 2010 TRC Stock Incentive Plan [Member] - Restricted Stock and Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares) \| shares	1,770,052
Granted (in shares) \| shares	357,922
Forfeited (in shares) \| shares	(55,365)
Vested (in shares) \| shares	(631,162)
Outstanding, end of period (in shares) \| shares	1,441,447
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share) \| $ / shares	$ 79.96
Granted (in dollars per shares) \| $ / shares	174.19
Forfeited (in dollars per share) \| $ / shares	104.84
Vested (in dollars per share) \| $ / shares	65.84
Outstanding, end of period (in dollars per share) \| $ / shares	$ 108.67

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment and Intangible Assets (Parenthetical) (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 33,201.1

$ 29,559.4

Gathering Systems [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

^[1]

12,431.3

11,575.0

Gathering Systems [Member] | Dovetail Acquisition and Nile Acquisition [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

133.1

Construction in Progress [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

^[1]

2,804.9

$ 1,702.9

Construction in Progress [Member] | Dovetail Acquisition and Nile Acquisition [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 12.1

[1]	The December 31, 2025 balance includes $133.1 million of gathering systems assets and $12.1 million of construction in progress from the Dovetail Acquisition and the Nile Acquisition. See “Note 4 – Acquisitions and Joint Ventures”.

Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities, Noncurrent [Abstract]

Schedule of Other Long-term Liabilities

Other long-term liabilities are comprised of the noncurrent portion of the following obligations as of the periods presented:


	December 31, 2025		December 31, 2024
Deferred revenue	$	115.5	$	119.9
Asset retirement obligations		185.4		177.7
Operating lease liabilities		89.5		90.4
Other liabilities		4.6		4.3
Total other long-term liabilities	$	395.0	$	392.3

Changes in Aggregate Asset Retirement Obligations

The following table shows changes in our ARO liability for the periods presented:


	2025			2024
Balance at beginning of period	$	177.7		$	103.0
Additions		3.4			23.8
Accretion expense		6.2			10.6
Retirements		(2.5	)		—
Change in cash flow estimate		0.6			40.3
Balance at end of period	$	185.4		$	177.7

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)

1 Months Ended

12 Months Ended

Nov. 12, 2025

Jun. 18, 2025

Feb. 24, 2025

Feb. 28, 2025

Aug. 31, 2024

May 31, 2024

Nov. 30, 2023

Jan. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Jan. 15, 2026

Jan. 06, 2026

Jul. 15, 2025

Jun. 30, 2025

Feb. 18, 2025

Jul. 31, 2022

Debt Instrument [Line Items]

Proceeds from borrowings under accounts receivable securitization facility

$ 1,470,000,000

$ 775,000,000.0

$ 143,100,000

Partnership accounts receivable securitization facility, due August 2025

^[1]

$ 330,000,000

Gain (loss) due to debt extinguishments

$ (800,000)

Commercial Paper Program [Member]

Debt Instrument [Line Items]

Aggregate principal amount issued

$ 3,500,000,000

Commercial Paper Program [Member] | Subsequent Event [Member]

Debt Instrument [Line Items]

Borrowings outstanding

$ 650,000,000

Accounts Receivable Securitization Facility [Member]

Debt Instrument [Line Items]

Maturity date

Aug. 31, 2026

Proceeds from borrowings under accounts receivable securitization facility

$ 0

Partnership accounts receivable securitization facility, due August 2025

600,000,000

Remaining liquidity needs

600,000,000

Maximum borrowing capacity

$ 600,000,000

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2030 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2027

Line of credit facility, current borrowing capacity

$ 3,500,000,000

Borrowings outstanding

$ 0

Revolving Credit Facility [Member] | Commercial Paper Program [Member]

Debt Instrument [Line Items]

Aggregate principal amount issued

3,500,000,000

Borrowings outstanding

161,000,000

Revolving Credit Facility [Member] | Letters of Credit [Member]

Debt Instrument [Line Items]

Remaining liquidity needs

$ 3,300,000,000

Senior Unsecured Notes [Member]

Debt Instrument [Line Items]

Net proceeds from private placement of notes

$ 2,000,000,000

$ 990,100,000

$ 2,000,000,000

$ 1,700,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 5.200% Fixed Rate, due July 2027 [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2027

Interest rate on fixed rate debt

5.20%

Senior Unsecured Notes [Member] | Senior Unsecured 4.350% Fixed Rate, due January 2029 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 29, 2029

Interest rate on fixed rate debt

4.35%

Aggregate principal amount issued

$ 750,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2029

Interest rate on fixed rate debt

6.15%

Aggregate principal amount issued

$ 1,000,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 4.900% Fixed Rate, due September 2030 [Member]

Debt Instrument [Line Items]

Maturity date

Sep. 30, 2030

Interest rate on fixed rate debt

4.90%

Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2033

Interest rate on fixed rate debt

4.20%

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due March 2033 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2033

Interest rate on fixed rate debt

6.125%

Aggregate principal amount issued

$ 900,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2034

Interest rate on fixed rate debt

6.50%

Aggregate principal amount issued

$ 1,000,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Fixed Rate, due February 2035 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2035

Interest rate on fixed rate debt

5.50%

Senior Unsecured Notes [Member] | Senior Unsecured 5.550% Fixed Rate, due August 2035 [Member]

Debt Instrument [Line Items]

Maturity date

Aug. 31, 2035

Interest rate on fixed rate debt

5.55%

Senior Unsecured Notes [Member] | Senior Unsecured 5.650% Fixed Rate, due February 2036 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 29, 2036

Interest rate on fixed rate debt

5.65%

Aggregate principal amount issued

$ 750,000,000

Net proceeds from private placement of notes

$ 1,500,000,000

Senior Unsecured Notes [Member] | Senior Unsecured Notes Due July 2036 [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2036

Interest rate on fixed rate debt

5.40%

Aggregate principal amount issued

$ 1,000,000,000

Net proceeds from private placement of notes

$ 1,700,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]

Debt Instrument [Line Items]

Maturity date

Apr. 30, 2052

Interest rate on fixed rate debt

4.95%

Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2052

Interest rate on fixed rate debt

6.25%

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due February 2053 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2053

Interest rate on fixed rate debt

6.50%

Aggregate principal amount issued

$ 850,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due May 2055 [Member]

Debt Instrument [Line Items]

Maturity date

May 30, 2055

Interest rate on fixed rate debt

6.125%

Senior Unsecured Notes [Member] | Senior Unsecured of 6.500% Senior Notes due 2027 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

6.50%

Senior Unsecured Notes [Member] | Senior Unsecured of 5.550% Senior Notes due 2035 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

5.55%

5.50%

Aggregate principal amount issued

$ 1,000,000,000

Senior Unsecured Notes [Member] | Senior Unsecured of 6.125% Senior Notes due 2055 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

6.125%

Aggregate principal amount issued

$ 1,000,000,000

Net proceeds from private placement of notes

$ 2,000,000,000

Senior Unsecured Notes [Member] | Senior Unsecured of 6.875% Senior Notes due January 2029 [Member] | Subsequent Event [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

6.875%

Senior Unsecured Notes [Member] | Senior Unsecured of 4.900% Senior Notes due 2030 [Member]

Debt Instrument [Line Items]

Interest rate on fixed rate debt

4.90%

Aggregate principal amount issued

$ 750,000,000

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due August 2026 [Member]

Debt Instrument [Line Items]

Maturity date

Aug. 31, 2026

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due July 2027 [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2027

Interest rate on fixed rate debt

6.50%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2028

Interest rate on fixed rate debt

5.00%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 6.875% Senior Notes due January 2029 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2029

Interest rate on fixed rate debt

6.875%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 5.500% Senior Notes due March 2030 [Member]

Debt Instrument [Line Items]

Maturity date

Mar. 31, 2030

Interest rate on fixed rate debt

5.50%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member]

Debt Instrument [Line Items]

Maturity date

Feb. 28, 2031

Interest rate on fixed rate debt

4.875%

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2032

Interest rate on fixed rate debt

4.00%

[1]	As of December 31, 2025, the Partnership had no amount drawn under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $600.0 million of remaining availability.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income (loss)	$ 1,956.7	$ 1,553.5	$ 1,579.3
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	111.9	(75.3)	40.0
Other comprehensive income (loss), related income tax	(25.6)	17.2	(9.1)
Other comprehensive income (loss), after tax	86.3	(58.1)	30.9
Comprehensive income (loss)	2,043.0	1,495.4	1,610.2
Less: Comprehensive income (loss) attributable to noncontrolling interests	33.7	241.5	233.4
Comprehensive income (loss) attributable to Targa Resources Corp.	2,009.3	1,253.9	1,376.8
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	202.8	(7.5)	193.4
Change in fair value, related income tax	(46.4)	1.7	(44.3)
Change in fair value, after tax	156.4	(5.8)	149.1
Settlements reclassified to revenues, pre-tax	(90.9)	(67.8)	(153.4)
Settlements reclassified to revenues, related income tax	20.8	15.5	35.2
Settlements reclassified to revenues, after tax	$ (70.1)	$ (52.3)	$ (118.2)

Related Party Transactions - Summary of Increases (Decreases) from Transactions with Unconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenue	$ (17,028.3)	$ (16,381.5)	$ (16,060.3)
Operating expenses	(1,298.3)	(1,175.6)	(1,077.9)
Targa Resources Partners LP [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Revenue	9.8
Product purchases and fuel	33.8	20.4	14.5
Operating expenses	(13.9)	(14.7)	(8.7)
General and administrative expenses	(1.0)	(0.9)	(0.9)
Targa Resources Partners LP [Member] \| Gulf Coast Fractionators LP [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Revenue	9.8
Product purchases and fuel	14.7
Operating expenses	(10.9)	(11.6)	(5.6)
Targa Resources Partners LP [Member] \| Cayenne [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Product purchases and fuel	6.9	6.4	6.4
Operating expenses	(1.0)	(0.9)	(0.9)
Targa Resources Partners LP [Member] \| Little Missouri 4 [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Product purchases and fuel	12.2	14.0	8.1
Operating expenses	(2.0)	(2.2)	(2.2)
General and administrative expenses	$ (1.0)	$ (0.9)	$ (0.9)

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue from External Customer [Line Items]

Total revenues

$ 17,028.3

$ 16,381.5

$ 16,060.3

Derivative Activities - Hedge [Member]

Revenue from External Customer [Line Items]

Non-customer revenue

90.9

67.8

153.4

Derivative Activities - Non-hedge [Member]

Revenue from External Customer [Line Items]

Non-customer revenue

^[1]

(251.2)

(313.2)

287.7

Natural Gas [Member]

Revenue from External Customer [Line Items]

Revenue recognized

2,035.7

1,241.1

2,421.3

NGL [Member]

Revenue from External Customer [Line Items]

Revenue recognized

12,079.8

12,372.5

10,580.2

Condensate and Crude Oil [Member]

Revenue from External Customer [Line Items]

Revenue recognized

448.3

523.6

519.5

Gathering and Processing [Member]

Revenue from External Customer [Line Items]

Revenue recognized

1,793.2

1,632.8

1,342.8

Sales of Commodities [Member]

Revenue from External Customer [Line Items]

Revenue recognized

14,563.8

14,137.2

13,521.0

Non-customer revenue

(160.3)

(245.4)

441.1

Total revenues

14,403.5

13,891.8

13,962.1

NGL Transportation, Fractionation and Services [Member]

Revenue from External Customer [Line Items]

Revenue recognized

311.6

298.4

261.1

Storage Terminaling and Export [Member]

Revenue from External Customer [Line Items]

Revenue recognized

496.8

497.9

440.7

Other [Member]

Revenue from External Customer [Line Items]

Revenue recognized

23.2

60.6

53.6

Fees from Midstream Services [Member]

Revenue from External Customer [Line Items]

Revenue recognized

2,624.8

2,489.7

2,098.2

Total revenues

$ 2,624.8

$ 2,489.7

$ 2,098.2

[1]	Represents derivative activities that are not designated as hedging instruments under ASC 815.

Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Deferred tax assets:

Net operating loss and tax credit carryforwards

$ 1,045.0

$ 1,094.9

Disallowed business interest expense carryforward

22.1

113.5

Property, plant and equipment

1.5

1.9

Other

12.6

10.1

Deferred tax assets before valuation allowance

1,081.2

1,220.4

Valuation allowance

(5.9)

Deferred tax assets

1,075.3

1,214.5

Deferred tax liabilities:

Investments

^[1]

(2,468.8)

(2,086.6)

Deferred tax liabilities

(2,468.8)

(2,086.6)

Net deferred tax asset (liability)

(1,393.5)

(872.1)

Net deferred tax asset (liability)

Federal

(1,298.0)

(826.7)

State

(95.5)

(45.4)

Net deferred tax asset (liability)

$ (1,393.5)

$ (872.1)

[1]	Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership.

Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Compensation Plans

Note 21 — Compensation Plans

2010 Targa Resources Corp. Stock Incentive Plan

In December 2010, we adopted the Targa Resources Corp. 2010 Stock Incentive Plan (the “2010 TRGP Plan”) for employees, consultants and non-employee directors of the Company. In May 2017, the 2010 TRGP Plan was amended and restated. In August 2023, the 2010 TRGP Plan was amended and restated for a second time. Total authorized shares of common stock under the plan is 15,000,000, comprised of 5,000,000 shares originally available and an additional 10,000,000 shares that became available in May 2017. The 2010 TRGP Plan allows for the grant of (i) incentive stock options qualified as such under U.S. federal income tax laws (“Incentive Options”), (ii) stock options that do not qualify as Incentive Options (“Non-statutory Options,” and together with Incentive Options, “Options”), (iii) stock appreciation rights granted in conjunction with Options or Phantom Stock Awards, (iv) restricted stock awards, (v) phantom stock awards, (vi) bonus stock awards, (vii) performance unit awards, or (viii) any combination of such awards.

Unless otherwise specified, the compensation costs for the awards listed below were recognized as expense over related vesting periods based on the grant-date fair values, reduced by forfeitures incurred.

Restricted Stock Awards – Restricted stock entitles the recipient to cash dividends. Dividends on unvested restricted stock will be accrued when declared and recorded as short-term or long-term liabilities, dependent on the time remaining until payment of the dividends, and paid in cash when the award vests. Upon issuance, the restricted stock awards will be included in the outstanding shares of our common stock. The Compensation Committee of the Targa board of directors (the “Compensation Committee”) awarded our common stock to our outside directors. In 2025, 2024 and 2023, we issued 9,479, 23,984 and 23,518 shares of director grants with weighted average grant-date fair values of $209.18, $85.70 and $74.13, respectively.

Restricted Stock Units Awards – RSUs are similar to restricted stock, except that shares of common stock are not issued until the RSUs vest. The vesting periods generally vary from one to six years. In March 2023, the Compensation Committee amended the Restricted Stock Units Grant Agreements that govern the RSUs that vest no later than three years following the RSUs’ grant date. The amendment resulted in quarterly cash dividend payments to RSU holders beginning with the common stock dividend paid in May 2023. In 2025, 2024 and 2023, we issued 348,443, 415,467 and 587,326 shares of RSUs with weighted average grant-date fair values of $173.24, $117.95 and $78.69, respectively.

The following table shows activity related to the restricted stock awards and RSUs under the 2010 TRGP Plan for the period presented:


	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2024		1,770,052		$	79.96
Granted		357,922			174.19
Forfeited		(55,365	)		104.84
Vested		(631,162	)		65.84
Outstanding at December 31, 2025		1,441,447			108.67

Performance Share Units

During 2025, 2024 and 2023, we granted 77,114, 131,816 and 140,020 performance share units (“PSUs”) to executive management for the 2025, 2024 and 2023 compensation cycles that will vest/have vested in January 2028, January 2027 and January 2026. The PSUs granted under the 2010 TRGP Plan are three-year equity-settled awards linked to the performance of shares of our common stock. The awards also include dividend equivalent rights (“DERs”) that are based on the notional dividends accumulated during the vesting period.

The vesting of the PSUs is dependent on the satisfaction of a combination of certain service-related conditions and the Company’s total shareholder return (“TSR”) relative to the TSR of the members of a specified comparator group of publicly-traded midstream companies (the “LTIP Peer Group”) measured over designated periods. For the PSUs granted in 2023, 2024 and 2025, the TSR performance factor is determined by the Compensation Committee based on relative TSR over a cumulative three-year performance period. The Compensation Committee determines a guideline performance percentage for the performance period and the percentage may then be decreased or increased by the Compensation Committee at its discretion. The grantee will become vested in a number of PSUs equal to the target number awarded multiplied by the TSR performance factor, and vested PSUs will be settled by the issuance of Company common stock. The value of DERs will be paid in cash when the awards vest.

Compensation cost for equity-settled PSUs was recognized as an expense over the performance period based on fair value at the grant date. The compensation cost will be reduced if forfeitures occur. Fair value was calculated using a simulated share price that incorporates peer ranking. DERs associated with equity-settled PSUs were accrued over the performance period as a reduction of owners’ equity. We evaluated the grant date fair value using a Monte Carlo simulation model and historical volatility assumption with an expected term of three years. The expected volatilities were 32%, 34% and 38% for PSUs granted in 2025, 2024 and 2023.

The following table shows activity related to the PSUs under the 2010 TRGP Plan for the period presented:


	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2024		413,094		$	126.99
Granted		77,114			377.30
Vested		(155,790	)		108.55
Outstanding at December 31, 2025		334,418			193.30

Stock Compensation Expense

Stock compensation expense under our plans totaled $69.5 million, $63.2 million and $62.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, we have $105.2 million of unrecognized compensation expense associated with share-based awards and an approximate remaining weighted average vesting period of 2.3 years related to our various compensation plans.

The fair values of share-based awards vested in 2025, 2024 and 2023 were $83.8 million, $87.2 million and $96.8 million, respectively. Cash dividends paid for the vested awards were $3.2 million, $5.3 million and $8.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

In relation to our equity compensation plans, we recognized $13.9 million, $14.2 million and $17.0 million in windfall tax benefits for the years ended December 31, 2025, 2024 and 2023, respectively.

Subsequent Events

In January 2026, the Compensation Committee made the following awards under the 2010 TRGP Plan:

•

10,829 shares of restricted stock to our outside directors that will vest in January 2027;

•

92,281 shares of RSUs to executive management for the 2026 compensation cycle that will vest in January 2029; and

•

92,281 shares of PSUs to executive management for the 2026 compensation cycle that will vest in January 2029.

In January 2026, the following shares vested:

•

9,479 shares of director grants with no shares withheld to satisfy tax withholding obligations;

•

130,113 shares of RSUs with 51,815 shares withheld to satisfy tax withholding obligations; and

•

325,284 shares of 2023 PSUs with 124,769 shares withheld to satisfy tax withholding obligations.

Targa 401(k) Plan

We have a 401(k) plan whereby we match 100% of up to 5% of an employee’s contribution (subject to certain limitations in the plan). We also contribute an amount equal to 3% of each employee’s eligible compensation to the plan as a retirement contribution and may make additional contributions at our sole discretion. All Targa contributions are made 100% in cash. We made contributions to the 401(k) plan totaling $39.8 million, $35.1 million and $32.3 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed-Price Contract [Member] $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 371.6
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 397.0
Remaining duration of contracts	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 1,773.8
Remaining duration of contracts

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases

The following table shows balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets as of the periods presented:


		December 31,
	Balance Sheet Location	2025		2024
Operating leases:
Lease right-of-use assets, net	Other long-term assets	$	93.9	$	103.7
Current liabilities	Accrued liabilities		24.3		25.2
Non-current liabilities	Other long-term liabilities		89.5		90.4

Finance leases:
Lease right-of-use assets, net	Property, plant and equipment, net	$	324.9	$	285.1
Current liabilities	Current debt obligations		93.1		57.7
Non-current liabilities	Long-term debt		260.4		240.4

Summary of Components of Lease Expense

Operating lease costs and short-term lease costs are included in Operating expenses or General and administrative expense in our Consolidated Statements of Operations, depending on the nature of the leases. Finance lease costs are included in Depreciation and amortization expense and Interest expense, net in our Consolidated Statements of Operations. The following table shows components of lease expense for the periods presented:


	Year Ended December 31,
	2025		2024		2023
Lease cost
Operating lease cost	$	28.6	$	30.6	$	18.3
Short-term lease cost		36.5		45.2		56.7
Variable lease cost		52.5		46.0		26.0
Finance lease cost
Amortization of right-of-use assets		75.0		55.3		48.2
Interest expense		16.1		14.5		14.0
Total lease cost	$	208.7	$	191.6	$	163.2

Summary of Other Supplemental Information Related to Leases

The following table shows other supplemental information related to our leases for the periods presented:


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	32.4	$	32.4	$	21.4
Operating cash flows for finance leases		15.9		14.2		13.9
Financing cash flows for finance leases		76.5		50.1		42.9

Summary of Maturities of Lease Liabilities Under Non-cancellable Leases

The following table presents the maturities of our lease liabilities under non-cancellable leases as of December 31, 2025:


	Operating Leases			Finance Leases

2026	$	23.1		$	107.5
2027		29.0			100.5
2028		24.2			75.4
2029		19.3			59.0
2030		13.7			37.6
Thereafter		20.7			8.0
Total undiscounted cash flows		130.0			388.0
Less imputed interest		(16.2	)		(34.5	)
Total lease liabilities	$	113.8		$	353.5

Fair Value Measurements - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability	$ 66.9
Derivative fair value of net liability if commodity price increases by 10 percent	235.6
Derivative fair value of net liability if commodity price decreases by 10 percent	$ 101.8

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease cost
Operating lease cost	$ 28.6	$ 30.6	$ 18.3
Short-term lease cost	36.5	45.2	56.7
Variable lease cost	52.5	46.0	26.0
Finance lease cost
Amortization of right-of-use assets	75.0	55.3	48.2
Interest expense	16.1	14.5	14.0
Total lease cost	$ 208.7	$ 191.6	$ 163.2

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment reporting, CODM, profit (loss) measure, how used, description	The Company’s CODM assesses the segments’ performance by using each segment’s operating margin. The CODM uses segment operating margin for the annual budget and forecasting process and to make informed decisions about the allocation of resources.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of Federal and State Income Tax Provisions

The following table shows components of the federal and state income tax provisions for the periods presented:


	Year Ended December 31,
	2025		2024			2023
Current expense (benefit)
Federal	$	12.2	$	(0.1	)	$	0.2
State		0.9		17.6			13.4
Total current expense (benefit)		13.1		17.5			13.6
Deferred expense (benefit)
Federal		466.7		339.2			342.4
State		49.9		27.8			7.2
Total deferred expense (benefit)		516.6		367.0			349.6
Total income tax expense (benefit)	$	529.7	$	384.5		$	363.2

Deferred Tax Assets and Liabilities

Our deferred income tax assets and liabilities as of the periods presented consist of recognition differences related to certain types of costs as follows:


	December 31, 2025			December 31, 2024
Deferred tax assets:
Net operating loss and tax credit carryforwards	$	1,045.0		$	1,094.9
Disallowed business interest expense carryforward		22.1			113.5
Property, plant and equipment		1.5			1.9
Other		12.6			10.1
Deferred tax assets before valuation allowance		1,081.2			1,220.4
Valuation allowance		(5.9	)		(5.9	)
Deferred tax assets		1,075.3			1,214.5
Deferred tax liabilities:
Investments (1)		(2,468.8	)		(2,086.6	)
Deferred tax liabilities		(2,468.8	)		(2,086.6	)
Net deferred tax asset (liability)	$	(1,393.5	)	$	(872.1	)

Net deferred tax asset (liability)
Federal	$	(1,298.0	)	$	(826.7	)
State		(95.5	)		(45.4	)
Long-term deferred tax liability, net	$	(1,393.5	)	$	(872.1	)

(1)

Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership.

Income Taxes Paid Net Of Refunds Received

The following table shows our income taxes paid net of refunds received for the periods presented:


	Year Ended December 31,
	2025			2024		2023
Income taxes paid, net of refunds:
Federal	$	7.1		$	—	$	(0.1	)
State:
Texas		14.3			11.6		8.9
New Mexico		1.3			1.3		—
California		(0.4	)		1.1		—
Arizona		0.2			1.0		—
Other		1.8			1.7		(0.3	)
Total State		17.2			16.7		8.6
Total income taxes paid, net of refunds	$	24.3		$	16.7	$	8.5

Reconciliation of Income Tax Provision (Benefit)

The following table shows the reconciliation between our Income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision (benefit) in our Consolidated Statements of Operations for the periods presented:


	Year Ended December 31,
Income tax reconciliation:	2025					2024					2023
Income (loss) before income taxes	$	2,486.4				$	1,938.0				$	1,942.5
U.S. federal statutory tax rate		522.1		21.0	%		407.0		21.0	%		407.9		21.0	%
State and local income taxes, net of federal income tax effect (1)		40.2		1.6	%		35.9		1.9	%		16.3		0.8	%
Changes in valuation allowance		—		—			(1.2	)	(0.1	%)		—		—
Nontaxable or nondeductible items
Income attributable to noncontrolling interest		(7.1	)	(0.3	%)		(50.7	)	(2.6	%)		(49.0	)	(2.5	%)
Other		(12.7	)	(0.5	%)		(5.8	)	(0.3	%)		(9.5	)	(0.5	%)
Other adjustments		(12.8	)	(0.5	%)		(0.7	)	(0.1	%)		(2.5	)	(0.1	%)
Income tax provision (benefit)	$	529.7		21.3	%	$	384.5		19.8	%	$	363.2		18.7	%

(1)

State taxes in Texas and New Mexico made up the majority (greater than 50 percent) of the tax effect in this category.

Income Taxes - Income Taxes Paid Net Of Refunds Received For The Periods Presented (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	$ 24.3	$ 16.7	$ 8.5
Federal [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	7.1		(0.1)
State [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	17.2	16.7	8.6
State [Member] \| Texas [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	14.3	11.6	8.9
State [Member] \| New Mexico [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	1.3	1.3
State [Member] \| California [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	(0.4)	1.1
State [Member] \| Arizona [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	0.2	1.0
State [Member] \| Other [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid, net of refunds	$ 1.8	$ 1.7	$ (0.3)

Debt Obligations - Schedule of Contractual Maturities of Debt Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Contractual Obligation [Line Items]
Total	$ 17,240.2
2026	679.3
2027	750.0
2028	700.3
2029	1,750.0
2030	1,860.6
Thereafter	11,500.0
Senior Unsecured Notes [Member] \| Targa Resources Partners LP [Member]
Contractual Obligation [Line Items]
Total	4,329.2
2026	679.3
2027	0.0
2028	700.3
2029	0.0
2030	949.6
Thereafter	2,000.0
TRGP Revolver and Commercial Paper Program [Member] \| Targa Resources Partners LP [Member]
Contractual Obligation [Line Items]
Total	161.0
2026	0.0
2027	0.0
2028	0.0
2029	0.0
2030	161.0
Thereafter	0.0
TRGP Senior Unsecured Notes [Member] \| Targa Resources Partners LP [Member]
Contractual Obligation [Line Items]
Total	12,750.0
2026	0.0
2027	750.0
2028	0.0
2029	1,750.0
2030	750.0
Thereafter	$ 9,500.0

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends, per share	$ 1	$ 3.75	$ 2.75	$ 1.85

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment and Intangible Assets (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 33,201.1

$ 29,559.4

Accumulated depreciation, amortization and impairment

(12,666.3)

(11,496.7)

Property, plant and equipment, net

20,534.8

18,062.7

Intangible assets

4,378.0

Accumulated amortization and impairment

(2,726.6)

(2,400.6)

Intangible assets, net

$ 1,651.4

1,977.4

$ 2,350.6

Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

10 years

Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

20 years

Gathering Systems [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

^[1]

$ 12,431.3

11,575.0

Gathering Systems [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

^[1]

5 years

Gathering Systems [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

^[1]

20 years

Processing and Fractionation Facilities [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 10,477.3

9,543.3

Processing and Fractionation Facilities [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

5 years

Processing and Fractionation Facilities [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

25 years

Terminaling and Storage Facilities [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 1,648.4

1,469.1

Terminaling and Storage Facilities [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

5 years

Terminaling and Storage Facilities [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

25 years

Transportation Assets [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 4,536.0

4,131.5

Transportation Assets [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

10 years

Transportation Assets [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

50 years

Other Property, Plant and Equipment [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 586.5

537.7

Other Property, Plant and Equipment [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

3 years

Other Property, Plant and Equipment [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

25 years

Land [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 209.3

198.6

Construction in Progress [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

^[1]

2,804.9

1,702.9

Finance Lease Right-of-Use Assets [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment

$ 507.4

$ 401.3

Finance Lease Right-of-Use Assets [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

5 years

Finance Lease Right-of-Use Assets [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated useful lives

14 years

[1]	The December 31, 2025 balance includes $133.1 million of gathering systems assets and $12.1 million of construction in progress from the Dovetail Acquisition and the Nile Acquisition. See “Note 4 – Acquisitions and Joint Ventures”.

Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Note 7 — Investments in Unconsolidated Affiliates

Our investments in unconsolidated affiliates consist of the following:

Gathering and Processing Segment

•

50% operated ownership interest in Little Missouri 4.

Logistics and Transportation Segment

•

38.8% operated ownership interest in GCF;

•

50% operated ownership interest in Cayenne; and

•

17.5% non-operated ownership interest in Blackcomb and Traverse pipelines, which are currently under construction, held by the Blackcomb Joint Venture.

The terms of these joint venture agreements do not afford us the degree of control required for consolidating the entities in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting.

See “Note 4 – Acquisitions and Joint Ventures” for additional information related to our Blackcomb investment.

The following table shows the activity related to our investments in unconsolidated affiliates for the periods presented:


	Balance at December 31, 2022		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at December 31, 2023
Little Missouri 4		90.7		7.7			(11.3	)		—		87.1
GCF (1)		27.1		(4.1	)		(2.0	)		24.6		45.6
Cayenne		13.5		5.4			(5.3	)		—		13.6
Total	$	131.3	$	9.0		$	(18.6	)	$	24.6	$	146.3

	Balance at December 31, 2023		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at December 31, 2024
Little Missouri 4	$	87.1	$	14.4		$	(17.2	)	$	—	$	84.3
GCF (1)		45.6		(11.8	)		—			32.6		66.4
Cayenne		13.6		6.8			(8.1	)		—		12.3
Blackcomb		—		—			—			30.3		30.3
Total	$	146.3	$	9.4		$	(25.3	)	$	62.9	$	193.3

	Balance at December 31, 2024		Equity Earnings (Loss)			Cash Distributions			Contributions (2)		Balance at December 31, 2025
Little Missouri 4	$	84.3	$	15.9		$	(21.5	)	$	15.0	$	93.7
GCF (1)		66.4		(1.2	)		—			4.0		69.2
Cayenne		12.3		7.0			(7.0	)		—		12.3
Blackcomb		30.3		(9.9	)		—			111.5		131.9
Total	$	193.3	$	11.8		$	(28.5	)	$	130.5	$	307.1

(1)

In January 2023, we reached an agreement with our partners to reactivate the GCF facility. GCF commenced operations in the first quarter of 2025.

(2)

Includes capitalized interest of $5.6 million related to our contributions to Blackcomb.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues:

Total revenues

$ 17,028.3

$ 16,381.5

$ 16,060.3

Costs and expenses:

Product purchases and fuel

10,507.8

10,703.0

10,676.4

Operating expenses

1,298.3

1,175.6

1,077.9

Depreciation and amortization expense

1,515.3

1,423.0

1,329.6

General and administrative expense

406.0

384.9

348.7

Other operating (income) expense

(30.3)

(0.4)

1.5

Income (loss) from operations

3,331.2

2,695.4

2,626.2

Other income (expense):

Interest expense, net

(852.8)

(767.2)

(687.8)

Equity earnings (loss)

11.8

9.4

9.0

Other, net

(3.8)

0.4

(4.9)

Income (loss) before income taxes

2,486.4

1,938.0

1,942.5

Income tax (expense) benefit

(529.7)

(384.5)

(363.2)

Net income (loss)

1,956.7

1,553.5

1,579.3

Less: Net income (loss) attributable to noncontrolling interests

33.7

241.5

233.4

Net income (loss) attributable to Targa Resources Corp.

1,923.0

1,312.0

1,345.9

Premium on repurchase of noncontrolling interests, net of tax

^[1]

70.5

32.9

510.1

Net income (loss) attributable to common shareholders

$ 1,852.5

$ 1,279.1

$ 835.8

Net income (loss) per common share - basic

$ 8.52

$ 5.77

$ 3.69

Net income (loss) per common share - diluted

$ 8.49

$ 5.74

$ 3.66

Weighted average shares outstanding - basic

216.1

220.2

224.6

Weighted average shares outstanding - diluted

216.9

221.3

226.0

Sales of Commodities [Member]

Revenues:

Total revenues

$ 14,403.5

$ 13,891.8

$ 13,962.1

Fees from Midstream Services [Member]

Revenues:

Total revenues

$ 2,624.8

$ 2,489.7

$ 2,098.2

[1]	Represents premiums paid on the Badlands Transaction, the CBF Acquisition, the Carnero Acquisition, and the Grand Prix Transaction. See “Note 4 – Acquisitions and Joint Ventures”

Property, Plant and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Property Plant And Equipment And Intangible Assets [Abstract]

Property Plant and Equipment and Intangible Assets

Property, Plant and Equipment and Intangible Assets


	December 31, 2025			December 31, 2024			Estimated Useful Lives (In Years)
Gathering systems (1)	$	12,431.3		$	11,575.0		5 to 20
Processing and fractionation facilities		10,477.3			9,543.3		5 to 25
Terminaling and storage facilities		1,648.4			1,469.1		5 to 25
Transportation assets		4,536.0			4,131.5		10 to 50
Other property, plant and equipment		586.5			537.7		3 to 25
Land		209.3			198.6		—
Construction in progress (1)		2,804.9			1,702.9		—
Finance lease right-of-use assets		507.4			401.3		5 to 14
Property, plant and equipment		33,201.1			29,559.4
Accumulated depreciation, amortization and impairment		(12,666.3	)		(11,496.7	)
Property, plant and equipment, net	$	20,534.8		$	18,062.7

Intangible assets		4,378.0			4,378.0		10 to 20
Accumulated amortization and impairment		(2,726.6	)		(2,400.6	)
Intangible assets, net	$	1,651.4		$	1,977.4

(1)

Schedule of Changes in Intangible Assets

The following table shows the changes in our intangible assets for the periods presented:


	December 31, 2025			December 31, 2024
Balance at beginning of period	$	1,977.4		$	2,350.6
Amortization		(326.0	)		(373.2	)
Balance at end of period	$	1,651.4		$	1,977.4

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

Consolidation Policy

Our consolidated financial statements include the accounts of all entities that we control and our proportionate interest in the accounts of certain gas gathering and processing facilities in which we own an undivided interest and are responsible for our proportionate share of the costs and expenses of the facilities. Third party ownership interests in our controlled subsidiaries are presented as noncontrolling interests within the equity section of our Consolidated Balance Sheets, except in the case of undivided interest ownership. In our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss), noncontrolling interests reflect the attribution of results to third-party investors. All intercompany balances and transactions have been eliminated in consolidation.

As of December 31, 2025, our consolidated joint ventures include the following:

Gathering and Processing Segment

•

60% ownership interest in Centrahoma Processing LLC;

•

72.8% undivided interest in the assets of Targa Pipeline Mid-Continent WestTex LLC; and

•

76.8% ownership interest in Venice Energy Services Company, LLC.

Logistics and Transportation Segment

•

80% ownership interest in Targa Train 7 LLC.

We apply the equity method of accounting to investments over which we exercise significant influence over the operating and financial policies of our investee, but do not exercise control. We evaluate our equity investments for impairment when evidence indicates the carrying amount of our investment is no longer recoverable. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the equity method investee to sustain an earnings capacity that would justify the carrying amount of the investment. When the estimated fair value of an equity investment is less than its carrying value and the loss in value is determined to be other than temporary, we recognize the excess of the carrying value over the estimated fair value as a non-cash pre-tax impairment loss within Equity earnings (loss) in our Consolidated Statements of Operations.

As of December 31, 2025, our investments in unconsolidated affiliates include the following:

Gathering and Processing Segment

•

50% ownership interest in Little Missouri 4 LLC (“Little Missouri 4”).

Logistics and Transportation Segment

•

50% ownership interest in Cayenne Pipeline, LLC (“Cayenne”);

•

38.8% ownership interest in Gulf Coast Fractionators (“GCF”); and

•

17.5% non-operated ownership interest in Blackcomb and Traverse pipelines, which are currently under construction, held by Blackcomb as defined in “Note 4 – Acquisitions and Joint Ventures”.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Estimates and judgments are based on information available at the time such estimates and judgments are made. Changes in facts and circumstances may result in revised estimates and actual results could differ materially from those estimates. Estimates and judgments are used in, among other things, (i) estimating unbilled revenues, product purchases, property, plant and equipment, operating and general and administrative cost accruals, (ii) developing fair value assumptions, including estimates of future cash flows and discount rates, (iii) analyzing long-lived assets for possible impairment, (iv) estimating the useful lives of assets and (v) estimating contingencies, guarantees and indemnifications.

Cash and Cash Equivalents

Cash and cash equivalents include all cash on hand, demand deposits, and short-term, highly liquid investments that are readily convertible into cash, and have original maturities of three months or less.

Allowance for Credit Losses

Estimated losses on accounts receivable are provided through an allowance for credit losses. We estimate the allowance for credit losses through various procedures, including extensive review of our trade receivable balances by counterparty, assessing economic events and conditions, our historical experience with counterparties, the counterparty’s financial condition and the amount and age of past due accounts.

We continuously evaluate our ability to collect amounts owed to us. Receivables are considered past due if full payment is not received by the contractual due date. Our evaluation procedures also include performing account reconciliations, dispute resolution and payment confirmation.

As the financial condition of any counterparty changes, circumstances develop or additional information becomes available, adjustments to our allowance may be required.

Inventories

Our inventories consist primarily of NGL product inventories, which are valued at the lower of cost or net realizable value, using the average cost method. Most NGL product inventories turn over monthly, but some inventory, primarily propane, is acquired and held during the year to meet anticipated heating season requirements of our customers. Commodity inventories that are not physically or contractually available for sale under normal operations (“deadstock”) are included in Property, plant and equipment.

Product Exchanges

Exchanges of NGL products are executed to satisfy timing and logistical needs of the exchange parties. Volumes received and delivered under exchange agreements are recorded as inventory. If the locations of receipt and delivery are in different markets, an exchange differential may be billed or owed. The exchange differential is recorded as either accounts receivable or accrued liabilities.

Derivative Instruments

We utilize derivative instruments to manage the volatility of our cash flows due to fluctuating energy commodity prices. For balance sheet classification purposes, we analyze the fair values of the derivative instruments on a contract by contract basis and report the related fair values and any related collateral by counterparty on a gross basis. Cash flows from derivative instruments designated as hedges are recognized in the same financial statement line item as the cash flows from the respective item being hedged.

We formally document all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the cash flow hedging relationship and on an ongoing basis, we assess whether the derivatives used in hedging transactions are highly effective in achieving the offset of changes in cash flows attributable to the hedged risk.

We record all derivative instruments at fair value with the exception of those that we apply the normal purchases and normal sales election.

The table below summarizes the accounting treatment for our derivative instruments, and the impact on our consolidated financial statements:


Recognition and Measurement
Derivative Treatment	Balance Sheet	Income Statement
Normal Purchases and Normal Sales	Fair value not recorded	Earnings recognized when volumes are physically delivered or received
Mark-to-Market	Recorded at fair value	Change in fair value recognized currently in earnings
Cash Flow Hedge	Recorded at fair value with changes in fair value deferred in Accumulated Other Comprehensive Income (“AOCI”)	The gain/loss on the derivative instrument is reclassified out of AOCI into earnings when the forecasted transaction occurs

We will discontinue cash flow hedge accounting on a prospective basis when a hedge instrument is terminated, ceases to be highly effective or the forecasted transaction is no longer probable to occur. Gains and losses deferred in AOCI related to cash flow hedges for which hedge accounting has been discontinued remain deferred until the forecasted transaction occurs. If it is probable that a hedged forecasted transaction will not occur, deferred gains or losses on the hedging instrument in AOCI are reclassified to earnings immediately.

Fair Value Measurements

We categorize the inputs to the fair value measurements of financial assets and liabilities at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value:

•

Level 1 – observable inputs such as quoted prices in active markets;

•

Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and

•

Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions.

For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods.

Swaps that do not have observable market prices or implied volatilities for substantially the full term of the derivative asset or liability are reported at fair value using Level 3 inputs. The fair value of these swaps is determined using a discounted cash flow valuation technique based on a commodity forward curve, which is based on observable or public data sources and extrapolated when observable prices are not available.

Property, Plant and Equipment

Property, plant and equipment is recorded at acquisition cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The determination of the useful lives of property, plant and equipment requires us to make various assumptions, including our expected use of the asset and the supply of, and demand for, hydrocarbons in the markets served, normal wear and tear of the facilities, and the extent and frequency of maintenance programs. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to Other operating (income) expense in the Consolidated Statements of Operations.

Expenditures for routine maintenance and repairs are expensed as incurred. Expenditures to refurbish an asset that increases its existing service potential or prevents environmental contamination are capitalized and depreciated over the remaining useful life of the asset or major asset component. Certain costs directly related to the construction of assets, including internal labor costs, interest and engineering costs, are capitalized.

Impairment of Long-Lived Assets

We evaluate long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate our carrying amount of an asset may not be recoverable, including changes to our estimates that could have an impact on our assessment of asset recoverability. Asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. Individual assets are grouped at the lowest level for which the related identifiable cash flows are largely independent of the cash flows of other assets and liabilities. These cash flow estimates require us to make judgments and assumptions related to operating and cash flow results, economic obsolescence, the business climate, contractual, legal and other factors.

If the carrying amount exceeds the expected future undiscounted cash flows, we recognize a non-cash pre-tax impairment loss equal to the excess of net book value over fair value. The estimated cash flows used to assess recoverability of our long-lived assets and measure fair value of our asset groups are derived from current business plans, which are developed using near-term price and volume projections reflective of the current environment and management's projections for long-term average prices and volumes. In addition to near and long-term price assumptions, other key assumptions include volume projections, operating costs, timing of incurring such costs, and the use of an appropriate terminal value and discount rate. Any changes we make to these projections and assumptions could result in significant revisions to our evaluation of recoverability of our long-lived assets and the recognition of additional impairments. We believe our estimates and models used to determine fair value are similar to what a market participant would use.

Goodwill

Goodwill is a residual intangible asset that results when the cost of an acquisition exceeds the fair value of the net identifiable assets of the acquired business. Goodwill is not subject to amortization but is tested for impairment at least annually. This test requires us to attribute goodwill to an appropriate reporting unit, which is an operating segment or one level below an operating segment (also known as a component). We evaluate goodwill for impairment on November 30 of each year, or whenever impairment indicators are present. If applicable, prior to us conducting the goodwill impairment test, we complete a review of the carrying values of our long-lived assets, including property, plant and equipment and other intangible assets. If it is determined that the carrying values are not recoverable, we reduce the carrying values of the long-lived assets pursuant to our policy on impairment of long-lived assets.

As part of our goodwill impairment test, we may first assess qualitative factors to determine if the quantitative goodwill impairment test is necessary. If we choose to bypass this qualitative assessment or determine that a goodwill impairment test is required, our annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount (including attributed goodwill). We recognize an impairment loss in our Consolidated Statements of Operations and a corresponding reduction of goodwill on our Consolidated Balance Sheets for the amount by which the carrying amount exceeds the reporting unit’s fair value. The goodwill impairment loss will not exceed the total amount of goodwill allocated to that reporting unit. Additionally, when measuring goodwill, we consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit, if applicable.

Intangible Assets

Our intangible assets include producer dedications under long-term contracts and customer relationships associated with business and asset acquisitions. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. We amortize the costs of our assets in a manner that closely resembles the expected benefit pattern of the intangible assets or on a straight-line basis, where such pattern is not readily determinable, over the periods in which we benefit from services provided to customers.

Asset Retirement Obligations

Asset retirement obligations (“AROs”) are legal obligations associated with the retirement of tangible long-lived assets that result from their acquisition, construction, development and/or normal operation. We record a liability and increase the basis in the underlying asset for the present value of each expected ARO when there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction.

For certain assets, we cannot reasonably estimate the fair value of the ARO because the associated assets have indeterminate lives based on our expected continued use of the assets with proper maintenance. Assets with indeterminate useful lives include: (i) assets constructed on land owned by Targa, and (ii) active pipelines. Our intent and practice is to maintain our assets to prolong their useful lives. Management expects demand for hydrocarbons, both domestically and internationally, to exist for the foreseeable future. We record AROs for these assets in the period in which sufficient information becomes available for us to reasonably estimate the settlement dates.

Our obligations are estimated based on discounted cash flow (“DCF”) estimates. Over time, the ARO liability is accreted to its present value as a period cost and the capitalized amount is depreciated over the asset’s respective useful life. At least annually, we review the projected timing and amount of AROs and reflect revisions as an increase or decrease in the carrying amount of the liability and the basis in the underlying asset. Upon settlement, we recognize any difference between the recorded amount and the actual settlement cost as a gain or loss.

Debt Issuance Costs

Costs incurred in connection with the issuance of long-term debt and any original issue discount or premium are deferred and charged to interest expense over the term of the related debt. Debt issuance costs related to revolving credit facilities are amortized on a straight-line basis and those related to long-term debt are amortized using the effective-interest method. Debt issuance costs related to revolving credit facilities are presented as other long-term assets, and debt issuance costs related to long-term debt obligations with scheduled maturities are reflected as a deduction to the carrying amount of long-term debt on the Consolidated Balance Sheets. Gains or losses on debt repurchases, redemptions and debt extinguishments include the write-off of any associated unamortized debt issuance costs.

Accounts Receivable Securitization Facility

Proceeds from the sale or contribution of certain receivables under the Partnership’s accounts receivable securitization facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities in our Consolidated Statements of Cash Flows.

Commercial Paper Program

Under the terms of the unsecured commercial paper note program (the “Commercial Paper Program”), we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid, and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $3.5 billion, subject to documentation requirements of the Commercial Paper Program. We maintain a minimum available borrowing capacity under the $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver” as defined in “Note 8 – Debt Obligations”) equal to the aggregate amount outstanding under the Commercial Paper Program to support our issued commercial paper notes. The Commercial Paper Program is guaranteed by each subsidiary that guarantees the TRGP Revolver.

The outstanding borrowings of the commercial paper program are classified as noncurrent because we have the intent and ability to refinance the borrowings on a long-term basis through the TRGP Revolver. We confirm, on a quarterly basis, that there is sufficient liquidity under the TRGP Revolver to refinance outstanding borrowings of the Commercial Paper Program and such liquidity is not overcommitted for other anticipated uses.

As the outstanding borrowings of the Commercial Paper Program are included as part of long-term debt (i.e., classified as noncurrent), we report Commercial Paper Program borrowings and repayments gross on the Consolidated Statements of Cash Flows (consistent with the presentation of cash flows associated with the revolving credit facility).

Environmental Liabilities and Other Loss Contingencies

We accrue a liability for loss contingencies, including environmental remediation costs arising from claims, assessments, litigation, fines, penalties and other sources, when the loss is probable and reasonably estimable.

Income Taxes

We file many income tax returns with the U.S. Department of the Treasury, as well as numerous states. We are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax payable and related tax expense, together with assessing temporary differences resulting from differing treatment of certain items, such as depreciation, for tax and accounting purposes. These differences can result in deferred tax assets and liabilities, which are reported on a net basis by jurisdiction within our Consolidated Balance Sheets. We report these timing differences based on statutory tax rates applicable to the scheduled timing difference reversal periods.

We assess the likelihood that we will recover our deferred tax assets from future taxable income. We establish a valuation allowance if we believe that it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. Any change in the valuation allowance would impact our income tax provision and net income in the period in which such a determination is made. We consider all available evidence to determine whether, based on the weight of the evidence, we need a valuation allowance. Evidence used includes information about our current financial position and our results of operations for the current and preceding years, as well as all currently available information about future years, including our anticipated future performance, the reversal of deferred tax liabilities and tax planning strategies.

Dividends

Common dividends declared are recorded as a reduction of retained earnings to the extent that retained earnings were available at the close of the prior quarter, with any excess recorded as a reduction of additional paid-in capital.

Comprehensive Income

Comprehensive income includes net income and other comprehensive income (loss) (“OCI”), which includes changes in the fair value of derivative instruments that are designated as cash flow hedges.

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

sales of natural gas, NGLs, condensate and crude oil;

•

services related to compressing, gathering, treating, and processing of natural gas; and

•

services related to NGL fractionation, terminaling and storage, transportation and treating.

We have multiple types of contracts with commercial counterparties, and many of these contracts contain embedded fees with settlement provisions that deduct these fees from the sales price paid by Targa in exchange for commodities. The commercial relationship of the counterparty in such contracts is inherently one of a supplier, rather than a customer, and therefore, such contracts are excluded from the provisions of the revenue recognition guidance in Topic 606, Revenue from Contracts with Customers. Any cash inflows or fees that are realized on these supply type contracts are reported as a reduction of Product purchases and fuel.

Our revenues, therefore, are measured based on consideration specified in a contract with parties designated as customers. We recognize revenue when we satisfy a performance obligation by transferring control over a commodity or service to a customer. Sales and other taxes we collect, that are both imposed on and concurrent with revenue-producing activities, are excluded from revenues.

We generally report sales revenues on a gross basis in our Consolidated Statements of Operations, as we typically act as the principal in the transactions where we receive and control commodities. However, buy-sell transactions that involve purchases and sales of inventory with the same counterparty, which are legally contingent or in contemplation of one another, as well as other instances where we do not control the commodities, but rather are acting as an agent to the supplier, are reported as a single revenue transaction on a combined net basis.

Our commodity sales contracts typically contain multiple performance obligations, whereby each distinct unit of commodity to be transferred to the customer is a separate performance obligation. Under such contracts, revenue is recognized at the point in time each unit is transferred to the customer because the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the commodity at that time. In certain instances, it may be determinable that the customer receives and consumes the benefits of each unit as it is transferred. Under such contracts, we have a single performance obligation comprised of a series of distinct units of commodity; and in such instance, revenue is recognized over time using the units delivered output method, as each distinct unit is transferred to the customer. Our commodity sales contracts are typically priced at a market index, but may also be set at a fixed price. When our sales are priced at a market index, we apply the allocation exception for variable consideration and allocate the market price to each distinct unit when it is transferred to the customer. The fixed price in our commodity sales contracts generally represents the standalone selling price, and therefore, when each distinct unit is transferred to the customer, we recognize revenue at the fixed price.

Our service contracts typically contain a single performance obligation. The underlying activities performed by us are considered inputs to an integrated service and not separable because such activities in combination are required to successfully transfer the single overall service that the customer has contracted for and expects to receive. Therefore, the underlying activities in such contracts are not considered to be distinct services. However, in certain instances, the customer may contract for additional distinct services and therefore additional performance obligations may exist. In such instances, the transaction price is allocated to the multiple performance obligations based on their relative standalone selling prices. The performance obligation(s) in our service contracts is a series of distinct days of the applicable service over the life of the contract (fundamentally a stand-ready service), whereby we recognize revenue over time using an output method of progress based on the passage of time (i.e., each day of service). This output method is appropriate because it directly relates to the value of service transferred to the customer to date, relative to the remaining days of service promised under the contract.

The transaction price for our service contracts is typically comprised of variable consideration, which is primarily dependent on the volume and composition of the commodities delivered and serviced. The variable consideration is generally commensurate with our efforts to perform the service and the terms of the variable payments relate specifically to our efforts to satisfy each day of distinct service. Therefore, the variable consideration is typically not estimated at contract inception, but rather the allocation exception for variable consideration is applied, whereby the variable consideration is allocated to each day of service and recognized as revenue when each day of service is provided. When we are entitled to noncash consideration in the form of commodities, the variability related to the form of consideration (market price) and reasons other than form (volume and composition) are interrelated to the service, and therefore, we measure the noncash consideration at the point in time when the volume, mix and market price related to the commodities retained in-kind are known. This results in the recognition of revenue based on the market price of the commodity when the service is performed. In addition, if the transaction price includes a fixed component (i.e., a fixed capacity reservation fee), the fixed component is recognized ratably on a straight-line basis over the contract term, as each day of service has elapsed, which is consistent with the output method of progress selected for the performance obligation.

Our customers are typically billed on a monthly basis, or earlier, if final delivery and sale of commodities is made prior to month-end, and payment is typically due within 10 to 30 days. As a practical matter, we define the unit of account for revenue recognition purposes based on the passage of time ranging from one month to one quarter, rather than each day. This is because the financial reporting outcome is the same regardless of whether each day or month/quarter is treated as the distinct service in the series. That is, at the end of each month or quarter, the variability associated with the amount of consideration for which we are entitled to, is resolved, and can be included in that month or quarter’s revenue.

We have certain long-term contractual arrangements under which we have received consideration, but for which all conditions for revenue recognition have not been met. These arrangements result in deferred revenue, which will be recognized over the periods that performance will be provided.

We also have certain contracts that contain provisions in which customers provide contributions in aid of construction in exchange for Targa constructing assets to fulfill the services in the contract. In general, these arrangements result in deferred revenue, which will be recognized over the contract term.

We classify our contract assets as receivables because we generally have an unconditional right to payment for the commodities sold or services performed at the end of the reporting period.

We enter into various contractual arrangements that result in the transfer of assets for no upfront compensation or cash payments, resulting in more favorable long-term contractual terms. The fair value of the assets transferred is reflected as long-term contract assets. These deferred amounts are amortized over the term of the related contract into the appropriate revenue or cost of sales accounts.

Share-Based Compensation

We award share-based compensation to employees and non-employee directors in the form of restricted stock, restricted stock units and performance share units. Compensation expense on our equity-classified awards is recorded at grant-date fair value. Compensation expense is recognized in general and administrative expense over the requisite service period of each award, and forfeitures are recognized as they occur. We may purchase a portion of the shares issued to satisfy employees’ tax withholding obligations on vested awards. These shares are recorded in treasury stock, at cost, and cash paid is classified as a financing activity in our Consolidated Statements of Cash Flows. All excess tax benefits and tax deficiencies related to share-based compensation are recognized as income tax benefit or expense in our Consolidated Statements of Operations, with the tax effects of exercised or vested awards treated as discrete items in the reporting period which they occur. Excess tax benefits are classified as an operating activity in our Consolidated Statements of Cash Flows.

Earnings per Share

We calculate basic earnings (loss) per common share (“EPS”) using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Our participating securities consist of unvested restricted stock units that vest no later than three years following grant date as well as certain four-year retention awards that participate in nonforfeitable dividends with the common equity owners.

EPS is net income (loss) attributable to common shareholders less earnings allocated to participating securities divided by the sum of the weighted-average number of common shares outstanding. Earnings are allocated to common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings to the extent that each security participates in earnings. Diluted EPS includes any dilutive effect of unvested restricted stock, restricted stock units and performance share units. The dilutive effect is calculated through the application of the two-class method. During a period of net loss or negative undistributed earnings, the two-class method is not applicable.

Leases

We recognize the following for all leases (with the exception of short-term leases) at the commencement date:

•

A lease liability, which is a lessee’s obligation to make lease payments arising from a lease.

•

A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

We determine if an arrangement is or contains a lease at inception. Leases with an initial term of twelve months or less are considered short-term leases, which are excluded from the balance sheet. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease term. The right-of-use asset also includes any lease prepayments and excludes lease incentives. We made an accounting policy election to combine lease and non-lease components for both arrangements in which Targa is the lessee or lessor. As most of the Company’s leases do not provide an implicit interest rate, we use our incremental borrowing rate as the discount rate to compute the present value of our lease liability. The discount rate applied is determined based on information available on the date of adoption for all leases existing as of that date, and on the date of lease commencement for all subsequent leases.

Our lease arrangements may include variable lease payments based on an index or market rate, or may be based on performance. For variable lease payments based on an index or market rate, we estimate and apply a rate based on information available at the commencement date. Variable lease payments based on performance are excluded from the calculation of the right-of-use asset and lease liability, and are recognized in our Consolidated Statements of Operations when the contingency underlying such variable lease payments is resolved. Our lease terms may include options to extend or terminate the lease. Such options are included in the measurement of our right-of-use asset and liability at commencement, provided we determine that we are reasonably certain to exercise the option.

45Q Tax Credits

We earn tax credits under Internal Revenue Code Section 45Q through our carbon capture and sequestration activities. We recognize 45Q tax credits by analogy to the grant model within International Accounting Standard 20, Accounting for Government Grants and Disclosure Assistance, as other operating income in our Consolidated Statements of Operations based on the volume of captured carbon sequestered and dollar value of the tax credit during the period in which captured carbon is sequestered underground. We recognize realized 45Q tax credits as a reduction to income taxes payable to the extent that we can use the tax credits to reduce Targa’s quarterly estimated cash tax payments. We recognize realized 45Q tax credits in excess of Targa’s quarterly estimated tax liability as long-term assets until they are monetized or are otherwise realized.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this Update require, among other items, that public entities disclose, on an annual basis, (i) specific categories of income taxes in the rate reconciliation, and (ii) a disaggregation of income taxes paid by federal, state, and foreign taxes.

The amendments are required to be applied prospectively with retrospective application permitted. We adopted this ASU on January 1, 2025, and applied the amendments to all prior periods presented in our consolidated financial statements. See “Note 19 – Income Taxes”.

Recently issued accounting pronouncements not yet adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Comprehensive income (Topic 220): Disaggregation of Income Statement Expenses. The amendments in this Update require, among other items, that public entities disclose, on an annual and interim basis, in tabular format in the footnotes to the financial statements, disaggregated information about specific categories underlying certain income statement expense line items that contain any of the following expense categories (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and (v) depletion. Additionally, the amendments require disclosure of the total amount of selling expenses and an annual disclosure of the definition of selling expenses.

These amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are evaluating the effect of the amendments on our notes to consolidated financial statements and expect to disclose the required information for fiscal years beginning in the annual report on Form 10-K for the year ending December 31, 2027 and for interim periods beginning in the quarterly report on Form 10-Q for the quarter ending March 31, 2028. The impact of the adoption will be limited to disclosure in the notes to consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this Update, among other items, remove all references to prescriptive and sequential software development stages and require entities to start capitalizing software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.

These amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2027, with early adoption permitted. The amendments permit the use of prospective, modified retrospective, or full retrospective transition approaches. We are evaluating the effect of the amendments on our consolidated financial statements and related disclosures. We expect to apply the amendments for interim periods beginning in the quarterly report on Form 10-Q for the quarter ending March 31, 2028 and for fiscal years beginning in the annual report on Form 10-K for the year ending December 31, 2028.

Accounting for Government Grants Received by Business Entities

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The amendments in this Update, among other items, establish guidance on the recognition, measurement and presentation of government grants received by a business entity.

These amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2028, with early adoption permitted. The amendments permit the use of modified prospective, modified retrospective, or retrospective approaches. We are evaluating the effect of the amendments on our consolidated financial statements and related disclosures. We expect to apply the amendments for interim periods beginning in the quarterly report on Form 10-Q for the quarter ending March 31, 2029 and for fiscal years beginning in the annual report on Form 10-K for the year ending December 31, 2029.

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 6 — Goodwill

As of December 31, 2025, we had $112.3 million of goodwill included in Other long-term assets on the Consolidated Balance Sheets primarily related to the Dovetail Acquisition in 2025, as discussed in “Note 4 – Acquisitions and Joint Ventures”, and the March 2017 acquisition of gas gathering and processing and crude oil gathering assets in the Permian Basin. The goodwill resulting from the Dovetail Acquisition was attributed to the Permian Delaware reporting unit within our Gathering and Processing segment.


	December 31, 2025		December 31, 2024
Permian Delaware	$	89.1	$	22.0
Permian Midland		23.2		23.2
Goodwill	$	112.3	$	45.2

The future cash flows and resulting fair values of these reporting units are sensitive to changes in crude oil, natural gas and NGL prices. The direct and indirect effects of significant declines in commodity prices from the date of acquisition would likely cause the fair values of these reporting units to fall below their carrying values, and could result in an impairment of goodwill.

As described in “Note 3 – Significant Accounting Policies”, we evaluate goodwill for impairment at least annually on November 30, or more frequently if we believe necessary based on events or changes in circumstances. For our 2025, 2024 and 2023 annual evaluations, we performed a qualitative assessment, which indicated that it is not more likely than not that the fair values of the Permian Midland and Permian Delaware reporting units were less than their carrying amounts, and therefore, a quantitative goodwill impairment test was not necessary. Our qualitative assessment considered, among other things, the overall financial performance and future outlook of the Permian Midland and Permian Delaware reporting units, industry and market considerations, and other relevant entity-specific events.

The fair value measurements utilized for the evaluation of goodwill for impairment are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in “Note 14 – Fair Value Measurements”. These inputs require significant judgments and estimates at the time a fair value assessment is required.

- Definition

The entire disclosure for goodwill.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 19 — Income Taxes

The following table shows components of the federal and state income tax provisions for the periods presented:


	Year Ended December 31,
	2025		2024			2023
Current expense (benefit)
Federal	$	12.2	$	(0.1	)	$	0.2
State		0.9		17.6			13.4
Total current expense (benefit)		13.1		17.5			13.6
Deferred expense (benefit)
Federal		466.7		339.2			342.4
State		49.9		27.8			7.2
Total deferred expense (benefit)		516.6		367.0			349.6
Total income tax expense (benefit)	$	529.7	$	384.5		$	363.2

Our deferred income tax assets and liabilities as of the periods presented consist of recognition differences related to certain types of costs as follows:


	December 31, 2025			December 31, 2024
Deferred tax assets:
Net operating loss and tax credit carryforwards	$	1,045.0		$	1,094.9
Disallowed business interest expense carryforward		22.1			113.5
Property, plant and equipment		1.5			1.9
Other		12.6			10.1
Deferred tax assets before valuation allowance		1,081.2			1,220.4
Valuation allowance		(5.9	)		(5.9	)
Deferred tax assets		1,075.3			1,214.5
Deferred tax liabilities:
Investments (1)		(2,468.8	)		(2,086.6	)
Deferred tax liabilities		(2,468.8	)		(2,086.6	)
Net deferred tax asset (liability)	$	(1,393.5	)	$	(872.1	)

Net deferred tax asset (liability)
Federal	$	(1,298.0	)	$	(826.7	)
State		(95.5	)		(45.4	)
Long-term deferred tax liability, net	$	(1,393.5	)	$	(872.1	)

(1)

Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership.

We are subject to tax in the U.S. and various state jurisdictions, and we are subject to periodic audits and reviews by taxing authorities. As of December 31, 2025, examinations by the Internal Revenue Service (“IRS”) are currently in process for the 2022 taxable year of certain wholly-owned and consolidated subsidiaries that are treated as partnerships for U.S. federal income tax purposes. We are responding to information requests from the IRS with respect to these audits. We do not expect there to be any audit adjustments that would materially change our taxable income.

Federal statutes of limitations for returns filed in 2022 (for calendar year 2021) have expired. The statute of limitations expired on substantially all 2021 state income tax returns that were filed prior to October 15, 2022. For Texas, the statute of limitations has expired for 2021 returns (for calendar year 2020). However, tax authorities could review and adjust carryover attributes (e.g., net operating losses (“NOLs”)) generated in a closed tax year if utilized in an open tax year.

As of December 31, 2025, we have total U.S. federal NOL carryforwards of $4.4 billion and tax credit carryforwards of $3.8 million. The NOL carryforwards do not expire, but are limited to offsetting 80% of taxable income per year. The tax credit carryforwards expire in 2044. As of December 31, 2025 and 2024, our tax effected valuation allowance was $5.9 million. Of this valuation allowance, $5.2 million is federal and the remaining $0.7 million is state.

The following table shows our income taxes paid net of refunds received for the periods presented:


	Year Ended December 31,
	2025			2024		2023
Income taxes paid, net of refunds:
Federal	$	7.1		$	—	$	(0.1	)
State:
Texas		14.3			11.6		8.9
New Mexico		1.3			1.3		—
California		(0.4	)		1.1		—
Arizona		0.2			1.0		—
Other		1.8			1.7		(0.3	)
Total State		17.2			16.7		8.6
Total income taxes paid, net of refunds	$	24.3		$	16.7	$	8.5


	Year Ended December 31,
Income tax reconciliation:	2025					2024					2023
Income (loss) before income taxes	$	2,486.4				$	1,938.0				$	1,942.5
U.S. federal statutory tax rate		522.1		21.0	%		407.0		21.0	%		407.9		21.0	%
State and local income taxes, net of federal income tax effect (1)		40.2		1.6	%		35.9		1.9	%		16.3		0.8	%
Changes in valuation allowance		—		—			(1.2	)	(0.1	%)		—		—
Nontaxable or nondeductible items
Income attributable to noncontrolling interest		(7.1	)	(0.3	%)		(50.7	)	(2.6	%)		(49.0	)	(2.5	%)
Other		(12.7	)	(0.5	%)		(5.8	)	(0.3	%)		(9.5	)	(0.5	%)
Other adjustments		(12.8	)	(0.5	%)		(0.7	)	(0.1	%)		(2.5	)	(0.1	%)
Income tax provision (benefit)	$	529.7		21.3	%	$	384.5		19.8	%	$	363.2		18.7	%

(1)

State taxes in Texas and New Mexico made up the majority (greater than 50 percent) of the tax effect in this category.

We have not identified any uncertain tax positions. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material adverse effect on our financial condition, results of operations or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Among other things, the OBBBA indefinitely extends the 100% first-year depreciation allowance on qualified property placed in service after January 19, 2025, includes favorable modifications to the business interest expense limitation, and otherwise extends and enhances certain key provisions of the Tax Cuts & Jobs Act. The OBBBA has multiple effective dates with respect to its various provisions, with certain provisions effective in 2025. The impacts of OBBBA are reflected in our results for the year, and there was no material impact to our effective tax rate. We expect certain provisions may change the timing of cash tax payments in future periods.

The U.S. Department of the Treasury and the IRS have issued guidance on the application of the corporate alternative minimum tax (the “CAMT”), which is a 15% minimum tax imposed on certain financial income of “applicable corporations,” including proposed regulations issued in September 2024, which may be relied upon until final regulations are released. Based on our interpretation of the Inflation Reduction Act of 2022 (the “IRA”), the CAMT and related guidance, the impact from the OBBBA, and several operational, economic, accounting and regulatory assumptions, we do not anticipate paying CAMT in the near term.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Summary of Maturities of Lease Liabilities Under Non-cancellable Leases (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 23.1
2027	29.0
2028	24.2
2029	19.3
2030	13.7
Thereafter	20.7
Total undiscounted cash flows	130.0
Less imputed interest	(16.2)
Total lease liabilities	113.8
2026	107.5
2027	100.5
2028	75.4
2029	59.0
2030	37.6
Thereafter	8.0
Total undiscounted cash flows	388.0
Less imputed interest	(34.5)
Total lease liabilities	$ 353.5

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 14 — Fair Value Measurements

Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial instruments. Derivative financial instruments are reported at fair value on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of our financial instruments.

Fair Value of Derivative Financial Instruments

Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative instruments using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative instruments we hold.

The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The derivatives at December 31, 2025 represent a net liability position of $66.9 million and reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative instruments. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of $235.6 million. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $101.8 million.

Fair Value of Other Financial Instruments

Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our current and long-term debt as follows:

•

the TRGP Revolver, Commercial Paper Program and Securitization Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and

•

the TRGP senior unsecured notes and the Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt.

Contingent consideration liabilities related to business acquisitions are carried at fair value.

Fair Value Hierarchy

The following table shows a breakdown by fair value hierarchy category for (i) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (ii) supplemental fair value disclosures for other financial instruments as of the periods presented:


	December 31, 2025
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	189.3	$	189.3	$	—	$	189.2	$	0.1
Liabilities from commodity derivative contracts (1)		256.2		256.2		—		255.2		1.0
Contingent consideration (2)		0.3		0.3		—		—		0.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		166.1		166.1		—		—		—
TRGP Revolver and Commercial Paper Program		161.0		161.0		—		161.0		—
TRGP Senior unsecured notes		12,711.7		12,928.6		—		12,928.6		—
Partnership’s Senior unsecured notes		4,329.2		4,316.2		—		4,316.2		—


	December 31, 2024
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	87.0	$	87.0	$	—	$	87.0	$	—
Liabilities from commodity derivative contracts (1)		259.2		259.2		—		259.2		—
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		157.3		157.3		—		—		—
Previous TRGP Revolver and Commercial Paper Program		1,130.5		1,130.5		—		1,130.5		—
TRGP Senior unsecured notes		7,470.6		7,438.6		—		7,438.6		—
Partnership’s Senior unsecured notes		5,034.4		4,928.0		—		4,928.0		—
Securitization Facility		330.0		330.0		—		330.0		—

(1)

The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in “Note 13 – Derivative Instruments and Hedging Activities”. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.

(2)

We have a contingent consideration liability related to the Dovetail Acquisition, which is carried at fair value. See “Note 4 - Acquisitions and Joint Ventures”.

Additional Information Regarding Level 3 Fair Value Measurements Included on Our Consolidated Balance Sheets

We report certain of our swaps at fair value using Level 3 inputs due to such derivative instruments not having observable market prices or implied volatilities for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivative instruments valued using indicative price quotations whose contract length extends into unobservable periods. The fair value of these swaps was determined using a discounted cash flow valuation technique based on a commodity forward curve, which is based on observable or public data sources and extrapolated when observable prices are not available. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives were the forward natural gas pricing inputs, for which a significant portion of the derivative instruments’ term is beyond available forward pricing.

The fair value of the Dovetail Acquisition contingent consideration was determined using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include forecasted volumes, term of the earn-out period, risk-adjusted discount rate, and volatility associated with the underlying assets. The inputs are not observable; therefore, the entire valuation of the contingent consideration is categorized in Level 3. Subsequent changes in the fair value of this liability are included in Other income (expense) in our Consolidated Statements of Operations.

The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy for the period presented:


	Commodity
	Derivative Contracts			Contingent
	Asset (Liability)			Consideration
Balance, December 31, 2024		—			—
Contingent consideration		—			(0.3	)
Unrealized gain(loss) included in OCI		(0.9	)		—
Balance, December 31, 2025	$	(0.9	)	$	(0.3	)

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Nonfinancial assets and liabilities, such as long-lived assets, are measured at fair value on a nonrecurring basis at acquisition or whenever impairment indicators are present. For disclosures related to valuation techniques used in the Dovetail Acquisition, see “Note 4 – Acquisitions and Joint Ventures”.

The techniques used to fair value assets and liabilities on a nonrecurring basis may produce a fair value calculation that may not be indicative or reflective of future fair values. Furthermore, while we believe our valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial and nonfinancial assets and liabilities could result in a different fair value measurement at the reporting date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative Liability [Abstract]
Gross liability	$ (256.6)	$ (259.3)
Pro forma net presentation, liability, current	$ (102.5)	$ (77.7)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Current	Derivative Liability Before Effects Of Master Netting Arrangements Current
Pro forma net presentation, liability, noncurrent	$ (7.1)	$ (63.0)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
Pro forma net presentation, liability, total	$ (109.6)	$ (140.7)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(256.6)	(258.8)
Pro forma net presentation, liability, current	(102.5)	(77.7)
Pro forma net presentation, liability, noncurrent	(7.1)	(62.5)
Pro forma net presentation, liability, total	(109.6)	(140.2)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		(0.5)
Pro forma net presentation, liability, noncurrent	0.0	(0.5)
Pro forma net presentation, liability, total	0.0	(0.5)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(234.1)	(167.3)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(234.1)	(167.3)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(22.5)	(92.0)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(22.5)	(91.5)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	$ 0.0	$ (0.5)

Significant Accounting Policies (Details) - USD ($)	1 Months Ended		12 Months Ended
Significant Accounting Policies (Details) - USD ($)	May 31, 2024	Nov. 30, 2023	Dec. 31, 2025	Mar. 31, 2025	Dec. 16, 2024	Jul. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Gain or loss on modification	$ (800,000)
Upfront compensation			$ 0
Cash payments related to transfer of assets			$ 0
Unvested Restricted Stock Units [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Unvested restricted stock, term			Our participating securities consist of unvested restricted stock units that vest no later than three years following grant date as well as certain four-year retention awards that participate in nonforfeitable dividends with the common equity owners.
Commercial Paper Program [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Agreement description			Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year.
Amount outstanding			$ 3,500,000,000			$ 3,500,000,000
Aggregate principal amount issued			$ 3,500,000,000			$ 3,500,000,000
Commercial Paper Program [Member] \| Unsecured Commercial Paper Notes [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Agreement description			Under the terms of the unsecured commercial paper note program (the “Commercial Paper Program”), we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year.
Term Loan Facility [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Gain or loss on modification		$ (2,100,000)
Term Loan Facility [Member] \| Senior Unsecured Notes [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Amount outstanding		1,500,000,000
Aggregate principal amount issued		$ 1,500,000,000
Targa Badlands LLC [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest				45.00%
WestTex LLC [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			72.80%
Cedar Bayou Fractionators LP [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest					12.00%
Logistics and Transportation [Member] \| Train Seven [Member] \| Targa Resources Partners Lp [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			80.00%
Logistics and Transportation [Member] \| Cayenne Pipeline Limited Liability Company [Member] \| Targa Resources Partners Lp [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			50.00%
Logistics and Transportation [Member] \| Gulf Coast Fractionators [Member] \| Targa Resources Partners Lp [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			38.80%
Logistics and Transportation [Member] \| Blackcomb [Member] \| Targa Resources Partners Lp [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			17.50%
Gathering and Processing [Member] \| Centrahoma Processing LLC [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			60.00%
Gathering and Processing [Member] \| Venice Energy Services [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			76.80%
Gathering and Processing [Member] \| Little Missouri 4 [Member] \| Targa Resources Partners Lp [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest			50.00%
Minimum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Payment of commodities due period			10 days
Maximum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Payment of commodities due period			30 days
Maximum [Member] \| Unvested Restricted Stock Units [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Vesting period			3 years
Maximum [Member] \| Retention RSU Awards [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Vesting period			4 years

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At December 31, 2025, the notional volumes of our commodity derivative contracts were:


Commodity	Instrument	Unit	2026		2027		2028		2029
Natural Gas	Swaps	MMBtu/d		93,304		77,778		58,189		—
Natural Gas	Basis Swaps	MMBtu/d		490,370		336,829		157,298		24,959
NGL	Swaps	Bbl/d		37,384		23,956		17,739		—
NGL	Futures	Bbl/d		24,099		—		—		—
Condensate	Swaps	Bbl/d		8,249		3,316		2,452		—

Fair Values of Derivative Instruments

The following table reflects the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as of the periods presented:


		Fair Value as of December 31, 2025					Fair Value as of December 31, 2024
	Balance Sheet	Derivative		Derivative			Derivative		Derivative
	Location	Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	137.1	$	(14.8	)	$	50.8	$	(29.0	)
	Long-term		26.1		(6.9	)		20.8		(11.7	)
Total derivatives designated as hedging instruments		$	163.2	$	(21.7	)	$	71.6	$	(40.7	)
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	17.6	$	(219.3	)	$	11.0	$	(138.3	)
	Long-term		8.9		(15.6	)		4.5		(80.3	)
Total derivatives not designated as hedging instruments		$	26.5	$	(234.9	)	$	15.5	$	(218.6	)
Total current position		$	154.7	$	(234.1	)	$	61.8	$	(167.3	)
Total long-term position			35.0		(22.5	)		25.3		(92.0	)
Total derivatives		$	189.7	$	(256.6	)	$	87.1	$	(259.3	)

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

The following tables reflect the pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis as of the periods presented:


		Gross Presentation								Pro Forma Net Presentation
December 31, 2025		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	133.3	$	(234.1	)	$	29.6		$	31.3	$	(102.5	)
	Counterparties without offsetting positions - assets		21.4		—			—			21.4		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			154.7		(234.1	)		29.6			52.7		(102.5	)
Long-Term Position
	Counterparties with offsetting positions or collateral		33.4		(22.5	)		(2.7	)		15.3		(7.1	)
	Counterparties without offsetting positions - assets		1.6		—			—			1.6		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			35.0		(22.5	)		(2.7	)		16.9		(7.1	)
Total Derivatives
	Counterparties with offsetting positions or collateral		166.7		(256.6	)		26.9			46.6		(109.6	)
	Counterparties without offsetting positions - assets		23.0		—			—			23.0		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
		$	189.7	$	(256.6	)	$	26.9		$	69.6	$	(109.6	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2024		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	61.7	$	(167.3	)	$	37.1		$	9.2	$	(77.7	)
	Counterparties without offsetting positions - assets		0.1		—			—			0.1		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			61.8		(167.3	)		37.1			9.3		(77.7	)
Long-Term Position
	Counterparties with offsetting positions or collateral		24.2		(91.5	)		9.0			4.2		(62.5	)
	Counterparties without offsetting positions - assets		1.1		—			—			1.1		—
	Counterparties without offsetting positions - liabilities		—		(0.5	)		—			—		(0.5	)
			25.3		(92.0	)		9.0			5.3		(63.0	)
Total Derivatives
	Counterparties with offsetting positions or collateral		85.9		(258.8	)		46.1			13.4		(140.2	)
	Counterparties without offsetting positions - assets		1.2		—			—			1.2		—
	Counterparties without offsetting positions - liabilities		—		(0.5	)		—			—		(0.5	)
		$	87.1	$	(259.3	)	$	46.1		$	14.6	$	(140.7	)

Amounts Recorded in Other Comprehensive Income and Amounts Reclassified from OCI to Revenue

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue for the periods presented:


	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Year Ended December 31,
Hedging Relationships	2025		2024			2023
Commodity contracts	$	202.8	$	(7.5	)	$	193.4

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Year Ended December 31,
Location of Gain (Loss)	2025		2024			2023
Revenues	$	90.9	$	67.8		$	153.4

Gain (Loss) Recognized in Income on Derivatives

The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the year ended December 31, 2025, we had unrealized mark-to-market losses primarily driven by unfavorable movement in natural gas forward basis prices.


	Location of Gain (Loss)	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Year Ended December 31,
as Hedging Instruments	Derivatives	2025			2024			2023
Commodity contracts	Revenue	$	(251.2	)	$	(313.2	)	$	287.7

Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

The following table shows the activity related to our investments in unconsolidated affiliates for the periods presented:


	Balance at December 31, 2022		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at December 31, 2023
Little Missouri 4		90.7		7.7			(11.3	)		—		87.1
GCF (1)		27.1		(4.1	)		(2.0	)		24.6		45.6
Cayenne		13.5		5.4			(5.3	)		—		13.6
Total	$	131.3	$	9.0		$	(18.6	)	$	24.6	$	146.3

	Balance at December 31, 2023		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at December 31, 2024
Little Missouri 4	$	87.1	$	14.4		$	(17.2	)	$	—	$	84.3
GCF (1)		45.6		(11.8	)		—			32.6		66.4
Cayenne		13.6		6.8			(8.1	)		—		12.3
Blackcomb		—		—			—			30.3		30.3
Total	$	146.3	$	9.4		$	(25.3	)	$	62.9	$	193.3

	Balance at December 31, 2024		Equity Earnings (Loss)			Cash Distributions			Contributions (2)		Balance at December 31, 2025
Little Missouri 4	$	84.3	$	15.9		$	(21.5	)	$	15.0	$	93.7
GCF (1)		66.4		(1.2	)		—			4.0		69.2
Cayenne		12.3		7.0			(7.0	)		—		12.3
Blackcomb		30.3		(9.9	)		—			111.5		131.9
Total	$	193.3	$	11.8		$	(28.5	)	$	130.5	$	307.1

(1)

In January 2023, we reached an agreement with our partners to reactivate the GCF facility. GCF commenced operations in the first quarter of 2025.

(2)

Includes capitalized interest of $5.6 million related to our contributions to Blackcomb.

Commitments (Details) - Land Sites and Rights-of-Way [Member] - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Future non-cancelable commitments related to certain contractual obligations for each of the next five fiscal years and in aggregate thereafter [Abstract]

In Aggregate

^[1]

$ 374.3

2026

^[1]

11.8

2027

^[1]

13.2

2028

^[1]

18.6

2029

^[1]

9.4

2030

8.5

Thereafter

^[1]

312.8

Total expenses on non-cancelable commitments

$ 6.8

$ 7.2

$ 9.0

[1]	Leases related to land sites and rights of way provide for surface and underground access for gathering, processing and distribution assets that are located on property not owned by us. These agreements expire at various dates, with varying terms, some of which are perpetual.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Reportable Segment Information

The following tables show reportable segment information for the periods presented:


	Year Ended December 31, 2025
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	873.0	$	13,535.8	$	14,408.8	$	(5.3	)	$	—		$	14,403.5
Fees from midstream services		1,819.6		805.2		2,624.8		—			—			2,624.8
		2,692.6		14,341.0		17,033.6		(5.3	)		—			17,028.3
Intersegment revenues
Sales of commodities		4,722.8		191.6		4,914.4		—			(4,914.4	)		—
Fees from midstream services		1.0		31.4		32.4		—			(32.4	)		—
		4,723.8		223.0		4,946.8		—			(4,946.8	)		—
Revenues	$	7,416.4	$	14,564.0	$	21,980.4	$	(5.3	)	$	(4,946.8	)	$	17,028.3
Operating expenses	$	907.0	$	393.7	$	1,300.7	$	—
Other segment items (1)		4,070.2		11,382.0		15,452.2		—
Operating margin		2,439.2		2,788.3		5,227.5		(5.3	)
Other financial information:
Total assets (2)	$	14,805.4	$	10,105.1	$	24,910.5	$	1.8		$	306.1		$	25,218.4
Goodwill		112.3		—		112.3		—			—			112.3
Capital expenditures		2,046.1		1,372.2		3,418.3		—			23.0			3,441.3


	Year Ended December 31, 2024
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,032.8	$	13,023.6	$	14,056.4	$	(164.6	)	$	—		$	13,891.8
Fees from midstream services		1,656.7		833.0		2,489.7		—			—			2,489.7
		2,689.5		13,856.6		16,546.1		(164.6	)		—			16,381.5
Intersegment revenues
Sales of commodities		4,118.5		146.1		4,264.6		—			(4,264.6	)		—
Fees from midstream services		0.4		27.7		28.1		—			(28.1	)		—
		4,118.9		173.8		4,292.7		—			(4,292.7	)		—
Revenues	$	6,808.4	$	14,030.4	$	20,838.8	$	(164.6	)	$	(4,292.7	)	$	16,381.5
Operating expenses	$	814.6	$	362.3	$	1,176.9	$	—
Other segment items (1)		3,681.4		11,313.0		14,994.4		—
Operating margin		2,312.4		2,355.1		4,667.5		(164.6	)
Other financial information:
Total assets (2)	$	13,576.6	$	8,921.6	$	22,498.2	$	1.9		$	234.0		$	22,734.1
Goodwill		45.2		—		45.2		—			—			45.2
Capital expenditures		1,955.3		1,216.6		3,171.9		—			19.9			3,191.8


	Year Ended December 31, 2023
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,076.1	$	12,610.5	$	13,686.6	$	275.5	$	—		$	13,962.1
Fees from midstream services		1,366.5		731.7		2,098.2		—		—			2,098.2
		2,442.6		13,342.2		15,784.8		275.5		—			16,060.3
Intersegment revenues
Sales of commodities		4,786.3		267.9		5,054.2		—		(5,054.2	)		—
Fees from midstream services		2.6		45.7		48.3		—		(48.3	)		—
		4,788.9		313.6		5,102.5		—		(5,102.5	)		—
Revenues	$	7,231.5	$	13,655.8	$	20,887.3	$	275.5	$	(5,102.5	)	$	16,060.3
Operating expenses	$	746.6	$	332.0	$	1,078.6	$	—
Other segment items (1)		4,402.7		11,375.1		15,777.8		—
Operating margin		2,082.2		1,948.7		4,030.9		275.5
Other financial information:
Total assets (2)	$	12,685.2	$	7,777.8	$	20,463.0	$	4.2	$	204.6		$	20,671.8
Goodwill		45.2		—		45.2		—		—			45.2
Capital expenditures		1,514.7		910.0		2,424.7		—		18.9			2,443.6

(1)

“Other segment items” represents Product purchases and fuel.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Revenues Disaggregated by Product and Service

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:


	Year Ended December 31,
	2025			2024			2023
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	2,035.7		$	1,241.1		$	2,421.3
NGL		12,079.8			12,372.5			10,580.2
Condensate and crude oil		448.3			523.6			519.5
		14,563.8			14,137.2			13,521.0
Non-customer revenue:
Derivative activities - Hedge		90.9			67.8			153.4
Derivative activities - Non-hedge (1)		(251.2	)		(313.2	)		287.7
		(160.3	)		(245.4	)		441.1
Total sales of commodities		14,403.5			13,891.8			13,962.1

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		1,793.2			1,632.8			1,342.8
NGL transportation, fractionation and services		311.6			298.4			261.1
Storage, terminaling and export		496.8			497.9			440.7
Other		23.2			60.6			53.6
Total fees from midstream services		2,624.8			2,489.7			2,098.2

Total revenues	$	17,028.3		$	16,381.5		$	16,060.3

(1)

Represents derivative activities that are not designated as hedging instruments under ASC 815.

Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes

The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:


	Year Ended December 31,
	2025			2024			2023
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Total reportable segments operating margin	$	5,227.5		$	4,667.5		$	4,030.9
Other operating margin		(5.3	)		(164.6	)		275.5
Depreciation and amortization expense		(1,515.3	)		(1,423.0	)		(1,329.6	)
General and administrative expense		(406.0	)		(384.9	)		(348.7	)
Other operating income (expense)		30.3			0.4			(1.5	)
Interest expense, net		(852.8	)		(767.2	)		(687.8	)
Equity earnings (loss)		11.8			9.4			9.0
Other, net		(3.8	)		0.4			(5.3	)
Income (loss) before income taxes	$	2,486.4		$	1,938.0		$	1,942.5

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Note 15 — Related Party Transactions

Transactions with Unconsolidated Affiliates

The following table summarizes increases (decreases) for the line items presented below in our Consolidated Statements of Operations as a result of transactions with unconsolidated affiliates:


		GCF				Cayenne				Little Missouri 4				Total
2025:
Revenue	$		9.8		$		—		$		—		$		9.8
Product purchases and fuel			14.7				6.9				12.2				33.8
Operating expenses			(10.9	)			(1.0	)			(2.0	)			(13.9	)
General and administrative expenses			—				—				(1.0	)			(1.0	)

2024:
Revenue	$		—		$		—		$		—		$		—
Product purchases and fuel			—				6.4				14.0				20.4
Operating expenses			(11.6	)			(0.9	)			(2.2	)			(14.7	)
General and administrative expenses			—				—				(0.9	)			(0.9	)

2023:
Revenue	$		—		$		—		$		—		$		—
Product purchases and fuel			—				6.4				8.1				14.5
Operating expenses			(5.6	)			(0.9	)			(2.2	)			(8.7	)
General and administrative expenses			—				—				(0.9	)			(0.9	)

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Common Stock and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 31, 2025	Jul. 31, 2024	May 31, 2023
Securities Financing Transaction [Line Items]
Stock repurchase program, authorized amount					$ 1,000.0	$ 1,000.0	$ 1,000.0
Repurchases of common stock (in shares)		3,765,272	5,933,050	4,870,559
Weighted average per share price		$ 170.45	$ 127.2	$ 76.72
Repurchase of common shares, Value		$ 641.8	$ 754.7	$ 373.7
Common stock dividends, per share	$ 1	$ 3.75	$ 2.75	$ 1.85
Common stock annualized dividends, per share	$ 4
Net carrying value of shares repurchased		$ 641.8	$ 754.7	$ 373.7
2024 Share Repurchase Program [Member]
Securities Financing Transaction [Line Items]
Remaining share repurchase amount		$ 1,373.6

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Year Ended December 31,
	2025			2024			2023
Cash:
Interest paid, net of capitalized interest (1)	$	793.3		$	712.7		$	618.6
Non-cash investing activities:
Change in deadstock commodity inventory	$	(5.5	)	$	3.7		$	(13.7	)
Impact of net accruals on capital expenditures		108.4			221.7			58.2
Change in ARO liability and property, plant and equipment, net due to revised cash flow estimate and additions		4.0			64.1			4.9
Contingent consideration		0.3			—			—
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	(13.5	)	$	(3.6	)	$	8.9
Reduction of owner's equity related to accrued dividends on unvested equity awards under share compensation arrangements		3.5			3.8			3.9
Changes in lease liabilities from recognition (derecognition) of right-of-use assets:
Operating lease	$	15.3		$	66.8		$	53.1
Finance lease		127.3			59.8			104.8

(1)

Interest capitalized on major projects was $77.3 million, $74.8 million and $41.1 million for the years ended December 31, 2025, 2024 and 2023.

Leases - Summary of Other Supplemental Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 32.4	$ 32.4	$ 21.4
Operating cash flows for finance leases	15.9	14.2	13.9
Financing cash flows for finance leases	$ 76.5	$ 50.1	$ 42.9

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Interest capitalized on major projects	$ 77.3	$ 74.8	$ 41.1

Revenue - Changes in Deferred Revenue (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Balance at beginning of period

$ 119.9

$ 248.8

Additions

36.3

19.7

Revenue recognized

(20.5)

(19.6)

$ (17.4)

Reclassification to accrued liabilities

^[1]

(0.0)

(129.0)

Balance at end of period

$ 135.7

$ 119.9

$ 248.8

[1]

Represents amount reclassified from deferred revenue to Accrued liabilities in 2024 as a result of a legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp. On April 26, 2024, we made a cash payment of $184.8 million which included cumulative interest of $55.8 million to Vitol in satisfaction of the legal ruling.

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 18 — Revenue

Fixed consideration allocated to remaining performance obligations

The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 15 years.


	2026		2027		2028 and after
Fixed consideration to be recognized as of December 31, 2025	$	371.6	$	397.0	$	1,773.8

Based on the optional exemptions that we elected to apply, the amounts presented in the table above exclude remaining performance obligations for (i) variable consideration for which the allocation exception is met and (ii) contracts with an original expected duration of one year or less.

Deferred Revenue

Deferred revenue as of December 31, 2025 and 2024 was $135.7 million and $119.9 million, respectively. Deferred revenue includes contributions in aid of construction received from customers related to owned property, plant, and equipment for which revenue is recognized over the expected contract term. Deferred revenue also includes consideration received in 2015 and 2017 amendments to a gas gathering and processing agreement. The deferred revenue related to these amendments is being recognized through the end of the agreement’s term in 2035.

For the years ended December 31, 2025, 2024 and 2023, we recognized revenue of $20.5 million, $19.6 million and $17.4 million, respectively, from prior period deferral.

The following table shows the components of deferred revenue as of the periods presented:


	December 31, 2025		December 31, 2024
Contributions in aid of construction	$	110.9	$	91.1
Gas contract amendment		24.8		27.3
Other		—		1.5
Total deferred revenue	$	135.7	$	119.9

The following table shows the changes in deferred revenue for the periods presented:


	Year Ended December 31,
	2025			2024
Balance at beginning of period	$	119.9		$	248.8
Additions		36.3			19.7
Revenue recognized		(20.5	)		(19.6	)
Reclassification to accrued liabilities (1)		—			(129.0	)
Balance at end of period	$	135.7		$	119.9

(1) Represents amount reclassified from deferred revenue to Accrued liabilities in 2024 as a result of a legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp. On April 26, 2024, we made a cash payment of $184.8 million which included cumulative interest of $55.8 million to Vitol in satisfaction of the legal ruling.

For additional information on our revenue recognition policy, see “Note 3 – Significant Accounting Policies”, and for disclosures related to disaggregated revenue, see “Note 22 – Segment Information”.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Nov. 30, 2025

Jun. 30, 2025

Feb. 28, 2025

Dec. 31, 2024

Current:

Partnership accounts receivable securitization facility, due August 2025

^[1]

$ 0.0

$ 330.0

Finance lease liabilities

93.1

57.7

Current debt obligations

770.1

387.7

Long-term [Abstract]

Long-term debt including Unamortized premium(discount) and Debt issuance costs

16,522.6

13,635.5

Debt issuance costs, net of amortization

(120.6)

(89.0)

Finance lease liabilities

260.4

240.4

Long-term debt

16,662.4

13,786.9

Total debt obligations

17,432.5

14,174.6

Targa Resources Partners LP [Member]

Long-term [Abstract]

Debt issuance costs, net of amortization, current

^[2]

(2.3)

Senior Unsecured Notes [Member]

Long-term [Abstract]

Unamortized discount

(38.3)

$ (1.3)

$ (3.2)

$ (6.1)

(29.4)

Senior Unsecured Notes [Member] | Senior Unsecured 5.200% Fixed Rate, due July 2027 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.350% Fixed Rate, due January 2029 [Member]

Long-term [Abstract]

Long-term debt

^[2]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.900% Fixed Rate, due September 2030 [Member]

Long-term [Abstract]

Long-term debt

^[3]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due March 2033 [Member]

Long-term [Abstract]

Long-term debt

900.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Fixed Rate, due February 2035 [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 5.550% Fixed Rate, due August 2035 [Member]

Long-term [Abstract]

Long-term debt

^[4]

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured Notes Due February 2036 [Member]

Long-term [Abstract]

Long-term debt

^[3]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured Notes Due July 2036 [Member]

Long-term [Abstract]

Long-term debt

^[2]

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]

Long-term [Abstract]

Long-term debt

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]

Long-term [Abstract]

Long-term debt

500.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due February 2053 [Member]

Long-term [Abstract]

Long-term debt

850.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, due May 2055 [Member]

Long-term [Abstract]

Long-term debt

^[4]

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, due July 2027 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

^[3]

705.2

Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

700.3

Senior Unsecured Notes [Member] | Senior Unsecured of 6.875% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

^[2]

679.3

^[5]

679.3

Senior Unsecured Notes [Member] | Senior Unsecured of 5.500% Senior Notes due March 2030 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

949.6

Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Long-term debt

1,000.0

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2030 [Member]

Long-term [Abstract]

Long-term debt

^[6]

161.0

1,130.5

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2030 [Member] | Targa Resources Partners LP [Member]

Long-term [Abstract]

Letters of credit outstanding

^[6]

$ 20.0

$ 17.6

[1]	As of December 31, 2025, the Partnership had no amount drawn under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $600.0 million of remaining availability.
[2]	On November 12, 2025, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2029 and (ii) $1.0 billion aggregate principal amount of our 5.400% Senior Unsecured Notes due 2036, resulting in net proceeds of approximately $1.7 billion. We used a portion of the net proceeds to reduce borrowings under the Commercial Paper Program in November 2025. On January 15, 2026, we used borrowings under the Commercial Paper Program and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029.
[3]	On June 18, 2025, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.900% Senior Unsecured Notes due 2030 and (ii) $750.0 million aggregate principal amount of our 5.650% Senior Unsecured Notes due 2036, resulting in net proceeds of approximately $1.5 billion. We used a portion of the net proceeds to reduce borrowings under the Securitization Facility and Commercial Paper Program. On July 15, 2025, we used borrowings under the Securitization Facility and Commercial Paper Program to fund the redemption of all of the Partnership’s 6.500% Senior Unsecured Notes due 2027.
[4]	On February 24, 2025, we completed an underwritten public offering of (i) $1.0 billion aggregate principal amount of our 5.550% Senior Unsecured Notes due 2035 and (ii) $1.0 billion aggregate principal amount of our 6.125% Senior Unsecured Notes due 2055, resulting in net proceeds of approximately $2.0 billion.
[5]	We guarantee all of the Partnership’s outstanding senior unsecured notes.
[6]	On February 18, 2025, we entered into a new $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), which matures in February 2030. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior revolving credit facility (the “Previous TRGP Revolver”). We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under the TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program at any one time not to exceed $3.5 billion. The TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $161.0 million of borrowings outstanding, resulting in approximately $3.3 billion of available liquidity as of December 31, 2025, after accounting for outstanding letters of credit.

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Derivative assets	$ 189.7	$ 87.1
Derivative assets	154.7	61.8
Derivative assets	35.0	25.3
Derivative liabilities	(256.6)	(259.3)
Derivative liabilities	(234.1)	(167.3)
Derivative liabilities	(22.5)	(92.0)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	163.2	71.6
Derivative liabilities	(21.7)	(40.7)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	137.1	50.8
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	26.1	20.8
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(14.8)	(29.0)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(6.9)	(11.7)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	26.5	15.5
Derivative liabilities	(234.9)	(218.6)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	17.6	11.0
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	8.9	4.5
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(219.3)	(138.3)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (15.6)	$ (80.3)

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	1.0	1.2	1.5

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative Asset [Abstract]
Gross collateral	$ 26.9	$ 46.1
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	26.9	46.1
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	29.6	37.1
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	29.6	37.1
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Gross collateral	(2.7)	9.0
Other Long-term Assets [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ (2.7)	$ 9.0

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 22 — Segment Information

We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided.

Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

Our Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes our NGL pipeline system, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas. Our Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The Company’s CODM assesses the segments’ performance by using each segment’s operating margin. The CODM uses segment operating margin for the annual budget and forecasting process and to make informed decisions about the allocation of resources.

The following tables show reportable segment information for the periods presented:


	Year Ended December 31, 2025
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	873.0	$	13,535.8	$	14,408.8	$	(5.3	)	$	—		$	14,403.5
Fees from midstream services		1,819.6		805.2		2,624.8		—			—			2,624.8
		2,692.6		14,341.0		17,033.6		(5.3	)		—			17,028.3
Intersegment revenues
Sales of commodities		4,722.8		191.6		4,914.4		—			(4,914.4	)		—
Fees from midstream services		1.0		31.4		32.4		—			(32.4	)		—
		4,723.8		223.0		4,946.8		—			(4,946.8	)		—
Revenues	$	7,416.4	$	14,564.0	$	21,980.4	$	(5.3	)	$	(4,946.8	)	$	17,028.3
Operating expenses	$	907.0	$	393.7	$	1,300.7	$	—
Other segment items (1)		4,070.2		11,382.0		15,452.2		—
Operating margin		2,439.2		2,788.3		5,227.5		(5.3	)
Other financial information:
Total assets (2)	$	14,805.4	$	10,105.1	$	24,910.5	$	1.8		$	306.1		$	25,218.4
Goodwill		112.3		—		112.3		—			—			112.3
Capital expenditures		2,046.1		1,372.2		3,418.3		—			23.0			3,441.3


	Year Ended December 31, 2024
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,032.8	$	13,023.6	$	14,056.4	$	(164.6	)	$	—		$	13,891.8
Fees from midstream services		1,656.7		833.0		2,489.7		—			—			2,489.7
		2,689.5		13,856.6		16,546.1		(164.6	)		—			16,381.5
Intersegment revenues
Sales of commodities		4,118.5		146.1		4,264.6		—			(4,264.6	)		—
Fees from midstream services		0.4		27.7		28.1		—			(28.1	)		—
		4,118.9		173.8		4,292.7		—			(4,292.7	)		—
Revenues	$	6,808.4	$	14,030.4	$	20,838.8	$	(164.6	)	$	(4,292.7	)	$	16,381.5
Operating expenses	$	814.6	$	362.3	$	1,176.9	$	—
Other segment items (1)		3,681.4		11,313.0		14,994.4		—
Operating margin		2,312.4		2,355.1		4,667.5		(164.6	)
Other financial information:
Total assets (2)	$	13,576.6	$	8,921.6	$	22,498.2	$	1.9		$	234.0		$	22,734.1
Goodwill		45.2		—		45.2		—			—			45.2
Capital expenditures		1,955.3		1,216.6		3,171.9		—			19.9			3,191.8


	Year Ended December 31, 2023
	Gathering and Processing		Logistics and Transportation		Total Reportable Segments		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,076.1	$	12,610.5	$	13,686.6	$	275.5	$	—		$	13,962.1
Fees from midstream services		1,366.5		731.7		2,098.2		—		—			2,098.2
		2,442.6		13,342.2		15,784.8		275.5		—			16,060.3
Intersegment revenues
Sales of commodities		4,786.3		267.9		5,054.2		—		(5,054.2	)		—
Fees from midstream services		2.6		45.7		48.3		—		(48.3	)		—
		4,788.9		313.6		5,102.5		—		(5,102.5	)		—
Revenues	$	7,231.5	$	13,655.8	$	20,887.3	$	275.5	$	(5,102.5	)	$	16,060.3
Operating expenses	$	746.6	$	332.0	$	1,078.6	$	—
Other segment items (1)		4,402.7		11,375.1		15,777.8		—
Operating margin		2,082.2		1,948.7		4,030.9		275.5
Other financial information:
Total assets (2)	$	12,685.2	$	7,777.8	$	20,463.0	$	4.2	$	204.6		$	20,671.8
Goodwill		45.2		—		45.2		—		—			45.2
Capital expenditures		1,514.7		910.0		2,424.7		—		18.9			2,443.6

(1)

“Other segment items” represents Product purchases and fuel.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:


	Year Ended December 31,
	2025			2024			2023
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	2,035.7		$	1,241.1		$	2,421.3
NGL		12,079.8			12,372.5			10,580.2
Condensate and crude oil		448.3			523.6			519.5
		14,563.8			14,137.2			13,521.0
Non-customer revenue:
Derivative activities - Hedge		90.9			67.8			153.4
Derivative activities - Non-hedge (1)		(251.2	)		(313.2	)		287.7
		(160.3	)		(245.4	)		441.1
Total sales of commodities		14,403.5			13,891.8			13,962.1

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		1,793.2			1,632.8			1,342.8
NGL transportation, fractionation and services		311.6			298.4			261.1
Storage, terminaling and export		496.8			497.9			440.7
Other		23.2			60.6			53.6
Total fees from midstream services		2,624.8			2,489.7			2,098.2

Total revenues	$	17,028.3		$	16,381.5		$	16,060.3

(1)

Represents derivative activities that are not designated as hedging instruments under ASC 815.

The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented:


	Year Ended December 31,
	2025			2024			2023
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Total reportable segments operating margin	$	5,227.5		$	4,667.5		$	4,030.9
Other operating margin		(5.3	)		(164.6	)		275.5
Depreciation and amortization expense		(1,515.3	)		(1,423.0	)		(1,329.6	)
General and administrative expense		(406.0	)		(384.9	)		(348.7	)
Other operating income (expense)		30.3			0.4			(1.5	)
Interest expense, net		(852.8	)		(767.2	)		(687.8	)
Equity earnings (loss)		11.8			9.4			9.0
Other, net		(3.8	)		0.4			(5.3	)
Income (loss) before income taxes	$	2,486.4		$	1,938.0		$	1,942.5

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Commitments

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Commitments

Note 16 — Commitments

Future non-cancelable commitments comprise of operating and capital expenditures related to certain contractual obligations are presented below for each of the next five fiscal years and in aggregate thereafter as of December 31, 2025:


	In Aggregate		2026		2027		2028		2029		2030		Thereafter
Land sites and rights of way (1)	$	374.3	$	11.8	$	13.2	$	18.6	$	9.4	$	8.5	$	312.8

(1)

Leases related to land sites and rights of way provide for surface and underground access for gathering, processing and distribution assets that are located on property not owned by us. These agreements expire at various dates, with varying terms, some of which are perpetual.

The following table shows total operating expenses incurred under the above non-cancelable commitments for the periods presented:


	Year Ended December 31,
	2025		2024		2023
Land sites and rights of way	$	6.8	$	7.2	$	9.0

Common Stock and Related Matters

12 Months Ended

Dec. 31, 2025

Class of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 11 — Common Stock and Related Matters

Public Offerings of Common Stock

In March 2025, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance of certain debt and equity securities from time to time in one or more offerings (the “March 2025 Shelf”). The March 2025 Shelf will expire in March 2028.

Common Share Repurchase Program

In May 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. During the first quarter of 2025, we exhausted the 2023 Share Repurchase Program.

In July 2024, our Board of Directors approved a share repurchase program (the “2024 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. In addition, in August 2025, our Board of Directors approved a new share repurchase program (the “2025 Share Repurchase Program” and, together with the 2024 Share Repurchase Program, the “Share Repurchase Programs”) for the repurchase of up to $1.0 billion of our outstanding common stock. We are not obligated to repurchase any specific dollar amount or number of shares under the Share Repurchase Programs and may discontinue these programs at any time.

For the year ended December 31, 2025, we repurchased 3,765,272 shares of our common stock at a weighted average price per share of $170.45 for a total net cost of $641.8 million. For the year ended December 31, 2024, we repurchased 5,933,050 shares of our common stock at a weighted average price per share of $127.20 for a total net cost of $754.7 million. For the year ended December 31, 2023, we repurchased 4,870,559 shares of our common stock at a weighted average price per share of $76.72 for a total net cost of $373.7 million.

As of December 31, 2025, there was $1,373.6 million remaining under the Share Repurchase Programs.

Common Stock Dividends

In April 2025, we declared an increase to our quarterly common dividend to $1.00 per common share, or $4.00 per common share annualized, effective for the first quarter of 2025.

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2025, 2024 and 2023:


Three Months Ended	Date Paid or To Be Paid	Total Common Dividends Declared		Amount of Common Dividends Paid or To Be Paid		Dividends on Share-Based Awards		Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
2025
December 31, 2025	February 13, 2026	$	216.7	$	215.0	$	1.7	$	1.00000
September 30, 2025	November 17, 2025		216.9		214.7		2.2		1.00000
June 30, 2025	August 15, 2025		217.6		215.2		2.4		1.00000
March 31, 2025	May 15, 2025		219.0		216.9		2.1		1.00000

2024
December 31, 2024	February 14, 2025	$	165.2	$	163.6	$	1.6	$	0.75000
September 30, 2024	November 15, 2024		165.2		163.5		1.7		0.75000
June 30, 2024	August 15, 2024		166.1		164.3		1.8		0.75000
March 31, 2024	May 15, 2024		168.1		166.3		1.8		0.75000

2023
December 31, 2023	February 15, 2024	$	112.8	$	111.6	$	1.2	$	0.50000
September 30, 2023	November 15, 2023		113.0		111.5		1.5		0.50000
June 30, 2023	August 15, 2023		113.6		111.8		1.8		0.50000
March 31, 2023	May 15, 2023		114.7		113.0		1.7		0.50000

- Definition

The entire disclosure for equity.

+ References

+ Details

Revenue - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 135.7	$ 119.9	$ 248.8
Deferred revenue recognized related to gas gathering and processing agreement	$ 20.5	$ 19.6	$ 17.4
Minimum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining duration of contracts	1 year
Maximum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining duration of contracts	15 years

Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividends Payable [Line Items]
Dividends Declared per Share of Common Stock				$ 1									$ 3.75	$ 2.75	$ 1.85
Quarterly Cash Dividend Q4 2025 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid	Feb. 28, 2026
Total Common Dividends Declared	$ 216.7
Amount of Common Dividends Paid or To Be Paid	215.0
Dividends on Share-Based Awards	$ 1.7
Dividends Declared per Share of Common Stock	$ 1
Quarterly Cash Dividend Q3 2025 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid		Nov. 17, 2025
Total Common Dividends Declared		$ 216.9
Amount of Common Dividends Paid or To Be Paid		214.7
Dividends on Share-Based Awards		$ 2.2
Dividends Declared per Share of Common Stock		$ 1
Quarterly Cash Dividend Q2 2025 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid			Aug. 15, 2025
Total Common Dividends Declared			$ 217.6
Amount of Common Dividends Paid or To Be Paid			215.2
Dividends on Share-Based Awards			$ 2.4
Dividends Declared per Share of Common Stock			$ 1
Quarterly Cash Dividend Q1 2025 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid				May 15, 2025
Total Common Dividends Declared				$ 219.0
Amount of Common Dividends Paid or To Be Paid				216.9
Dividends on Share-Based Awards				$ 2.1
Dividends Declared per Share of Common Stock				$ 1
Quarterly Cash Dividend Q4 2024 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid					Feb. 14, 2025
Total Common Dividends Declared					$ 165.2
Amount of Common Dividends Paid or To Be Paid					163.6
Dividends on Share-Based Awards					$ 1.6
Dividends Declared per Share of Common Stock					$ 0.75
Quarterly Cash Dividend Q3 2024 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid						Nov. 15, 2024
Total Common Dividends Declared						$ 165.2
Amount of Common Dividends Paid or To Be Paid						163.5
Dividends on Share-Based Awards						$ 1.7
Dividends Declared per Share of Common Stock						$ 0.75
Quarterly Cash Dividend Q2 2024 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid							Aug. 15, 2024
Total Common Dividends Declared							$ 166.1
Amount of Common Dividends Paid or To Be Paid							164.3
Dividends on Share-Based Awards							$ 1.8
Dividends Declared per Share of Common Stock							$ 0.75
Quarterly Cash Dividend Q1 2024 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid								May 15, 2024
Total Common Dividends Declared								$ 168.1
Amount of Common Dividends Paid or To Be Paid								166.3
Dividends on Share-Based Awards								$ 1.8
Dividends Declared per Share of Common Stock								$ 0.75
Quarterly Cash Dividend Q4 2023 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid									Feb. 15, 2024
Total Common Dividends Declared									$ 112.8
Amount of Common Dividends Paid or To Be Paid									111.6
Dividends on Share-Based Awards									$ 1.2
Dividends Declared per Share of Common Stock									$ 0.5
Quarterly Cash Dividend Q3 2023 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid										Nov. 15, 2023
Total Common Dividends Declared										$ 113.0
Amount of Common Dividends Paid or To Be Paid										111.5
Dividends on Share-Based Awards										$ 1.5
Dividends Declared per Share of Common Stock										$ 0.5
Quarterly Cash Dividend Q2 2023 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid											Aug. 15, 2023
Total Common Dividends Declared											$ 113.6
Amount of Common Dividends Paid or To Be Paid											111.8
Dividends on Share-Based Awards											$ 1.8
Dividends Declared per Share of Common Stock											$ 0.5
Quarterly Cash Dividend Q1 2023 [Member]
Dividends Payable [Line Items]
Date Paid or To Be Paid												May 15, 2023
Total Common Dividends Declared												$ 114.7
Amount of Common Dividends Paid or To Be Paid												113.0
Dividends on Share-Based Awards												$ 1.7
Dividends Declared per Share of Common Stock												$ 0.5

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

$ 69.6

$ 14.6

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

Assets

Liabilities from commodity derivative contracts

$ 109.6

$ 140.7

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Liabilities, Current

Contingent consideration

$ 0.3

$ (0.0)

Carrying Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

189.3

87.0

Liabilities from commodity derivative contracts

^[1]

256.2

259.2

Contingent consideration

^[2]

0.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

166.1

157.3

Carrying Value [Member] | TRGP Revolver and Commercial Paper Program [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

161.0

Carrying Value [Member] | Previous TRGP Revolver and Commercial Paper Program [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

1,130.5

Carrying Value [Member] | TRGP Senior Unsecured Notes [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

12,711.7

7,470.6

Carrying Value [Member] | Securitization Facility [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

330.0

Fair Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

189.3

87.0

Liabilities from commodity derivative contracts

^[1]

256.2

259.2

Contingent consideration

^[2]

0.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

166.1

157.3

Fair Value [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

0.0

Liabilities from commodity derivative contracts

^[1]

0.0

Contingent consideration

^[2]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

0.0

Fair Value [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

189.2

87.0

Liabilities from commodity derivative contracts

^[1]

255.2

259.2

Contingent consideration

^[2]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

0.0

Fair Value [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Assets from commodity derivative contracts

^[1]

0.1

0.0

Liabilities from commodity derivative contracts

^[1]

1.0

0.0

Contingent consideration

^[2]

0.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Cash and cash equivalents

0.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

161.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

161.0

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | Previous TRGP Revolver and Commercial Paper Program [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

1,130.5

Fair Value [Member] | Previous TRGP Revolver and Commercial Paper Program [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | Previous TRGP Revolver and Commercial Paper Program [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

1,130.5

Fair Value [Member] | Previous TRGP Revolver and Commercial Paper Program [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | TRGP Senior Unsecured Notes [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

12,928.6

7,438.6

Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

12,928.6

7,438.6

Fair Value [Member] | TRGP Senior Unsecured Notes [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | Securitization Facility [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

330.0

Fair Value [Member] | Securitization Facility [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Fair Value [Member] | Securitization Facility [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

330.0

Fair Value [Member] | Securitization Facility [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Senior Unsecured Notes [Member] | Carrying Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

4,329.2

5,034.4

Senior Unsecured Notes [Member] | Fair Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

4,316.2

4,928.0

Senior Unsecured Notes [Member] | Fair Value [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

0.0

Senior Unsecured Notes [Member] | Fair Value [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

4,316.2

4,928.0

Senior Unsecured Notes [Member] | Fair Value [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Long-term debt

$ 0.0

[1]

[2]

We have a contingent consideration liability related to the Dovetail Acquisition, which is carried at fair value. See “Note 4 - Acquisitions and Joint Ventures”.

Earnings per Common Share - Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Earnings Per Common Share [Line Items]

Net income (loss) attributable to Targa Resources Corp.

$ 1,923.0

$ 1,312.0

$ 1,345.9

Less: Premium on repurchase of noncontrolling interests, net of tax

^[1]

70.5

32.9

510.1

Net income (loss) attributable to common shareholders

1,852.5

1,279.1

835.8

Less: Participating share-based earnings

^[2]

11.1

9.6

7.6

Net income (loss) allocated to common shareholders for basic earnings per share

$ 1,841.4

$ 1,269.5

$ 828.2

Weighted average shares outstanding - basic

216.1

220.2

224.6

Weighted average shares outstanding - diluted (in shares)

216.9

221.3

226.0

Net income (loss) per common share - basic

$ 8.52

$ 5.77

$ 3.69

Net income (loss) per common share - diluted

$ 8.49

$ 5.74

$ 3.66

Unvested Restricted Stock Awards [Member]

Earnings Per Common Share [Line Items]

Dilutive effect of unvested restricted stock awards

0.8

1.1

1.4

[1]	Represents premiums paid on the Badlands Transaction, the CBF Acquisition, the Carnero Acquisition, and the Grand Prix Transaction. See “Note 4 – Acquisitions and Joint Ventures”
[2]	Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 13 — Derivative Instruments and Hedging Activities

The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment. The hedge positions associated with (i) and (ii) above will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices and are primarily designated as cash flow hedges for accounting purposes.

The hedges generally match the NGL product composition and the NGL delivery points of our physical equity volumes. Our natural gas hedges are a mixture of specific gas delivery points and Henry Hub. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations.

We hedge a portion of our condensate equity volumes using crude oil hedges that are based on NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This exposes us to a market differential risk if NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes.

We also enter into derivative instruments to help manage other short-term commodity-related business risks and take advantage of market opportunities. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues in current earnings.

At December 31, 2025, the notional volumes of our commodity derivative contracts were:


Commodity	Instrument	Unit	2026		2027		2028		2029
Natural Gas	Swaps	MMBtu/d		93,304		77,778		58,189		—
Natural Gas	Basis Swaps	MMBtu/d		490,370		336,829		157,298		24,959
NGL	Swaps	Bbl/d		37,384		23,956		17,739		—
NGL	Futures	Bbl/d		24,099		—		—		—
Condensate	Swaps	Bbl/d		8,249		3,316		2,452		—

Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. The master netting provisions reduced our maximum loss due to counterparty credit risk by $6.2 million as of December 31, 2025. The range of losses attributable to our individual counterparties would be between $0.1 million and $14.9 million, depending on the counterparty in default. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements.

The following table reflects the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as of the periods presented:


		Fair Value as of December 31, 2025					Fair Value as of December 31, 2024
	Balance Sheet	Derivative		Derivative			Derivative		Derivative
	Location	Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	137.1	$	(14.8	)	$	50.8	$	(29.0	)
	Long-term		26.1		(6.9	)		20.8		(11.7	)
Total derivatives designated as hedging instruments		$	163.2	$	(21.7	)	$	71.6	$	(40.7	)
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	17.6	$	(219.3	)	$	11.0	$	(138.3	)
	Long-term		8.9		(15.6	)		4.5		(80.3	)
Total derivatives not designated as hedging instruments		$	26.5	$	(234.9	)	$	15.5	$	(218.6	)
Total current position		$	154.7	$	(234.1	)	$	61.8	$	(167.3	)
Total long-term position			35.0		(22.5	)		25.3		(92.0	)
Total derivatives		$	189.7	$	(256.6	)	$	87.1	$	(259.3	)

The following tables reflect the pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis as of the periods presented:


		Gross Presentation								Pro Forma Net Presentation
December 31, 2025		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	133.3	$	(234.1	)	$	29.6		$	31.3	$	(102.5	)
	Counterparties without offsetting positions - assets		21.4		—			—			21.4		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			154.7		(234.1	)		29.6			52.7		(102.5	)
Long-Term Position
	Counterparties with offsetting positions or collateral		33.4		(22.5	)		(2.7	)		15.3		(7.1	)
	Counterparties without offsetting positions - assets		1.6		—			—			1.6		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			35.0		(22.5	)		(2.7	)		16.9		(7.1	)
Total Derivatives
	Counterparties with offsetting positions or collateral		166.7		(256.6	)		26.9			46.6		(109.6	)
	Counterparties without offsetting positions - assets		23.0		—			—			23.0		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
		$	189.7	$	(256.6	)	$	26.9		$	69.6	$	(109.6	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2024		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	61.7	$	(167.3	)	$	37.1		$	9.2	$	(77.7	)
	Counterparties without offsetting positions - assets		0.1		—			—			0.1		—
	Counterparties without offsetting positions - liabilities		—		—			—			—		—
			61.8		(167.3	)		37.1			9.3		(77.7	)
Long-Term Position
	Counterparties with offsetting positions or collateral		24.2		(91.5	)		9.0			4.2		(62.5	)
	Counterparties without offsetting positions - assets		1.1		—			—			1.1		—
	Counterparties without offsetting positions - liabilities		—		(0.5	)		—			—		(0.5	)
			25.3		(92.0	)		9.0			5.3		(63.0	)
Total Derivatives
	Counterparties with offsetting positions or collateral		85.9		(258.8	)		46.1			13.4		(140.2	)
	Counterparties without offsetting positions - assets		1.2		—			—			1.2		—
	Counterparties without offsetting positions - liabilities		—		(0.5	)		—			—		(0.5	)
		$	87.1	$	(259.3	)	$	46.1		$	14.6	$	(140.7	)

Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is included within Other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. Our derivative instruments other than our futures contracts are executed under International Swaps and Derivatives Association agreements (“ISDAs”), which govern the key terms with our counterparties. Our ISDAs contain credit-risk related contingent features and are not secured. As of December 31, 2025, we have outstanding net derivative positions that contain credit-risk related contingent features that are in a net liability position of $104.1 million. We have not been required to post any collateral related to these positions due to our credit rating. If our credit rating was to be downgraded one notch below investment grade by both Moody’s and S&P, as defined in our ISDAs, we estimate that as of December 31, 2025, we would not be required to post collateral to any counterparty and that no counterparty could request immediate, full settlement per the terms of our ISDAs.

The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of $66.9 million as of December 31, 2025. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for our counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment.

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue for the periods presented:


	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Year Ended December 31,
Hedging Relationships	2025		2024			2023
Commodity contracts	$	202.8	$	(7.5	)	$	193.4

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Year Ended December 31,
Location of Gain (Loss)	2025		2024			2023
Revenues	$	90.9	$	67.8		$	153.4

As of December 31, 2025, we expect to reclassify commodity hedge related net deferred gains of $120.7 million included in Accumulated OCI into earnings before income taxes over the next twelve months. However, actual amounts reclassified into earnings could be greater or less than the net amount reported in Accumulated OCI. As of December 31, 2025, the maximum length of time over which we have hedged our exposure to the variability in future cash flows is through 2028.

Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on our Consolidated Balance Sheets and through earnings in our Consolidated Statements of Operations rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the year ended December 31, 2025, we had unrealized mark-to-market losses primarily driven by unfavorable movement in natural gas forward basis prices.


	Location of Gain (Loss)	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Year Ended December 31,
as Hedging Instruments	Derivatives	2025			2024			2023
Commodity contracts	Revenue	$	(251.2	)	$	(313.2	)	$	287.7

See “Note 14 – Fair Value Measurements” and “Note 22 – Segment Information” for additional disclosures related to derivative instruments and hedging activities.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 1,956.7	$ 1,553.5	$ 1,579.3
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization in interest expense	17.3	14.8	13.2
Compensation on equity grants	69.5	63.2	62.4
Depreciation and amortization expense	1,515.3	1,423.0	1,329.6
Deferred income tax expense (benefit)	516.6	367.0	349.6
Equity (earnings) loss of unconsolidated affiliates	(11.8)	(9.4)	(9.0)
Distributions of earnings received from unconsolidated affiliates	20.7	19.8	13.1
Risk management activities	5.3	164.6	(275.4)
Other, net	21.4	14.5	9.6
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets	110.8	(75.0)	(20.6)
Inventories	(89.5)	33.5	36.0
Accounts payable, accrued liabilities and other liabilities	(256.8)	40.7	68.2
Interest payable	41.9	39.5	55.6
Net cash provided by (used in) operating activities	3,917.4	3,649.7	3,211.6
Cash flows from investing activities
Outlays for property, plant and equipment	(3,333.3)	(2,965.8)	(2,385.4)
Outlays for business acquisition, net of cash acquired	(122.8)
Outlays for asset acquisition, net of cash acquired	(90.3)
Investments in unconsolidated affiliates	(130.5)	(62.9)	(24.6)
Return of capital from unconsolidated affiliates	7.8	5.5	5.5
Other, net	27.1	1.9	3.7
Net cash provided by (used in) investing activities	(3,642.0)	(3,021.3)	(2,400.8)
Debt obligations:
Repayments of credit facilities			(290.0)
Proceeds from borrowings of commercial paper notes	109,555.6	85,430.5	59,002.8
Repayments of commercial paper notes	(110,525.1)	(84,475.0)	(59,836.5)
Repayment of term loan facility		(500.0)	(1,000.0)
Proceeds from borrowings under accounts receivable securitization facility	1,470.0	775.0	143.1
Repayments of accounts receivable securitization facility	(1,800.0)	(1,020.0)	(368.1)
Proceeds from issuance of senior unsecured notes	5,239.4	999.4	3,727.7
Redemption of senior unsecured notes	(705.2)
Principal payments of finance leases	(76.5)	(50.1)	(42.9)
Costs incurred in connection with financing arrangements	(57.1)	(9.9)	(36.1)
Repurchases of common stock	(641.8)	(754.7)	(373.7)
Shares tendered for tax withholding obligations	(67.3)	(56.4)	(55.8)
Contributions from noncontrolling interests		12.0	9.7
Distributions to noncontrolling interests	(33.5)	(232.6)	(222.1)
Repurchase of noncontrolling interests	(1,800.4)	(112.9)	(1,118.9)
Dividends paid to common shareholders	(818.3)	(615.5)	(427.3)
Other, net	(6.4)	(2.6)
Net cash provided by (used in) financing activities	(266.6)	(612.8)	(888.1)
Net change in cash and cash equivalents	8.8	15.6	(77.3)
Cash and cash equivalents, beginning of period	157.3	141.7	219.0
Cash and cash equivalents, end of period	$ 166.1	$ 157.3	$ 141.7

Debt Obligations - Commercial Paper Program - Additional Information (Details)) - USD ($)		12 Months Ended
	Jan. 06, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2022
Debt Instrument [Line Items]
Borrowings under securitization facility		$ 1,470,000,000	$ 775,000,000.0	$ 143,100,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowings from commercial paper	$ 650,000,000
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Amount outstanding		$ 3,500,000,000			$ 3,500,000,000
Debt Instrument, Description		Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year.

- Definition

Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Trade receivables, allowances	$ 0.7	$ 2.5
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	242,770,213	241,764,105
Common stock, shares outstanding (in shares)	214,662,156	217,763,821
Treasury stock, shares (in shares)	28,108,057	24,000,284

Debt Obligations

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Obligations

Note 8 — Debt Obligations


	December 31, 2025			December 31, 2024
Current:
Partnership accounts receivable securitization facility, due August 2026 (1)	$	—		$	330.0
Senior unsecured notes issued by the Partnership: (2)
6.875% fixed rate, due January 2029 (3)		679.3			—
Debt issuance costs, net of amortization (3)		(2.3	)		—
Finance lease liabilities		93.1			57.7
Current debt obligations		770.1			387.7

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2030 (4)		161.0			1,130.5
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
4.350% fixed rate, due January 2029 (3)		750.0			—
6.150% fixed rate, due March 2029		1,000.0			1,000.0
4.900% fixed rate, due September 2030 (5)		750.0			—
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033		900.0			900.0
6.500% fixed rate, due March 2034		1,000.0			1,000.0
5.500% fixed rate, due February 2035		1,000.0			1,000.0
5.550% fixed rate, due August 2035 (6)		1,000.0			—
5.650% fixed rate, due February 2036 (5)		750.0			—
5.400% fixed rate, due July 2036 (3)		1,000.0			—
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053		850.0			850.0
6.125% fixed rate, due May 2055 (6)		1,000.0			—
Unamortized discount		(38.3	)		(29.4	)
Senior unsecured notes issued by the Partnership: (2)
6.500% fixed rate, due July 2027 (5)		—			705.2
5.000% fixed rate, due January 2028		700.3			700.3
6.875% fixed rate, due January 2029 (3)		—			679.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		16,522.6			13,635.5
Debt issuance costs, net of amortization		(120.6	)		(89.0	)
Finance lease liabilities		260.4			240.4
Long-term debt		16,662.4			13,786.9
Total debt obligations	$	17,432.5		$	14,174.6
Irrevocable standby letters of credit: (4)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	20.0		$	17.6

(1)

As of December 31, 2025, the Partnership had no amount drawn under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $600.0 million of remaining availability.

(2)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

(3)

On November 12, 2025, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2029 and (ii) $1.0 billion aggregate principal amount of our 5.400% Senior Unsecured Notes due 2036, resulting in net proceeds of approximately $1.7 billion. We used a portion of the net proceeds to reduce borrowings under the Commercial Paper Program in November 2025. On January 15, 2026, we used borrowings under the Commercial Paper Program and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029.

(4)

On February 18, 2025, we entered into a new $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), which matures in February 2030. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior revolving credit facility (the “Previous TRGP Revolver”). We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under the TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program at any one time not to exceed $3.5 billion. The TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $161.0 million of borrowings outstanding, resulting in approximately $3.3 billion of available liquidity as of December 31, 2025, after accounting for outstanding letters of credit.

(5)

On June 18, 2025, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.900% Senior Unsecured Notes due 2030 and (ii) $750.0 million aggregate principal amount of our 5.650% Senior Unsecured Notes due 2036, resulting in net proceeds of approximately $1.5 billion. We used a portion of the net proceeds to reduce borrowings under the Securitization Facility and Commercial Paper Program. On July 15, 2025, we used borrowings under the Securitization Facility and Commercial Paper Program to fund the redemption of all of the Partnership’s 6.500% Senior Unsecured Notes due 2027.

(6)

On February 24, 2025, we completed an underwritten public offering of (i) $1.0 billion aggregate principal amount of our 5.550% Senior Unsecured Notes due 2035 and (ii) $1.0 billion aggregate principal amount of our 6.125% Senior Unsecured Notes due 2055, resulting in net proceeds of approximately $2.0 billion.

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the year ended December 31, 2025:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	3.9% - 4.8%	4.6%
Securitization Facility	4.7% - 5.3%	5.2%

Compliance with Debt Covenants

As of December 31, 2025, we were in compliance with the covenants contained in our various debt agreements.

We and certain of our subsidiaries are parties to a parent guarantee whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of all of the obligations of the Partnership and Targa Resources Partners Finance Corporation (together with the Partnership, the “Partnership Issuers”) under the respective indentures governing the Partnership Issuers’ senior unsecured notes.

Debt Obligations

Partnership’s Accounts Receivable Securitization Facility

The Securitization Facility provides up to $600.0 million of borrowing capacity at SOFR rates plus a margin. On July 28, 2025, the Partnership amended the Securitization Facility to, among other things, extend the termination date of the Securitization Facility to August 31, 2026. Under the Securitization Facility, certain Partnership subsidiaries sell or contribute certain qualifying receivables, without recourse, to another of its consolidated subsidiaries (Targa Receivables LLC or “TRLLC”), a special purpose consolidated subsidiary created for the sole purpose of the Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to third-party financial institutions. Sold or contributed receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of the selling or contributing subsidiaries or the Partnership. Any excess receivables are eligible to satisfy the claims.

TRGP Revolver

On February 18, 2025, we entered into a Credit Agreement with Bank of America, N.A., as the Administrative Agent and Swing Line Lender, the letter of credit issuers party thereto and the other lenders party thereto. The TRGP Revolver provides for a revolving credit facility in an initial aggregate principal amount up to $3.5 billion (with an option to increase such maximum aggregate principal amount by up to $500.0 million in the future, subject to the terms of the TRGP Revolver) and a swing line sub-facility of up to $150.0 million. We recorded $8.9 million of debt issuance costs related to the TRGP Revolver in Other long-term assets on our Consolidated Balance Sheets. The TRGP Revolver matures on February 18, 2030. We will be able to extend the maturity date, subject to the required lenders’ consent, by one year up to two times.

The revolving credit facility bears interest at the Company’s option at: (a) the Base Rate (as such term is defined in the TRGP Revolver), which is the highest of Bank of America’s prime rate, the federal funds rate plus 0.5% and the Term SOFR (as such term is defined in the TRGP Revolver) rate plus 1.0% (subject in each case to a floor of 0.0%), plus an applicable margin ranging from 0.0% to 0.625%, dependent on the Company’s non-credit-enhanced senior unsecured long-term debt ratings (or, if no such debt is outstanding at such time, then the corporate, issuer or similar rating with respect to the Company that has been most recently announced) (the “Debt Rating”), or (b) Term SOFR (which is subject to a floor of 0.0% and includes, for Term SOFR loans, a SOFR adjustment of plus 0.10%) plus an applicable margin ranging from 1.00% to 1.625%, dependent on the Company’s Debt Rating.

The Company is required to pay a commitment fee equal to an applicable rate ranging from 0.10% to 0.275% (dependent on the Company’s Debt Rating), in each case times the actual daily unused portion of the revolving credit facility.

The obligations under the TRGP Revolver are guaranteed by Targa Resources GP LLC, Targa Energy GP LLC, Targa Resources LLC, Targa Resources Partners LP, Targa Energy LP, Targa GP Inc., Targa LP Inc., and Targa Resources Finance Corporation. The TRGP Revolver shall also be guaranteed by each existing and future direct and indirect wholly-owned subsidiary of the Company that is an obligor on or otherwise guarantees the obligations in respect of the existing notes indebtedness of Targa Resources Partners LP.

The TRGP Revolver requires the Company to maintain a Consolidated Leverage Ratio (as such term is defined in the TRGP Revolver), determined as of the last day of each quarter for the four-fiscal quarter period ending on the date of determination, of no more than 5.50 to 1.00. For any four-fiscal-quarter-period during which a material acquisition occurs, the total leverage ratio may, at the Company’s option, be determined on a pro forma basis as though such event had occurred as of the first day of such four-fiscal-quarter-period.

The TRGP Revolver restricts the Company’s ability to make dividends to stockholders if an event of default (as defined in the TRGP Revolver) exists or would result from such distribution. In addition, the TRGP Revolver contains various covenants that may limit, among other things, the Company’s ability to grant liens, merge or consolidate, and engage in transactions with affiliates and the ability of the Company’s non-guarantor subsidiaries to incur indebtedness.

The TRGP Revolver also contains various customary events of default, the occurrence of which could result in a termination of the lenders’ commitments and the acceleration of all of our obligations thereunder.

Previous TRGP Revolver

In February 2022, the Company entered into the Previous TRGP Revolver with Bank of America, N.A., as the Administrative Agent, Collateral Agent and Swing Line Lender, the Letter of Credit issuers party thereto and the lenders party thereto. The Previous TRGP Revolver provided for a revolving credit facility in an initial aggregate principal amount up to $2.75 billion and a swing line sub-facility of up to $100.0 million. The Previous TRGP Revolver was scheduled to mature on February 17, 2027. In connection with our entry into the TRGP Revolver, we terminated the Previous TRGP Revolver. As a result of the termination of the Previous TRGP Revolver, we recorded a loss due to debt extinguishment of $0.6 million.

The revolving credit facility bore interest at the Company’s option at: (a) the Base Rate (as such term is defined in the Previous TRGP Revolver), which is the highest of Bank of America’s prime rate, the federal funds rate plus 0.5% and the Term SOFR (as such term is defined in the Previous TRGP Revolver) rate plus 1.0% (subject in each case to a floor of 0.0%), plus an applicable margin ranging from 0.125% to 0.75%, dependent on the Company’s non-credit-enhanced senior unsecured long-term debt ratings (or, if no such debt was outstanding at such time, then the corporate, issuer or similar rating with respect to the Company that had been most recently announced) (the “Debt Rating”), or (b) Term SOFR (which included, for Term SOFR loans, a SOFR adjustment of plus 0.10%) plus an applicable margin ranging from 1.125% to 1.75%, dependent on the Company’s Debt Rating.

Commercial Paper Program

In July 2022, we established the Commercial Paper Program. Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $3.5 billion, subject to documentation requirements of the Commercial Paper Program. We maintain a minimum available borrowing capacity under the TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program to support our issued commercial paper notes. The Commercial Paper Program is guaranteed by each subsidiary that guarantees the TRGP Revolver. The commercial paper notes are presented in Long-term debt on our Consolidated Balance Sheets.

TRGP’s Senior Unsecured Notes

All series of our senior unsecured notes (the “TRGP Notes”) rank pari passu with our existing and future senior indebtedness, including debt issued under the TRGP Revolver and the Commercial Paper Program, and rank senior in right of payment to any of our future subordinated indebtedness. The TRGP Notes are unconditionally guaranteed by certain of our subsidiaries that guarantee the TRGP Revolver. Each guarantee ranks equally in right of payment with all of such guarantor’s existing and future unsecured senior debt and other unsecured guarantees of senior debt. The notes and the guarantees are effectively junior to any secured indebtedness of ours or any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of our subsidiaries that do not guarantee the notes. Interest on all issues of TRGP Notes is payable semi-annually.

The indenture governing the TRGP Notes restricts (i) our ability and the ability of our subsidiaries to incur liens and (ii) TRGP’s ability to merge or consolidate with or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to another company. These covenants are subject to a number of important exceptions and qualifications.

We may redeem the TRGP Notes, in whole or in part, at any time prior to the applicable par call date at a redemption price equal to the principal amount plus an applicable make-whole premium, plus accrued and unpaid interest, to the redemption date, as specified in the indenture of each series. After the applicable par call date, the TRGP Notes may be redeemed at a price equal to par, plus accrued and unpaid interest to the redemption date, as specified in the indenture of each series.

In the future, we may redeem, purchase or exchange certain of our outstanding debt through redemption calls, cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such calls, repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Partnership’s Senior Unsecured Notes

All series of the Partnership’s senior unsecured notes are pari passu with the Partnership’s existing and future senior indebtedness. They are senior in right of payment to any of the Partnership’s future subordinated indebtedness and are unconditionally guaranteed by the Partnership’s restricted subsidiaries. These notes are effectively subordinated to all secured indebtedness under the Securitization Facility, which is secured by accounts receivable pledged under the facility, to the extent of the value of the collateral securing that indebtedness. Interest on all issues of senior unsecured notes is payable semi-annually in arrears.

The Partnership’s senior unsecured notes and associated indenture agreements restrict, among other things, (i) the Partnership’s ability and the ability of certain of its subsidiaries to incur liens and (ii) the Partnership’s ability to merge or consolidate with or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to another company. These covenants are subject to a number of important exceptions and qualifications.

The Partnership may redeem its senior unsecured notes, in whole or in part, at any time prior to their applicable maturity at a redemption price equal to the principal amount plus an applicable make-whole premium, plus accrued and unpaid interest and liquidation damages, if any, to the redemption date, as specified in the indenture of each series.

The Partnership may also redeem up to 35% of the aggregate principal amount of each series of its senior unsecured notes at the redemption dates and prices set forth in the indenture governing such series plus accrued and unpaid interest and liquidation damages, if any, to the redemption date with the net cash proceeds of one or more equity offerings, provided that: (i) at least 65% of the aggregate principal amount of each such notes (excluding notes held by the Partnership and its subsidiaries) remains outstanding immediately after the occurrence of such redemption; and (ii) the redemption occurs within 180 days of the date of the closing of such equity offering.

In the future, we or the Partnership may redeem, purchase or exchange certain of our and the Partnership’s outstanding debt through redemption calls, cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such calls, repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Senior Unsecured Notes Issuances

In January 2023, we completed an underwritten public offering of (i) $900.0 million aggregate principal amount of our 6.125% Senior Unsecured Notes due 2033 (the “6.125% Notes due 2033”) and (ii) $850.0 million aggregate principal amount of our 6.500% Senior Unsecured Notes due 2053 (the “6.500% Notes due 2053”) (collectively, the “January 2023 Senior Unsecured Notes”), resulting in net proceeds of approximately $1.7 billion. The January 2023 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The January 2023 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Fifth Supplemental Indenture, dated as of January 9, 2023, among us, such subsidiary guarantors and U.S. Bank Trust Company, National Association, as trustee. We used a portion of the net proceeds from the issuance to fund the Grand Prix Transaction and the remaining proceeds for general corporate purposes, including to reduce borrowings under the Previous TRGP Revolver and the Commercial Paper Program.

In November 2023, we completed an underwritten public offering of (i) $1.0 billion aggregate principal amount of our 6.150% Senior Unsecured Notes due 2029 (the “6.150% Notes due 2029”) and (ii) $1.0 billion aggregate principal amount of our 6.500% Senior Unsecured Notes due 2034 (the “6.500% Notes due 2034”) (collectively, the “November 2023 Senior Unsecured Notes”), resulting in net proceeds of approximately $2.0 billion. The November 2023 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The November 2023 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Seventh Supplemental Indenture, dated as of November 9, 2023, among us, such subsidiary guarantors and U.S. Bank Trust Company, National Association, as trustee. We used a portion of the net proceeds to repay $1.0 billion in borrowings under the $1.5 billion unsecured term loan facility due July 2025 (the “Term Loan Facility”) and the remaining net proceeds for general corporate purposes, including to repay borrowings under the Commercial Paper Program.

In August 2024, we completed an underwritten public offering of $1.0 billion aggregate principal amount of our 5.500% Senior Unsecured Notes due 2035 (the “5.500% Notes due 2035”), resulting in net proceeds of approximately $990.1 million. The 5.500% Notes due 2035 are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The 5.500% Notes due 2035 were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Ninth Supplemental Indenture, dated as of August 9, 2024, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. We used a portion of the net proceeds from the issuance to repay borrowings under the Commercial Paper Program, a portion of which were incurred to repay the remaining balance under the Term Loan Facility, and for general corporate purposes.

In February 2025, we completed an underwritten public offering of (i) $1.0 billion aggregate principal amount of our 5.550% Senior Unsecured Notes due 2035 (the “5.550% Notes due 2035”) and (ii) $1.0 billion aggregate principal amount of our 6.125% Senior Unsecured Notes due 2055 (the “6.125% Notes due 2055”) (collectively, the “February 2025 Senior Unsecured Notes”), resulting in net proceeds of approximately $2.0 billion. The February 2025 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The February 2025 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Tenth Supplemental Indenture, dated as of February 27, 2025, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. In connection with the offering, we recorded debt issuance costs of $20.4 million and discount of $6.1 million as reductions to the carrying value of the February 2025 Senior Unsecured Notes in Long-term debt on our Consolidated Balance Sheets. We used a portion of the net proceeds from the debt issuance to fund the Badlands Transaction and the remaining net proceeds for general corporate purposes, including to repay borrowings under the Commercial Paper Program.

In June 2025, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.900% Senior Unsecured Notes due 2030 (the “4.900% Notes due 2030”) and (ii) $750.0 million aggregate principal amount of our 5.650% Senior Unsecured Notes due 2036 (the “5.650% Notes due 2036”) (collectively, the “June 2025 Senior Unsecured Notes”), resulting in net proceeds of approximately $1.5 billion. The June 2025 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The June 2025 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Eleventh Supplemental Indenture, dated as of June 18, 2025, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. In connection with the offering, we recorded debt issuance costs of $13.6 million and discount of $3.2 million as reductions to the carrying value of the June 2025 Senior Unsecured Notes in Long-term debt on our Consolidated Balance Sheets. We used a portion of the net proceeds from the debt issuance to reduce borrowings under the Securitization Facility and Commercial Paper Program in June 2025. On July 15, 2025, we used borrowings under the Securitization Facility and Commercial Paper Program to fund the redemption of all of the Partnership’s 6.500% Senior Unsecured Notes due 2027 (the “6.500% Notes due 2027”).

In November 2025, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2029 (the “4.350% Notes due 2029”) and (ii) $1.0 billion aggregate principal amount of our 5.400% Senior Unsecured Notes due 2036 (the “5.400% Notes due 2036”) (collectively, the “November 2025 Senior Unsecured Notes”), resulting in net proceeds of approximately $1.7 billion. The November 2025 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The November 2025 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Twelfth Supplemental Indenture, dated as of November 12, 2025, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. In connection with the offering, we recorded debt issuance costs of $13.8 million and discount of $1.3 million as reductions to the carrying value of the November 2025 Senior Unsecured Notes in Long-term debt on our Consolidated Balance Sheets. We used a portion of the net proceeds from the debt issuance to reduce borrowings under the Commercial Paper Program in November 2025. On January 15, 2026, we used borrowings under the Commercial Paper Program and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029 (the “6.875% Notes due 2029”).

Debt Repurchases & Extinguishments

In November 2023, in connection with the November 2023 Senior Unsecured Notes, we repaid borrowings under the Term Loan Facility and the Commercial Paper Program. As a result of the repayment of borrowings under the Term Loan Facility, we recorded a loss of $2.1 million due to a write-off of debt issuance costs.

In May 2024, we repaid the Term Loan Facility, which bore interest at the Company’s option at: (a) the Base Rate (as defined in the Term Loan Facility), which was the highest of the (i) federal funds rate plus 0.5%, (ii) Mizuho’s prime rate, and (iii) the Term SOFR (as defined in the Term Loan Facility) rate plus 1.0% (subject in each case to a floor of 0.0%), plus an applicable margin ranging from 0.125% to 0.75% dependent on the Company’s non-credit-enhanced senior unsecured long-term debt ratings (or, if no such debt is outstanding at such time, then the Debt Rating), or (b) Term SOFR plus 0.10% plus an applicable margin ranging from 1.125% to 1.75% dependent on the Debt Rating. As a result of the repayment, we recorded a loss due to debt extinguishment of $0.8 million.

On July 15, 2025, we completed the redemption of all of the Partnership’s 6.500% Notes due 2027 and recorded a debt extinguishment loss of $1.9 million due to a write-off of debt issuance costs.

On January 15, 2026, we completed the redemption of all of the Partnership’s 6.875% Notes due 2029 and recognized a debt extinguishment loss of $10.1 million, comprised of $7.8 million related to the redemption premium paid and $2.3 million from the write-off of debt issuance costs.

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2025, for the next five years, and in total thereafter:


	Scheduled Maturities of Debt
	Total		2026		2027		2028		2029		2030		Thereafter

TRGP Revolver and Commercial Paper Program	$	161.0	$	—	$	—	$	—	$	—	$	161.0	$	—
TRGP Senior unsecured notes		12,750.0		—		750.0		—		1,750.0		750.0		9,500.0
Partnership’s Senior unsecured notes		4,329.2		679.3		—		700.3		—		949.6		2,000.0
Total	$	17,240.2	$	679.3	$	750.0	$	700.3	$	1,750.0	$	1,860.6	$	11,500.0

Financing for Stakeholder Acquisition

On January 6, 2026, we used $650.0 million in borrowings from the Commercial Paper Program and $600.0 million from the Securitization Facility to fund the Stakeholder Acquisition. See “Note 4 – Acquisitions and Joint Ventures” for further details on the Stakeholder Acquisition.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - Income Tax Reconciliation (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income tax reconciliation:

Income (loss) before income taxes

$ 2,486.4

$ 1,938.0

$ 1,942.5

U.S. federal statutory tax rate

$ 522.1

$ 407.0

$ 407.9

U.S. federal statutory tax rate, Percent

21.00%

State and local income taxes, net of federal income tax effect

^[1]

$ 40.2

$ 35.9

$ 16.3

State and local income taxes, net of federal income tax effect, Percent

^[1]

1.60%

1.90%

0.80%

Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]

State and local income taxes, net of federal income tax effect, Percent

Changes in valuation allowance

$ (1.2)

Changes in valuation allowance, Percent

(0.10%)

Nontaxable or nondeductible items

Income attributable to noncontrolling interest

$ (7.1)

$ (50.7)

$ (49.0)

Income attributable to noncontrolling interest, Percent

(0.30%)

(2.60%)

(2.50%)

Other

$ (12.7)

$ (5.8)

$ (9.5)

Other, Percent

(0.50%)

(0.30%)

(0.50%)

Other adjustments

$ (12.8)

$ (0.7)

$ (2.5)

Other adjustments, Percent

(0.50%)

(0.10%)

Total income tax expense (benefit)

$ 529.7

$ 384.5

$ 363.2

Income tax provision (benefit), Percent

21.30%

19.80%

18.70%

[1]	State taxes in Texas and New Mexico made up the majority (greater than 50 percent) of the tax effect in this category.

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 90.9	$ 67.8	$ 153.4
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(90.9)	(67.8)	(153.4)
Commodity Contracts [Member] \| Revenues [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(251.2)	(313.2)	287.7
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ 202.8	$ (7.5)	$ 193.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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-Topic 815
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-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

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-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

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-Paragraph 4D
-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

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-Topic 815
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, before tax and adjustments, of gain (loss) from increase (decrease) in value of excluded component of derivative designated and qualifying as hedge. Adjustments include, but are not limited to, reclassifications for sale and settlement, and amounts recognized under systematic and rational method.

+ References + Details

Income Taxes - Components of Federal and State Income Tax Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income tax (expense) benefit:
Current expense (benefit)	$ 13.1	$ 17.5	$ 13.6
Deferred expense (benefit)	516.6	367.0	349.6
Total income tax expense (benefit)	529.7	384.5	363.2
Federal [Member]
Income tax (expense) benefit:
Current expense (benefit)	12.2	(0.1)	0.2
Deferred expense (benefit)	466.7	339.2	342.4
State [Member]
Income tax (expense) benefit:
Current expense (benefit)	0.9	17.6	13.4
Deferred expense (benefit)	$ 49.9	$ 27.8	$ 7.2

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Acquisitions and Joint Ventures

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Joint Ventures

Note 4 — Acquisitions and Joint Ventures

In January 2023, we completed the acquisition of Blackstone Energy Partners’ 25% interest in the Grand Prix Pipeline LLC (the “Grand Prix Transaction”) for aggregate consideration of $1.05 billion in cash and a final closing adjustment of $41.9 million. Following the closing of the Grand Prix Transaction, we own 100% of the interest in Grand Prix. The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax, was $490.7 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders.

In December 2023, we completed the acquisition of the remaining 50% membership interest in Carnero G&P LLC (“Carnero”) from our joint venture partner for cash consideration of $27.0 million (the “Carnero Acquisition”). The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the consideration in excess of the carrying amount, net of tax, was $20.1 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders.

In July 2024, we entered into a joint venture (“Blackcomb Joint Venture”) which will construct the Blackcomb pipeline. The Blackcomb Joint Venture is owned 70.0% by WPC, 17.5% by Targa, and 12.5% by MPLX LP. WPC is a joint venture owned 50.6% by WhiteWater, 30.4% by MPLX LP, and 19.0% by Enbridge Inc. The Blackcomb pipeline is designed to transport up to 2.5 Bcf/d of natural gas through approximately 365 miles of 42-inch pipeline from the Permian Basin in West Texas to the Agua Dulce area in South Texas, pending the receipt of customary regulatory and other approvals.

In April 2025, WhiteWater announced the Blackcomb Joint Venture reached a final investment decision to construct the Traverse pipeline. The bi-directional Traverse pipeline is designed to transport up to 2.5 Bcf/d of natural gas through approximately 160 miles of pipeline between the Agua Dulce area and the Katy area, pending the receipt of customary regulatory and other approvals. Both the Blackcomb and Traverse pipelines will be operated by an affiliate of WhiteWater. For additional information see “Note 7 – Investments in Unconsolidated Affiliates”.

In December 2024, we completed the acquisition of the remaining 12% membership interest in Cedar Bayou Fractionators, L.P. (“CBF”) from our joint venture partner for cash consideration of $111.6 million (the “CBF Acquisition”). The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the consideration in excess of the carrying amount, net of tax, was $32.9 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders.

In March 2025, we completed the acquisition of Blackstone’s 45% interest in Targa Badlands LLC (“Targa Badlands”) for aggregate consideration of $1.8 billion in cash, with an additional $0.4 million of capitalized transaction costs (the “Badlands Transaction”). As a result of the acquisition, we own 100% of the interests in and earnings of Targa Badlands effective January 1, 2025. The change in our ownership interest was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax, was $70.5 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders.

In December 2025, we completed the purchase of all of the membership interests in Dovetail Midstream, LLC (“Dovetail”), a wholly-owned subsidiary of Riley Exploration Permian, Inc (“Riley”), and on December 24, 2025, we completed the purchase of certain compressor assets from Riley for aggregate cash consideration of approximately $122.8 million for both the membership interests in Dovetail and certain compressor assets, subject to customary closing adjustments (together, the “Dovetail Acquisition”). The assets acquired in the Dovetail Acquisition primarily consist of compression and natural gas gathering infrastructure in Eddy County, New Mexico. Subject to certain volume-based performance thresholds, additional cash of up to $60.0 million may be payable to Riley over a five-year period. As part of the acquisition, we acquired approximately $55.1 million of Property, plant and equipment, net and recorded approximately $67.2 million of goodwill, which is fully deductible for federal income tax purposes.

The Dovetail Acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations, which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. The valuation of the acquired assets and liabilities was prepared using fair value methods and assumptions, including projections of future production volumes, commodity prices, and other cash flows, market-participant assumptions (e.g., discount rate and exit multiple), tangible asset replacement costs, and other management estimates. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in “Note 14 – Fair Value Measurements”. These inputs require judgments and estimates at the time of valuation. We are in the process of finalizing valuations related to property, plant and equipment, other assets, and contingent consideration. The final valuation will be completed no later than one year from the acquisition date.

The value of property, plant and equipment was determined using the cost approach and was primarily comprised of Gathering and Processing assets that will be depreciated on a straight-line basis over the useful lives of the assets. The associated useful lives of property, plant and equipment were based on the period over which the assets are expected to contribute directly or indirectly to our future cash flows.

In December 2025, we completed the purchase of certain midstream assets from Nile Midstream, LLC and Four Winds Midstream, LLC, both wholly-owned subsidiaries of Blackbeard Holdings, LLC, for aggregate cash consideration of $90.3 million, inclusive of capitalized transaction costs (the “Nile Acquisition”), subject to customary closing adjustments. The assets acquired in the Nile Acquisition primarily consist of compression and pipeline infrastructure. We allocated substantially all of the consideration paid to property, plant and equipment.

On January 6, 2026, we completed the acquisition of Stakeholder Midstream, LLC for a purchase price of $1.25 billion (the “Stakeholder Acquisition”), subject to customary closing adjustments. We acquired a portfolio of complementary Permian Basin midstream infrastructure assets, including approximately 480 miles of natural gas pipelines, approximately 180 MMcf/d of cryogenic natural gas processing and sour treating capacity, carbon capture activities generating 45Q tax credits, and a small crude oil gathering system. The acquisition has an effective date of January 1, 2026. We used $650.0 million in borrowings from the Commercial Paper Program and $600.0 million from the Securitization Facility to fund the Stakeholder Acquisition. At the time of this filing, it is impracticable to disclose all the information required by ASC 805, Business Combinations, as we are in the process of evaluating the purchase accounting implications of the transaction.

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 166.1

$ 157.3

Trade receivables, net of allowances of $0.7 million and $2.5 million as of December 31, 2025 and 2024

1,474.6

1,618.3

Inventories

429.3

334.3

Assets from risk management activities

154.7

61.8

Other current assets

138.0

124.6

Total current assets

2,362.7

2,296.3

Property, plant and equipment, net

20,534.8

18,062.7

Intangible assets, net

1,651.4

1,977.4

Long-term assets from risk management activities

35.0

25.3

Investments in unconsolidated affiliates

307.1

193.3

Other long-term assets

327.4

179.1

Total assets

^[1]

25,218.4

22,734.1

Current liabilities:

Accounts payable

1,873.0

2,012.5

Accrued liabilities

358.6

336.0

Interest payable

311.0

269.1

Liabilities from risk management activities

234.1

167.3

Current debt obligations

770.1

387.7

Total current liabilities

3,546.8

3,172.6

Long-term debt

16,662.4

13,786.9

Long-term liabilities from risk management activities

22.5

92.0

Deferred income taxes, net

1,393.5

872.1

Other long-term liabilities

395.0

392.3

Commitments and Contingencies (see Notes 16 and 17)

0.0

Targa Resources Corp. stockholders' equity:

Common Stock ($0.001 par value, 450,000,000 shares authorized as of December 31, 2025 and 2024)

0.2

Additional paid-in capital

3,088.1

3,089.1

Retained earnings (deficit)

2,294.4

1,190.0

Accumulated other comprehensive income (loss)

113.8

27.5

Treasury stock, at cost (26,823,261 shares and 24,000,284 shares as of December 31, 2025 and 2024)

(2,428.6)

(1,714.4)

Total Targa Resources Corp. stockholders' equity

3,067.9

2,592.4

Noncontrolling interests

130.3

1,825.8

Total owners' equity

3,198.2

4,418.2

Total liabilities and owners' equity

$ 25,218.4

$ 22,734.1

[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Debt Obligations - Senior Unsecured Notes Issuances - Additional Information (Details) - USD ($)		1 Months Ended						12 Months Ended
	Feb. 24, 2025	Nov. 30, 2025	Jun. 30, 2025	Feb. 28, 2025	Aug. 31, 2024	Nov. 30, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Jan. 15, 2026	Jul. 15, 2025	Jun. 18, 2025
Term Loan Facility [Member]
Debt Instrument [Line Items]
Repayment of borrowings						$ 1,000,000,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Net proceeds from private placement of notes				$ 2,000,000,000	$ 990,100,000	2,000,000,000	$ 1,700,000,000
Debt issuance costs		$ 13,800,000	$ 13,600,000	20,400,000
Discount as reductions of senior unsecured notes		1,300,000	3,200,000	6,100,000				$ 38,300,000	$ 29,400,000
Senior Unsecured Notes [Member] \| Senior Unsecured Notes Due February2033 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt								4.20%	4.20%
Maturity date								Feb. 28, 2033	Feb. 28, 2033
Senior Unsecured Notes [Member] \| Senior Unsecured Notes Due April2052 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt								4.95%	4.95%
Maturity date								Apr. 30, 2052	Apr. 30, 2052
Senior Unsecured Notes [Member] \| Senior Unsecured of 6.500% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt											6.50%
Senior Unsecured Notes [Member] \| Senior Unsecured 6.125% Fixed Rate, due March 2033 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued							$ 900,000,000
Interest rate on fixed rate debt							6.125%	6.125%	6.125%
Maturity date								Mar. 31, 2033	Mar. 31, 2033
Senior Unsecured Notes [Member] \| Senior Unsecured 6.500% Fixed Rate, due February 2053 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued							$ 850,000,000
Interest rate on fixed rate debt							6.50%	6.50%	6.50%
Maturity date								Feb. 28, 2053	Feb. 28, 2053
Senior Unsecured Notes [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued						1,500,000,000
Senior Unsecured Notes [Member] \| Senior Unsecured 6.150% Fixed Rate, due March 2029 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued						$ 1,000,000,000
Interest rate on fixed rate debt						6.15%		6.15%	6.15%
Maturity date								Mar. 31, 2029	Mar. 31, 2029
Senior Unsecured Notes [Member] \| Senior Unsecured 6.500% Fixed Rate, due March 2034 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued						$ 1,000,000,000
Interest rate on fixed rate debt						6.50%		6.50%	6.50%
Maturity date								Mar. 31, 2034	Mar. 31, 2034
Senior Unsecured Notes [Member] \| Senior Unsecured 5.500% Fixed Rate, due February 2035 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt								5.50%	5.50%
Maturity date								Feb. 28, 2035	Feb. 28, 2035
Senior Unsecured Notes [Member] \| Senior Unsecured of 5.550% Senior Notes due 2035 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 1,000,000,000			$ 1,000,000,000	$ 1,000,000,000
Interest rate on fixed rate debt	5.55%			5.55%	5.50%
Senior Unsecured Notes [Member] \| Senior Unsecured of 4.900% Senior Notes due 2030 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued			$ 750,000,000									$ 750,000,000
Interest rate on fixed rate debt			4.90%									4.90%
Senior Unsecured Notes [Member] \| Senior Unsecured of 5.650% Senior Notes due 2036 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued			$ 750,000,000
Interest rate on fixed rate debt			5.65%
Senior Unsecured Notes [Member] \| June 2025 Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Net proceeds from private placement of notes			$ 1,500,000,000
Senior Unsecured Notes [Member] \| Senior Unsecured of 6.125% Senior Notes due 2055 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 1,000,000,000			$ 1,000,000,000
Interest rate on fixed rate debt	6.125%			6.125%
Net proceeds from private placement of notes	$ 2,000,000,000
Senior Unsecured Notes [Member] \| Senior Unsecured of 4.350% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 750,000,000
Interest rate on fixed rate debt		4.35%
Senior Unsecured Notes [Member] \| Senior Unsecured of 5.400% Senior Notes due 2036 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 1,000,000,000
Interest rate on fixed rate debt		5.40%
Senior Unsecured Notes [Member] \| November 2025 Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Net proceeds from private placement of notes		$ 1,700,000,000
Senior Unsecured Notes [Member] \| Subsequent Event [Member] \| Senior Unsecured of 4.350% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt										6.875%

Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Restricted Stock Units (RSUs) [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Awards

The following table shows activity related to the restricted stock awards and RSUs under the 2010 TRGP Plan for the period presented:


	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2024		1,770,052		$	79.96
Granted		357,922			174.19
Forfeited		(55,365	)		104.84
Vested		(631,162	)		65.84
Outstanding at December 31, 2025		1,441,447			108.67

PSUs [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Performance Share Units

The following table shows activity related to the PSUs under the 2010 TRGP Plan for the period presented:


	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2024		413,094		$	126.99
Granted		77,114			377.30
Vested		(155,790	)		108.55
Outstanding at December 31, 2025		334,418			193.30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 1,189.3	$ 1,049.8	$ 945.6
Amortization	326.0	$ 373.2	$ 384.0
Estimated amortization expense for intangible assets [Abstract]
2026	279.8
2027	252.2
2028	234.0
2029	214.1
2030	$ 184.3
Weighted average amortization period, intangible assets	9 years

Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense		$ 69.5	$ 63.2	$ 62.4
Unrecognized compensation expense		$ 105.2
Remaining weighted average vesting periods of unrecognized compensation expenses		2 years 3 months 18 days
Employer matching contribution percent		100.00%
Defined Contribution Plan, Plans Name [Extensible Enumeration]		http://www.targaresources.com/#FourZeroOneKPlansMember
Percentage of employees' gross pay for which employer contributes matching contribution		5.00%
Percentage of additional contribution per employee made by employer		3.00%
Percentage of contributions made in cash		100.00%
Contributions to defined contribution plan		$ 39.8	35.1	32.3
Accounting Standard Update 2016-09 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax deficiencies of dividends on share-based compensation recognized as income tax expenses		$ 13.9	$ 14.2	$ 17.0
Restricted Stock Units (RSUs) [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested (in shares)	130,113
Shares withheld to satisfy tax withholding obligations	51,815
PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility		32.00%	34.00%	38.00%
PSUs [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested (in shares)	325,284
Shares withheld to satisfy tax withholding obligations	124,769
Director Grants [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested (in shares)	9,479
Shares withheld to satisfy tax withholding obligations	0
Unvested Restricted Stock Awards [Member] \| Outside Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	10,829,000
Unvested Restricted Stock Awards [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of awards		3 years
2010 TRC Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair values of share-based awards vested		$ 83.8	$ 87.2	$ 96.8
Cash dividends paid for the vested awards		$ 3.2	$ 5.3	$ 8.3
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Outside Directors [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting date	2027-01
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| 2026 Compensation Cycle [Member] \| Third Year [Member] \| Executive Management \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	92,281
Vesting date	2029-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding (in shares)		334,418	413,094
Granted (in shares)		77,114
Granted (in dollars per shares)		$ 377.3
Vesting period of awards		3 years
Expected term of grant date fair value		3 years
Vested (in shares)		155,790
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2023 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)				140,020
Vesting date				2026-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2024 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)			131,816
Vesting date			2027-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2025 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		77,114
Vesting date		2028-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2026 Compensation Cycle [Member] \| Executive Management \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	92,281
Vesting date	2029-01
2010 TRGP Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of units authorized (in shares)					15,000,000
Total number of units available (in shares)					5,000,000
Total number of additional units available (in shares)					10,000,000
2010 TRGP Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		348,443	415,467	587,326
Granted (in dollars per shares)		$ 173.24	$ 117.95	$ 78.69
2010 TRGP Plan [Member] \| Director Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		9,479	23,984	23,518
Granted (in dollars per shares)		$ 209.18	$ 85.7	$ 74.13

Leases - Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating leases, right-of-use assets, net	$ 93.9	$ 103.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other long-term assets	Other long-term assets
Operating leases, Current liabilities	$ 24.3	$ 25.2
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating leases, Non-current liabilities	$ 89.5	$ 90.4
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Finance leases, right-of-use assets, net	$ 324.9	$ 285.1
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance leases, Current liabilities	$ 93.1	$ 57.7
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Liabilities, Current	Liabilities, Current
Finance leases, Non-current liabilities	$ 260.4	$ 240.4
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt

Commitments (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Total Expenses on Non-Cancelable Commitments

The following table shows total operating expenses incurred under the above non-cancelable commitments for the periods presented:


	Year Ended December 31,
	2025		2024		2023
Land sites and rights of way	$	6.8	$	7.2	$	9.0

Schedule of Contractual Maturities of Outstanding Debt Obligations


	In Aggregate		2026		2027		2028		2029		2030		Thereafter
Land sites and rights of way (1)	$	374.3	$	11.8	$	13.2	$	18.6	$	9.4	$	8.5	$	312.8

(1)

Organization and Operations

12 Months Ended

Dec. 31, 2025

Organization [Abstract]

Organization and Operations

Note 1 — Organization and Operations

Our Organization

Targa Resources Corp. (NYSE: TRGP) owns, operates, acquires, and develops a diversified portfolio of complementary domestic infrastructure assets.

In this Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership”. Targa consolidates the Partnership and its subsidiaries under accounting principles generally accepted in the United States of America (“GAAP”), and the accompanying consolidated financial statements have been prepared under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are:

•

the inclusion of the TRGP senior revolving credit facility;

•

the inclusion of the TRGP senior unsecured notes;

•

the inclusion of the TRGP commercial paper notes; and

•

the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes.

Our Operations

The Company is primarily engaged in the business of:

•

gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;

•

transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and

•

gathering, storing, terminaling, and purchasing and selling crude oil.

See “Note 22 – Segment Information” for certain financial information regarding our business segments.

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Description of Processes for Assessing, Identifying, and Managing Cybersecurity Risks Cybersecurity risk is an area of focus for Targa, particularly as our operations become increasingly dependent on digital technologies. Across the world, cybersecurity incidents are occurring more frequently, use increasingly sophisticated methods and could pose serious risks to the Company’s data integrity, reputation, operations and revenue. The Company has a cybersecurity program, which uses technology and processes to help mitigate cybersecurity risks, with our Security Operations team working to monitor, assess, identify, and respond to potential cybersecurity incidents that threaten the Company. We utilize the National Institute of Standards and Technology Cybersecurity Framework as well as supplemental guidance for information and operational technologies to assess current risks against deployed current countermeasures. We seek to follow federal and state statutory and regulatory guidance and have adopted internal policies and standards that we believe are in alignment with these requirements. Our cybersecurity program covers Targa’s general corporate information and operational technology systems, which support our various lines of business. Our cybersecurity program also follows defense in depth principles, which aim to implement various layered access control, detection, prevention, and response measures. Targa has formal disaster recovery and business continuity plans, as well as a Cyber Incident Response Plan, which is periodically tested using tabletop exercises. We regularly engage with independent third parties to assess our vulnerabilities and help us mitigate cybersecurity-related risks. Targa’s security posture is also tested by internal Targa personnel and independent third parties to gauge its effectiveness. Our cybersecurity program includes a formally documented process for oversight of cybersecurity risks associated with our third-party service providers. This process begins prior to engagement. Third-party service providers are evaluated using independent assessment tools to gauge their security posture. The above cybersecurity risk management processes are integrated into our overall risk management program. While we seek to continually evaluate cybersecurity risks based upon emerging threats as a part of the Company’s risk management processes, overall cybersecurity risks to the Company are also evaluated annually by independent consultants and learnings are incorporated into the overall Company risk matrices. Our Code of Conduct communicates our expectation that employees and contractors will maintain the security of our information technology systems. All employees are presented with Code of Conduct training annually. Each employee’s and contractor’s ability to recognize and report cyber threats is an important component of our cybersecurity program. We focus on increasing employee awareness of phishing attempts and train employees to be aware of cyber risks. We recognize that cybersecurity risks continue to emerge and evolve. Assessment and enhancement of our security posture in predicting and responding to the changing threat landscape are core goals of our cybersecurity program. Targa maintains relationships with various cybersecurity industry subject matter experts, governmental agencies, law enforcement research and benchmarking organizations, and industry peers as part of our effort to improve our program based on threat information and available countermeasures. We continue to make investments in new technologies to protect our facilities, users, and stakeholders, and to protect the personally identifiable information we maintain. Board of Directors’ Oversight of Risks from Cybersecurity Risks Cybersecurity risks are overseen at the board level through the Audit Committee. As part of this oversight, the Audit Committee, with several key members of management, meets quarterly to discuss ongoing initiatives and seek to ensure coordination between enterprise stakeholders. At these meetings, our Vice President of Security Operations and Senior Vice President of Technology, who oversee the Company’s cybersecurity program, review with our Audit Committee current and emerging cybersecurity-related threats as well as key performance indicators for cybersecurity process maturity, operational performance, and enterprise performance in countering these threats. Our Vice President of Security Operations and Senior Vice President of Technology also annually review our Company's cybersecurity program with our full board. Based on the information provided through these various processes, our board evaluates the risks facing us and provides guidance as to the appropriate risk management strategy. Management’s Role in Assessing and Managing Cybersecurity Risks The Vice President of Security Operations and Senior Vice President of Technology are primarily responsible for assessing and managing Targa’s material risks from cybersecurity threats, and work to monitor the effectiveness of our cybersecurity detection and response processes in countering current threats and to provide updates to our executive team. Our Vice President of Security Operations has more than 25 years of experience working in the field of cybersecurity, including numerous years directing enterprise-level cybersecurity programs. No Previous Material Cybersecurity Incidents As of the date of this report, though the Company and our service providers have experienced certain cybersecurity incidents, we are not aware of any previous cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company. We acknowledge that cybersecurity threats are continually evolving, and the possibility of future cybersecurity incidents remains. Despite the security and risk management measures that we have implemented and any additional measures we may implement or adopt in the future, our facilities and systems, and those of our third-party service providers, vendors, suppliers, customers and other business partners, have been and are vulnerable to security breaches, computer viruses, lost or misplaced data, programming errors, scams, burglary, human errors, acts of vandalism, misdirected wire transfers, or other malicious or criminal activities. A successful attack on our information or operational technology systems could have material consequences to the Company. While we devote resources to our security measures to protect our systems and information, these measures cannot provide absolute security. See “Item 1A. Risk Factors” for additional information about the risks to our business associated with a breach or compromise to our information technology systems.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The above cybersecurity risk management processes are integrated into our overall risk management program. While we seek to continually evaluate cybersecurity risks based upon emerging threats as a part of the Company’s risk management processes, overall cybersecurity risks to the Company are also evaluated annually by independent consultants and learnings are incorporated into the overall Company risk matrices.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors’ Oversight of Risks from Cybersecurity Risks Cybersecurity risks are overseen at the board level through the Audit Committee. As part of this oversight, the Audit Committee, with several key members of management, meets quarterly to discuss ongoing initiatives and seek to ensure coordination between enterprise stakeholders. At these meetings, our Vice President of Security Operations and Senior Vice President of Technology, who oversee the Company’s cybersecurity program, review with our Audit Committee current and emerging cybersecurity-related threats as well as key performance indicators for cybersecurity process maturity, operational performance, and enterprise performance in countering these threats. Our Vice President of Security Operations and Senior Vice President of Technology also annually review our Company's cybersecurity program with our full board. Based on the information provided through these various processes, our board evaluates the risks facing us and provides guidance as to the appropriate risk management strategy. Management’s Role in Assessing and Managing Cybersecurity Risks The Vice President of Security Operations and Senior Vice President of Technology are primarily responsible for assessing and managing Targa’s material risks from cybersecurity threats, and work to monitor the effectiveness of our cybersecurity detection and response processes in countering current threats and to provide updates to our executive team. Our Vice President of Security Operations has more than 25 years of experience working in the field of cybersecurity, including numerous years directing enterprise-level cybersecurity programs.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of this oversight, the Audit Committee, with several key members of management, meets quarterly to discuss ongoing initiatives and seek to ensure coordination between enterprise stakeholders. At these meetings, our Vice President of Security Operations and Senior Vice President of Technology, who oversee the Company’s cybersecurity program, review with our Audit Committee current and emerging cybersecurity-related threats as well as key performance indicators for cybersecurity process maturity, operational performance, and enterprise performance in countering these threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Vice President of Security Operations and Senior Vice President of Technology are primarily responsible for assessing and managing Targa’s material risks from cybersecurity threats, and work to monitor the effectiveness of our cybersecurity detection and response processes in countering current threats
Cybersecurity Risk Role of Management [Text Block]	Management’s Role in Assessing and Managing Cybersecurity Risks The Vice President of Security Operations and Senior Vice President of Technology are primarily responsible for assessing and managing Targa’s material risks from cybersecurity threats, and work to monitor the effectiveness of our cybersecurity detection and response processes in countering current threats and to provide updates to our executive team. Our Vice President of Security Operations has more than 25 years of experience working in the field of cybersecurity, including numerous years directing enterprise-level cybersecurity programs.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Vice President of Security Operations and Senior Vice President of Technology are primarily responsible for assessing and managing Targa’s material risks from cybersecurity threats, and work to monitor the effectiveness of our cybersecurity detection and response processes in countering current threats and to provide updates to our executive team.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President of Security Operations has more than 25 years of experience working in the field of cybersecurity, including numerous years directing enterprise-level cybersecurity programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Vice President of Security Operations and Senior Vice President of Technology are primarily responsible for assessing and managing Targa’s material risks from cybersecurity threats, and work to monitor the effectiveness of our cybersecurity detection and response processes in countering current threats and to provide updates to our executive team.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases - Additional Information (Details)	Dec. 31, 2025
Lessee Lease Description [Line Items]
Weighted-average remaining lease terms for operating leases	5 years
Weighted-average remaining lease terms for finance leases	4 years
Weighted-average discount rates for operating leases	5.00%
Weighted-average discount rates for finance leases	4.90%
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease terms	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease terms	10 years
Options to extend lease term	20 years

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Note 10 — Leases

We have non-cancellable operating leases primarily associated with our compressors, office facilities, rail assets, land, storage and terminal assets. We have finance leases primarily associated with our compressors, vehicles, generators, substations and tractors. Our leases have remaining lease terms of 1 to 10 years, some of which include options to extend the lease term for up to 20 years.

The following table shows balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets as of the periods presented:


		December 31,
	Balance Sheet Location	2025		2024
Operating leases:
Lease right-of-use assets, net	Other long-term assets	$	93.9	$	103.7
Current liabilities	Accrued liabilities		24.3		25.2
Non-current liabilities	Other long-term liabilities		89.5		90.4

Finance leases:
Lease right-of-use assets, net	Property, plant and equipment, net	$	324.9	$	285.1
Current liabilities	Current debt obligations		93.1		57.7
Non-current liabilities	Long-term debt		260.4		240.4


	Year Ended December 31,
	2025		2024		2023
Lease cost
Operating lease cost	$	28.6	$	30.6	$	18.3
Short-term lease cost		36.5		45.2		56.7
Variable lease cost		52.5		46.0		26.0
Finance lease cost
Amortization of right-of-use assets		75.0		55.3		48.2
Interest expense		16.1		14.5		14.0
Total lease cost	$	208.7	$	191.6	$	163.2

The following table shows other supplemental information related to our leases for the periods presented:


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	32.4	$	32.4	$	21.4
Operating cash flows for finance leases		15.9		14.2		13.9
Financing cash flows for finance leases		76.5		50.1		42.9

The weighted-average remaining lease terms for operating leases and finance leases are 5 years and 4 years, respectively. The weighted-average discount rates for operating leases and finance leases are 5.0% and 4.9%, respectively.

The following table presents the maturities of our lease liabilities under non-cancellable leases as of December 31, 2025:


	Operating Leases			Finance Leases

2026	$	23.1		$	107.5
2027		29.0			100.5
2028		24.2			75.4
2029		19.3			59.0
2030		13.7			37.6
Thereafter		20.7			8.0
Total undiscounted cash flows		130.0			388.0
Less imputed interest		(16.2	)		(34.5	)
Total lease liabilities	$	113.8		$	353.5

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets


	December 31, 2025
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	189.3	$	189.3	$	—	$	189.2	$	0.1
Liabilities from commodity derivative contracts (1)		256.2		256.2		—		255.2		1.0
Contingent consideration (2)		0.3		0.3		—		—		0.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		166.1		166.1		—		—		—
TRGP Revolver and Commercial Paper Program		161.0		161.0		—		161.0		—
TRGP Senior unsecured notes		12,711.7		12,928.6		—		12,928.6		—
Partnership’s Senior unsecured notes		4,329.2		4,316.2		—		4,316.2		—


	December 31, 2024
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	87.0	$	87.0	$	—	$	87.0	$	—
Liabilities from commodity derivative contracts (1)		259.2		259.2		—		259.2		—
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		157.3		157.3		—		—		—
Previous TRGP Revolver and Commercial Paper Program		1,130.5		1,130.5		—		1,130.5		—
TRGP Senior unsecured notes		7,470.6		7,438.6		—		7,438.6		—
Partnership’s Senior unsecured notes		5,034.4		4,928.0		—		4,928.0		—
Securitization Facility		330.0		330.0		—		330.0		—

(1)

(2)

We have a contingent consideration liability related to the Dovetail Acquisition, which is carried at fair value. See “Note 4 - Acquisitions and Joint Ventures”.

Schedule of Changes in Fair Value of Financial Instruments Classified as Level 3

The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy for the period presented:


	Commodity
	Derivative Contracts			Contingent
	Asset (Liability)			Consideration
Balance, December 31, 2024		—			—
Contingent consideration		—			(0.3	)
Unrealized gain(loss) included in OCI		(0.9	)		—
Balance, December 31, 2025	$	(0.9	)	$	(0.3	)

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations


	2026		2027		2028 and after
Fixed consideration to be recognized as of December 31, 2025	$	371.6	$	397.0	$	1,773.8

Components of Deferred Revenue

The following table shows the components of deferred revenue as of the periods presented:


	December 31, 2025		December 31, 2024
Contributions in aid of construction	$	110.9	$	91.1
Gas contract amendment		24.8		27.3
Other		—		1.5
Total deferred revenue	$	135.7	$	119.9

Changes in Deferred Revenue

The following table shows the changes in deferred revenue for the periods presented:


	Year Ended December 31,
	2025			2024
Balance at beginning of period	$	119.9		$	248.8
Additions		36.3			19.7
Revenue recognized		(20.5	)		(19.6	)
Reclassification to accrued liabilities (1)		—			(129.0	)
Balance at end of period	$	135.7		$	119.9

Debt Obligations - Debt Repurchases & Extinguishments - Additional Information (Details) - USD ($)				1 Months Ended
	Jan. 15, 2026	Jan. 06, 2026	Jul. 15, 2025	May 31, 2024	Nov. 30, 2023	Nov. 30, 2025
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments				$ (800,000)
Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowings from commercial paper		$ 650,000,000
Borrowings from Securitization Facility		$ 600,000,000
Term Loan Facility [Member]
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments					$ (2,100,000)
Term Loan Facility [Member] \| Non Credit Enhanced Senior Unsecured Long Term Debt Ratings [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Term Loan Facility [Member] \| Debt Rating [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.125%
Term Loan Facility [Member] \| Debt Rating [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Term Loan Facility [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Term Loan Facility [Member] \| Term SOFR Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Term Loan Facility [Member] \| Term SOFR Rate [Member] \| Non Credit Enhanced Senior Unsecured Long Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.00%
Term Loan Facility [Member] \| Term SOFR Rate [Member] \| Debt Rating [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%
Term Loan Facility [Member] \| Base Rate [Member] \| Non Credit Enhanced Senior Unsecured Long Term Debt Ratings [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.125%
Term Loan Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued					$ 1,500,000,000
Senior Unsecured of 6.500% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments			$ (1,900,000)
Senior Unsecured of 6.500% Senior Notes due 2027 [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt			6.50%
Senior Unsecured of 6.875% Senior Notes due 2029 [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments	$ (10,100,000)
Gain (loss) due to debt extinguishments related to redemption premium	(7,800,000)
Write-off of debt issuance costs	$ (2,300,000)
Senior Unsecured of 6.875% Senior Notes due 2029 [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued						$ 750,000,000
Interest rate on fixed rate debt						4.35%
Senior Unsecured of 6.875% Senior Notes due 2029 [Member] \| Unsecured Debt [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.875%

Fair Value Measurements - Schedule of Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Balance, December 31, 2024	$ 0.0
Unrealized gain (loss) included in OCI	(0.9)
Balance, December 31, 2025	(0.9)
Contingent Consideration
Balance, December 31, 2024	0.0
Contingent consideration	(0.3)
Balance, December 31, 2025	$ (0.3)

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2022	$ 4,982.2	$ 0.2	$ 3,702.3	$ (626.8)	$ 54.7	$ (464.7)	$ 2,316.5
Balance (in shares) at Dec. 31, 2022		226,042,000
Balance (in shares) at Dec. 31, 2022						11,897,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	62.4		62.4
Dividend equivalent rights	(3.9)		(2.3)	(1.6)
Shares issued under compensation program (in shares)		2,156,000
Shares tendered for tax withholding obligations	(55.8)					$ (55.8)
Shares tendered for tax withholding obligations (in shares)		(716,000)				716,000
Repurchases of common stock	$ (373.7)					$ (373.7)
Repurchases of common stock (in shares)	(4,870,559)	(4,871,000)				4,871,000
Excise tax on repurchases of common stock	$ (2.7)					$ (2.7)
Common stock dividends
Common stock dividends	(419.0)			(419.0)
Dividends in excess of retained earnings			(193.5)	193.5
Distributions to noncontrolling interests	(230.0)						(230.0)
Contributions from noncontrolling interests	9.7						9.7
Repurchase of noncontrolling interests, net of tax	(969.4)		(510.1)				(459.3)
Other comprehensive income (loss)	30.9				30.9
Net income (loss)	1,579.3			1,345.9			233.4
Balance at Dec. 31, 2023	4,610.0	$ 0.2	3,058.8	492.0	85.6	$ (896.9)	1,870.3
Balance (in shares) at Dec. 31, 2023		222,611,000
Balance (in shares) at Dec. 31, 2023						17,484,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	63.2		63.2
Dividend equivalent rights	(3.8)			(3.8)
Shares issued under compensation program (in shares)		1,669,000
Shares tendered for tax withholding obligations	(56.4)					$ (56.4)
Shares tendered for tax withholding obligations (in shares)		(583,000)				583,000
Repurchases of common stock	$ (754.7)					$ (754.7)
Repurchases of common stock (in shares)	(5,933,050)	(5,933,000)				5,933,000
Excise tax on repurchases of common stock	$ (6.4)					$ (6.4)
Common stock dividends
Common stock dividends	(610.2)			(610.2)
Distributions to noncontrolling interests	(229.0)						(229.0)
Contributions from noncontrolling interests	12.0						12.0
Repurchase of noncontrolling interests, net of tax	(101.9)		(32.9)				(69.0)
Other comprehensive income (loss)	(58.1)				(58.1)
Net income (loss)	1,553.5			1,312.0			241.5
Balance at Dec. 31, 2024	$ 4,418.2	$ 0.2	3,089.1	1,190.0	27.5	$ (1,714.4)	1,825.8
Balance (in shares) at Dec. 31, 2024		217,764,000
Balance (in shares) at Dec. 31, 2024	24,000,284					24,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	$ 69.5		69.5
Dividend equivalent rights	(3.5)			(3.5)
Shares issued under compensation program (in shares)		1,006,000
Shares tendered for tax withholding obligations	(67.3)					$ (67.3)
Shares tendered for tax withholding obligations (in shares)		(343,000)				343,000
Repurchases of common stock	$ (641.8)					$ (641.8)
Repurchases of common stock (in shares)	(3,765,272)	(3,765,000)				3,765,000
Excise tax on repurchases of common stock	$ (5.1)					$ (5.1)
Common stock dividends
Common stock dividends	(815.1)			(815.1)
Distributions to noncontrolling interests	(20.0)						(20.0)
Repurchase of noncontrolling interests, net of tax	(1,779.7)		(70.5)				(1,709.2)
Other comprehensive income (loss)	86.3				86.3
Net income (loss)	1,956.7			1,923.0			33.7
Balance at Dec. 31, 2025	$ 3,198.2	$ 0.2	$ 3,088.1	$ 2,294.4	$ 113.8	$ (2,428.6)	$ 130.3
Balance (in shares) at Dec. 31, 2025		214,662,000
Balance (in shares) at Dec. 31, 2025	28,108,057					28,108,000

Revenue - Components of Deferred Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 135.7	$ 119.9	$ 248.8
Contributions in Aid of Construction [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	110.9	91.1
Gas Contract Amendment [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 24.8	27.3
Other
Deferred Revenue Arrangement [Line Items]
Total deferred revenue		$ 1.5

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 20 — Supplemental Cash Flow Information


	Year Ended December 31,
	2025			2024			2023
Cash:
Interest paid, net of capitalized interest (1)	$	793.3		$	712.7		$	618.6
Non-cash investing activities:
Change in deadstock commodity inventory	$	(5.5	)	$	3.7		$	(13.7	)
Impact of net accruals on capital expenditures		108.4			221.7			58.2
Change in ARO liability and property, plant and equipment, net due to revised cash flow estimate and additions		4.0			64.1			4.9
Contingent consideration		0.3			—			—
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	(13.5	)	$	(3.6	)	$	8.9
Reduction of owner's equity related to accrued dividends on unvested equity awards under share compensation arrangements		3.5			3.8			3.9
Changes in lease liabilities from recognition (derecognition) of right-of-use assets:
Operating lease	$	15.3		$	66.8		$	53.1
Finance lease		127.3			59.8			104.8

(1)

Interest capitalized on major projects was $77.3 million, $74.8 million and $41.1 million for the years ended December 31, 2025, 2024 and 2023.

Compensation Plans - Summary of PSUs Under 2010 TRC Stock Incentive Plan (Details) - 2010 TRC Stock Incentive Plan [Member] - PSUs [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares) \| shares	413,094
Granted (in shares) \| shares	77,114
Vested (in shares) \| shares	(155,790)
Outstanding, end of period (in shares) \| shares	334,418
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share) \| $ / shares	$ 126.99
Granted (in dollars per shares) \| $ / shares	377.3
Vested (in dollars per share) \| $ / shares	108.55
Outstanding, end of period (in dollars per share) \| $ / shares	$ 193.3

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

$ 193.3

Equity earnings (loss)

11.8

$ 9.4

$ 9.0

Balance at end of period

307.1

193.3

Targa Resources Partners LP [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

193.3

146.3

131.3

Equity earnings (loss)

11.8

9.4

9.0

Cash Distributions

(28.5)

(25.3)

(18.6)

Contributions

130.5

^[1]

62.9

24.6

Balance at end of period

307.1

193.3

146.3

Targa Resources Partners LP [Member] | Little Missouri 4 [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

84.3

87.1

90.7

Equity earnings (loss)

15.9

14.4

7.7

Cash Distributions

(21.5)

(17.2)

(11.3)

Contributions

^[1]

15.0

Balance at end of period

93.7

84.3

87.1

Targa Resources Partners LP [Member] | Gulf Coast Fractionators LP [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

^[2]

66.4

45.6

27.1

Equity earnings (loss)

^[2]

(1.2)

(11.8)

(4.1)

Cash Distributions

^[2]

(2.0)

Contributions

^[2]

4.0

^[1]

32.6

24.6

Balance at end of period

^[2]

69.2

66.4

45.6

Targa Resources Partners LP [Member] | Cayenne Joint Venture [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

12.3

13.6

13.5

Equity earnings (loss)

7.0

6.8

5.4

Cash Distributions

(7.0)

(8.1)

(5.3)

Balance at end of period

12.3

$ 13.6

Targa Resources Partners LP [Member] | Blackcomb [Member]

Schedule Of Equity Method Investments [Line Items]

Balance at beginning of period

30.3

Equity earnings (loss)

(9.9)

Contributions

111.5

^[1]

30.3

Balance at end of period

$ 131.9

$ 30.3

[1]	Includes capitalized interest of $5.6 million related to our contributions to Blackcomb.
[2]	In January 2023, we reached an agreement with our partners to reactivate the GCF facility. GCF commenced operations in the first quarter of 2025.

Revenue - Changes in Deferred Revenue (Parenthetical) (Details) - Vitol [Member] $ in Millions	Apr. 26, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Cash payment	$ 184.8
Cumulative interest	$ 55.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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+ Details

Goodwill - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 112.3	$ 45.2	$ 45.2
Other Long-term Assets [Member]
Goodwill [Line Items]
Goodwill	$ 112.3

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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+ Details

Other Long-term Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities, Noncurrent [Abstract]

Other Long-term Liabilities

Note 9 — Other Long-term Liabilities

Other long-term liabilities are comprised of the noncurrent portion of the following obligations as of the periods presented:


	December 31, 2025		December 31, 2024
Deferred revenue	$	115.5	$	119.9
Asset retirement obligations		185.4		177.7
Operating lease liabilities		89.5		90.4
Other liabilities		4.6		4.3
Total other long-term liabilities	$	395.0	$	392.3

See “Note 18 – Revenue” for additional disclosures related to Deferred revenue.

Asset Retirement Obligations

Our AROs primarily relate to certain processing facilities, compressor stations and inactive pipelines. The following table shows changes in our ARO liability for the periods presented:


	2025			2024
Balance at beginning of period	$	177.7		$	103.0
Additions		3.4			23.8
Accretion expense		6.2			10.6
Retirements		(2.5	)		—
Change in cash flow estimate		0.6			40.3
Balance at end of period	$	185.4		$	177.7

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Roll Forward]
Balance at beginning of period	$ 1,977.4	$ 2,350.6
Amortization	(326.0)	(373.2)	$ (384.0)
Balance at end of period	$ 1,651.4	$ 1,977.4	$ 2,350.6

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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-Paragraph 40
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-Topic 350
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-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Debt


	December 31, 2025			December 31, 2024
Current:
Partnership accounts receivable securitization facility, due August 2026 (1)	$	—		$	330.0
Senior unsecured notes issued by the Partnership: (2)
6.875% fixed rate, due January 2029 (3)		679.3			—
Debt issuance costs, net of amortization (3)		(2.3	)		—
Finance lease liabilities		93.1			57.7
Current debt obligations		770.1			387.7

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2030 (4)		161.0			1,130.5
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
4.350% fixed rate, due January 2029 (3)		750.0			—
6.150% fixed rate, due March 2029		1,000.0			1,000.0
4.900% fixed rate, due September 2030 (5)		750.0			—
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033		900.0			900.0
6.500% fixed rate, due March 2034		1,000.0			1,000.0
5.500% fixed rate, due February 2035		1,000.0			1,000.0
5.550% fixed rate, due August 2035 (6)		1,000.0			—
5.650% fixed rate, due February 2036 (5)		750.0			—
5.400% fixed rate, due July 2036 (3)		1,000.0			—
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053		850.0			850.0
6.125% fixed rate, due May 2055 (6)		1,000.0			—
Unamortized discount		(38.3	)		(29.4	)
Senior unsecured notes issued by the Partnership: (2)
6.500% fixed rate, due July 2027 (5)		—			705.2
5.000% fixed rate, due January 2028		700.3			700.3
6.875% fixed rate, due January 2029 (3)		—			679.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		16,522.6			13,635.5
Debt issuance costs, net of amortization		(120.6	)		(89.0	)
Finance lease liabilities		260.4			240.4
Long-term debt		16,662.4			13,786.9
Total debt obligations	$	17,432.5		$	14,174.6
Irrevocable standby letters of credit: (4)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	20.0		$	17.6

(1)

(2)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

(3)

(4)

(5)

(6)

Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the year ended December 31, 2025:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	3.9% - 4.8%	4.6%
Securitization Facility	4.7% - 5.3%	5.2%

Schedule of Contractual Maturities of Debt Obligations

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2025, for the next five years, and in total thereafter:


	Scheduled Maturities of Debt
	Total		2026		2027		2028		2029		2030		Thereafter

TRGP Revolver and Commercial Paper Program	$	161.0	$	—	$	—	$	—	$	—	$	161.0	$	—
TRGP Senior unsecured notes		12,750.0		—		750.0		—		1,750.0		750.0		9,500.0
Partnership’s Senior unsecured notes		4,329.2		679.3		—		700.3		—		949.6		2,000.0
Total	$	17,240.2	$	679.3	$	750.0	$	700.3	$	1,750.0	$	1,860.6	$	11,500.0

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Targa Resources Partners LP [Member] \| Blackcomb [Member]
Schedule Of Equity Method Investments [Line Items]
Capitalized interest	$ 5.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt Obligations - TRGP Revolver - Additional Information (Details) - TRGP Revolver [Member] - USD ($)		12 Months Ended
	Feb. 18, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 3,500,000,000
Maximum borrowing capacity	500,000,000
Debt issuance costs	8,900,000
Remaining borrowing capacity	$ 150,000,000
Maturity date	Feb. 18, 2030
Basis spread on variable rate		0.00%
Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio before collateral release date		1
Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio before collateral release date		5.5
Debt Rating [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage		0.10%
Debt Rating [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage		0.275%
Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Term SOFR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Term SOFR [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Term SOFR [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.625%
Term SOFR [Member] \| SOFR Adjustment For Term SOFR Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.625%

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill


	December 31, 2025		December 31, 2024
Permian Delaware	$	89.1	$	22.0
Permian Midland		23.2		23.2
Goodwill	$	112.3	$	45.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Contingencies - Additional Information (Details)					1 Months Ended		12 Months Ended
Contingencies - Additional Information (Details)	Dec. 09, 2025 USD ($)	Dec. 05, 2025 USD ($)	Oct. 26, 2023 USD ($)	Jul. 24, 2023 USD ($)	Jul. 31, 2025 USD ($)	Oct. 31, 2024 USD ($) CompressorStation	Dec. 31, 2024 USD ($)
New Mexico Environment Department [Member]
Loss Contingencies [Line Items]
Loss contingency proposed civil penalty				$ 47,800,000
Capital improvements							$ 140,000,000
Major Winter Storm [Member]
Loss Contingencies [Line Items]
Award date			Oct. 26, 2023
Damages awarded	$ 6,900,000		$ 6,900,000
U.S. Environmental Protection Agency [Member]
Loss Contingencies [Line Items]
Litigation settlement					$ 3,200,000
Number of compressor station \| CompressorStation						1
Loss contingency maximum fine amount		$ 500,000				$ 500,000

Debt Obligations - Partnership's Senior Unsecured Notes - Additional Information (Details) - Senior Unsecured Notes [Member]	12 Months Ended
	Dec. 31, 2025
Debt Instrument [Line Items]
Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings	35.00%
Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption	65.00%
Redemption condition, maximum number of days from date of closing of equity offerings	180 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Long-term Liabilities - Changes in Aggregate Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 177.7	$ 103.0
Additions	3.4	23.8
Accretion expense	6.2	10.6
Retirements	(2.5)
Change in cash flow estimate	0.6	40.3
Balance at end of period	$ 185.4	$ 177.7

Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash:

Interest paid, net of capitalized interest

^[1]

$ 793.3

$ 712.7

$ 618.6

Non-cash investing activities:

Change in deadstock commodity inventory

(5.5)

3.7

(13.7)

Impact of net accruals on capital expenditures

108.4

221.7

58.2

Change in ARO liability and property, plant and equipment, net due to revised cash flow estimate and additions

4.0

64.1

4.9

Contingent consideration

0.3

Non-cash financing activities:

Changes in accrued distributions to noncontrolling interests

(13.5)

(3.6)

8.9

Reduction of owner's equity related to accrued dividends on unvested equity awards under share compensation arrangements

3.5

3.8

3.9

Changes in lease liabilities from recognition (derecognition) of right-of-use assets:

Operating lease

15.3

66.8

53.1

Finance lease

$ 127.3

$ 59.8

$ 104.8

[1]	Interest capitalized on major projects was $77.3 million, $74.8 million and $41.1 million for the years ended December 31, 2025, 2024 and 2023.

Acquisitions and Joint Ventures - Additional Information (Details)

1 Months Ended

12 Months Ended

Jan. 06, 2026

USD ($)

Miles

MMcf

Dec. 24, 2025

USD ($)

Dec. 16, 2024

USD ($)

Dec. 31, 2025

USD ($)

Apr. 30, 2025

Miles

Bcf

Mar. 31, 2025

USD ($)

Jul. 31, 2024

Miles

Bcf

Dec. 31, 2023

USD ($)

Jan. 31, 2023

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Jul. 31, 2022

USD ($)

Acquisitions and Joint Ventures [Line Items]

Repurchase of interest

$ 1,800,400,000

$ 112,900,000

$ 1,118,900,000

Premium on repurchase of noncontrolling interests, net of tax

^[1]

70,500,000

32,900,000

510,100,000

Goodwill

$ 112,300,000

$ 45,200,000

112,300,000

45,200,000

$ 45,200,000

Debt issuance cost

120,600,000

$ 120,600,000

$ 89,000,000

Weighted average amortization period, intangible assets

9 years

Commercial Paper Program [Member]

Acquisitions and Joint Ventures [Line Items]

Aggregate principal amount issued

3,500,000,000

$ 3,500,000,000

Commercial Paper Program [Member] | Subsequent Event [Member]

Acquisitions and Joint Ventures [Line Items]

Borrowings

$ 650,000,000

Commercial Paper Program [Member] | Revolving Credit Facility [Member]

Acquisitions and Joint Ventures [Line Items]

Aggregate principal amount issued

3,500,000,000

Borrowings

161,000,000

$ 161,000,000

Securitization Facility [Member] | Subsequent Event [Member]

Acquisitions and Joint Ventures [Line Items]

Borrowings

600,000,000

Stakeholder Midstream, LLC [Member] | Subsequent Event [Member]

Acquisitions and Joint Ventures [Line Items]

Business acquisition, purchase price

$ 1,250,000,000

Distance of natural gas pipelines | Miles

480

Natural gas processing capacity in service or under construction | MMcf

180

Dovetail Acquisition [Member]

Acquisitions and Joint Ventures [Line Items]

Business acquisition, purchase price

$ 122,800,000

Property, plant and equipment, net

55,100,000

Goodwill

67,200,000

Dovetail Acquisition [Member] | Maximum [Member]

Acquisitions and Joint Ventures [Line Items]

Additional cash payment

$ 60,000,000

Nile Acquisition [Member]

Acquisitions and Joint Ventures [Line Items]

Business acquisition, purchase price

$ 90,300,000

Carnero G&P LLC [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

50.00%

Premium on repurchase of noncontrolling interests, net of tax

$ 20,100,000

Business acquisition, purchase price

$ 27,000,000

Blackstone Energy Partners

Acquisitions and Joint Ventures [Line Items]

Ownership interest

25.00%

Ownership interest in assets

100.00%

Premium on repurchase of noncontrolling interests, net of tax

$ 490,700,000

Business acquisition, purchase price

1,050,000,000.00

Business acquisition, purchase price closing adjustment

$ 41,900,000

Blackcomb Joint Venture [Member] | Targa Resources Partners Lp [Member]

Acquisitions and Joint Ventures [Line Items]

Distance of natural gas pipelines | Miles

160

Blackcomb Joint Venture [Member] | Targa Resources Partners Lp [Member] | Maximum [Member]

Acquisitions and Joint Ventures [Line Items]

Natural gas processing capacity in service or under construction | Bcf

2.5

Cedar Bayou Fractionators LP [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

12.00%

Premium on repurchase of noncontrolling interests, net of tax

$ 32,900,000

Business acquisition, purchase price

$ 111,600,000

Targa Badlands LLC [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

45.00%

Ownership interest in assets

100.00%

Premium on repurchase of noncontrolling interests, net of tax

$ 70,500,000

Business acquisition, purchase price

1,800,000,000

Capitalized transaction costs

$ 400,000

Blackcomb Pipeline [Member]

Acquisitions and Joint Ventures [Line Items]

Distance of natural gas pipelines | Miles

365

Blackcomb Pipeline [Member] | Maximum [Member]

Acquisitions and Joint Ventures [Line Items]

Natural gas processing capacity in service or under construction | Bcf

2.5

WPC [Member] | Blackcomb Joint Venture [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

70.00%

Targa Resources Corp [Member] | Blackcomb Joint Venture [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

17.50%

MPLX LP [Member] | Blackcomb Joint Venture [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

12.50%

MPLX LP [Member] | WPC Joint Venture [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

30.40%

WhiteWater [Member] | WPC Joint Venture [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

50.60%

Enbridge Inc. [Member] | WPC Joint Venture [Member]

Acquisitions and Joint Ventures [Line Items]

Ownership interest

19.00%

[1]	Represents premiums paid on the Badlands Transaction, the CBF Acquisition, the Carnero Acquisition, and the Grand Prix Transaction. See “Note 4 – Acquisitions and Joint Ventures”

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Consolidation Policy

As of December 31, 2025, our consolidated joint ventures include the following:

Gathering and Processing Segment

•

60% ownership interest in Centrahoma Processing LLC;

•

72.8% undivided interest in the assets of Targa Pipeline Mid-Continent WestTex LLC; and

•

76.8% ownership interest in Venice Energy Services Company, LLC.

Logistics and Transportation Segment

•

80% ownership interest in Targa Train 7 LLC.

As of December 31, 2025, our investments in unconsolidated affiliates include the following:

Gathering and Processing Segment

•

50% ownership interest in Little Missouri 4 LLC (“Little Missouri 4”).

Logistics and Transportation Segment

•

50% ownership interest in Cayenne Pipeline, LLC (“Cayenne”);

•

38.8% ownership interest in Gulf Coast Fractionators (“GCF”); and

•

17.5% non-operated ownership interest in Blackcomb and Traverse pipelines, which are currently under construction, held by Blackcomb as defined in “Note 4 – Acquisitions and Joint Ventures”.

Use of Estimates

Cash and Cash Equivalents

Allowance for Credit Losses

As the financial condition of any counterparty changes, circumstances develop or additional information becomes available, adjustments to our allowance may be required.

Inventories

Product Exchanges

Derivative Instruments

We record all derivative instruments at fair value with the exception of those that we apply the normal purchases and normal sales election.

The table below summarizes the accounting treatment for our derivative instruments, and the impact on our consolidated financial statements:


Recognition and Measurement
Derivative Treatment	Balance Sheet	Income Statement
Normal Purchases and Normal Sales	Fair value not recorded	Earnings recognized when volumes are physically delivered or received
Mark-to-Market	Recorded at fair value	Change in fair value recognized currently in earnings
Cash Flow Hedge	Recorded at fair value with changes in fair value deferred in Accumulated Other Comprehensive Income (“AOCI”)	The gain/loss on the derivative instrument is reclassified out of AOCI into earnings when the forecasted transaction occurs

Fair Value Measurements

•

Level 1 – observable inputs such as quoted prices in active markets;

•

Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and

•

Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions.

Property, Plant and Equipment

Impairment of Long-Lived Assets

Goodwill

Intangible Assets

Asset Retirement Obligations

Debt Issuance Costs

Accounts Receivable Securitization Facility

Commercial Paper Program

Environmental Liabilities and Other Loss Contingencies

Income Taxes

Dividends

Comprehensive Income

Comprehensive income includes net income and other comprehensive income (loss) (“OCI”), which includes changes in the fair value of derivative instruments that are designated as cash flow hedges

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

sales of natural gas, NGLs, condensate and crude oil;

•

services related to compressing, gathering, treating, and processing of natural gas; and

•

services related to NGL fractionation, terminaling and storage, transportation and treating.

We classify our contract assets as receivables because we generally have an unconditional right to payment for the commodities sold or services performed at the end of the reporting period.

Share-Based Compensation

Earnings per Share

Leases

We recognize the following for all leases (with the exception of short-term leases) at the commencement date:

•

A lease liability, which is a lessee’s obligation to make lease payments arising from a lease.

•

A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

45Q Tax Credits

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Improvements to Income Tax Disclosures

Recently issued accounting pronouncements not yet adopted

Disaggregation of Income Statement Expenses

Targeted Improvements to the Accounting for Internal-Use Software

Accounting for Government Grants Received by Business Entities

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Increases (Decreases) from Transactions with Unconsolidated Affiliates

The following table summarizes increases (decreases) for the line items presented below in our Consolidated Statements of Operations as a result of transactions with unconsolidated affiliates:


		GCF				Cayenne				Little Missouri 4				Total
2025:
Revenue	$		9.8		$		—		$		—		$		9.8
Product purchases and fuel			14.7				6.9				12.2				33.8
Operating expenses			(10.9	)			(1.0	)			(2.0	)			(13.9	)
General and administrative expenses			—				—				(1.0	)			(1.0	)

2024:
Revenue	$		—		$		—		$		—		$		—
Product purchases and fuel			—				6.4				14.0				20.4
Operating expenses			(11.6	)			(0.9	)			(2.2	)			(14.7	)
General and administrative expenses			—				—				(0.9	)			(0.9	)

2023:
Revenue	$		—		$		—		$		—		$		—
Product purchases and fuel			—				6.4				8.1				14.5
Operating expenses			(5.6	)			(0.9	)			(2.2	)			(8.7	)
General and administrative expenses			—				—				(0.9	)			(0.9	)