TRGP Targa Resources, Inc. Common Stock
$295.86
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$144–$305
94% of range
Analyst Rating
BUY
31 analysts
Price Target
$299
+1% upside
P/E (TTM)
34.8
ROE
68.0%
Net Profit Margin
11.3%
TRGP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$295.86
Market Cap
$63.51B
P/E (TTM)
34.8
EPS (TTM)
$8.49
Revenue (TTM)
$17.03B
Div Yield
—
ROE
68.0%
Debt/Equity
—
52W Range
$144 – $305
TRGP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$17.03B
2021-12-31
→
2025-12-31
EPS
$8.49
2021-12-31
→
2025-12-31
Free Cash Flow
$584M
2021-12-31
→
2025-12-31
Margins
11.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TRGP
Peer Median
P/E (TTM)
34.8
23.9
P/S (TTM)
3.7
4.6
P/B
20.7
4.8
Price / FCF
108.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TRGP
Peer Median
Operating Margin
19.6%
—
Net Profit Margin
11.3%
22.4%
ROA
8.0%
6.1%
ROE
68.0%
22.7%
ROIC
85.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TRGP
Peer Median
Current Ratio
0.7
0.9
Quick Ratio
0.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TRGP
Peer Median
Revenue YoY
4.0%
—
Revenue CAGR 3Y
-6.7%
—
Revenue CAGR 5Y
15.6%
—
EPS YoY
47.9%
—
Net Income YoY
46.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TRGP
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $1.2500 |
| April 30, 2026 | $1.2500 |
| Jan. 30, 2026 | $1.0000 |
| Oct. 31, 2025 | $1.0000 |
| July 31, 2025 | $1.0000 |
| April 30, 2025 | $1.0000 |
| Jan. 31, 2025 | $0.7500 |
| Oct. 31, 2024 | $0.7500 |
| July 31, 2024 | $0.7500 |
| April 29, 2024 | $0.7500 |
| Jan. 30, 2024 | $0.5000 |
| Oct. 30, 2023 | $0.5000 |
| July 28, 2023 | $0.5000 |
| April 27, 2023 | $0.5000 |
| Jan. 30, 2023 | $0.3500 |
| Oct. 28, 2022 | $0.3500 |
| July 28, 2022 | $0.3500 |
| April 28, 2022 | $0.3500 |
| Jan. 28, 2022 | $0.3500 |
| Oct. 28, 2021 | $0.1000 |
TRGP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
31 analysts
- Strong Buy 10 32.3%
- Buy 16 51.6%
- Hold 5 16.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
21 analysts · 2026-08-13
Median
$300.00
Now
$295.86
Low
$257.00
High
$335.00
Median target
$300.00
+1.4%
Mean target
$299.00
+1.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.09%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.54 | $2.77 | 0.77% |
| March 31, 2026 | $2.21 | $2.56 | -0.35% |
| Dec. 31, 2025 | $2.53 | $2.34 | 0.19% |
| Sept. 30, 2025 | $2.20 | $2.13 | 0.07% |
| June 30, 2025 | $2.87 | $1.91 | 0.96% |
| March 31, 2025 | $0.91 | $2.02 | -1.1% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TRGP | $39.61B | 21.7 | 4.0% | 11.3% | 68.0% | — |
| EPD | — | 18.5 | -6.4% | 11.1% | — | — |
| KMI | $61.16B | 20.1 | 12.2% | 18.0% | 9.9% | — |
| ET | — | — | 3.5% | 5.2% | 9.4% | — |
| MPLX | — | — | 8.9% | 38.1% | — | — |
| OKE | $46.28B | 13.6 | 55.0% | 10.1% | 17.2% | — |
| LNG | $41.29B | 8.1 | 27.2% | 26.7% | 78.3% | — |
| CQP | — | -109.1 | 23.6% | 27.8% | — | — |
| WES | — | — | 6.6% | 30.7% | — | — |
| PAA | — | — | -9.5% | 3.2% | — | — |
| DTM | $12.17B | 27.8 | 26.7% | 35.5% | 9.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.03B | $16.38B | $16.06B | $20.93B | $16.95B | $8.26B | $8.67B | $10.48B | $8.81B | $5.59B | |
| Cost of Revenue | $10.51B | $10.70B | $10.68B | $16.88B | $13.73B | $5.19B | $6.21B | $8.24B | $6.91B | $4.92B | |
| Gross Profit | · | · | · | · | · | · | $2.55B | $2.25B | $1.91B | $1.77B | |
| SG&A Expense | $406M | $385M | $349M | $310M | $273M | $255M | $281M | $257M | $203M | $187M | |
| Operating Income | $3.33B | $2.70B | $2.63B | $1.73B | $865M | $-1.30B | $193M | $238M | $-122M | $56M | |
| Other Non-op | $-4M | $400.0K | $-5M | $-15M | $500.0K | $4M | · | $100.0K | $-3M | $800.0K | |
| Pretax Income | $2.49B | $1.94B | $1.94B | $1.66B | $437M | $-1.57B | $-47M | $66M | $-293M | $-260M | |
| Income Tax | $530M | $384M | $363M | $132M | $15M | $-248M | $-88M | $6M | $-397M | $-101M | |
| Net Income | $1.92B | $1.31B | $1.35B | $1.20B | $71M | $-1.55B | $-209M | $2M | $54M | $-187M | |
| EPS (Basic) | $8.52 | $5.77 | $3.69 | $3.95 | $-0.07 | $-7.26 | $-1.44 | $-0.53 | $-0.31 | $-1.80 | |
| EPS (Diluted) | $8.49 | $5.74 | $3.66 | $3.88 | $-0.07 | $-7.26 | $-1.44 | $-0.53 | $-0.31 | $-1.80 | |
| Shares (Basic) | 216,100,000 | 220,200,000 | 224,600,000 | 227,300,000 | 228,600,000 | 232,200,000 | 232,500,000 | 224,200,000 | 206,900,000 | 154,400,000 | |
| Shares (Diluted) | 216,900,000 | 221,300,000 | 226,000,000 | 231,100,000 | 228,600,000 | 232,200,000 | 232,500,000 | 224,200,000 | 206,900,000 | 154,400,000 | |
| EBITDA | $4.85B | $4.12B | $3.96B | $2.83B | $1.74B | $-439M | $1.16B | $1.05B | $687M | $814M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $166M | $157M | $142M | $219M | $158M | $243M | $331M | $232M | $137M | $74M | |
| Receivables | $1.47B | $1.62B | $1.47B | $1.41B | $1.33B | $863M | $855M | $866M | $828M | $675M | |
| Inventory | $429M | $334M | $372M | $394M | $153M | $182M | $162M | $165M | $204M | $138M | |
| Other Current Assets | $138M | $125M | $98M | $156M | $83M | $88M | $70M | $41M | $63M | $36M | |
| Current Assets | $2.36B | $2.30B | $2.19B | $2.36B | $1.77B | $1.46B | $1.66B | $1.42B | $1.27B | $1.01B | |
| PP&E (Net) | $20.53B | $18.06B | $15.81B | $14.21B | $11.67B | $12.17B | $14.55B | $12.93B | $10.43B | $9.69B | |
| PP&E (Gross) | $33.20B | $29.56B | $26.27B | $23.91B | $20.60B | $20.18B | $19.88B | $17.22B | $14.21B | $12.52B | |
| Accum. Depreciation | $12.67B | $11.50B | $10.46B | $9.70B | $8.93B | $8.01B | $5.33B | $4.29B | $3.78B | $2.83B | |
| Goodwill | $112M | $45M | $45M | $45M | $45M | $45M | $45M | $47M | $257M | $210M | |
| Intangibles | $1.65B | $1.98B | $2.35B | $2.73B | $1.09B | $1.38B | $1.74B | $1.98B | $2.17B | $1.65B | |
| Other Non-current Assets | $327M | $179M | $141M | $98M | $82M | $96M | $99M | $36M | $22M | $64M | |
| Total Assets | $25.22B | $22.73B | $20.67B | $19.56B | $15.21B | $15.88B | $18.82B | $16.94B | $14.39B | $12.87B | |
| Accounts Payable | $1.87B | $2.01B | $1.57B | $1.45B | $1.40B | $834M | $955M | $1.74B | $1.19B | $844M | |
| Accrued Liabilities | $359M | $336M | $282M | $290M | $272M | $186M | $177M | · | · | · | |
| Current Liabilities | $3.55B | $3.17B | $2.76B | $3.07B | $2.30B | $1.78B | $1.87B | $2.80B | $1.62B | $1.17B | |
| Capital Leases | $90M | $90M | $56M | $29M | $34M | $46M | $47M | · | · | · | |
| Deferred Tax | $1.39B | $872M | $536M | $328M | $136M | $152M | $434M | $525M | $479M | $941M | |
| Other Non-current Liabilities | $395M | $392M | $415M | $341M | $302M | $309M | $306M | $262M | $598M | $215M | |
| Long-term Debt | $17.43B | $14.17B | $12.95B | $11.54B | $6.60B | $7.76B | $7.82B | $6.66B | $5.05B | $4.88B | |
| Total Debt | · | · | · | · | · | · | · | $5.63B | $4.70B | $4.61B | |
| Paid-in Capital | $3.09B | $3.09B | $3.06B | $3.70B | $4.27B | $4.84B | $5.22B | $6.15B | $6.30B | $5.51B | |
| Retained Earnings | $2.29B | $1.19B | $492M | $-627M | $-1.82B | $-1.89B | $-340M | $-130M | $-77M | $-187M | |
| Treasury Stock | $2.43B | $1.71B | $897M | $465M | $204M | $151M | $54M | $40M | $36M | $32M | |
| AOCI | $114M | $28M | $86M | $55M | $-231M | $-142M | $92M | $94M | $-30M | $-38M | |
| Stockholders' Equity | $3.07B | $2.59B | $2.74B | $2.67B | $2.01B | $2.65B | $4.92B | $6.08B | $6.16B | $5.25B | |
| Liabilities + Equity | $25.22B | $22.73B | $20.67B | $19.56B | $15.21B | $15.88B | $18.82B | $16.94B | $14.39B | $12.87B | |
| Shares Outstanding | 214,662,156 | 217,763,821 | 222,611,259 | 226,042,229 | 228,221,122 | 228,061,853 | 232,843,526 | 231,790,530 | 217,566,980 | 184,720,525 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.52B | $1.42B | $1.33B | $1.10B | $871M | $865M | $972M | $816M | $810M | $758M | |
| Stock-based Comp | $70M | $63M | $62M | $58M | $59M | $66M | $60M | $56M | $42M | $30M | |
| Deferred Tax | $517M | $367M | $350M | $125M | $12M | $-233M | $-88M | $6M | $-393M | $-38M | |
| Amort. of Intangibles | $326M | $373M | $384M | $242M | $131M | $144M | $172M | $183M | $188M | $156M | |
| Other Non-cash | $-107M | $484M | $124M | $-93M | $1.29B | $2.60B | $655M | $265M | $426M | $275M | |
| Operating Cash Flow | $3.92B | $3.65B | $3.21B | $2.38B | $2.30B | $1.74B | $1.39B | $1.14B | $940M | $837M | |
| CapEx | $3.33B | $2.97B | $2.39B | $1.33B | $505M | $952M | $2.88B | $3.11B | $1.30B | $562M | |
| Investing Cash Flow | $-3.64B | $-3.02B | $-2.40B | $-4.15B | $-473M | $-738M | $-3.07B | $-3.15B | $-1.89B | $-559M | |
| Stock Issued | · | · | · | · | · | · | · | $689M | $1.66B | $577M | |
| Net Stock Activity | · | · | · | · | · | · | · | $689M | $1.66B | $577M | |
| Financing Cash Flow | $-267M | $-613M | $-888M | $1.83B | $-1.91B | $-1.09B | $1.78B | $2.10B | $1.02B | $-346M | |
| Net Change in Cash | $9M | $16M | $-77M | $60M | $-84M | $-88M | $99M | $95M | $64M | · | |
| Taxes Paid | $24M | $17M | $8M | $2M | $1M | $44M | $-2M | $-500.0K | $-68M | $-11M | |
| Free Cash Flow | $584M | $684M | $826M | $1.05B | $1.80B | $793M | $-1.49B | $-1.97B | $-358M | $275M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | 29.4% | 24.0% | -816.8% | -695.5% | |
| Operating Margin | 19.6% | 16.4% | 16.4% | 8.3% | 5.1% | -15.8% | 2.2% | 2.5% | 52.4% | -21.9% | |
| Net Margin | 11.3% | 8.0% | 8.4% | 5.7% | 0.42% | -18.8% | -2.4% | 0.02% | -23.1% | 73.7% | |
| Pretax Margin | 14.6% | 11.8% | 12.1% | 8.0% | 2.6% | -19.0% | -0.54% | 0.70% | 125.3% | 102.2% | |
| EBITDA Margin | 28.5% | 25.1% | 24.6% | 13.5% | 10.2% | -5.3% | 13.4% | 11.3% | -294.0% | -320.0% | |
| ROA | 8.0% | 5.9% | 6.7% | 6.9% | 0.46% | -9.0% | -1.2% | 0.01% | 0.39% | -1.4% | |
| ROE | 68.0% | 49.2% | 49.8% | 51.1% | 3.0% | -41.0% | -3.8% | 0.03% | 0.95% | -5.6% | |
| ROIC | 85.5% | 83.3% | 77.9% | 59.7% | 41.5% | -41.4% | -3.5% | 1.9% | 0.40% | 0.35% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | 0.9 | 0.5 | 0.8 | 0.9 | |
| Quick Ratio | 0.5 | 0.6 | 0.6 | 0.5 | 0.6 | 0.6 | 0.6 | 0.4 | 0.6 | 0.6 | |
| Debt / Equity | · | · | · | · | · | · | · | 0.9 | 0.8 | 0.9 | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.9 | 0.8 | 0.9 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.7 | 0.8 | 1.2 | 1.1 | 0.5 | 0.5 | 0.6 | -0.0 | -0.0 | |
| Inventory Turnover | 27.5 | 30.3 | 27.9 | 61.7 | 82.0 | 29.8 | 37.5 | 44.6 | · | · | |
| Receivables Turnover | 11.0 | 10.6 | 11.2 | 15.3 | 15.4 | 9.6 | 10.1 | 11.0 | -0.3 | -0.4 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 4.0% | 2.0% | -23.3% | 23.5% | 105.2% | · | · | · | · | · | |
| Revenue CAGR 3Y | -6.7% | -1.1% | 24.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.6% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 47.9% | 56.8% | -5.7% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 29.8% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 46.6% | -2.5% | 12.6% | 1579.1% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 17.2% | 164.1% | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $17.03B | $16.38B | $16.06B | $20.93B | $16.95B | $8.26B | $8.67B | $10.48B | $8.81B | $5.59B | |
| Net Income TTM | $1.92B | $1.31B | $1.35B | $1.20B | $71M | $-1.55B | $-209M | $2M | $54M | $-187M | |
| Market Cap | $39.61B | $38.87B | $19.34B | $16.61B | $11.92B | $6.02B | $9.51B | $8.35B | $10.53B | $10.36B | |
| Enterprise Value | · | · | · | · | · | · | · | $13.75B | $15.10B | $14.89B | |
| P/E | 21.7 | 31.1 | 23.7 | 18.9 | -746.3 | -3.6 | -28.4 | -68.0 | -156.2 | -31.1 | |
| P/S | 2.3 | 2.4 | 1.2 | 0.8 | 0.7 | 0.7 | 1.1 | 0.8 | 1.2 | 1.9 | |
| P/B | 12.9 | 15.0 | 7.1 | 6.2 | 5.9 | 2.3 | 1.9 | 1.4 | 1.7 | 2.0 | |
| P / Tangible Book | 30.4 | 68.2 | 56.2 | · | 13.7 | 4.9 | · | · | · | · | |
| P / Cash Flow | 10.1 | 10.7 | 6.0 | 7.0 | 5.2 | 3.4 | 6.8 | 7.3 | 11.2 | 12.4 | |
| P / FCF | 67.8 | 56.8 | 23.4 | 15.9 | 6.6 | 7.6 | -6.4 | -4.2 | -29.4 | 37.6 | |
| EV / EBITDA | · | · | · | · | · | · | · | 13.1 | 22.0 | 18.3 | |
| EV / FCF | · | · | · | · | · | · | · | -7.0 | -42.2 | 54.1 | |
| EV / Revenue | · | · | · | · | · | · | · | 1.3 | 1.7 | 2.7 | |
| Earnings Yield | 4.6% | 3.2% | 4.2% | 5.3% | -0.13% | -27.5% | -3.5% | -1.5% | -0.64% | -3.2% |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.44B | $4.09B | $4.06B | $4.15B | $4.26B | $4.56B | $4.41B | $3.85B | $3.56B | $4.56B | $4.24B | $3.90B | $3.40B | $4.52B | $4.55B | $5.36B | |
| Cost of Revenue | $2.30B | $2.39B | $2.31B | $2.51B | $2.44B | $3.26B | $2.92B | $2.37B | $2.20B | $3.22B | $2.90B | $2.69B | $2.07B | $3.02B | $3.32B | $4.31B | |
| SG&A Expense | $108M | $108M | $112M | $105M | $95M | $94M | $98M | $103M | $98M | $86M | $95M | $90M | $81M | $82M | $92M | $79M | |
| Operating Income | $1.23B | $847M | $917M | $837M | $1.03B | $543M | $701M | $728M | $627M | $639M | $635M | $505M | $649M | $837M | $551M | $430M | |
| Other Non-op | $-800.0K | $-17M | $-4M | $-1M | $1M | $300.0K | $0 | $-400.0K | $-900.0K | $2M | $200.0K | $-100.0K | $-2M | $-3M | $-500.0K | $-15M | |
| Pretax Income | $1.00B | $611M | $692M | $621M | $821M | $352M | $524M | $545M | $453M | $415M | $460M | $333M | $484M | $666M | $406M | $291M | |
| Income Tax | $227M | $124M | $139M | $134M | $184M | $72M | $110M | $97M | $94M | $83M | $103M | $54M | $96M | $110M | $10M | $12M | |
| Net Income | $765M | $480M | $545M | $478M | $629M | $270M | $351M | $387M | $298M | $275M | $300M | $220M | $329M | $497M | $318M | $193M | |
| EPS (Basic) | $3.54 | $2.22 | $2.52 | $2.21 | $2.88 | $0.91 | $1.44 | $1.76 | $1.34 | $1.23 | $1.25 | $0.97 | $1.44 | $0.03 | $-0.18 | $0.85 | |
| EPS (Diluted) | $3.54 | $2.21 | $2.51 | $2.20 | $2.87 | $0.91 | $1.44 | $1.75 | $1.33 | $1.22 | $1.22 | $0.97 | $1.44 | $0.03 | $1.37 | $0.84 | |
| Shares (Basic) | 214,600,000 | 214,800,000 | -433,600,000 | 215,200,000 | 216,600,000 | 217,900,000 | -442,600,000 | 219,000,000 | 221,000,000 | 222,800,000 | -451,200,000 | 223,800,000 | 225,600,000 | 226,400,000 | -455,600,000 | 226,600,000 | |
| Shares (Diluted) | 215,200,000 | 215,500,000 | -435,100,000 | 216,000,000 | 217,300,000 | 218,700,000 | -444,300,000 | 220,000,000 | 221,900,000 | 223,700,000 | -455,200,000 | 225,100,000 | 226,800,000 | 229,300,000 | -463,300,000 | 230,300,000 | |
| EBITDA | $1.69B | $1.27B | · | $1.22B | $1.41B | $911M | · | $1.08B | $976M | $980M | · | $836M | $981M | $1.16B | · | $717M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $132M | $100M | $166M | $124M | $113M | $151M | $157M | $127M | $166M | $110M | · | $140M | $169M | $212M | · | $193M | |
| Receivables | $1.95B | $1.69B | $1.47B | $1.41B | $1.41B | $1.40B | $1.62B | $1.30B | $1.22B | $1.48B | · | $1.24B | $988M | $1.02B | · | $1.53B | |
| Inventory | $312M | $334M | $429M | $491M | $444M | $256M | $334M | $415M | $321M | $224M | · | $536M | $312M | $156M | · | $471M | |
| Other Current Assets | $158M | $211M | $138M | $157M | $164M | $191M | $125M | $110M | $100M | $82M | · | $138M | $65M | $101M | · | $112M | |
| Current Assets | $2.63B | $2.44B | $2.36B | $2.28B | $2.21B | $2.08B | $2.30B | $2.03B | $1.87B | $1.97B | · | $2.14B | $1.73B | $1.64B | · | $2.50B | |
| PP&E (Net) | $23.06B | $21.77B | $20.53B | $19.61B | $19.02B | $18.41B | $18.06B | $17.43B | $16.89B | $16.28B | · | $15.33B | $14.89B | $14.47B | · | $13.72B | |
| PP&E (Gross) | $36.39B | $34.75B | $33.20B | $31.97B | $31.09B | $30.18B | $29.56B | $28.63B | $27.84B | $26.98B | · | $25.57B | $25.01B | $24.38B | · | $23.26B | |
| Accum. Depreciation | $13.33B | $12.98B | $12.67B | $12.36B | $12.07B | $11.78B | $11.50B | $11.21B | $10.95B | $10.70B | · | $10.24B | $10.12B | $9.91B | · | $9.54B | |
| Goodwill | $119M | $119M | $112M | $45M | $45M | $45M | $45M | · | · | · | $45M | · | · | · | $45M | · | |
| Intangibles | $2.11B | $2.20B | $1.65B | $1.73B | $1.81B | $1.90B | $1.98B | $2.07B | $2.16B | $2.26B | $2.35B | $2.45B | $2.54B | $2.64B | $2.73B | $2.84B | |
| Other Non-current Assets | $339M | $344M | $327M | $203M | $176M | $170M | $179M | $167M | $166M | $164M | · | $114M | $120M | $107M | · | $150M | |
| Total Assets | $28.52B | $27.11B | $25.22B | $24.17B | $23.51B | $22.80B | $22.73B | $21.90B | $21.26B | $20.85B | $20.67B | $20.19B | $19.46B | $19.03B | $19.56B | $19.39B | |
| Accounts Payable | $2.11B | $1.99B | $1.87B | $1.58B | $1.73B | $1.89B | $2.01B | $1.47B | $1.69B | $1.71B | · | $1.58B | $1.17B | $1.26B | · | $1.81B | |
| Accrued Liabilities | $288M | $193M | $359M | $281M | $214M | $164M | $336M | $321M | $243M | $296M | · | $292M | $283M | $189M | · | $294M | |
| Current Liabilities | $3.41B | $3.40B | $3.55B | $2.95B | $3.18B | $3.20B | $3.17B | $2.63B | $2.89B | $2.81B | · | $2.68B | $2.32B | $2.47B | · | $3.39B | |
| Capital Leases | · | · | $90M | · | · | · | $90M | $81M | $80M | $77M | · | $36M | $40M | $27M | · | $60M | |
| Deferred Tax | $1.73B | $1.48B | $1.39B | $1.23B | $1.08B | $902M | $872M | $794M | $684M | $600M | · | $418M | $405M | $298M | · | $301M | |
| Other Non-current Liabilities | $407M | $416M | $395M | $392M | $390M | $385M | $392M | $340M | $309M | $304M | · | $358M | $359M | $346M | · | $367M | |
| Long-term Debt | $19.58B | $19.13B | $17.43B | $17.43B | $16.85B | $16.21B | $14.17B | $14.25B | $13.57B | $13.06B | · | $12.92B | $12.40B | $12.18B | · | $11.20B | |
| Paid-in Capital | $3.13B | $3.11B | $3.09B | $3.07B | $3.05B | $3.04B | $3.09B | $3.11B | $3.09B | $3.07B | · | $3.06B | $3.05B | $3.15B | · | $3.77B | |
| Retained Earnings | $3.05B | $2.56B | $2.29B | $1.97B | $1.71B | $1.30B | $1.19B | $1.00B | $784M | $654M | · | $306M | $200M | $-130M | · | $-945M | |
| Treasury Stock | $2.60B | $2.52B | $2.43B | $2.39B | $2.21B | $1.89B | $1.71B | $1.60B | $1.42B | $1.06B | · | $856M | $701M | $550M | · | $432M | |
| AOCI | $74M | $-15M | $114M | $57M | $43M | $6M | $28M | $65M | $11M | $34M | · | $-5M | $131M | $85M | · | $-7M | |
| Stockholders' Equity | $3.66B | $3.14B | $3.07B | $2.71B | $2.59B | $2.45B | $2.59B | $2.57B | $2.47B | $2.70B | · | $2.51B | $2.68B | $2.55B | · | $2.38B | |
| Liabilities + Equity | $28.52B | $27.11B | $25.22B | $24.17B | $23.51B | $22.80B | $22.73B | $21.90B | $21.26B | $20.85B | · | $20.19B | $19.46B | $19.03B | · | $19.39B | |
| Shares Outstanding | 214,422,392 | 214,729,502 | 214,662,156 | 214,843,087 | 215,509,429 | 217,461,060 | 217,763,821 | 218,328,522 | 219,170,473 | 222,150,320 | · | 223,080,697 | 224,052,233 | 226,135,558 | · | 226,257,924 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $453M | $426M | $390M | $384M | $374M | $368M | $378M | $355M | $349M | $340M | $341M | $331M | $332M | $325M | $330M | $287M | |
| Stock-based Comp | $18M | $23M | $17M | $18M | $17M | $18M | $16M | $18M | $15M | $15M | $17M | $16M | $15M | $15M | $16M | $14M | |
| Deferred Tax | $226M | $124M | $131M | $159M | $170M | $57M | $103M | $93M | $91M | $80M | $98M | $53M | $93M | $106M | $9M | $11M | |
| Amort. of Intangibles | $102M | $103M | $82M | $82M | $82M | $82M | $93M | $93M | $93M | $93M | $96M | $96M | $96M | $96M | $106M | $81M | |
| Other Non-cash | · | $-313M | · | · | · | $242M | · | · | · | $166M | · | · | · | $227M | · | · | |
| Operating Cash Flow | $1.44B | $740M | $1.51B | $599M | $858M | $954M | $1.33B | $541M | $904M | $876M | $958M | $407M | $677M | $1.17B | $538M | $460M | |
| CapEx | $1.01B | $900M | $963M | $672M | $906M | $792M | $727M | $829M | $740M | $670M | $720M | $592M | $598M | $476M | $519M | $396M | |
| Investing Cash Flow | $-1.01B | $-2.16B | $-1.18B | $-691M | $-957M | $-813M | $-746M | $-847M | $-750M | $-678M | $-727M | $-599M | $-594M | $-481M | $-502M | $-3.90B | |
| Financing Cash Flow | $-396M | $1.36B | $-283M | $103M | $60M | $-147M | $-552M | $267M | $-98M | $-230M | $-228M | $162M | $-125M | $-696M | $-9M | $3.48B | |
| Net Change in Cash | $32M | $-66M | $42M | $11M | $-38M | $-6M | $30M | $-39M | $56M | $-32M | $2M | $-30M | $-42M | $-7M | $26M | $39M | |
| Taxes Paid | $500.0K | $700.0K | $-200.0K | $3M | $20M | $800.0K | $7M | $200.0K | $9M | $300.0K | $-1M | $800.0K | $9M | $100.0K | $500.0K | $0 | |
| Free Cash Flow | · | $-160M | · | · | · | $162M | · | · | · | $207M | · | · | · | $694M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 27.8% | 20.7% | · | 20.2% | 24.3% | 11.9% | · | 18.9% | 17.6% | 14.0% | · | 13.0% | 19.1% | 18.5% | · | 8.0% | |
| Net Margin | 17.2% | 11.7% | · | 11.5% | 14.8% | 5.9% | · | 10.1% | 8.4% | 6.0% | · | 5.7% | 9.7% | 11.0% | · | 3.6% | |
| Pretax Margin | 22.6% | 14.9% | · | 15.0% | 19.3% | 7.7% | · | 14.1% | 12.7% | 9.1% | · | 8.5% | 14.2% | 14.7% | · | 5.4% | |
| EBITDA Margin | 38.0% | 31.1% | · | 29.4% | 33.0% | 20.0% | · | 28.1% | 27.4% | 21.5% | · | 21.5% | 28.8% | 25.7% | · | 13.4% | |
| ROA | 2.9% | 1.9% | · | 2.1% | 2.8% | 1.2% | · | 1.8% | 1.5% | 1.4% | · | 1.1% | 1.9% | 2.9% | · | 1.1% | |
| ROE | 24.5% | 17.2% | · | 18.1% | 24.9% | 10.5% | · | 15.2% | 11.6% | 10.5% | · | 9.0% | 13.9% | 23.4% | · | 8.5% | |
| ROIC | 26.1% | 21.5% | · | 24.2% | 31.0% | 17.6% | · | 23.3% | 20.1% | 18.9% | · | 16.9% | 19.4% | 27.4% | · | 17.3% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | · | 0.8 | 0.7 | 0.6 | · | 0.8 | 0.6 | 0.7 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | |
| Quick Ratio | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.5 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.3 | · | 0.3 | |
| Inventory Turnover | 6.1 | 8.1 | · | 5.5 | 6.4 | 13.6 | · | 5.0 | 6.9 | 16.9 | · | 5.3 | 8.0 | 23.8 | · | 10.9 | |
| Receivables Turnover | 2.6 | 2.6 | · | 3.1 | 3.2 | 3.2 | · | 3.0 | 3.2 | 3.6 | · | 2.8 | 2.6 | 3.5 | · | 3.8 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $16.95B | $17.07B | · | $16.82B | $16.24B | $16.54B | · | $15.87B | $15.42B | $16.38B | · | $17.18B | $19.34B | $20.90B | · | $20.83B | |
| Net Income TTM | $2.35B | $1.86B | · | $1.77B | $1.59B | $1.23B | · | $1.18B | $1.12B | $1.32B | · | $1.24B | $1.62B | $1.37B | · | $1.06B | |
| Market Cap | $57.50B | $53.84B | · | $35.99B | $37.52B | $43.59B | · | $32.31B | $28.22B | $24.88B | · | $19.12B | $17.05B | $16.50B | · | $13.65B | |
| P/E | 24.8 | 30.6 | · | 21.7 | 25.4 | 38.5 | · | 28.1 | 26.0 | 30.6 | · | 26.1 | 19.4 | 28.7 | · | 19.0 | |
| P/S | 3.4 | 3.2 | · | 2.1 | 2.3 | 2.6 | · | 2.0 | 1.8 | 1.5 | · | 1.1 | 0.9 | 0.8 | · | 0.7 | |
| P/B | 15.7 | 17.2 | · | 13.3 | 14.5 | 17.8 | · | 12.6 | 11.4 | 9.2 | · | 7.6 | 6.4 | 6.5 | · | 5.7 | |
| P / Tangible Book | 40.1 | 65.9 | · | 38.8 | 51.5 | 85.4 | · | 64.2 | 93.0 | 55.7 | · | 321.4 | 128.6 | · | · | · | |
| P / Cash Flow | · | 72.8 | · | · | · | 45.7 | · | · | · | 28.4 | · | · | · | 14.1 | · | · | |
| P / FCF | · | -336.5 | · | · | · | 268.8 | · | · | · | 120.4 | · | · | · | 23.8 | · | · | |
| Earnings Yield | 4.0% | 3.3% | · | 4.6% | 3.9% | 2.6% | · | 3.6% | 3.9% | 3.3% | · | 3.8% | 5.1% | 3.5% | · | 5.2% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $17.03B | — | — | $16.38B | — |
| Operating Margin % | 19.6% | — | — | 16.4% | — |
| Net Income | $1.92B | — | — | $1.31B | — |
| Diluted EPS | $8.49 | — | — | $5.74 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Current Ratio | 0.7 | — | — | 0.7 | — |
| Quick Ratio | 0.5 | — | — | 0.6 | — |
Cash Flow
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $584M | — | — | $684M | — |
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Institutional owners (13F) 1,160 filers · $34.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 144 (-39 vs prior Q) | 69 (-3 vs prior Q) | 400 (+16 vs prior Q) | 348 (+36 vs prior Q) | +37.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| STATE STREET CORP | $3,814,604,151 | 14,226,166 | 11.17% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,758,131,990 | 14,015,559 | 11.01% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $3,429,762,920 | 12,790,941 | 10.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,136,587,493 | 11,697,574 | 9.19% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,442,278,370 | 5,401,389 | 4.23% | Shares |
| NORGES BANK | $1,130,547,688 | 4,216,259 | 3.31% | Shares |
| Blackstone Inc. | $964,641,962 | 3,597,531 | 2.83% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $944,108,874 | 3,520,955 | 2.77% | Shares |
| NEUBERGER BERMAN GROUP LLC | $706,609,828 | 2,634,996 | 2.07% | Shares |
| FMR LLC | $551,290,811 | 2,055,981 | 1.61% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $549,344,554 | 2,048,722 | 1.61% | Shares |
| D. E. Shaw & Co., Inc. | $501,784,057 | 1,871,351 | 1.47% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $488,062,529 | 1,820,178 | 1.43% | Shares |
| AMERICAN CENTURY COMPANIES INC | $363,780,807 | 1,356,682 | 1.07% | Shares |
| Brookfield Corp /ON/ | $352,847,492 | 1,315,907 | 1.03% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $330,589,538 | 1,232,899 | 0.97% | Shares |
| UBS Group AG | $278,857,824 | 1,039,971 | 0.82% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $275,701,816 | 1,028,201 | 0.81% | Shares |
| AGF MANAGEMENT LTD | $243,220,409 | 907,065 | 0.71% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $238,359,299 | 888,936 | 0.70% | Shares |
| Clearbridge Investments, LLC | $232,777,447 | 868,119 | 0.68% | Shares |
| ONTARIO TEACHERS PENSION PLAN BOARD | $220,135,164 | 820,971 | 0.64% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $202,919,703 | 756,768 | 0.59% | Shares |
| GOLDMAN SACHS GROUP INC | $187,963,459 | 700,990 | 0.55% | Shares |
| BlackRock, Inc. | $185,394,677 | 691,410 | 0.54% | Shares |
| Zimmer Partners, LP | $175,497,630 | 654,500 | 0.51% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $165,855,837 | 618,542 | 0.49% | Shares |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | $164,718,402 | 614,300 | 0.48% | Shares |
| BARCLAYS PLC | $160,410,196 | 598,233 | 0.47% | Shares |
| BANK OF AMERICA CORP /DE/ | $159,820,556 | 596,034 | 0.47% | Shares |
| Swiss National Bank | $158,390,298 | 590,700 | 0.46% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $148,486,279 | 553,764 | 0.43% | Shares |
| TRUIST FINANCIAL CORP | $139,515,923 | 520,310 | 0.41% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $138,220,003 | 515,477 | 0.40% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $135,742,925 | 506,239 | 0.40% | Shares |
| Merewether Investment Management, LP | $134,855,114 | 502,928 | 0.40% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $131,748,972 | 490,719 | 0.39% | Shares |
| Recurrent Investment Advisors LLC | $126,196,605 | 470,637 | 0.37% | Shares |
| Vanguard Global Advisers, LLC | $124,346,707 | 463,738 | 0.36% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $121,953,558 | 454,813 | 0.36% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $120,961,976 | 451,115 | 0.35% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $119,144,256 | 444,336 | 0.35% | Shares |
| RHUMBLINE ADVISERS | $117,985,488 | 440,015 | 0.35% | Shares |
| CI INVESTMENTS INC. | $110,129,388 | 410,716 | 0.32% | Shares |
| Point72 Asset Management, L.P. | $108,932,679 | 406,253 | 0.32% | Shares |
| California Public Employees Retirement System | $105,435,061 | 393,209 | 0.31% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $100,442,294 | 374,589 | 0.29% | Shares |
| AMERIPRISE FINANCIAL INC | $99,132,967 | 369,706 | 0.29% | Shares |
| Artemis Investment Management LLP | $92,647,733 | 345,520 | 0.27% | Shares |
| Nuveen, LLC | $90,289,442 | 336,725 | 0.26% | Shares |
| Ensign Peak Advisors, Inc | $90,115,687 | 336,077 | 0.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $90,095,040 | 336,000 | 0.26% | Call option |
| UniSuper Management Pty Ltd | $89,679,691 | 334,451 | 0.26% | Shares |
| TimesSquare Capital Management, LLC | $86,469,757 | 344,872 | 0.25% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $83,772,031 | 312,419 | 0.25% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $82,829,518 | 308,904 | 0.24% | Shares |
| Legal & General Group Plc | $81,680,003 | 304,617 | 0.24% | Shares |
| MARSHALL WACE, LLP | $79,825,278 | 297,700 | 0.23% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $76,990,519 | 287,128 | 0.23% | Shares |
| CITADEL ADVISORS LLC | $72,977,251 | 272,161 | 0.21% | Shares |
| National Pension Service | $71,853,476 | 267,970 | 0.21% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $71,444,556 | 263,293 | 0.21% | Shares |
| Energy Income Partners, LLC | $71,134,861 | 265,290 | 0.21% | Shares |
| Bristol Gate Capital Partners Inc. | $70,707,184 | 263,694 | 0.21% | Shares |
| AVIVA PLC | $65,410,340 | 243,941 | 0.19% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $64,867,493 | 241,917 | 0.19% | Shares |
| JANE STREET GROUP, LLC | $64,809,438 | 241,700 | 0.19% | Call option |
| RAYMOND JAMES FINANCIAL INC | $64,172,823 | 239,326 | 0.19% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $63,676,410 | 231,947 | 0.19% | Shares |
| JENNISON ASSOCIATES LLC | $62,779,279 | 234,129 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $62,561,899 | 249,519 | 0.18% | Shares |
| Zurich Insurance Group Ltd/FI | $61,692,311 | 230,075 | 0.18% | Shares |
| Holocene Advisors, LP | $59,562,206 | 222,131 | 0.17% | Shares |
| Maryland State Retirement & Pension System | $57,541,772 | 214,596 | 0.17% | Shares |
| Vanguard Investments Australia, Ltd. | $56,463,312 | 210,574 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $55,544,969 | 221,533 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $54,057,828 | 201,603 | 0.16% | Shares |
| Pictet Asset Management Holding SA | $54,016,803 | 201,450 | 0.16% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $53,904,452 | 201,031 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $53,788,884 | 200,600 | 0.16% | Call option |
| PANAGORA ASSET MANAGEMENT INC | $52,725,441 | 196,634 | 0.15% | Shares |
| HARRIS ASSOCIATES L P | $52,716,324 | 196,600 | 0.15% | Shares |
| TREMBLANT CAPITAL GROUP | $52,496,985 | 195,782 | 0.15% | Shares |
| Fractal Investments LLC | $51,774,884 | 193,089 | 0.15% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $51,295,182 | 191,300 | 0.15% | Shares |
| ROYAL BANK OF CANADA | $49,401,000 | 184,235 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $49,020,014 | 182,815 | 0.14% | Shares |
| CIBC WORLD MARKET INC. | $48,607,079 | 181,275 | 0.14% | Shares |
| NEOS Investment Management LLC | $47,694,062 | 177,870 | 0.14% | Shares |
| HighTower Advisors, LLC | $47,154,496 | 175,858 | 0.14% | Shares |
| Tredje AP-fonden | $47,112,734 | 175,702 | 0.14% | Shares |
| BANK OF MONTREAL /CAN/ | $46,961,503 | 175,138 | 0.14% | Shares |
| Susquehanna Portfolio Strategies, LLC | $45,197,142 | 168,558 | 0.13% | Shares |
| Quantinno Capital Management LP | $41,159,659 | 153,500 | 0.12% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $40,959,726 | 152,755 | 0.12% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $40,882,501 | 152,467 | 0.12% | Shares |
| Ninety One UK Ltd | $40,845,500 | 152,329 | 0.12% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $40,707,448 | 152,404 | 0.12% | Shares |
| Alyeska Investment Group, L.P. | $40,279,186 | 150,217 | 0.12% | Shares |
| LPL Financial LLC | $38,869,133 | 144,958 | 0.11% | Shares |
Company insiders 36 insiders · 18 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew J Meloy | Chief Executive Officer | May 14, 2026 G | 712,291 | 0 | 0 | $0 |
| William A. Byers | Chief Financial Officer | Jan. 15, 2026 A | 16,760 | 0 | 0 | $0 |
| Benjamin James Branstetter | President - Logistics and Transportation | Aug. 1, 2026 F | 27,942 | 0 | 2 | $-778,124 |
| Patrick J. Mcdonie | President - Gathering and Processing | March 2, 2026 S | 305,163 | 0 | 2 | $-7,548,777 |
| Scott D. Pryor | President - Logistics and Transportation | Feb. 26, 2026 G | 29,604 | 0 | 6 | $-10,757,220 |
| Jennifer R. Kneale | President | Feb. 24, 2026 S | 235,260 | 0 | 2 | $-6,790,524 |
| Jeffrey J Mcparland | President - Administration | Feb. 28, 2019 F | 169,954 | 0 | 0 | $0 |
| John Christopher Eklof | Senior VP and CAO | Aug. 1, 2026 F | 13,508 | 0 | 0 | $0 |
| Gerald R Shrader | Executive Vice President, General Counsel and Secretary | Aug. 1, 2026 F | 33,373 | 0 | 1 | $-498,328 |
| Robert Muraro | Chief Commercial Officer | March 5, 2026 S | 197,401 | 0 | 1 | $-5,934,309 |
| Julie H. Boushka | Senior VP and CAO | Jan. 20, 2025 F | 32,602 | 0 | 0 | $0 |
| Clark G White | EVP - Operations | Jan. 19, 2024 F | 140,753 | 0 | 0 | $0 |
| Regina Gregory | Executive Vice President, General Counsel and Secretary | Aug. 10, 2023 S | 47,304 | 0 | 0 | $0 |
| John Richard Klein | Senior VP and CAO | Feb. 28, 2019 F | 31,005 | 0 | 0 | $0 |
| Michael A Heim | Vice Chairman of the Board | Feb. 28, 2019 F | 150,944 | 0 | 0 | $0 |
| Dan C Middlebrooks | EVP - Northern Field Gathering and Processing | Aug. 5, 2018 F | 58,846 | 0 | 0 | $0 |
| John Robert Sparger | Senior VP and CAO | Jan. 20, 2017 A | 106,811 | 0 | 0 | $0 |
| Roy E Johnson | Executive Vice President | Aug. 27, 2014 G | 0 | 0 | 0 | $0 |
| Thomas Joseph Mathiasmeier | Director | July 21, 2026 A | 477 | 0 | 0 | $0 |
| Paul W Chung | Director | May 12, 2026 G | 31,479 | 0 | 0 | $0 |
| Charles R Crisp | Director | May 12, 2026 S | 66,492 | 0 | 2 | $-3,025,307 |
| Lindsey Cooksen | Director | Feb. 26, 2026 S | 11,670 | 0 | 1 | $-100,798 |
| Rene R Joyce | Director | Feb. 24, 2026 G | 210,708 | 0 | 0 | $0 |
| Waters S Davis IV | Director | Jan. 15, 2026 A | 3,929 | 0 | 0 | $0 |
| Beth A. Bowman | Director | Jan. 15, 2026 A | 21,539 | 0 | 0 | $0 |
| Laura C. Fulton | Director | Jan. 15, 2026 A | 32,595 | 0 | 0 | $0 |
| Joe Bob Perkins | Director | Jan. 15, 2026 A | 22,369 | 0 | 0 | $0 |
| Keith R Teague | Director | Jan. 15, 2026 A | 8,876 | 0 | 0 | $0 |
| Caron A Lawhorn | Director | Jan. 15, 2026 A | 3,552 | 0 | 0 | $0 |
| Ershel C Redd JR | Director | May 10, 2024 S | 28,223 | 0 | 0 | $0 |
| Robert B Evans | Director | Jan. 18, 2024 A | 54,177 | 0 | 0 | $0 |
| Chris Tong | Director | March 25, 2022 G | 86,666 | 0 | 0 | $0 |
| James W Whalen | Director | June 1, 2021 S | 158,049 | 0 | 0 | $0 |
| Peter Kagan | Director | Feb. 27, 2015 S | 4,414 | 0 | 0 | $0 |
| In Seon Hwang | Director | Feb. 19, 2013 J | 15,818 | 0 | 0 | $0 |
| Chansoo Joung | Director | Dec. 10, 2010 C | 13,889,431 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Targa Resources Corp. (1), Targa Resources Investments Sub Inc. (1), TRI Resources Inc. (1), Targa Resources LLC (1), Targa GP Inc., Targa LP Inc., Targa Versado Holdings LP | Feb. 18, 2016 | — | Initial filing | — | SEC |
| Targa Resources Corp. (2), Targa Resources Investments Sub Inc. (2), TRI Resources Inc. (2), Targa Resources LLC (2), Targa GP Inc. (2), Targa LP Inc. (2), Targa Versado Holdings LP (2) ×2 filings | Nov. 3, 2015 | — | Initial filing | — | SEC |
| Targa Resources Investments Inc., Targa Resources Investments Sub Inc., Targa Resources, Inc., Targa Resources LLC, Targa Resources II LLC, Targa Resources Holdings GP LLC, Targa Resources Holdings LP, Targa Midstream GP LLC, Targa Midstream Services Limited Partnership, Targa GP Inc., Targa LP Inc. ×3 filings | April 15, 2010 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 192 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| NBET · Neuberger Berman ETF Trust | 9.05% | 15,613 NS | April 30, 2026 | N-PORT |
| TPZ · Tortoise Capital Series Trust | 5.65% | 28,461 NS | May 31, 2026 | N-PORT |
| PXI · Invesco Exchange-Traded Fund Trust | 5.58% | 10,958 SH | Aug. 8, 2026 | Daily |
| ENFR · ALPS ETF Trust | 5.30% | 95,455 NS | May 31, 2026 | N-PORT |
| MLPX · Global X Funds | 4.98% | 692,184 NS | May 31, 2026 | N-PORT |
| USAI · Pacer Funds Trust | 4.55% | 19,079 NS | April 30, 2026 | N-PORT |
| MID · AMERICAN CENTURY ETF TRUST | 4.51% | 17,597 NS | May 31, 2026 | N-PORT |
| RSPG · Invesco Exchange-Traded Fund Trust | 4.36% | 95,161 SH | Aug. 8, 2026 | Daily |
| TNGY · Tortoise Capital Series Trust | 4.36% | 90,965 NS | May 31, 2026 | N-PORT |
| TPYP · Tortoise Capital Series Trust | 4.33% | 142,418 NS | May 31, 2026 | N-PORT |
| AMZA · ETFis Series Trust I | 3.33% | 59,463 NS | April 30, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 2.66% | 155,363 SH | Aug. 8, 2026 | Daily |
| GXPE · Global X Funds | 2.61% | 202 NS | May 31, 2026 | N-PORT |
| ELCV · Strategy Shares | 2.61% | 22,115 NS | April 30, 2026 | N-PORT |
| FXN · First Trust Exchange-Traded AlphaDE… | 2.59% | 120,582 NS | April 30, 2026 | N-PORT |
| IYE · iShares Trust | 2.55% | 162,559 SH | Aug. 8, 2026 | Daily |
| VDE · VANGUARD WORLD FUND | 2.54% | 1,041,689 SH | Aug. 8, 2026 | Daily |
| BDIV · ETF Series Solutions | 2.53% | 611 NS | April 30, 2026 | N-PORT |
| TOLZ · ProShares Trust | 2.51% | 17,149 NS | May 31, 2026 | N-PORT |
| FENY · FIDELITY COVINGTON TRUST | 2.19% | 170,754 NS | April 30, 2026 | N-PORT |
| DIG · ProShares Trust | 2.08% | 6,078 NS | May 31, 2026 | N-PORT |
| ERX · Direxion Shares ETF Trust | 2.06% | 21,980 NS | April 30, 2026 | N-PORT |
| IGF · iShares Trust | 1.96% | 781,457 SH | Aug. 8, 2026 | Daily |
| BMVP · Invesco Exchange-Traded Fund Trust | 1.64% | 6,687 SH | Aug. 8, 2026 | Daily |
| IXC · iShares Trust | 1.63% | 160,491 SH | Aug. 8, 2026 | Daily |
| IWP · iShares Trust | 1.63% | 1,226,970 SH | Aug. 8, 2026 | Daily |
| MGNR · AMERICAN BEACON SELECT FUNDS | 1.58% | 48,318 NS | April 30, 2026 | N-PORT |
| IGE · iShares Trust | 1.52% | 42,622 SH | Aug. 8, 2026 | Daily |
| EIPI · First Trust Exchange-Traded Fund VI… | 1.51% | 62,395 NS | May 31, 2026 | N-PORT |
| FDV · Federated Hermes ETF Trust | 1.39% | 40,136 NS | April 30, 2026 | N-PORT |
| PWV · Invesco Exchange-Traded Fund Trust | 1.26% | 87,748 SH | Aug. 8, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | 1.26% | 1,644,434 SH | Aug. 8, 2026 | Daily |
| GURU · Global X Funds | 1.25% | 2,807 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 1.22% | 29,710 NS | May 31, 2026 | N-PORT |
| AMOM · Exchange Listed Funds Trust | 1.18% | 1,380 NS | April 30, 2026 | N-PORT |
| IQRA · New York Life Investments Active ET… | 1.14% | 304 NS | April 30, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 1.12% | 175,843 NS | April 30, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 1.05% | 21,442 NS | April 30, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 1.00% | 701 NS | April 30, 2026 | N-PORT |
| TEXN · iShares Trust | 0.99% | 615 SH | Aug. 8, 2026 | Daily |
| FFLV · FIDELITY COVINGTON TRUST | 0.95% | 634 NS | April 30, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 0.90% | 923 NS | April 30, 2026 | N-PORT |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.83% | 418,802 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.77% | 312 NS | May 31, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.73% | 86,304 NS | April 30, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 0.68% | 298,096 NS | April 30, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.56% | 4,651,625 SH | Aug. 8, 2026 | Daily |
| SUSA · iShares Trust | 0.54% | 83,326 SH | Aug. 8, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.54% | 8,574 NS | May 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.46% | 12,186,000 | Aug. 8, 2026 | Daily |