Targa Resources
Targa Resources returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 14.14% | 16.88% | 16.71% | 72.63% | 8.72% | 9.7 pp |
| FY 2026 Q1 | Mar 31, 2026 | 14% | 16.78% | 21.37% | 76.31% | 8.54% | 9.6 pp |
| FY 2025 Q4 | Dec 31, 2025 | 13.48% | 16.16% | 22.71% | 65.46% | 8.02% | 9.1 pp |
| FY 2025 Q3 | Sep 30, 2025 | 12.61% | 15.38% | 21.85% | 61.57% | 7.5% | 8.2 pp |
| FY 2025 Q2 | Jun 30, 2025 | 12.82% | 15.53% | 27.08% | 60.71% | 7.32% | 8.4 pp |
| FY 2025 Q1 | Mar 31, 2025 | 11.51% | 13.81% | 12.06% | 46.71% | 5.99% | 7.1 pp |
| FY 2024 Q4 | Dec 31, 2024 | 12.05% | 14.39% | 2.51% | 47.98% | 6.05% | 7.7 pp |
| FY 2024 Q3 | Sep 30, 2024 | 11.76% | 14.3% | -5.37% | 48.87% | 5.99% | 7.4 pp |
| FY 2024 Q2 | Jun 30, 2024 | 11.15% | 13.55% | -24.27% | 41.76% | 5.37% | 6.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 11.49% | 14.04% | -7.85% | 42.05% | 5.64% | 7.1 pp |
| FY 2023 Q4 | Dec 31, 2023 | 12.66% | 15.27% | 48.39% | 30.92% | 6.69% | 8.3 pp |
| FY 2023 Q3 | Sep 30, 2023 | 13.24% | 15.18% | 85.43% | 35.72% | 6.89% | 8.8 pp |
| FY 2023 Q2 | Jun 30, 2023 | 15.18% | 16.83% | 24.6% | 35.68% | 7.69% | 10.8 pp |
| FY 2023 Q1 | Mar 31, 2023 | 14.81% | 15.69% | 24.18% | 41.91% | 9.35% | 10.4 pp |
| FY 2022 Q4 | Dec 31, 2022 | 11.41% | 11.76% | 16.11% | 38.35% | 6.88% | 7 pp |
| FY 2022 Q3 | Sep 30, 2022 | 6.96% | 7.46% | -4.55% | 10.66% | 3.19% | 2.6 pp |
| FY 2022 Q2 | Jun 30, 2022 | 7.69% | 8.02% | — | 9.91% | 3.6% | 3.3 pp |
| FY 2022 Q1 | Mar 31, 2022 | 6.47% | 6.22% | — | -6.39% | 0.08% | 2.1 pp |
| FY 2021 Q4 | Dec 31, 2021 | 6.68% | 6.4% | — | -0.69% | 0.46% | 2.3 pp |
| FY 2021 Q3 | Sep 30, 2021 | 8.8% | 8.8% | — | 12.69% | 2.61% | 4.4 pp |
| FY 2021 Q2 | Jun 30, 2021 | 7.8% | 8.23% | — | 7.65% | 1.95% | 3.4 pp |
| FY 2021 Q1 | Mar 31, 2021 | 7.75% | 7.79% | — | 7.88% | 2.09% | 3.4 pp |
| FY 2020 Q4 | Dec 31, 2020 | — | -8.4% | — | -44.48% | -8.96% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | -9.98% | — | -44.85% | -9.17% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -11.8% | — | -45.96% | -10.03% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | -12.82% | — | -46.32% | -10.78% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | 1.24% | — | -6.07% | -1.17% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | 0.87% | — | -5.73% | -1.04% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 1.13% | — | -5.14% | -0.95% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 1.47% | — | -3.07% | -0.26% | — |
| FY 2018 Q4 | Dec 31, 2018 | 1.7% | 1.77% | — | -1.95% | 0.01% | -2.7 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 3.27% | — | 4.5% | 2.67% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 0.24% | — | 2.03% | 1.79% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | -0.68% | — | 1.32% | 1.49% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | -1% | — | -1.11% | 0.4% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | -2.73% | — | -8.79% | -2.73% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 0.34% | — | -5.78% | -1.58% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 0.58% | — | -7.62% | -2.21% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | 0.46% | — | -8.29% | -1.43% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | -0.43% | — | -2.11% | -0.07% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 0.08% | — | -0.57% | 0.1% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 0.45% | — | 1.41% | 0.39% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | 1.77% | — | 7.15% | 0.59% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | 5.79% | — | 6.91% | 0.57% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 6.46% | — | 8.96% | 0.76% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 6.91% | — | 10.36% | 0.87% | — |
| FY 2014 Q4 | Dec 31, 2014 | 10.42% | 11.75% | 49.95% | 64.22% | 1.64% | 6 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | 11.6% | — | 62.54% | 1.59% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 10.52% | — | 60.83% | 1.41% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 9.23% | — | 49.21% | 1.27% | — |
| FY 2013 Q4 | Dec 31, 2013 | 6.44% | 7.59% | 2.8% | 44.45% | 1.17% | 2 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | 7.38% | — | 39.65% | 1.16% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 6.93% | — | 37.01% | 1.05% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 7.91% | — | 29.33% | 0.95% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | 8.96% | — | 25.22% | 0.85% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | 11.07% | — | 23.86% | 0.92% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 12.15% | — | 20.36% | 0.87% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | — | — | — | — | — |
| FY 2011 Q4 | Dec 31, 2011 | — | — | — | — | — | — |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | — | — | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 4.4%, rounded from the Utility · General benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · TRGP, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.