Targa Resources Corp. earnings overview

TRGP FY2026 Q1 · Calendar Q2 2026

Targa Resources Corp.

Targa Resources reported a record $1.4 billion in adjusted EBITDA for Q1 FY2026, up 5% sequentially, and raised full-year EBITDA guidance by $300 million to $5.7-$5.9 billion. The company continues to benefit from Permian volume growth and an expanding midstream infrastructure footprint, including new gas processing plants, the Speedway NGL pipeline, and growing LPG export capacity exceeding 19 MMbbl/mo. Despite bottom-line misses (EPS $2.21 vs. $2.48 estimate; revenue $4.09B vs. $4.68B estimate), management expressed confidence in the integrated platform's ability to capture growth across the Permian and Gulf Coast. Capital returns accelerated with a 25% dividend increase and $55M in share repurchases, supported by $3.1 billion in liquidity and 3.6x leverage. The market responded modestly positively, with a 1.5% abnormal move on the report and 4.6% subsequent drift over the following…