Targa Resources Corp. · TRGP · FY2025 Q4 · Calendar Q1 2026

Targa Keeps Growth Plan Intact as Capex Rises

The current analysis supports a constructive operating-growth case for Targa: record 2025 EBITDA, double-digit Permian volume growth, and new infrastructure provide evidence of resilient demand. The counterweight is that the thesis depends on executing a larger capital program and converting planned capacity into cash flow after 2027.

Reported Before market openNYSEEnergy $58.02B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.51 Consensus $2.30
EPS surprise +9.1% Reported versus consensus
Reported revenue $4.06B Consensus $4.73B
Revenue surprise -14.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -1.5% Event window
SPY move -0.3% Same window
Abnormal move -1.3% Stock minus SPY
Volume 1.8× Versus trailing sessions
Subsequent drift +6.9% Up to 20 sessions
TRGPSPY benchmark

Ask FN2 about TRGP FY2025 Q4

Transcript, numbers and history already loaded

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Relative to the prior analysis, the growth framework and guidance stance were maintained, but the capital program expanded to about $2.5 billion annually. New detail included Yet II, a 13th fractionator, additional Permian plants, and expectations for 2026 adjusted EBITDA of $5.4-$5.6 billion.

Guidance delta

Maintained overall; management pointed to 2026 adjusted EBITDA guidance of $5.4-$5.6 billion while increasing annual capital spending to about $2.5 billion.

Key takeaways

  • 2025 adjusted EBITDA reached $4.96 billion, up 20% year over year, with Permian volumes up 11%.
  • Management expects low-double-digit Permian volume growth in 2026 and highlighted new processing, fractionation, and residue-gas capacity.
  • The expanded capital program raises the execution burden before the expected post-2027 cash-flow inflection.
  • The balance sheet was described as strong, with leverage around 3.5x and $1.9 billion of liquidity.

Management priorities

  • Expand Permian gathering and processing capacity.
  • Advance Speedway, LPG export, fractionation, and residue-gas projects.
  • Commission new processing plants and the 13th fractionator.
  • Maintain capital returns while funding the larger project pipeline.

Follow TRGP with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
TRGP REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $4B Q4 '23 actual $4B, beat Q1 '24 estimate $4B Q1 '24 actual $5B, beat Q2 '24 estimate $4B Q2 '24 actual $4B, miss Q3 '24 estimate $4B Q3 '24 actual $4B, miss Q2 '25 estimate $5B Q2 '25 actual $4B, miss Q3 '25 estimate $5B Q3 '25 actual $4B, miss Q4 '25 estimate $5B Q4 '25 actual $4B, miss Q1 '26 estimate $5B Q1 '26 actual $4B, miss Q2 '26 estimate $5B Q2 '26 actual $4B, miss Q3 '26 estimate $5B Q4 '26 estimate $5B Q1 '27 estimate $6B
Show less

Analyst Consensus ?

ConsensusBuy34 ratings
Bullish2882.4%
Neutral617.6%
Bearish00.0%

Analyst 52W Price Targets

$270.31Previous close
$45Low
$226.82Average
$359High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Truist Securities Buy BuyMaintainSep 21, 2026
TD Cowen Buy HoldUpgradeSep 18, 2026
Morgan Stanley Overweight OverweightMaintainSep 16, 2026
Mizuho Outperform OutperformMaintainSep 11, 2026
Scotiabank Sector Outperform Sector OutperformMaintainSep 10, 2026
Show 29 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $270.31. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Truist FinancialAnalyst unavailable$345$292.19 +27.6%Sep 21, 2026
Morgan StanleyAnalyst unavailable$359$285.64 +32.8%Sep 16, 2026
Mizuho SecuritiesGabriel Moreen$320$289.22 +18.4%Sep 11, 2026
ScotiabankBrandon Bingham$314$292.36 +16.2%Sep 10, 2026
Wells FargoPraneeth Satish$324$296.06 +19.9%Sep 2, 2026
See 77 more

Track every rating change on TRGP the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Targa Resources Corp., alongside its subsidiary Targa Resources Partners LP, is a significant entity in the North American midstream energy sector, focusing on the ownership, operation, acquisition, and development of crucial energy infrastructure assets. Its business is structured into two main divisions: "Gathering and Processing" and "Logistics and Transportation." Within these segments, the company undertakes a broad range of activities, including the collection, compression, treatment, processing, transport, and sale of natural gas. It also manages the storage, fractionation, treatment, transportation, and distribution of natural gas liquids (NGLs) and their associated products, providing services even to liquefied petroleum gas (LPG) exporters. Furthermore, Targa handles the gathering, storage, terminaling, purchasing, and selling of crude oil.…

Historical context

All TRGP earnings

Latest beats and misses

Who reports next

Get the TRGP recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-01T08:06:14.693393+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T08:06:14.690552+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.