Targa Resources Corp. · TRGP · Next earnings

Targa Resources Corp. reports Wednesday, Nov 4, 2026

TRGP reports before market open with consensus EPS at $2.66 and revenue at $4.69B. Last quarter: Targa Resources Posts Record Q1 EBITDA, Raises Full-Year Guidance

Reports Before market open45 days awayDate estimated Energy

What the street expects

Consensus for the coming report
Consensus EPS $2.66 Calendar consensus
Consensus revenue $4.69B Calendar consensus
Report date Nov 4, 2026 Wednesday, date estimated
Session Before market open 45 days away

Where TRGP left off: FY2026 Q1

Full report

Targa Resources Posts Record Q1 EBITDA, Raises Full-Year Guidance

EPS surprise -10.9% Reported $2.21 vs $2.48
Revenue surprise -12.4% Reported $4.09B vs $4.68B
Stock move +1.2% Event window
Subsequent drift +4.6% Up to 20 sessions

Management raised FY2026 adjusted EBITDA guidance by $300 million, from $5.4-$5.6 billion to $5.7-$5.9 billion. The prior quarter's guidance sentiment was maintained; this quarter it shifted to raised. Capex outlook moved from increasing to stable. The company continues to expect adjusted EBITDA exceeding $6 billion once the Speedway NGL pipeline is online.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Volatility in Waha natural-gas prices driving producer shut-ins and basis compression
  • Winter weather and extreme cold events impacting production volumes
  • Potential volatility in LPG export rates and shifts in global demand
  • Reliance on timely completion of new egress pipelines (GCX, Blackcomb) to relieve basis pressure
  • Execution risk on large capital projects including Speedway, new processing plants, and fractionation trains

Questions analysts left open

  • Trajectory of the Waha gas basis and its impact on producer shut-ins
  • Extent of upside from LPG export contracts and rates
  • Cadence and utilization of new processing plants and whether demand will fill capacity
  • Visibility of marketing optimization beyond the first four months of the year
  • Potential for opportunistic M&A in the Permian

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Recent TRGP quarters

All TRGP earnings
+1.2%FY2026 Q1

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q1

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.