Earnings summaries and quarterly performance for Targa Resources.
Executive leadership at Targa Resources.
Matthew J. Meloy
Detailed
Chief Executive Officer
CEO
BJ
Benjamin J. Branstetter
Detailed
President – Logistics and Transportation (effective March 1, 2026)
DS
D. Scott Pryor
Detailed
President – Logistics and Transportation
GR
Gerald R. Shrader
Detailed
Executive Vice President, General Counsel and Secretary
JC
J. Christopher Eklof
Detailed
Senior Vice President and Chief Accounting Officer
JR
Jennifer R. Kneale
Detailed
President
PJ
Patrick J. McDonie
Detailed
President – Gathering and Processing
RM
Robert M. Muraro
Detailed
Chief Commercial Officer
WA
William A. Byers
Detailed
Chief Financial Officer
Board of directors at Targa Resources.
BA
Beth A. Bowman
Detailed
Director
CA
Caron A. Lawhorn
Detailed
Director
CR
Charles R. Crisp
Detailed
Director
JB
Joe Bob Perkins
Detailed
Director
LC
Laura C. Fulton
Detailed
Lead Independent Director
LM
Lindsey M. Cooksen
Detailed
Director
PW
Paul W. Chung
Detailed
Chairman of the Board
RK
R. Keith Teague
Detailed
Director
RR
Rene R. Joyce
Detailed
Director
WS
Waters S. Davis, IV
Detailed
Director
Research analysts who have asked questions during Targa Resources earnings calls.
JT
Jeremy Tonet
JPMorgan Chase & Co.
9 questions for TRGP
Also covers: AEE, AEP, AM +46 more
Keith Stanley
Wolfe Research, LLC
9 questions for TRGP
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MG
Manav Gupta
UBS Group
9 questions for TRGP
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MB
Michael Blum
Wells Fargo & Company
9 questions for TRGP
Also covers: AROC, BE, CQP +15 more
SS
Sunil Sibal
Seaport Global Holdings LLC
9 questions for TRGP
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Jean Ann Salisbury
Bank of America
7 questions for TRGP
Also covers: CQP, CVX, DK +13 more
Theresa Chen
Barclays PLC
7 questions for TRGP
Also covers: CQP, DINO, DTM +20 more
JG
Jason Gabelman
TD Cowen
6 questions for TRGP
Also covers: BP, CLMT, CLNE +20 more
JM
John Mackay
Goldman Sachs Group, Inc.
6 questions for TRGP
Also covers: AM, ARIS, CQP +17 more
BB
Brandon Bingham
Scotiabank
5 questions for TRGP
Also covers: CQP, EPD, KMI +7 more
Spiro Dounis
Citigroup Inc.
5 questions for TRGP
Also covers: ARIS, CQP, DTM +15 more
AO
A.J. O'Donnell
Tudor, Pickering, Holt & Co.
3 questions for TRGP
Also covers: EPD, OKE, PAA +1 more
AJ
Andrew John O'Donnell
Tudor, Pickering, Holt & Co.
3 questions for TRGP
Also covers: EPD, OKE, PAA +1 more
JK
Jackie Koletas
Goldman Sachs
2 questions for TRGP
Also covers: ARIS, KMI, KNTK +1 more
ND
Neal Dingmann
Truist Securities
2 questions for TRGP
Also covers: APA, CHRD, CIVI +36 more
AO
A.J. O'Donnell
TPH
1 question for TRGP
AS
Amit Sharma
BMO Capital Markets
1 question for TRGP
AT
Amit Thakker
BMO Capital Markets
1 question for TRGP
HM
Harry Mateer
Barclays
1 question for TRGP
Also covers: CVE
JK
Jacqueline Koletas
The Goldman Sachs Group, Inc.
1 question for TRGP
Also covers: HESM, KNTK
Recent press releases and 8-K filings for TRGP.
Targa Resources prices $1.5 billion senior notes
TRGP
Debt Issuance
- On February 25, 2026, Targa Resources Corp. announced the pricing of a $1.5 billion underwritten offering of senior notes, comprised of $750 million of 4.350% notes due 2031 at 99.812% of face value and $750 million of 6.050% notes due 2056 at 99.975% of face value.
- The offering is expected to close on March 2, 2026, with net proceeds to be used for general corporate purposes, including repayment of commercial paper and other debt, share repurchases or redemptions, capital expenditures, working capital and investments in subsidiaries.
- The notes will be fully and unconditionally guaranteed on a senior unsecured basis by subsidiary guarantors, will accrue interest from March 2, 2026, payable semi-annually, and mature on April 15, 2031 (2031 Notes) and May 15, 2056 (2056 Notes).
1 day ago
Targa Resources prices $1.5 Billion senior notes offering
TRGP
Debt Issuance
- Targa priced an underwritten public offering of $750 million aggregate principal amount of 4.350% Senior Notes due 2031 at 99.812%, and $750 million aggregate principal amount of 6.050% Senior Notes due 2056 at 99.975%.
- The offering is expected to close on March 2, 2026, subject to customary closing conditions.
- Net proceeds will be used for general corporate purposes, including repayment of commercial paper and other indebtedness, repurchases or redemptions of securities, capital expenditures, working capital and investments in subsidiaries.
2 days ago
Targa Resources reports Q4 2025 results
TRGP
Earnings
Guidance Update
- Targa Resources achieved a 20% YoY increase in Adjusted EBITDA to $1,341.1 M in Q4 2025 (vs. $1,122.2 M in Q4 2024).
- The Gathering & Processing segment operating margin rose by $13 M YoY, while Logistics & Transportation margin grew $143 M YoY, driven by higher Permian volumes and NGL pipeline/fractionation throughput and marketing gains.
- Field G&P Permian inlet volumes reached 6,651 MMcf/d, NGL pipeline transportation was 1,049 MBbl/d, and fractionation volumes were 1,144 MMBbl/month in Q4 2025.
- For 2026, Targa projects $5.4–5.6 B in Adjusted EBITDA, with over 90% fee-based revenues and under 2% impact from a 30% commodity price move.
Feb 19, 2026, 4:00 PM
Targa Resources reports Q4 2025 results
TRGP
Earnings
Guidance Update
New Projects/Investments
- Record Q4 operational volumes: Permian gas averaged 6.65 Bcf/d (+10%), NGL transport 1.05 MMbpd, fractionation 1.14 MMbpd, LPG exports 13.5 MMbpm.
- Q4 Adjusted EBITDA $1.34 B (+5% QoQ); FY 2025 record Adjusted EBITDA $4.96 B (+20% YoY); 2026 guidance $5.4–$5.6 B (11% growth).
- Capital allocation: 2025 growth cap $3.3 B, maintenance cap $226 M; 2026 growth cap guidance $4.5 B; repurchased $642 M of shares at $170.45 avg; net leverage 3.5×; no meaningful cash taxes next five years.
- New projects announced: Yeti Two Delaware processing plant, 13th Mont Belvieu fractionator; two additional Permian plants for early 2028—8 plants over two years adding 2.2 Bcf/d processing and 320 k bpd NGL capacity.
- Post-Speedway outlook: expect run-rate Adjusted EBITDA > $6 B and multi-year growth cap avg ~ $2.5 B/year (≈3 plants/year) post-Speedway versus $1.7 B illustrative 2024 case.
Feb 19, 2026, 4:00 PM
Targa Resources reports Q4 2025 results and 2026 outlook
TRGP
Earnings
Guidance Update
New Projects/Investments
- Targa reported record $4.96 billion FY 2025 Adjusted EBITDA (+20% YoY) and Q4 Adjusted EBITDA of $1.34 billion (+5% QoQ), driven by 11% Permian volume growth to 6.65 bcf/d in Q4 2025.
- 2026 outlook includes $5.4–$5.6 billion Adjusted EBITDA (midpoint +11% YoY) and $4.5 billion of growth capex, underpinned by low double-digit Permian volume growth and major project ramps.
- In 2025, the company invested $3.3 billion in growth capex and $226 million in maintenance capex, repurchased $642 million of common shares, and ended the year with 3.5× leverage and $1.9 billion of liquidity.
- Announced 8 new Permian processing plants, including the Yeti Two plant (in service Q4 2027), Mont Belvieu Train 13 fractionator, and long-lead items for two additional 2028 plants, boosting future processing capacity.
Feb 19, 2026, 4:00 PM
Targa Resources reports Q4 2025 results
TRGP
Earnings
Guidance Update
New Projects/Investments
- Permian volumes averaged a record 6.65 Bcf/d in Q4, up 10% year-over-year, while NGL transport, fractionation, and LPG export volumes also hit quarterly records (1.05 MMbpd, 1.14 MMbpd, and 13.5 MMbbl/mo, respectively).
- Q4 Adjusted EBITDA was $1.34 billion, a 5% sequential increase, driving full-year 2025 Adjusted EBITDA of $4.96 billion, up 20% versus 2024; growth capex was $3.3 billion and net maintenance capex $226 million; shares repurchased totaled $642 million at an average price of $170.45.
- 2026 guidance: Adjusted EBITDA of $5.4–5.6 billion (≈11% growth), growth capex of $4.5 billion, over 90% fee-based cash flows, hedged non-fee margins, and expected leverage within the 3–4× target; no meaningful cash taxes for five years.
- Announced new Permian projects—Yeti Two processing plant, Frac Train 13, plus long-lead orders for two more plants for early 2028—and downstream expansions including the Speedway and LPG export projects, positioning run-rate Adjusted EBITDA above $6 billion post-Speedway.
Feb 19, 2026, 4:00 PM
Targa Resources reports record Q4 and full‐year 2025 results
TRGP
Earnings
Guidance Update
Share Buyback
- Targa generated $545 million in Q4 2025 net income attributable to common shareholders (up from $318 million in Q4 2024) and $1.923 billion for full‐year 2025 (2024: $1.279 billion); Q4 adjusted EBITDA was $1.341 billion, with FY 2025 adjusted EBITDA of $4.957 billion (both +20% YoY).
- For 2026, Targa forecasts adjusted EBITDA of $5.4–$5.6 billion (≈+11% YoY), net growth capex of ≈$4.5 billion, and intends to recommend an annual dividend of $5.00 per share (up 25% from 2025).
- In 2025, Targa repurchased 3.77 million shares at an average price of $170.45 for $642 million and paid $215 million in common dividends in Q4; as of December 31, 2025, $1.374 billion remained under its buyback program.
- Key strategic developments include completion of the Bull Moose II plant (Oct 2025), January 2026 acquisition of Stakeholder Midstream, and announcements of the Yeti II processing plant and Train 13 fractionator in Mont Belvieu.
Feb 19, 2026, 11:15 AM
Targa Resources reports record Q4 and full year 2025 results
TRGP
Earnings
Guidance Update
Share Buyback
- Targa delivered Q4 2025 net income of $545 million (vs. $351 million) and full year net income of $1,923 million (vs. $1,312 million), with adjusted EBITDA of $1,341 million in Q4 and $4,957 million for 2025.
- The company repurchased $642 million of its common shares in 2025 and declared a $1.00 per share quarterly dividend for Q4 2025, while recommending a $5.00 annualized dividend for 2026.
- Outlook for 2026 includes adjusted EBITDA of $5.4–5.6 billion (up ~11% year-over-year) and net growth capital expenditures of ~$4.5 billion.
- Completed the Bull Moose II plant and the acquisition of Stakeholder Midstream, and announced new Yeti II processing plant and Train 13 fractionator in Mont Belvieu.
Feb 19, 2026, 11:00 AM
Targa Resources outlines 2026 outlook and strategic growth initiatives
TRGP
Guidance Update
New Projects/Investments
Dividends
- Targa Resources leverages a Permian-focused footprint, achieving 21% volume CAGR and returning $4.5 B to shareholders from 2021–2025, alongside a 25% Adjusted EBITDA CAGR over five years.
- The 2026 outlook targets Adjusted EBITDA of $5.4 – 5.6 B, with 90%+ fee-based earnings, ~$4.5 B net growth capex, and under 2% EBITDA impact from a ±30% commodity price shift.
- Key organic projects include multiple 275 MMcf/d Permian plants, 150–500 MBbl/d fractionators coming online 2026–2028, and the 500 MBbl/d Speedway NGL pipeline (ISD Q3 2027).
- In 2025, Targa delivered $5.5 B Adjusted EBITDA, $4.1 B Adjusted CFFO, raised dividends to $5.00/share (2026E: $6.00/share), and reduced leverage to 3.0x.
Feb 18, 2026, 12:00 PM
Targa Resources Corp. declares Q4 2025 dividend and schedules earnings webcast
TRGP
Dividends
Earnings
- Dividend declared: Quarterly cash dividend of $1.00 per share ($4.00 annualized) for Q4 2025, payable Feb. 13, 2026 to holders of record as of Jan. 30, 2026.
- Dividend guidance: Intends to recommend a Q1 2026 dividend increase to $1.25 per share ($5.00 annualized), subject to Board approval, payable May 2026.
- Earnings webcast scheduled for Feb. 19, 2026 before market open, with a 10:00 a.m. Central Time live webcast.
- Replay and updated investor presentations will be available online approximately two hours after the webcast.
Jan 15, 2026, 10:00 PM
Quarterly earnings call transcripts for Targa Resources.
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