TRGP earnings analysis
What we found in TRGP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Targa Resources Corp. reported Q1 2026 results with revenues of $4.09B and an EPS of $2.03, both below consensus estimates, driven by lower commodity prices despite strong volume growth. The company's adjusted EBITDA guidance for 2026 was increased to between $5.7B and $5.9B, reflecting management's confidence in continuing infrastructure expansion amidst challenging market conditions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue for Q1 2026 was $4.09B, down 10% from $4.56B in Q1 2025.
- EPS Shortfall
- Diluted EPS fell to $2.03, missing consensus estimates by $0.53.
- Adjusted EBITDA Guidance Raised
- Adjusted EBITDA guidance for 2026 increased to a range of $5.7B to $5.9B.
- Stronger Volume Growth in Gathering & Processing
- Gathering and Processing segment operating margin grew 16.8% to $703.5M, aided by increased natural gas volumes.
- Cash flow from operations decreased
- Operating cash flow for the quarter dropped to $739.5M from $954.4M in the prior year.
- Continuing Repurchase Program
- Completed share repurchases of $55M as of March 31, 2026, with remaining authority of $1.318B under repurchase programs.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Lower Commodity Prices
- Commodity prices dropped significantly, affecting revenues with sales down 14%.
- High Debt Levels
- Total long-term debt increased to $3.749B, slightly down from $3.751B, posing ongoing interest expense risks.
- Increased Operational Costs
- Operating expenses rose to $333.7M, up 30.1% year-over-year due to higher labor and maintenance costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.03
- Segment
- Gathering and Processing
- Segment
- Logistics and Transportation
What they said about what is next.
Management expects adjusted EBITDA to be between $5.7B and $5.9B for 2026.
The filing reads worse than the one before it.
What came before.
- 10-K · February 19, 2026
- Targa Resources Corp. reported solid financial performance for 2025, achieving a total revenue of $17.03 billion with a significant increase in net income attributable to shareholders of $1.85 billion. The company…
- 10-Q · November 5, 2025
- Targa Resources Corp.'s Q3 2025 performance showed a decline in revenue and EPS compared to the previous quarter and year, reflecting challenges in the natural gas market despite growth in certain operational segments…
- 10-Q · August 7, 2025
- Targa Resources Corp. reported a challenging second quarter for 2025, reflecting a revenue decline to $4.26 billion, down 6.6% from $4.56 billion in the previous quarter, despite a significant EPS increase to $2.87 from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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