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…
Earnings analysis · 10-Q
TRGP earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.03
- Segment
- Gathering and Processing
- Segment
- Logistics and Transportation
What stood out
-
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.
What to watch
-
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.
Management's outlook
Management expects adjusted EBITDA to be between $5.7B and $5.9B for 2026.
Earlier filings 3
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 itself. Analysis can contain errors; check the source document for full context.