Targa Resources Corp. (TRGP)
NYSE:TRGP
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Earnings Data
Report Date
Jul 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.65Last Year’s EPS
2.9Same Quarter Last Year
Strong Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and financial strengths—record Q1 adjusted EBITDA, raised full-year guidance, record fractionation and Permian volumes, strong liquidity, continued large-scale project execution and increased shareholder returns—while acknowledging near-term headwinds from severe winter weather, Waha-basis driven shut-ins (200–400 MMcf/d), and a partial LPG export outage. Management expects egress capacity additions (GCX expansion, Blackcomb, Traverse) and ongoing downstream expansions to alleviate constraints and support growth in the back half of 2026 and into 2027. Overall, positives (record results, guidance raise, strong balance sheet, and project progress) materially outweigh the cited short-term operational challenges.Company Guidance
Record Adjusted EBITDA and Raised Full-Year Guidance
Q1 adjusted EBITDA of $1.4 billion, a 5% increase sequentially. 2026 adjusted EBITDA guidance raised to $5.7–$5.9 billion with a midpoint $300 million higher than the February guide.
Record Permian and Fractionation Volumes
Record Permian natural gas inlet volumes in Q1 and record fractionation volumes of 1.145 million barrels per day. NGL pipeline transportation averaged 1.02 million barrels per day in Q1.
Strong Liquidity and Balance Sheet Position
Completed a $1.5 billion debt offering; available liquidity of $3.1 billion at quarter end. Pro forma consolidated leverage ratio ~3.6x, inside target range of 3x–4x.
Capital Investment Program Maintained
Net growth capital guidance for 2026 remains approximately $4.5 billion with net maintenance capital of $250 million, despite announcing two additional Permian gas plants.
Progress on Major Projects and Expansion
Train 11 fractionator brought online early in Q2; Delaware Express pipeline in startup; Speedway pipeline on track for Q3 2027; Trains 12 and 13 under construction (on track for Q1'27 and Q1'28). LPG export expansion planned to increase capacity to >19 million barrels per month by 3Q2027.
Operational Execution and M&A Integration
Over the last six years delivered 27 major projects (16 Permian processing plants, 5 fractionators, 3 NGL pipelines) all on time or early. Recent Permian acquisition (closed early January) contributed to Q1 EBITDA and integrated successfully.
Shareholder Returns Increased
Declared Q1 common dividend of $1.25 per share, a 25% increase year-over-year, and repurchased $55 million of common shares at an average price of $241.43 during the quarter.
TRGP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TRGP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 07, 2026 | $249.50 | $252.44 | +1.18% |
Feb 19, 2026 | $226.48 | $223.04 | -1.52% |
Nov 05, 2025 | $153.03 | $161.07 | +5.25% |
Aug 07, 2025 | $160.36 | $164.14 | +2.36% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Targa Resources Corp. (TRGP) report earnings?
Targa Resources Corp. (TRGP) is schdueled to report earning on Jul 30, 2026, Before Open (Confirmed).
What is Targa Resources Corp. (TRGP) earnings time?
Targa Resources Corp. (TRGP) earnings time is at Jul 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TRGP EPS forecast?
TRGP EPS forecast for the fiscal quarter 2026 (Q2) is 2.65.