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Targa Resources (TRGP)
NYSE:TRGP
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.46Last Year’s EPS
0.92Same Quarter Last Year
Strong Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strong positive operational and financial performance story—record 2025 results (adjusted EBITDA +20%), robust Permian volume growth, multiple new project announcements (processing plants, frac train, fractionator, export expansion), and solid balance sheet metrics (net leverage ~3.5x, ~$1.9B liquidity). Management provided constructive 2026 guidance (+~11% adjusted EBITDA) and long-term visibility to >$6B run-rate EBITDA post-Speedway. Key near-term headwinds include Waha price volatility and weather-related volume impacts, an elevated near-term capital intensity as large projects are executed, and timing/execution risks for multi-year builds. Overall, highlights materially outweigh the lowlights, reflecting confident growth visibility and financial strength alongside manageable operational and timing risks.Company Guidance
Record Adjusted EBITDA
Full-year 2025 adjusted EBITDA of $4.96 billion, a 20% increase year-over-year versus 2024; Q4 2025 adjusted EBITDA of $1.34 billion, up 5% sequentially from Q3.
Strong Permian Volume Growth
Permian volumes grew 11% for the year (adding more than 600 MMcf/d) with a record Q4 average of 6.65 Bcf/d, up 10% year-over-year; company expects another year of low double-digit Permian volume growth in 2026.
NGL, Fractionation and Export Records
NGL transportation volumes averaged a record 1.05 million barrels per day in Q4; fractionation volumes averaged a record 1.14 million barrels per day; LPG export volumes averaged 13.5 million barrels per month in Q4.
Capital Investment and Project Backlog
Invested approximately $3.3 billion in growth capital in 2025; announced new projects including Yeti II (next Delaware processing plant) and a 13th fractionator in Mont Belvieu, plus long-lead orders for two additional Permian plants planned for early 2028; line of sight to incremental 2.2 Bcf/d processing capacity and ~320,000 bpd gross NGL production from these plants.
Positive 2026 Financial Outlook
2026 adjusted EBITDA guidance of $5.4–$5.6 billion (midpoint ~11% increase vs. 2025); 2026 growth capital expected at approximately $4.5 billion; company expects run-rate adjusted EBITDA north of $6 billion following completion of Speedway.
Strong Balance Sheet and Liquidity
Net consolidated leverage ~3.5x (within 3.0–4.0x target range); available liquidity of approximately $1.9 billion as of January 31, 2026; opportunistic share repurchases of $642 million in 2025 at an average price of $170.45.
High Fee-Based Cash Flow and Hedging
More than 90% of cash flows are fee-based; majority of non-fee margin hedged for the next three years; management estimates a 30% move in commodity prices would change 2026 adjusted EBITDA by less than ~2% relative to guidance midpoint.
Commercial Wins and Acreage Growth
Added approximately 350,000 dedicated acres in 2025 and completed the Stakeholder acquisition plus two bolt-on transactions that added ~2 million acres in areas of mutual interest and nearly 500,000 dedicated acres, supporting longer-term drill inventory and growth.
Marketing Outperformance in 2025
Marketing/optimization contributed approximately $150 million of incremental gains in 2025 above expectations.
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 |
|---|---|---|---|
Feb 19, 2026 | $227.62 | $224.16 | -1.52% |
Nov 05, 2025 | $153.80 | $161.88 | +5.25% |
Aug 07, 2025 | $161.17 | $164.97 | +2.35% |
May 01, 2025 | $167.92 | $159.51 | -5.01% |
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 (TRGP) report earnings?
Targa Resources (TRGP) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is Targa Resources (TRGP) earnings time?
Targa Resources (TRGP) earnings time is at Apr 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 (Q1) is 2.46.