The earnings call highlighted strong financial performance, record-breaking volumes, and strategic growth initiatives, suggesting confidence in long-term growth. However, challenges such as temporary production shut-ins and elevated capital spending were noted.

Company Guidance

During the Targa Resources Corporation Third Quarter 2025 earnings call, the company provided guidance emphasizing strong operational performance and future growth initiatives. Targa reported a record quarterly adjusted EBITDA of $1.275 billion, a 19% increase year-over-year, driven by record volumes in the Permian Basin. The company expects to reach the top end of its full-year adjusted EBITDA guidance range of $4.65 billion to $4.85 billion. Permian volumes grew significantly, with natural gas volumes increasing by over 340 million cubic feet per day and NGL volumes rising by 180,000 barrels per day compared to the previous year. Targa announced several new projects, including the Speedway NGL transportation expansion and the Copperhead gas processing plant, to accommodate continued volume growth. The company also plans to recommend a 25% increase in its annual common dividend to $5 per share, effective for the first quarter of 2026. With a solid financial position and strategic investments, Targa expects to generate higher adjusted EBITDA, lower downstream capital spending post-2027, and significant free cash flow, supporting long-term growth and shareholder value.

Record Adjusted EBITDA

Targa Resources reported a record adjusted EBITDA of $1.275 billion for the third quarter, a 19% increase from the previous year and a 10% increase sequentially.

Permian Volume Growth

Permian volumes grew more than 340 million cubic feet per day and nearly 700 million cubic feet per day compared to the previous year, with natural gas inlet volumes averaging a record 6.6 billion cubic feet per day.

New Growth Projects Announced

Targa announced several new growth projects, including Speedway NGL transportation expansion and new gas processing plants (Yeti and Copperhead) in the Permian Delaware.

Dividend Increase Proposal

Targa intends to recommend a 25% increase in its annual common dividend to $5 per share, effective for the first quarter of 2026.

Strong Financial Position

Targa ended the third quarter with $2.3 billion of available liquidity and a pro forma consolidated leverage ratio of approximately 3.6x.

Targa Resources (TRGP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TRGP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 19, 2026	2025 (Q4)	2.26 / -	1.45	―	―	―
Nov 05, 2025	2025 (Q3)	2.11 / 2.21	1.76	25.57% (+0.45)
Aug 07, 2025	2025 (Q2)	1.86 / 2.90	1.35	114.81% (+1.55)
May 01, 2025	2025 (Q1)	1.98 / 0.92	1.23	-25.20% (-0.31)
Feb 20, 2025	2024 (Q4)	1.92 / 1.45	1.24	16.94% (+0.21)
Nov 05, 2024	2024 (Q3)	1.56 / 1.76	0.98	79.59% (+0.78)
Aug 01, 2024	2024 (Q2)	1.28 / 1.35	1.45	-6.90% (-0.10)
May 02, 2024	2024 (Q1)	1.31 / 1.23	0.03	4000.00% (+1.20)
Feb 15, 2024	2023 (Q4)	1.46 / 1.24	1.38	-10.14% (-0.14)
Nov 02, 2023	2023 (Q3)	1.19 / 0.98	0.84	16.67% (+0.14)

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
Nov 05, 2025	$154.57	$162.69	+5.25%
Aug 07, 2025	$161.97	$165.79	+2.36%
May 01, 2025	$168.76	$160.30	-5.01%
Feb 20, 2025	$206.49	$201.00	-2.66%

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 Feb 19, 2026, Before Open (Confirmed).

What is Targa Resources (TRGP) earnings time?

Targa Resources (TRGP) earnings time is at Feb 19, 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 2025 (Q4) is 2.26.

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