Q1 26 EPS
$N/A
Q1 26 Revenue
$4.09B
MISS 12.44%
Est. $4.68B
vs S&P Since Q1 26
-0.4%
TRAILING MARKET
TRGP +1.7% vs S&P +2.1%
Market Reaction
Did TRGP Beat Earnings? Q1 2026 Results
Targa Resources delivered a mixed first quarter for 2026, posting revenue of $4.09 billion, a 15.6% year-over-year decline that came in 12.44% below consensus estimates, even as the company's underlying operational momentum painted a considerably bri… Read more Targa Resources delivered a mixed first quarter for 2026, posting revenue of $4.09 billion, a 15.6% year-over-year decline that came in 12.44% below consensus estimates, even as the company's underlying operational momentum painted a considerably brighter picture. The revenue shortfall was driven primarily by a $1.06 billion commodity price headwind across NGLs, natural gas, and condensate, which overwhelmed volume gains of $476.90 million and favorable hedge contributions. Yet beneath the top-line pressure, adjusted EBITDA climbed 19% year-over-year to $1.40 billion, while net income attributable to common shareholders rose sharply to $479.60 million from $200.00 million a year ago, as product purchase costs fell 26% and expanded margins. Record Permian inlet volumes of 6,730 MMcf/d, up 12%, anchored the growth story, fueled by new processing plant additions and acquisitions. Looking ahead, Targa raised its full-year 2026 adjusted EBITDA guidance to $5.70 billion to $5.90 billion and announced two new Permian Delaware processing plants, signaling confidence in continued volume-driven expansion; growing institutional interest in the stock has accompanied that constructive outlook.
Key Takeaways
- • Record Permian inlet volumes of 6,730 MMcf/d, up 12% year-over-year
- • Record NGL fractionation volumes of 1,145.2 MBbl/d, up 17% year-over-year
- • NGL pipeline transportation volumes of 1,016.8 MBbl/d, up 21% year-over-year
- • Higher fee-based margin from Permian volume growth
- • Greater marketing and optimization opportunities in Logistics and Transportation
- • Acquisition of certain assets in the Permian Basin
- • New plant completions including Falcon II and East Pembrook
TRGP Forward Guidance & Outlook
Targa raised its full-year 2026 adjusted EBITDA estimate to $5.7 billion to $5.9 billion, representing a 17% year-over-year increase at midpoint. The upward revision is driven by a strong outlook for marketing and optimization opportunities, LPG export operations, and continued volume growth across Targa's integrated assets. Second quarter 2026 Permian inlet volumes are currently trending significantly higher relative to Q1. Net growth capital expenditures for 2026 remain estimated at approximately $4.5 billion, which now includes capital for the newly announced Roadrunner III and Copperhead II processing plants. Net maintenance capital expenditures remain estimated at approximately $250 million. Full-year 2026 estimated net income attributable to Targa is $2,265 million with estimated adjusted EBITDA of $5,800 million at the midpoint of reconciliation.
TRGP YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
TRGP Earnings Trends
TRGP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TRGP EPS Trend
Earnings per share: estimate vs actual
TRGP Revenue Trend
Quarterly revenue: estimate vs actual
TRGP Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | $4.09B | -12.44% |
| Q4 25 FY | $2.32 | — | — | $4.06B | -9.67% |
| FY Full Year | $8.71 | — | — | $17.03B | -3.09% |
| Q3 25 | $2.22 | — | — | $4.15B | -10.85% |
| Q2 25 | $1.98 | — | — | $4.26B | -12.86% |
| Q1 25 | $2.05 | — | — | $4.56B | -6.88% |