Jun 2026 (Q2 FY26) — Aug 6, 2026
Targa Resources Q2 FY26 — Record Permian Volumes and Strong EBITDA Growth
Read the full callTarga Resources (TRGP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Targa Resources earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,440 | +4.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 27.8 | +3.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 765 | +21.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
18 of 20 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Annual common dividend per share raised to $5.00 | $5.00 per share, a 25% increase over the 2025 level | Sep 2025 | We declared a second quarter common dividend of $1.25 per share, which is a 25% increase relative to the second quarter common dividend for 2025 | Achieved |
| Full-year adjusted EBITDA | $5.4 billion to $5.6 billion | Dec 2025 | we now expect full year 2026 adjusted EBITDA to be towards the top end of our guidance range of $5.7 billion to $5.9 billion | Revised Up |
| Copperhead II Permian Delaware processing plant in service | service begins in Q1 2028 | Mar 2026 | our 5 gas processing plants Copper head 1 and 2, YETI 1 and 2 and Roadrunner are on track to begin operations as previously announced | On Track |
2 of Targa Resources Corp.'s 40 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 37 more targets are in the full ledger.
Claimed
- Adjusted EBITDA increased 38% year-over-year to $1.603 billion.
- Record Permian volumes reached 7.2 Bcf/d, up 14% YoY and 7% QoQ.
- Record NGL transportation volumes of 1.1 MMBbl/d and fractionation volumes of 1.2 MMBbl/d were achieved.
- Record LPG export loadings averaged 14.8 MMBbl/month in Q2 FY26.
- Full-year 2026 Adjusted EBITDA is expected at the top end of the $5.7 billion to $5.9 billion guidance range.
Qualified
- Marketing businesses outperformed expectations by approximately $250 million in H1 FY26 due to market volatility, which is not expected to recur at the same level in H2 FY26.
- G&P unit margins decreased in Q2 FY26 due to commodity sensitivity, despite a 7% QoQ volume increase.
Price
$292.8 −0.71% · −$2.1
Performance +96.9% 1Y
1Y: $148.67 on 17 Oct 2025 → $292.8. High $302.25 (20 Aug 2026), low $148.67 (17 Oct 2025).
- Previous close
- $294.9
- 52-week range
- $150.94 – $302.25
- One year
- +93.98%
Overview
- Symbol
- TRGP
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
18 of 20 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Annual common dividend per share raised to $5.00 | $5.00 per share, a 25% increase over the 2025 level | Sep 2025 | We declared a second quarter common dividend of $1.25 per share, which is a 25% increase relative to the second quarter common dividend for 2025 | Achieved |
| Full-year adjusted EBITDA | $5.4 billion to $5.6 billion | Dec 2025 | we now expect full year 2026 adjusted EBITDA to be towards the top end of our guidance range of $5.7 billion to $5.9 billion | Revised Up |
| Copperhead II Permian Delaware processing plant in service | service begins in Q1 2028 | Mar 2026 | our 5 gas processing plants Copper head 1 and 2, YETI 1 and 2 and Roadrunner are on track to begin operations as previously announced | On Track |
Claimed
- Adjusted EBITDA increased 38% year-over-year to $1.603 billion.
- Record Permian volumes reached 7.2 Bcf/d, up 14% YoY and 7% QoQ.
- Record NGL transportation volumes of 1.1 MMBbl/d and fractionation volumes of 1.2 MMBbl/d were achieved.
- Record LPG export loadings averaged 14.8 MMBbl/month in Q2 FY26.
- Full-year 2026 Adjusted EBITDA is expected at the top end of the $5.7 billion to $5.9 billion guidance range.
Qualified
- Marketing businesses outperformed expectations by approximately $250 million in H1 FY26 due to market volatility, which is not expected to recur at the same level in H2 FY26.
- G&P unit margins decreased in Q2 FY26 due to commodity sensitivity, despite a 7% QoQ volume increase.
The full ledger
Open Targa Resources Corp.’s full ledger
A free account opens 5 company ledgers a month. All 40 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Targa Resources Corp. Q1 FY26 — Record Adjusted EBITDA and Permian Volumes
Read the full callDec 2025 (Q4 FY25) — Feb 19, 2026
Targa Resources Q4 FY25 — Record Performance and Accelerated Permian Expansion
Read the full callEvery analysed call
Targa Resources earnings calls (TRGP)
Financials
What the filings say
Net profit, year on year: +22% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,852 | 4,405 | 4,562 | 4,260 | 4,151 | 4,056 | 4,095 | 4,440 |
| Operating profit | 728 | 701 | 543 | 1,034 | 837 | 917 | 847 | 1,235 |
| Operating margin | 18.9% | 15.9% | 11.9% | 24.3% | 20.2% | 22.6% | 20.7% | 27.8% |
| Profit before tax | 545 | 524 | 352 | 821 | 621 | 692 | 611 | 1,005 |
| Tax rate | 17.8% | 21.1% | 20.5% | 22.4% | 21.6% | 20.1% | 20.3% | 22.6% |
| Net profit | 387 | 351 | 271 | 629 | 478 | 545 | 480 | 765 |
| EPS ($ per share) | 1.76 | — | 0.91 | 2.88 | 2.21 | — | 2.22 | 3.54 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -130 | -340 | -1,893 | -1,822 | -627 | 492 | 1,190 | 2,294 |
| Total liabilities | 9,467 | 10,372 | 9,973 | 10,030 | 14,578 | 16,062 | 18,316 | 22,020 |
| Fixed assets | 12,928 | 14,549 | 12,174 | 11,668 | 14,215 | 15,806 | 18,063 | 20,535 |
| Total assets | 16,938 | 18,815 | 15,876 | 15,208 | 19,560 | 20,672 | 22,734 | 25,218 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,144 | 1,390 | 1,745 | 2,303 | 2,381 | 3,212 | 3,650 | 3,917 |
| Cash from investing | -3,147 | -3,072 | -738 | -473 | -4,150 | -2,401 | -3,021 | -3,642 |
| Cash from financing | 2,098 | 1,781 | -1,095 | -1,914 | 1,829 | -888 | -613 | -267 |
| Net cash flow | 95 | 99 | -88 | -84 | 61 | -77 | 16 | 9 |
| Capital expenditure | -3,115 | -2,878 | -952 | -505 | -1,334 | -2,385 | -2,966 | -3,333 |
| Free cash flow | -1,971 | -1,488 | 793 | 1,798 | 1,047 | 826 | 684 | 584 |
TRGP revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Logistics and Transportation | 84% | 170% | 91% | 79% | 84% | 83% | 82% | 78% | +2.8% |
| Gathering and Processing | 41% | -102% | 15% | 14% | 17% | 17% | 21% | 20% | +42.8% |
| All Other Segments | 0% | -4% | -5% | 7% | -1% | 0% | -3% | 2% | -63.2% |
| Corporate Non Segment and Inter Segment Elimination | -24% | -59% | -35% | -28% | -29% | -24% | -24% | -11% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TRGP operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Pipeline transportation volumes NGL Pipeline | 844K bbl/dShifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 844,000 barrels per day and fractionation volumes averaged 980,000 barrels per day during the first quarter, impacted by winter weather events that reduced volumes from our G&P assets.Source: earnings call transcript | 961K bbl/dShifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 961,000 barrels per day and fractionation volumes averaged 969,000 barrels per day during the second quarter.Source: earnings call transcript | 1.02M bbl/dShifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 1.02 million barrels per day.Source: earnings call transcript | 1.05M bbl/dNGL transportation volumes in the fourth quarter averaged a record 1.05 million barrels per day, and our NGL transportation system continues to run full.Source: earnings call transcript | 1.02M bbl/dShifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 1.02 million barrels per day and fractionation volumes averaged a record 1.145 million barrels per day during the first quarter.Source: earnings call transcript | 1.1M bbl/dShifting to logistics and transportation, the growth we are experiencing in the Permian is flowing through our integrated footprint, contributing to record NGL transportation volumes of 1.1 million barrels per day and record fractionation volumes of 1.2 million barrels per day.Source: earnings call transcript | +7.8% |
| Fractionation volumes | 980K bbl/dShifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 844,000 barrels per day and fractionation volumes averaged 980,000 barrels per day during the first quarter, impacted by winter weather events that reduced volumes from our G&P assets.Source: earnings call transcript | 969K bbl/dShifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 961,000 barrels per day and fractionation volumes averaged 969,000 barrels per day during the second quarter.Source: earnings call transcript | 1.13M bbl/dOur fractionation volumes ramped sharply in the third quarter, averaging a record 1.13 million barrels per day following the completion of planned maintenance at a portion of our fractionation facilities during part of the first and second quarters of the year.Source: earnings call transcript | 1.14M bbl/dFractionation volumes averaged a record 1.14 million barrels per day, and our LPG export volumes averaged 13.5 million barrels per month.Source: earnings call transcript | 1.145M bbl/dShifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged 1.02 million barrels per day and fractionation volumes averaged a record 1.145 million barrels per day during the first quarter.Source: earnings call transcript | 1.2M bbl/dShifting to logistics and transportation, the growth we are experiencing in the Permian is flowing through our integrated footprint, contributing to record NGL transportation volumes of 1.1 million barrels per day and record fractionation volumes of 1.2 million barrels per day.Source: earnings call transcript | +4.8% |
| Export loadings Galena Park | 13.4M bbl/monthTurning to our LPG export business at Galena Park, our loadings averaged 13.4 million barrels per month during the first quarter.Source: earnings call transcript | 12.8M bbl/monthTurning to our LPG export business at Galena Park, our loadings averaged 12.8 million barrels per month during the second quarter.Source: earnings call transcript | — | — | 13.1M bbl/monthOur loadings averaged 13.1 million barrels per month during the first quarter despite the unplanned outage at a portion of our facility that reduced our loadings towards the end of the first quarter and early in the second quarter.Source: earnings call transcript | — | — |
| Natural gas inlet volumes Permian | — | 6.3B cf/dStarting in the Permian, our natural gas inlet volumes averaged a record 6.3 billion cubic feet per day in the second quarter, an increase of 11% versus a year ago and a strong rebound from the first quarter, which was impacted by severe weather events.Source: earnings call transcript | 6.6B cf/dStarting in the Permian, our natural gas inlet volumes averaged a record 6.6 billion cubic feet per day in the third quarter, representing an increase of 11% versus a year ago and strong sequential growth.Source: earnings call transcript | 6.65B cf/dIn the fourth quarter, our Permian volumes averaged a record 6.65 billion cubic feet per day.Source: earnings call transcript | — | 7.2B cf/dSecond quarter Permian volumes were a record 7.2 billion cubic feet per day, up approximately 7% from the first quarter and 14% from a year ago.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
79 filings between Nov 11, 2025 and Sep 3, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$34.25M
25 sales by 10 insiders
Compensation
not trading decisions- 25
- Award — granted as compensation
- 14
- Tax withheld — shares kept back by the company to cover tax
Also filed: 15 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| McDonie Patrick J. | — | $7.55M | Mar 2, 2026 |
| Pryor D. Scott | — | $7.45M | Feb 25, 2026 |
| Kneale Jennifer R. | — | $6.79M | Feb 24, 2026 |
| Muraro Robert | — | $5.93M | Mar 5, 2026 |
| CRISP CHARLES R | — | $3.90M | Aug 25, 2026 |
| Branstetter Benjamin James | — | $778.1K | Mar 2, 2026 |
| Davis Waters S IV | — | $719.2K | Aug 21, 2026 |
| Chung Paul W | — | $537.7K | Sep 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 3, 2026 | Perkins Joe Bob Director | Gift | 8,370 | $0 |
| Sep 1, 2026 | Chung Paul W Director | Sale | 816 | $242.4K |
| Sep 1, 2026 | Chung Paul W Director | Sale | 1,000 | $295.4K |
| Sep 1, 2026 | Secrest Brent B. See Remarks | Award | 10,000 | $0 |
| Aug 25, 2026 | CRISP CHARLES R Director | Gift | 1,200 | $0 |
| Aug 25, 2026 | CRISP CHARLES R Director | Sale | 3,000 | $870.7K |
| Aug 21, 2026 | Davis Waters S IV Director | Sale | 270 | $81.7K |
| Aug 21, 2026 | Davis Waters S IV Director | Sale | 154 | $46.2K |
| Aug 21, 2026 | Davis Waters S IV Director | Sale | 254 | $75.9K |
| Aug 21, 2026 | Davis Waters S IV Director | Sale | 440 | $130.4K |
| Aug 21, 2026 | Davis Waters S IV Director | Sale | 692 | $205.8K |
| Aug 21, 2026 | Davis Waters S IV Director | Sale | 590 | $179.3K |
| Aug 20, 2026 | Chung Paul W Director | Gift | 1,000 | $0 |
| Aug 18, 2026 | Muraro Robert Chief Commercial Officer | Award | 20,000 | $0 |
| Aug 1, 2026 | Eklof John Christopher Senior VP and CAO | Tax withheld | 578 | $156.3K |
| Aug 1, 2026 | Shrader Gerald R See Remarks | Tax withheld | 1,718 | $464.5K |
| Aug 1, 2026 | Branstetter Benjamin James See Remarks | Tax withheld | 1,346 | $363.9K |
| Jul 21, 2026 | Mathiasmeier Thomas Joseph Director | Award | 477 | $0 |
| May 14, 2026 | MELOY MATTHEW J Chief Executive Officer | Gift | 15,000 | $0 |
| May 12, 2026 | CRISP CHARLES R Director | Sale | 10,602 | $2.71M |
| May 12, 2026 | Chung Paul W Director | Gift | 6,000 | $0 |
| Mar 5, 2026 | Muraro Robert Chief Commercial Officer | Sale | 24,589 | $5.93M |
| Mar 2, 2026 | McDonie Patrick J. See Remarks | Sale | 1,116 | $268.1K |
| Mar 2, 2026 | McDonie Patrick J. See Remarks | Sale | 30,421 | $7.28M |
| Mar 2, 2026 | Branstetter Benjamin James See Remarks | Sale | 100 | $23.9K |
| Mar 2, 2026 | Branstetter Benjamin James See Remarks | Sale | 3,158 | $754.2K |
| Mar 1, 2026 | Branstetter Benjamin James See Remarks | Tax withheld | 3,542 | $835.2K |
| Feb 26, 2026 | Cooksen Lindsey Director | Sale | 435 | $100.8K |
| Feb 26, 2026 | Pryor D. Scott See Remarks | Gift | 2,500 | $0 |
| Feb 26, 2026 | Pryor D. Scott See Remarks | Gift | 12,104 | $0 |
| Feb 26, 2026 | Pryor D. Scott See Remarks | Gift | 12,104 | $0 |
| Feb 25, 2026 | Pryor D. Scott See Remarks | Sale | 1,698 | $390.7K |
| Feb 25, 2026 | Pryor D. Scott See Remarks | Sale | 3,870 | $883.7K |
| Feb 25, 2026 | Pryor D. Scott See Remarks | Sale | 9,134 | $2.10M |
| Feb 25, 2026 | Pryor D. Scott See Remarks | Sale | 2,798 | $635.9K |
| Feb 24, 2026 | JOYCE RENE R Director | Gift | 4,000 | $0 |
| Feb 24, 2026 | Kneale Jennifer R. President | Sale | 27,984 | $6.44M |
| Feb 24, 2026 | MELOY MATTHEW J Chief Executive Officer | Gift | 40,000 | $0 |
| Feb 24, 2026 | Kneale Jennifer R. President | Sale | 1,525 | $351.4K |
| Feb 24, 2026 | CRISP CHARLES R Director | Sale | 1,359 | $311.6K |
| Feb 24, 2026 | CRISP CHARLES R Director | Gift | 1,500 | $0 |
| Jan 19, 2026 | MELOY MATTHEW J Chief Executive Officer | Tax withheld | 21,077 | $3.91M |
| Jan 19, 2026 | Pryor D. Scott See Remarks | Award | 33,965 | $0 |
| Jan 19, 2026 | Pryor D. Scott See Remarks | Tax withheld | 12,600 | $2.34M |
| Jan 19, 2026 | Kneale Jennifer R. President | Award | 48,558 | $0 |
| Jan 19, 2026 | Kneale Jennifer R. President | Tax withheld | 18,342 | $3.40M |
| Jan 19, 2026 | Muraro Robert Chief Commercial Officer | Tax withheld | 5,347 | $991.1K |
| Jan 19, 2026 | Kneale Jennifer R. President | Tax withheld | 7,643 | $1.42M |
| Jan 19, 2026 | Muraro Robert Chief Commercial Officer | Tax withheld | 13,410 | $2.49M |
| Jan 19, 2026 | Muraro Robert Chief Commercial Officer | Award | 33,965 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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