Targa Resources (TRGP) Q1 2026 (USD): adj. EBITDA 1.4bln (exp. 1.34bln), Revenue 4.09bln (exp. 4.71bln)
- Declared quarterly dividend of USD 1.25/shr (+25% Y/Y).
- Total Permian inlet volumes +12% Y/Y to 6,730MMcf/d.
- Fractionation volumes +17% to 1,145.2MBbl/d.
- Completed Falcon II, East Pembrook and Train 11, is starting up its Delaware Express NGL Pipeline expansion, and announced Roadrunner III and Copperhead II.
GUIDANCE:
- Sees FY adj. EBITDA between 5.7-5.9bln (exp. 5.5bln)
- Sees FY26 net growth capex approximately USD 4.5bln
Context
Targa Resources reported stronger-than-expected adjusted EBITDA for Q1 2026, indicating operational strength, particularly in inlet and fractionation volumes, which both rose significantly year-over-year. However, revenue fell short of expectations, suggesting potential challenges in pricing or demand. The guidance for FY26 EBITDA also exceeds prior expectations, indicating optimism for growth despite the revenue miss.
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