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Targa Resources (TRGP) Q1 2026 (USD): adj. EBITDA 1.4bln (exp. 1.34bln), Revenue 4.09bln (exp. 4.71bln)

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.

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Targa Resources (TRGP) Q1 2026 (USD): adj. EBITDA 1.4bln (exp. 1.34bln), Revenue 4.09bln (exp. 4.71bln)

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  • 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

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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