Targa Resources earnings: date and guidance
Targa Resources next results are expected on November 5, 2026. Watch whether marketing margins normalize.
What has Targa Resources guided for 2026?
Targa’s weighted forecast puts the share price at $296.21 in October 2029, a 6% total return, hinging on project execution, utilization, cash conversion and leverage. Management guides to $5,700–$5,900 million of 2026 adjusted EBITDA. It plans $5,000 million of net growth capital, at least 90% fee-based adjusted operating margin and a $5.00 annual common dividend per share.
On May 7, 2026, Targa raised that forecast to $5,700–$5,900 million. It also lifted planned net growth capital—the spending on new assets—to $5,000 million.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted EBITDA | Year to Dec 2026 | 5,700 | 5,900 | Aug 17, 2026 |
| Net Growth Capital | Year to Dec 2026 | 5,000 | 5,000 | Aug 17, 2026 |
| Fee-based (% of 2026E adjusted operating margin) | Year to Dec 2026 | 90.0% | Aug 17, 2026 | |
| Dividend growth in 2026 | Year to Dec 2026 | 25.0% | 25.0% | Aug 17, 2026 |
| Annual common dividend per share (US$) | Year to Dec 2026 | 5.00 | 5.00 | Feb 19, 2026 |
What this means. The fee-based figure of 90.0% is a minimum, not an exact estimate, so it could be higher.
What has Targa Resources' revenue and profit done?
Revenue, margins, operating income and diluted EPS all improved from the same quarter a year earlier. Midstream-service fees rose, and Targa reported records in Permian inlet, NGL transportation, fractionation and LPG exports. The operating improvement was therefore broader than one commodity sale.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,440.1 | 4,094.7 | 4,055.5 | 4,151.2 | 4,260.1 | 4,561.5 | 4,405.2 | 3,851.8 |
| Gross margin | 48.2% | 41.5% | 43.1% | 39.6% | 42.8% | 28.6% | 33.7% | 38.6% |
| Operating income | 1,234.5 | 846.9 | 917.4 | 836.9 | 1,033.6 | 543.3 | 700.6 | 728.2 |
| Net income | 764.6 | 479.6 | 545.0 | 478.4 | 629.1 | 270.5 | 351.0 | 387.4 |
| EPS, diluted | 3.54 | 2.21 | 2.51 | 2.20 | 2.87 | 0.91 | 1.44 | 1.75 |
What this means. The company can report a profit and still have negative free cash flow because it spent more cash on equipment and buildings than its daily business brought in.
What should people watch in Targa Resources' next results?
The next results should show whether Targa’s unusual marketing gains continue and whether its larger construction program is changing the funding picture. Targa scheduled its third-quarter 2026 results webcast for November 5.
Investors should compare Permian inlet volumes, marketing margins, project milestones, operating cash, capital spending and borrowing capacity together. That same attention to utilization matters downstream, where capacity must connect with actual product flows.