Earnings Releases·Nov 5, 2026, 6:15 AM ET

Targa Resources Corp. — Third Quarter 2026 Earnings Summary

Net income surged 38% year-over-year to $658 million, while adjusted EBITDA rose 18% to $1,504 million and total revenues increased 35% to $5,598.6 million, driven by record Permian inlet volumes and higher commodity sales.
Full-year 2026 adjusted EBITDA guidance was raised to at least $6.0 billion, supported by strong first-three-quarter performance and the early commencement of new projects including Train 12 and the Copperhead plant.
Management announced a 20% increase in the annual dividend to $6.00 per share for 2027 and secured new 20-year fee-based agreements with ExxonMobil subsidiaries to support three new Permian processing plants.
Adjusted free cash flow declined 81% to $33.6 million due to elevated growth capital expenditures, though the company maintains $2.9 billion in liquidity and $1.187 billion available for share repurchases.
Future outlook indicates Yeti and Yeti II plants will begin operations in Q2 and Q3 2027 respectively, with additional Permian processing capacity expected to be required in 2028 or early 2029.