TRGP Q1 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Targa Resources delivered a mixed first quarter for 2025, posting flat revenues of $4.56 billion, a 6.88% miss against the $4.90 billion consensus, even as the midstream operator achieved record adjusted EBITDA of $1.18 billion, up 22% year-over-year… Read more Targa Resources delivered a mixed first quarter for 2025, posting flat revenues of $4.56 billion, a 6.88% miss against the $4.90 billion consensus, even as the midstream operator achieved record adjusted EBITDA of $1.18 billion, up 22% year-over-year. The headline shortfall was driven largely by severe winter weather events that crimped volumes across both its Gathering and Processing and Logistics and Transportation segments, compounded by a major planned turnaround at its Cedar Bayou fractionation facilities in Mont Belvieu. Net income attributable to common shareholders fell 27% to $200.00 million, partly reflecting a $70.50 million premium tied to the buyout of noncontrolling interests in Targa Badlands LLC. Analysts have trimmed near-term forecasts following the miss, though the company's consensus price target held steady. Looking ahead, management reaffirmed full-year 2025 adjusted EBITDA guidance of $4.65 billion to $4.85 billion, noting that Permian volumes have already climbed meaningfully above first-quarter levels, with growth weighted toward the second half of the year.