TRGP Q2 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Targa Resources posted a headline revenue miss in Q2 2025, with total revenues of $4.26 billion falling 12.86% short of the $4.89 billion consensus estimate, even as that figure represented a solid 17.7% increase year over year. The deeper story, how… Read more Targa Resources posted a headline revenue miss in Q2 2025, with total revenues of $4.26 billion falling 12.86% short of the $4.89 billion consensus estimate, even as that figure represented a solid 17.7% increase year over year. The deeper story, however, was one of operational strength: net income more than doubled to $629.10 million from $298.50 million a year earlier, and adjusted EBITDA climbed 18% to $1.16 billion, powered by record Permian inlet volumes and NGL pipeline transportation volumes of 961.2 MBbl/d, up 23% year over year. A planned turnaround at Mont Belvieu fractionation facilities weighed on throughput capacity through much of the quarter, adding context to the revenue shortfall. The company's aggressive expansion push, including accelerated plant timelines and a newly announced Bull Run Extension pipeline, lifted 2025 net growth capital expenditures to approximately $3.00 billion. Targa maintained its full-year 2025 adjusted EBITDA guidance of $4.65 billion to $4.85 billion and sweetened its capital return story with a new $1.00 billion share repurchase program.