TRGP Q3 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Targa Resources delivered a record third quarter for fiscal 2025, posting adjusted EBITDA of $1.27 billion, up 19% year over year, even as total revenues of $4.15 billion came in 10.85% below the consensus estimate of $4.66 billion despite growing 6.… Read more Targa Resources delivered a record third quarter for fiscal 2025, posting adjusted EBITDA of $1.27 billion, up 19% year over year, even as total revenues of $4.15 billion came in 10.85% below the consensus estimate of $4.66 billion despite growing 6.8% from a year ago. Net income attributable to Targa shareholders climbed 23% to $478.40 million, with the quarter's strength anchored in record Permian natural gas inlet volumes of 6,621.6 MMcf/d, a gain of 11% year over year that powered the Gathering and Processing segment's adjusted operating margin to $873.70 million. The Logistics and Transportation segment also hit record fractionation and NGL pipeline transportation volumes, underscoring the breadth of the operational momentum. Shares surged roughly 11.7% in the days following the report, reflecting investor enthusiasm over Targa's plan to raise its annual common dividend 25% to $5.00 per share in 2026, while management lifted its full-year 2025 adjusted EBITDA guidance to approximately $4.85 billion at the top end of its prior range.