NYSE$TRGP
Targa Resources Corp · Q2 2026 earnings
Q2 2026 earnings · · Before market open · Investor relations
Briefing
Targa Resources Corp reported record second quarter 2026 financial results with net income of $765 million.
Targa Resources Corp achieved record adjusted EBITDA of $1.603 billion in Q2 2026, up 38% year-over-year, driven by record Permian volumes and strong performance in both Gathering and Processing and Logistics and Transportation segments. Net income attributable to Targa was $765 million. The company raised its full-year 2026 adjusted EBITDA outlook to the top end of the $5.7-$5.9 billion range.
- Record Q2 adjusted EBITDA of $1.603 billion, +38% YoY
- Record Permian inlet, NGL transportation, fractionation, and LPG export volumes
- Commenced operations of Train 11 fractionator, Delaware Express expansion, and East Driver plant
- Full year 2026 adjusted EBITDA expected at top end of $5.7-$5.9 billion range with $4.5 billion net growth capex
Headline financials
Revenue & EPS history
Targa Resources · Revenue · Quarterly
$4.44B
Revenue by segment
Targa Resources · $2.04B total across 2 segments · Q2 2026
- Logistics and Transportation$1.06B—52.2%
- Gathering and Processing$974M—47.8%
Forward guidance
Full year 2026 adjusted EBITDA expected towards the top end of $5.7 billion to $5.9 billion range with net growth capital expenditures of approximately $4.5 billion.
Tailwinds
- Strong marketing and optimization margin
- Continued volume growth across integrated assets
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
+0.7%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+4.8%
Avg return
30 days after
53%
34 / 64 earnings
Positive
+18.4%
Q1 2020
Best reaction
-13.9%
Q3 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +0.0% | +0.3% | +5.8% | |
| Q4 2025 | -0.6% | +1.8% | +4.3% | |
| Q3 2025 | +5.2% | +9.6% | +16.9% | |
| Q2 2025 | +2.4% | +3.1% | -0.4% | |
| Q1 2025 | -5.0% | -7.9% | -7.6% | |
| Q4 2024 | -2.7% | -7.3% | -6.1% | |
| Q3 2024 | +10.0% | +13.6% | +17.2% | |
| Q2 2024 | -3.5% | -2.7% | +8.6% | |
| Q1 2024 | -0.1% | +0.4% | +5.2% | |
| Q4 2023 | +9.7% | +9.1% | +20.0% | |
| Q3 2023 | +4.7% | +1.6% | +7.1% | |
| Q2 2023 | +1.6% | +2.0% | +7.8% | |
| Q1 2023 | +0.7% | -0.3% | +0.1% | |
| Q4 2022 | +4.3% | +2.7% | -7.9% | |
| Q3 2022 | +5.0% | +7.7% | +12.2% | |
| Q2 2022 | -5.7% | -0.9% | +3.0% | |
| Q1 2022 | -3.3% | -12.8% | -0.9% | |
| Q4 2021 | +4.3% | +7.2% | +23.7% | |
| Q3 2021 | +3.1% | +4.1% | -6.8% | |
| Q2 2021 | +3.5% | +7.2% | +8.8% | |
| Q1 2021 | +4.9% | +3.1% | +27.0% | |
| Q4 2020 | -3.3% | +1.1% | +4.7% | |
| Q3 2020 | +1.4% | +21.1% | +58.6% | |
| Q2 2020 | -2.7% | -2.7% | -18.9% | |
| Q1 2020 | +18.4% | +23.7% | +100.8% | |
| Q4 2019 | +5.9% | -3.5% | -80.2% | |
| Q3 2019 | +1.1% | -1.7% | -9.2% | |
| Q2 2019 | +5.1% | +4.2% | +9.9% | |
| Q1 2019 | -1.3% | +1.2% | -2.2% | |
| Q4 2018 | -12.2% | -13.6% | -15.0% | |
| Q3 2018 | -4.6% | -9.7% | -15.9% | |
| Q2 2018 | +1.5% | +0.5% | +1.5% | |
| Q1 2018 | -3.0% | -0.1% | +2.9% | |
| Q4 2017 | +0.2% | -0.1% | -0.2% | |
| Q3 2017 | +4.5% | +5.4% | +5.2% | |
| Q2 2017 | -0.4% | -4.8% | -3.2% | |
| Q1 2017 | -8.4% | -10.4% | -17.3% | |
| Q4 2016 | -1.3% | -1.0% | -4.8% | |
| Q3 2016 | +5.4% | +4.2% | +19.8% | |
| Q2 2016 | +8.2% | +12.5% | +17.9% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +15.5% | — | — | |
| Q3 2015 | -13.9% | — | — | |
| Q2 2015 | -7.3% | — | — | |
| Q1 2015 | -3.6% | — | — | |
| Q4 2014 | +6.2% | — | — | |
| Q3 2014 | -6.2% | — | — | |
| Q2 2014 | +4.5% | — | — | |
| Q1 2014 | -1.5% | — | — | |
| Q4 2013 | +2.2% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | +1.4% | — | — | |
| Q1 2013 | +3.4% | — | — | |
| Q4 2012 | +2.1% | — | — | |
| Q3 2012 | -2.3% | — | — | |
| Q2 2012 | +1.2% | — | — | |
| Q4 2011 | -0.0% | — | — | |
| Q1 2012 | -0.0% | — | — | |
| Q1 2011 | -1.6% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q2 2011 | -5.0% | — | — | |
| Q4 2010 | -5.0% | — | — | |
| Q2 2010 | -5.0% | — | — | |
| Q1 2010 | — | — | — |
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