Quarterly ResultMay 7, 2026, 06:03 AM
Targa Resources Q1 Adjusted EBITDA $1.4B, +19%; Raises 2026 Outlook
AI Summary
Targa Resources Corp. reported strong first quarter 2026 results, with net income attributable to Targa Resources Corp. increasing 77% year-over-year to $480 million. Adjusted EBITDA reached a record $1.403 billion, up 19% from Q1 2025. The company raised its full-year 2026 adjusted EBITDA estimate to $5.7 billion to $5.9 billion and announced two new Permian Delaware processing plants. Additionally, Targa increased its quarterly cash dividend by 25% to $1.25 per common share and repurchased $55 million in shares.
Key Highlights
- Q1 2026 net income attributable to Targa Resources Corp. was $480 million, up 77% YoY from $271 million.
- Record Q1 2026 adjusted EBITDA was $1.403 billion, a 19% increase from $1.179 billion in Q1 2025.
- Full-year 2026 adjusted EBITDA estimate increased to $5.7 billion to $5.9 billion.
- Declared a quarterly cash dividend of $1.25 per common share, a 25% increase YoY.
- Repurchased 227,801 shares for $55 million in Q1 2026; $1.319 billion remains under repurchase programs.
- Announced two new Permian Delaware processing plants, Roadrunner III and Copperhead II, expected Q1 2028.
- Record Permian inlet volumes and fractionation volumes during Q1 2026.
- Completed $1.5 billion public offering of senior notes in March 2026.