Targa Resources Corp. Q2 FY26 Results

Summary

Targa Resources Corp. reported record second quarter 2026 results, with adjusted EBITDA reaching $1.6 billion, a 38% increase year-over-year, and net income attributable to the company at $765 million. The company saw record volumes across several key areas, including Permian inlet, NGL transportation, fractionation, and LPG exports, and commenced operations for new infrastructure projects like the Train 11 fractionator and the East Driver processing plant. Management now estimates full year 2026 adjusted EBITDA towards the top end of its previously stated range, driven by strong performance and volume growth.

Key Highlights

1. 1

   Targa Resources Corp. reported record adjusted EBITDA of $1.6 billion for the second quarter of 2026, an increase of 38% year-over-year.

2. 2

   Second quarter 2026 net income attributable to Targa Resources Corp. was $765 million, compared to $629 million for the second quarter of 2025.

3. 3

   The Company reported record Permian inlet, NGL transportation, fractionation, and LPG export volumes during the second quarter.

4. 4

   Operations commenced for the Train 11 fractionator and Delaware Express NGL Pipeline expansion during the second quarter.

5. 5

   The new East Driver processing plant in Permian Midland commenced operations late in the second quarter, ahead of schedule.

6. 6

   Full year 2026 adjusted EBITDA is now estimated to be towards the top end of the $5.7 billion to $5.9 billion range.

7. 7

   The quarterly cash dividend declared for the second quarter of 2026 was $1.25 per common share, a 25 percent increase over the second quarter of 2025.