Targa Resources Corp. (TRGP) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Targa Resources published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Segment revenues include sales between Targa's two segments; the Corporate and Eliminations row removes them so the rows sum to consolidated revenues. Other is unrealized mark-to-market gains and losses on derivatives not designated as hedges.
• Targa completed the $1.25 billion acquisition of Stakeholder Midstream, LLC, a Permian Basin gatherer and processor, in January 2026.
• Targa's earnings releases do not print EPS. Diluted EPS here comes from its Form 10-Q, and the Q4 2025 row in the history has no EPS because neither the Q4 release nor the 10-K reports a fourth-quarter figure.

Source: Targa Resources Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Targa Resources splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Targa Resources's Gathering and Processing revenue was $2.7 billion in Q3 2026, up 44% from $1.9 billion in Q3 2025, 48% of total revenue.
• Targa Resources's Logistics and Transportation revenue was $4.7 billion in Q3 2026, up 34% from $3.5 billion in Q3 2025, 84% of total revenue.
• Targa Resources's Other revenue was $63.1 million in Q3 2026, 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Targa guides adjusted EBITDA, capital spending and its dividend. It gives no revenue or EPS outlook.

In its Q3 2026 release, Targa Resources said:

“Given the strength of Targa's operating performance through the first three quarters of the year, Targa now estimates full year 2026 adjusted EBITDA to be at least $6.0 billion.”

“We continue to estimate net growth capital expenditures to be approximately $5.0 billion, and our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.”

“For the first quarter of 2027, management intends to recommend to Targa's Board of Directors an increase to its common dividend to $1.50 per common share or $6.00 per common share annualized.”

Source: Targa Resources Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TRGP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue as first reported in each quarter's release. Diluted EPS from each quarter's Form 10-Q, since Targa's releases do not print EPS; there is no reported EPS for Q4 2025, whose revenue equals the 2025 annual figure minus the nine-month figure.

We do not hold a confirmed date for Targa Resources's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Targa Resources reported Q3 2026 revenues of $5,598.6 million, up 35% from $4,151.2 million. Most of it is commodity sales: $4,722.9 million came from sales of commodities and $875.7 million from fees from midstream services. Commodity revenue largely passes through to product purchases and fuel, which were $3,578.6 million in the quarter. (Targa Resources Q3 2026 release, Nov 5, 2026)

Targa said higher NGL, natural gas and condensate prices added $801.5 million to commodity sales, higher volumes added $383.0 million and hedges $68.5 million. Fees from midstream services rose 29%, on higher gas gathering and processing fees and higher transportation and fractionation fees. (Targa Resources Q3 2026 release, Nov 5, 2026)

Targa runs two segments. Gathering and Processing gathers and processes natural gas, mainly in the Permian Basin, where plant natural gas inlet averaged a record 7,536.6 MMcf/d, up 14%. Logistics and Transportation moves, fractionates, stores and exports NGLs from Mont Belvieu and Galena Park, Texas and Lake Charles, Louisiana. Before eliminations, the segments recorded revenues of $2,698.3 million and $4,723.9 million, and $1,886.7 million of intersegment revenue was removed in consolidation. (Targa Resources Q3 2026 release, Nov 5, 2026; Targa Resources Form 10-Q, Q3 2026, Nov 5, 2026)

Targa calls its contracts predominantly fee-based, and the 10-K says no customer was 10% or more of consolidated revenues in 2025. In August 2026 Targa signed long-term fee-based agreements with subsidiaries of ExxonMobil for gathering, processing and downstream services in the Permian Basin, and in January 2026 it bought Stakeholder Midstream for $1.25 billion. (Targa Resources Form 10-K, 2025, Feb 19, 2026; Targa Resources Form 10-Q, Q3 2026, Nov 5, 2026)

Targa Resources reports GAAP EPS only. Q3 2026 diluted EPS was $3.04, against $2.20 a year earlier, on net income attributable to Targa Resources Corp. of $658.2 million, up 38% from $478.4 million. Its main non-GAAP figure is adjusted EBITDA, $1,504.3 million, which adds back items including $459.6 million of depreciation and amortization, $17.4 million of equity compensation and a $22.6 million change in contingent consideration tied to the Dovetail Acquisition, and removes a $63.1 million risk management gain. (Targa Resources Form 10-Q, Q3 2026, Nov 5, 2026; Targa Resources Q3 2026 release, Nov 5, 2026)

Diluted weighted average shares were 215.2 million, against 216.0 million a year earlier. Targa repurchased 180,768 shares in Q3 2026 for $52 million and had $1,187 million left under its repurchase programs. Income tax expense was $174.7 million; the 10-Q says the effective rate was below the 21% statutory rate mainly because of excess tax-deductible stock compensation. (Targa Resources Form 10-Q, Q3 2026, Nov 5, 2026; Targa Resources Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Targa Resources gives an annual outlook for adjusted EBITDA, capital spending and its dividend, not for revenue or EPS. With the Q3 2026 release it said it now estimates full year 2026 adjusted EBITDA of at least $6.0 billion, net growth capital expenditures of approximately $5.0 billion and net maintenance capital expenditures of approximately $250 million. (Targa Resources Q3 2026 release, Nov 5, 2026)

Management intends to recommend a common dividend of $1.50 per share for the first quarter of 2027, or $6.00 annualized, a 20% increase. The Q3 2026 dividend declared on October 13, 2026 was $1.25 per share, 25 percent above the Q3 2025 dividend. (Targa Resources Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Targa Resources, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Targa Resources's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TRGP is on is TRGP a buy or a sell?, what analysts expect next is on the TRGP forecast, and what the company does is on the Targa Resources Corp. (TRGP) stock page.

Every number on this page can be traced to a document Targa Resources published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.