Targa Resources Reports Record Q2 Results, Revenue $4.44B, Net Income $765M

TRGP reported record second-quarter 2026 results on August 6, with net income attributable to the company rising to $765 million from $629 million a year earlier and revenue reaching $4.44 billion, up 4% year over year.

The results reflect continued strength in Targa's natural gas gathering and processing, and NGL logistics segments, which drove record profitability even as headline revenue growth moderated. Adjusted EBITDA climbed to $1.6 billion, up 38% from the prior-year quarter and 14% sequentially, also a company record.

Revenue came in below Wall Street's roughly $4.9 billion consensus estimate even as earnings topped forecasts, a split that highlights the gap between Targa's fee-based volume growth and analysts' top-line modeling. The company raised its full-year 2026 outlook, now expecting adjusted EBITDA toward the top end of its $5.7 billion to $5.9 billion range, while maintaining plans for roughly $4.5 billion of net growth capital spending and $250 million of net maintenance capex.

Investors are likely to weigh whether the EBITDA beat can offset lingering concerns about the revenue miss, and whether Targa's raised capex plans translate into sustained volume growth across its Permian Basin infrastructure heading into 2027.

Related Stocks

• TRGP
• FDS