Targa Resources Q3 revenue jumps 35%, beats estimates
TRGP•Targa Resources' third-quarter revenue rose 35% year over year to $5.60 billion, beating the $4.75 billion analyst estimate; adjusted EBITDA increased 18% to $1.50 billion, also above estimates. The company expects 2026 adjusted EBITDA of at least $6.0 billion and plans to recommend a 2027 annual dividend of $6.00 per share, up 20%.
1. Quarterly results
Targa Resources reported third-quarter revenue of $5.60 billion, up 35% year over year and above the $4.75 billion analyst estimate. Adjusted EBITDA rose 18% to $1.50 billion, compared with the $1.47 billion estimate.
2. Growth and outlook
The company attributed growth to higher commodity prices, increased Permian natural gas inlet volumes and expansions in its logistics and transportation systems. Targa expects full-year 2026 adjusted EBITDA of at least $6.0 billion and continues to estimate 2026 net growth capital expenditures of about $5.0 billion. It intends to recommend a 2027 annual common dividend of $6.00 per share, 20% above 2026.
