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Targa Resources (TRGP) investor relations material
Targa Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record Q3 2025 adjusted EBITDA of $1,274.8 million, up 19% year-over-year and 10% sequentially, and record net income of $478.4 million, up 23% year-over-year, driven by strong Permian and NGL volume growth and major project execution.
Announced expectation to recommend a 25% increase in the 2026 annual common dividend to $5.00 per share, with continued opportunistic share repurchases and a balanced capital allocation strategy.
Multiple new growth projects and expansions underway in NGL transportation, gas processing, and pipeline infrastructure, with several new plants and pipelines commencing operations and others under construction.
Completed major acquisitions, including the remaining interests in Targa Badlands and CBF, now owning 100% of these assets.
Financial highlights
Q3 2025 total revenues were $4.15 billion, up 8% year-over-year; net income attributable to common shareholders was $478.4 million, up 23% year-over-year.
Adjusted EBITDA for Q3 2025 was $1,274.8 million, up 19% year-over-year; adjusted free cash flow was $172.8 million, up 39% year-over-year.
Full-year 2025 adjusted EBITDA is expected at the top end of the $4.65–$4.85 billion range.
Available liquidity at quarter-end was $2.3 billion; total consolidated debt as of September 30, 2025, was $17.4 billion.
Net growth capital spending for 2025 estimated at $3.3 billion; net maintenance capital at $250 million.
Outlook and guidance
Permian natural gas inlet volumes averaged a record 6.6 Bcf/d in Q3, up 11% year-over-year, with at least 10% growth expected in 2025 and strong low double-digit growth anticipated for 2026.
Multiple new processing plants and pipeline projects are expected to come online through 2028, supporting continued volume and margin growth.
Downstream capital spending expected to decline significantly after 2027, driving a substantial increase in free cash flow.
Dividend to increase 25% to $5 per share in 2026, with further annual increases anticipated beyond 2026.
Multi-year outlook supported by strong producer forecasts, commercial success, and continued growth in adjusted EBITDA, dividends, and free cash flow.
Permian growth drivers beyond 2025?
Capital allocation strategy post-2025?
Impact of new L&T pipelines on NGL volumes?
Post-2027 FCF: How will payout target evolve?
Permian sour gas/intra-basin residue advantage sustain?
Rising GORs & data center demand: long-term impact?
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Next Targa Resources earnings date
Q4 202519 Feb, 2026
Next Targa Resources earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Targa Resources Corp. is a midstream energy company that provides natural gas and natural gas liquids (NGL) services. The company's operations include gathering, compressing, treating, processing, transporting, and selling natural gas, as well as fractionating and transporting NGLs. Targa Resources serves energy producers and markets by offering infrastructure and logistics solutions to connect supply with downstream demand. Its assets are strategically located in key energy-producing regions across the United States. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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