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Targa Resources (TRGP) investor relations material
Targa Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income attributable to shareholders rose 111% year-over-year to $629.1 million for Q2 2025, with adjusted EBITDA up 18% to $1.163 billion, driven by record Permian and NGL transportation volumes and system expansions.
Announced leadership transition with Scott Pryor retiring in 2026 and Ben Branstetter named as successor for President of Logistics and Transportation.
Early completion of key Permian and Mont Belvieu projects, including the Bull Run pipeline extension, and a new $1.0 billion share repurchase program.
Repurchased $324 million in shares during Q2 and declared a $1.00 per share quarterly dividend.
Continued focus on safety, reliability, and customer service, supporting a resilient business model despite commodity price volatility.
Financial highlights
Q2 2025 revenues increased 20% year-over-year to $4.26 billion; net income attributable to shareholders up 111% to $629.1 million.
Adjusted EBITDA for Q2 2025 was $1.163 billion, up 18% year-over-year, driven by higher Permian volumes and full ownership of Badlands assets.
Adjusted free cash flow improved to $(9.6) million from $(43.0) million in Q2 2024, reflecting significant growth capital expenditures.
Repurchased 2.6 million shares for $449.2 million in the first half of 2025; $1.6 billion in share repurchase capacity as of June 30, 2025.
Dividend per share increased to $1.00 per quarter, or $4.00 annualized.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance remains $4.65–$4.85 billion, with strong volume growth expected in the back half of the year.
Net growth capital spending for 2025 expected at $3.0 billion; maintenance capital at $250 million.
Multiple new gas processing plants and fractionation trains scheduled to come online from Q3 2025 through 2027, supporting continued volume and margin growth.
Expansion of LPG export capacity and pipeline infrastructure is expected to enhance long-term earnings and cash flow.
No material cash tax expected until after 2027 due to bonus depreciation legislation.
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