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Targa Resources
Targa Resources (TRGP) investor relations material
Targa Resources Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record financial and operational performance in 2025, with net income of $1,923 million up 47% and adjusted EBITDA of $4,957 million, a 20% increase over 2024, driven by strong Permian growth and system expansions.
Fourth quarter 2025 adjusted EBITDA reached $1,341 million, up 20% year-over-year, with net income of $545 million, a 55% increase from Q4 2024.
Completed major growth projects, including Bull Moose II, Yeti Two, and the thirteenth fractionator, and two bolt-on acquisitions in the Permian Basin; acquired Stakeholder Midstream for $1.25 billion in January 2026.
Fee-based business model with over 90% of 2026 projected Adjusted EBITDA from fee-based sources, minimizing commodity price exposure.
Announced new processing plants and fractionator expansions to support continued volume growth.
Financial highlights
Full year 2025 adjusted EBITDA was $4.96 billion, a 20% increase over 2024; Q4 2025 adjusted EBITDA was $1,341 million, up from $1,122 million in Q4 2024 and $1,275 million in Q3 2025.
Full year 2025 revenues were $16,381.5 million, up 4% from 2024; net income attributable to common shareholders rose 45% to $1,852.5 million.
Adjusted free cash flow for 2025 was $539 million, up 285% year-over-year.
Invested $3.3 billion in growth capital projects and $226 million in maintenance capital in 2025; repurchased $642 million of common shares at an average price of $170.45.
Total consolidated debt at year-end 2025 was $17,433 million; liquidity stood at $4.1 billion.
Outlook and guidance
2026 adjusted EBITDA guidance is $5.4–$5.6 billion, an 11% increase over 2025 at the midpoint.
Growth capital spending expected to be approximately $4.5 billion in 2026, with maintenance capex at $250 million.
Plans to recommend a 25% increase in annual common dividend to $5.00 per share for 2026.
Post-2027, multi-year growth capital spending projected to average $2.5 billion annually.
No meaningful cash taxes expected for the next five years due to bonus depreciation.
Detail the primary uses for $4.5B growth capital
What drives Permian volume growth vs other regions?
How does low Waha gas price impact 2026 outlook?
How will 2026's $4.5B capex impact 2027 FCF?
Permian volume risk from Waha price volatility?
Detail Stakeholder/bolt-on contribution to 2026 outlook
Bridge the higher post-Speedway CapEx to $2.5B
Durability of Permian commercial success
Waha volatility impact on marketing and fees
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Next Targa Resources earnings date
Q1 202630 Apr, 2026
Targa Resources
Next Targa Resources earnings date
Q1 202630 Apr, 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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