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Targa Resources Earnings Calls
| Release date | Nov 05, 2025 |
| EPS estimate | $2.11 |
| EPS actual | $2.20 |
| EPS Surprise | 4.27% |
| Revenue estimate | 4.562B |
| Revenue actual | 4.202B |
| Revenue Surprise | -7.90% |
| Release date | Aug 07, 2025 |
| EPS estimate | $1.86 |
| EPS actual | $2.87 |
| EPS Surprise | 54.30% |
| Revenue estimate | 4.889B |
| Revenue actual | 4.026B |
| Revenue Surprise | -17.65% |
| Release date | May 01, 2025 |
| EPS estimate | $1.98 |
| EPS actual | $0.91 |
| EPS Surprise | -54.04% |
| Revenue estimate | 4.899B |
| Revenue actual | 4.562B |
| Revenue Surprise | -6.88% |
| Release date | Feb 20, 2025 |
| EPS estimate | $1.92 |
| EPS actual | $1.44 |
| EPS Surprise | -25.00% |
| Revenue estimate | 4.475B |
| Revenue actual | 4.405B |
| Revenue Surprise | -1.57% |
Last 4 Quarters for Targa Resources
Below you can see how TRGP performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Feb 20, 2025 |
| Price on release | $204.70 |
| EPS estimate | $1.92 |
| EPS actual | $1.44 |
| EPS surprise | -25.00% |
| Date | Price |
|---|---|
| Feb 13, 2025 | $204.42 |
| Feb 14, 2025 | $205.36 |
| Feb 18, 2025 | $209.45 |
| Feb 19, 2025 | $210.29 |
| Feb 20, 2025 | $204.70 |
| Feb 21, 2025 | $200.36 |
| Feb 24, 2025 | $198.47 |
| Feb 25, 2025 | $194.92 |
| Feb 26, 2025 | $198.57 |
| 4 days before | 0.137% |
| 4 days after | -2.99% |
| On release day | -2.12% |
| Change in period | -2.86% |
| Release date | May 01, 2025 |
| Price on release | $162.34 |
| EPS estimate | $1.98 |
| EPS actual | $0.91 |
| EPS surprise | -54.04% |
| Date | Price |
|---|---|
| Apr 25, 2025 | $177.62 |
| Apr 28, 2025 | $179.25 |
| Apr 29, 2025 | $178.11 |
| Apr 30, 2025 | $170.90 |
| May 01, 2025 | $162.34 |
| May 02, 2025 | $161.87 |
| May 05, 2025 | $158.25 |
| May 06, 2025 | $157.32 |
| May 07, 2025 | $158.89 |
| 4 days before | -8.60% |
| 4 days after | -2.13% |
| On release day | -0.290% |
| Change in period | -10.54% |
| Release date | Aug 07, 2025 |
| Price on release | $166.89 |
| EPS estimate | $1.86 |
| EPS actual | $2.87 |
| EPS surprise | 54.30% |
| Date | Price |
|---|---|
| Aug 01, 2025 | $162.92 |
| Aug 04, 2025 | $164.82 |
| Aug 05, 2025 | $163.63 |
| Aug 06, 2025 | $163.05 |
| Aug 07, 2025 | $166.89 |
| Aug 08, 2025 | $165.09 |
| Aug 11, 2025 | $166.11 |
| Aug 12, 2025 | $168.04 |
| Aug 13, 2025 | $166.74 |
| 4 days before | 2.44% |
| 4 days after | -0.0899% |
| On release day | -1.08% |
| Change in period | 2.34% |
| Release date | Nov 05, 2025 |
| Price on release | $162.69 |
| EPS estimate | $2.11 |
| EPS actual | $2.20 |
| EPS surprise | 4.27% |
| Date | Price |
|---|---|
| Oct 30, 2025 | $151.52 |
| Oct 31, 2025 | $154.04 |
| Nov 03, 2025 | $156.09 |
| Nov 04, 2025 | $154.57 |
| Nov 05, 2025 | $162.69 |
| Nov 06, 2025 | $169.88 |
| Nov 07, 2025 | $172.06 |
| Nov 10, 2025 | $169.41 |
| Nov 11, 2025 | $173.23 |
| 4 days before | 7.37% |
| 4 days after | 6.48% |
| On release day | 4.42% |
| Change in period | 14.33% |
Targa Resources Earnings Call Transcript Summary of Q3 2025
Targa Resources delivered a record third quarter of 2025 driven by Permian volume growth across gathering & processing (G&P) and logistics & transportation (L&T). Third-quarter adjusted EBITDA was $1.275 billion (up 19% YoY, 10% sequentially) and management now expects full-year 2025 adjusted EBITDA to be around the top end of the previously guided $4.65–$4.85 billion range. Permian gas inlet and NGL volumes set records, with multiple new Permian processing plants and pipeline projects announced or underway (including Speedway NGL pipeline, Copperhead and Yeti gas plants, Bull Moose II, and Forza pipeline). Downstream expansion projects (Train 11/12 fractionators, LPG export expansion, Speedway) remain on track for 2026–2027 and are expected to materially increase EBITDA and create a durable free cash flow inflection beginning in late 2027. 2025 net growth capex is estimated at about $3.3 billion with maintenance capex ~$250 million. Liquidity was $2.3 billion at quarter end and pro forma leverage ~3.6x (within target 3.0–4.0x). The company will recommend a 25% increase in the annual common dividend to $5/share (effective Q1 2026, pending board approval) and continues opportunistic share repurchases (Q3 buybacks ~$156 million; YTD ~$642 million). Management emphasized their integrated wellhead-to-water strategy, resilience via intra-basin residue and sour-gas capabilities, and a multiyear outlook of continued low-double-digit Permian growth with the expectation of much higher EBITDA and stronger free cash flow once downstream projects come online.
