Targa Q2 2026: record EBITDA, guidance nudged to top of range
Targa's second quarter was a blowout: record adjusted EBITDA of $1.60 billion and earnings of $3.54 per share beat the $2.77 consensus, and management pushed full-year 2026 EBITDA toward the top of its $5.7 billion to $5.9 billion range. Read the quarter as volume-led, not price-led — fee revenue did the work while commodity sales slipped and Permian gas prices went negative.
1 · Expected vs. Actual
Free preview belowDiluted earnings per share of $3.54 came in far above the $2.77 consensus and above the $2.87 reported in the second quarter of 2025. Net income attributable to Targa was $764.6 million, up 22.0% year over year, helped by operating income of $1.23 billion that rose 19.0%.
Revenue of $4.44 billion rose 4.2% from $4.26 billion a year earlier, and the mix is the interesting part: fees from midstream services jumped 36.0% to $847.2 million while sales of commodities were 1.0% lower at $3.59 billion. Volume growth, not commodity prices, is carrying the top line.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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