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Targa Resources TRGP Q1 2026 earnings

Reported May 7, 2026 · Before market open

Revenue$4.1BMiss by $581.6M
EPS$2.21Miss by $0.27
Revenue estimate$4.7B
EPS estimate$2.48

Next report

Nov 4, 2026 (in a month)
Revenue estimate$4.7B
EPS estimate$2.70

Financials

Q1 2026

Income statement

See full
Revenue$4.1B-10.2%
Gross profit$1.7B+30.4%
Operating income$846.9M+55.9%
Net income$479.6M+77.3%
EPS (diluted)$2.21+143%

Balance sheet

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Cash & equivalents$100.1M-33.9%
Total debt$346.5M+17.0%
Total equity$3.1B+27.9%
Total assets$27.1B+18.9%

Cash flow

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Operating cash flow$739.5M-22.5%
CapEx$899.5M+13.5%
Free cash flow-$160.0M-199%

Valuation & ratios

Valuation

as of 03/31/26
See full
Market cap$53.86B+23.5%
Enterprise value$54.1B+23.6%
P/E25.3×-8.1×
P/S3.3×+0.6×

Profitability

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Gross margin41.8%+7.3pp
Operating margin21.9%+6.1pp
Net margin12.9%+4.9pp

Returns & leverage

See full
Return on equity76.3%+25.6pp
Debt / equity0.1×0.0×
Current ratio0.7×+0.1×

Segments

By product

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Natural Gas Liquids Reserves$3.0B-11.7%
Natural Gas Reserves$473.7M-30.5%
Oil And Condensate$131.8M+12.6%
Storage Terminaling And Export$123.1M-9.1%
NGL Transportation Fractionation And Services$68.5M-6.4%

By segment

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Logistics And Transportation$3.4B-18.8%
Gathering And Processing$1.8B-18.9%
All Other Segments-$110.3M+55.7%
Corporate Non Segment And Inter Segment Elimination-$983.7M+37.9%

FAQ

When did Targa Resources report Q1 2026 earnings?
Targa Resources (TRGP) reported Q1 2026 earnings on May 7, 2026 before market open.
What were Targa Resources's Q1 2026 revenue and EPS?
Targa Resources reported revenue of $4.1B and eps of $2.21 for Q1 2026.
Did Targa Resources beat estimates in Q1 2026?
Revenue missed the consensus estimate of $4.7B by $581.6M. EPS missed the consensus estimate of $2.48 by $0.27.
How did Targa Resources's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 10.2% from $4.6B a year earlier and eps grew 142.9% from $0.91.
Where can I find Targa Resources's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001193125-26-210165) and the 10-Q periodic report (0001193125-26-211698) directly on SEC EDGAR. The filing index links above go to sec.gov.