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Targa Resources TRGP Q2 2026 earnings

Reported August 6, 2026 · Before market open

Revenue$4.4BMiss by $457.7M
EPS$3.54Beat by $0.71
Revenue estimate$4.9B
EPS estimate$2.83

Next report

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

Financials

Q2 2026

Income statement

See full
Revenue$4.4B+4.2%
Gross profit$2.1B+17.2%
Operating income$1.2B+19.4%
Net income$764.6M+21.5%
EPS (diluted)$3.54+23.3%

Balance sheet

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Cash & equivalents$132.3M+17.0%
Total debt$19.8B+6,407%
Total equity$3.7B+41.3%
Total assets$28.5B+21.3%

Cash flow

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Operating cash flow$1.4B+67.9%
CapEx$1.0B+11.5%
Free cash flow$431.2M—

Valuation & ratios

Valuation

as of 10/02/26
See full
Market cap$59.89B+71.1%
Enterprise value$79.57B+126%
P/E26.4×+6.2×
P/S3.6×+1.6×

Profitability

See full
Gross margin43.2%+7.5pp
Operating margin22.9%+5.3pp
Net margin13.5%+4.0pp

Returns & leverage

See full
Return on equity72.6%+7.8pp
Debt / equity5.4×+5.3×
Current ratio0.8×+0.1×

Segments

By product

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Natural Gas Liquids Reserves$3.8B+32.7%
Oil And Condensate$203.5M+82.8%
Storage Terminaling And Export$162.2M+29.0%
NGL Transportation Fractionation And Services$120.6M+53.8%
Midstream Services Other$11.4M-28.7%

By segment

See full
Logistics And Transportation$3.5B+2.2%
Gathering And Processing$1.3B-24.9%
All Other Segments$103.1M-63.2%
Corporate Non Segment And Inter Segment Elimination-$469.3M+60.5%

FAQ

When did Targa Resources report Q2 2026 earnings?
Targa Resources (TRGP) reported Q2 2026 earnings on August 6, 2026 before market open.
What were Targa Resources's Q2 2026 revenue and EPS?
Targa Resources reported revenue of $4.4B and eps of $3.54 for Q2 2026.
Did Targa Resources beat estimates in Q2 2026?
Revenue missed the consensus estimate of $4.9B by $457.7M. EPS beat the consensus estimate of $2.83 by $0.71.
How did Targa Resources's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 10.3% from $4.0B a year earlier and eps grew 23.3% from $2.87.
Where can I find Targa Resources's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001193125-26-336525) and the 10-Q periodic report (0001193125-26-337729) directly on SEC EDGAR. The filing index links above go to sec.gov.