Targa Resources is executing a growth strategy that has driven gross margins to a ten-quarter high of 48.2% in 2026Q2, with operating income up 42.6% sequentially to $1.2B, reflecting strong operating leverage and commodity price realizations.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue grew 10.3% year-over-year to $4.4B in 2026Q2, with gross margin expanding to a record 48.2% from 31.1% sequentially, driving EPS of $3.56, up 23.6% year-over-year.
Targa Resources Corp. reported a sharp increase in net income to US$479.6 million and diluted EPS from continuing operations of US$2.21, indicating robust profitability.
The company continues its August 2024 buyback program, repurchasing 227,801 shares for US$54.97 million, signaling confidence in its financial health.
Targa Resources has raised its adjusted EBITDA guidance, reflecting optimism about future earnings potential.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 5, 2026 | $3.04+10.9% vs $2.74 | $5.6B+17.4% vs $4.8B |
Q3 2026 Aug 6, 2026 | $3.54+25.1% vs $2.83 | $4.4B-9.3% vs $4.9B |
Q2 2026 May 7, 2026 | $2.21-10.9% vs $2.48 | $4.1B-12.4% vs $4.7B |
Q1 2026 Feb 19, 2026 | $2.51+9.1% vs $2.30 | $4.1B-14.3% vs $4.7B |
The headline numbers for Targa Resources (TRGP) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Targa Resources, Inc. (TRGP) came out with quarterly earnings of $3.04 per share, beating the Zacks Consensus Estimate of $2.81 per share. This compares to earnings of $2.2 per share a year ago.
Targa Resources Corp. (TRGP) Q3 2026 Earnings Call Transcript
Microsoft was the largest contributor, with its shares up 37.8% for the quarter. KLA and Applied Materials were the largest detractors, falling 35.3% and 29.2%. On a relative basis, three of the largest detractors were companies we did not own: NVIDIA, Apple, and Meta, which rose 14.3%, 15.2%, and 28.8%. We made one change to the portfolio during the quarter, purchasing Garmin and selling Verisk, and rebalanced outliers back to approximately equal weights during the same trade window.
Benchmark TRGP against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Targa Resources Corp. (TRGP)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $264.59 | $56.79B | 23.27 | 3.06% | 13.46% | 68.83% | 1.44% | |
| $39.85 | $16.46B | 13.07 | 6.61% | 27.66% | 30.82% | 8.92% | |
| $43.44 | $12.66B | 80.95 | 18.82% | 7.42% | 6.42% | — | |
| $29.96 | $6.19B | 10.21 | 8.4% | 23.53% | 93.86% | 9.5% | |
| $55.91 | $56.73B | 13.01 | 8.37% | 33.83% | 30.37% | 7.05% | |
| $18.98 | $9.01B | 13.39 | 6.99% | 50.96% | 33.53% | 4.8% |
Targa Resources Corp. (TRGP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Targa Resources Corp. (TRGP) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 6, 2026·SEC
Jul 17, 2026·SEC
Jul 6, 2026·SEC
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Targa Resources Corp. (TRGP) stock FAQ — growth, dividends, profitability & financials explained
Targa Resources Corp. (TRGP) reported $18.19B in revenue over the trailing twelve months. Revenue was $17.14B in fiscal year 2025. That is 114% more than the $8.00B of fiscal year 2008.
Targa Resources Corp. (TRGP) grew revenue by 4.0% over the trailing twelve months, compared with the twelve months before.
Yes. Targa Resources Corp. (TRGP) earned $2.45B in net income over the trailing twelve months (a 13.5% net margin).
Yes. Targa Resources Corp. (TRGP) pays a dividend that yields 1.44% at the current price, a moderate yield.
Targa Resources Corp. (TRGP) had a return on equity (ROE) of 68.8% over the trailing twelve months. That is well above the market's typical 10-15%.
Targa Resources Corp. (TRGP) generated $933.8M in free cash flow over the trailing twelve months.
