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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jeremy Tonet | JPMorgan | 13 questions · 0% challenging |
| Manav Gupta | UBS | 13 questions · 0% challenging |
| Keith Stanley | Wolfe Research | 12 questions · 0% challenging |
| Sunil Sibal | Seaport Research Partners | 10 questions · 0% challenging |
| Michael Blum | Wells Fargo | 10 questions · 30% challenging |
| AJ O'Donnell | Tudor, Pickering, Holt | 8 questions · 0% challenging |
| Theresa Chen | Barclays | 8 questions · 13% challenging |
| Brandon Bingham | Scotiabank | 8 questions · 0% challenging |
| Jason Gabelman | TD Cowen | 7 questions · 0% challenging |
| Spiro Dounis | Citigroup | 7 questions · 14% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 analyst | 13 questions · 0% challenging |
| UBS | 1 analyst | 13 questions · 0% challenging |
| Wolfe Research | 2 analysts | 13 questions · 0% challenging |
| Goldman Sachs | 3 analysts | 13 questions · 0% challenging |
| Seaport Research Partners | 1 analyst | 10 questions · 0% challenging |
| Barclays | 2 analysts | 10 questions · 10% challenging |
| Wells Fargo | 1 analyst | 10 questions · 30% challenging |
| Scotiabank | 1 analyst | 8 questions · 0% challenging |
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Adjusted EBITDA reached $1.4 billion despite Waha gas price weakness and producer shut-ins, as LPG export demand surged from global trade dynamics. Permian volumes were more than 250 million cubic feet per day above the first quarter average, and natural gas marketing optimization provided upside. Management raised full-year 2026 EBITDA guidance by $300 million to $5.7-5.9 billion, a 5.5% increase at the midpoint, reflecting confidence in the integrated capital program execution.
Demand | Capex Investment | Competitive Dynamics | Margin | Revenue Growth | Macroeconomic | Capital Allocation | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 6 | 2 | 3 | 6 | 6 | 1 | |
| 2025Q1 | 9 | 5 | 4 | 4 | 1 | 5 | 2 | 1 |
| 2025Q2 | 3 | 4 | 6 | 2 | 4 | 1 | 1 | 1 |
| 2025Q3 | 11 | 9 | 4 | 6 | 3 | 1 | 2 | 2 |
| 2025Q4 | 9 | 4 | 7 | 5 | 3 | 5 | 3 | |
| 2026Q1 | 7 | 2 | 2 | 2 | 3 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 9 | 3 | 11 | 9 | 7 |
| Capex Investment | 6 | 5 | 4 | 9 | 4 | 2 |
| Competitive Dynamics | 2 | 4 | 6 | 4 | 7 | 2 |
| Margin | 3 | 4 | 2 | 6 | 5 | |
| Revenue Growth | 6 | 1 | 4 | 3 | 3 | 2 |
| Macroeconomic | 5 | 1 | 1 | 5 | 3 | |
| Capital Allocation | 6 | 2 | 1 | 2 | 2 | |
| Guidance Reliability | 1 | 1 | 1 | 2 | 3 | 3 |
Calendar quarter Q1 2026Earnings call May 7, 2026
FY2026 Q1 in brief
Adjusted EBITDA reached $1.4 billion despite Waha gas price weakness and producer shut-ins, as LPG export demand surged from global trade dynamics.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Targa Resources (TRGP), FY2026 Q1: 5/10. Scores: Targa Resources’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: TRGP daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY -15.6% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.41B | +4.1% | $1.45 | +16.2% | 25.1% | 15.9% | 8.0% | $601M |
| FY2025 Q1 | $4.85B | +6.4% | $0.91 | -25.4% | 19.0% | 17.2% | 4.1% | $162M |
| FY2025 Q2 | $4.03B | +11.3% | $2.88 | +115.8% | 22.2% | 20.1% | 15.5% | $-48M |
| FY2025 Q3 | $4.20B | +8.1% | $2.20 | +25.7% | 23.3% | 21.1% | 11.3% | $-73M |
| FY2025 Q4 | $4.06B | -7.9% | $2.53 | +74.5% | 43.1% | 22.6% | 13.4% | $542M |
| FY2026 Q1Selected | $4.09B | -15.6% | $2.21 | +142.9% | 31.1% | 20.7% | 11.7% | $-160M |
| FY2026 Q2 | $4.44B | +10.3% | $3.56 | +23.6% | 48.2% | 27.8% | 17.2% | $271M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What TRGP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think Diamondback, in particular, mentioned pulling forward some Barnett development.”
An analyst notes Permian producer Diamondback is pulling forward Barnett development, a positive signal on producer activity that feeds Targa's gathering and processing volumes.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
TRGP Targa Resources | 5 | -15.6% | |
| EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| OKE ONEOK | 9 | +19.6% | |
| WMB Williams Companies | 6 | -0.6% |