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Sentiment · FY2026 Q2
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 |
| 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 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jeremy Tonet | JPMorgan | 13 (0%) |
| Manav Gupta | UBS | 13 (0%) |
| Keith Stanley | Wolfe Research |
| +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 Q1 | $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).
| Sunil Sibal | Seaport Research Partners | 10 (0%) |
| Michael Blum | Wells Fargo | 10 (30%) |
| AJ O'Donnell | Tudor, Pickering, Holt | 8 (0%) |
| Theresa Chen | Barclays | 8 (13%) |
| Brandon Bingham | Scotiabank | 8 (0%) |
| Jason Gabelman | TD Cowen | 7 (0%) |
| Spiro Dounis | Citigroup | 7 (14%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 13 (0%) |
| UBS | 1 | 13 (0%) |
| Wolfe Research | 2 | 13 (0%) |
| Goldman Sachs | 3 | 13 (0%) |
| Seaport Research Partners | 1 | 10 (0%) |
| Barclays | 2 | 10 (10%) |
| Wells Fargo | 1 | 10 (30%) |
| Scotiabank | 1 | 8 (0%) |
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 read-through 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% |