Targa Resources (TRGP) reported Q4 2025 net income attributable to the parent of USD 545 million (+55%) and adjusted EBITDA of USD 1.34 billion (+20%). FY 2025 net income attributable to the parent was USD 1.92 billion (+47%) and adjusted EBITDA reached a record USD 4.96 billion (+20%). In Q4, total revenues were USD 4.06 billion (-8%), including sales of commodities of USD 3.41 billion (-9%) and fees from midstream services of USD 642.6 million (relatively flat). FY 2025 total revenues were USD 17.03 billion (+4%). For 2026, Targa guided for adjusted EBITDA of USD 5.4 billion to USD 5.6 billion and net growth capex of about USD 4.5 billion (plus about USD 250 million of net maintenance capex). The company said it expects to recommend an annual common dividend of USD 5.00 per share for 2026 (USD 1.25 quarterly starting with the Q1 2026 payment in May), following a Q4 2025 quarterly dividend of USD 1.00 per share paid in February 2026. FY 2025 share repurchases totaled USD 642 million, with USD 1.37 billion remaining under repurchase programs as of Dec. 31, 2025. Operationally, Targa highlighted record FY 2025 Permian, NGL transportation, fractionation and LPG export volumes, and record Q4 2025 adjusted EBITDA and Permian/NGL transportation/fractionation volumes, while noting temporary Permian volume curtailments tied to periods of negative Waha natural gas prices. The company completed the Bull Moose II plant in October 2025, closed USD 213 million of Permian bolt-on acquisitions in December 2025, and completed the Stakeholder Midstream acquisition for USD 1.25 billion in cash in January 2026. Targa also announced a new Permian Delaware processing plant (Yeti II) expected online in Q4 2027, ordered long-lead items for two additional Permian plants, and announced a new Mont Belvieu fractionator (Train 13) expected online in Q1 2028.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Targa Resources Corp. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW9657321-en) on February 19, 2026, and is solely responsible for the information contained therein.