Targa Resources Corp.: EPS $2.76 vs $2.74 expected; revenue $5.60B vs $4.77B
Key Facts
Q3 FY2026 results
| Metric | Actual | Estimate | Surprise | Year ago |
|---|---|---|---|---|
| EPS (USD) | 2.76 | 2.74 | +0.7% | 2.20 |
| Revenue (USD bn) | 5.60 | 4.77 | +17.4% | 4.20 |
Recent reports: actual vs estimate
| Reported | Period | EPS (USD) | Estimate | Surprise | Revenue (USD bn) | Estimate | Surprise |
|---|---|---|---|---|---|---|---|
| Nov 5, 2026 | Q3 FY2026 | 2.76 | 2.74 | +0.7% | 5.60 | 4.77 | +17.4% |
| Aug 6, 2026 | Q2 FY2026 | 3.54 | 2.83 | +25.1% | 4.44 | 4.90 | −9.3% |
| May 7, 2026 | Q1 FY2026 | 2.21 | 2.48 | −10.9% | 4.09 | 4.68 | −12.4% |
| Feb 19, 2026 | Q4 FY2025 | 2.51 | 2.30 | +9.1% | 4.06 | 4.73 | −14.3% |
| Nov 5, 2025 | Q3 FY2025 | 2.20 | 2.11 | +4.3% | 4.20 | 4.56 | −7.9% |
| Aug 7, 2025 | Q2 FY2025 | 2.87 | 1.86 | +54.3% | 4.03 | 4.89 | −17.6% |
| May 1, 2025 | Q1 FY2025 | 0.91 | 1.98 | −54.0% | 4.56 | 4.90 | −6.9% |
| Feb 20, 2025 | Q4 FY2024 | 1.44 | 1.92 | −25.0% | 4.41 | 4.48 | −1.6% |
Source: Figures from the EL7 database. Estimates are the analyst consensus carried by our data vendor (FMP), not official figures.
Targa Resources Corp. results: EPS $2.76 vs $2.74 expected; revenue $5.60B vs $4.77B. The results cover the company's Q3 FY2026. EPS came in above analysts' estimate by 0.7%; revenue above the estimate by 17.4%.
Revenue was up 33.2% from $4.20 billion a year earlier (Q3 FY2025). EPS was up 25.5% from $2.20 a year earlier. On its record, EPS topped analysts' estimates in 4 of 7 earlier comparable reports.
What the results mean
Targa Resources Corp.’s results reflect strong gas flows from the Permian Basin and their role in feeding its processing, transportation and natural gas liquids fractionation network. Record inlet volumes at gathering and processing facilities, alongside rising natural gas and liquids prices, supported operating margin in that business.
In logistics and transportation, Permian supply supported natural gas liquids pipelines and fractionation facilities. However, weaker marketing and liquefied petroleum gas export margins limited the benefit of that operating strength, as marketing optimization opportunities diminished and export volumes and fees declined. This illustrates how volume growth can translate unevenly into profitability when commercial margins weaken.
The release highlighted integrated fee-based service agreements with ExxonMobil subsidiaries, the commencement of fractionation and pipeline operations, and a processing facility entering startup. These developments illustrate the connections across Targa’s assets, with gathering and processing feeding downstream services, making expansion project execution central to understanding the business.
What to watch on the earnings call: The durability of Permian flows and their contribution to transportation and fractionation activity, the reasons for fewer marketing optimization opportunities and weaker export volumes and fees, progress in bringing new facilities into operation and executing fee-based agreements, and the balance between expansion spending, liquidity and shareholder distributions.
For the full analysis of Targa Resources Corp. stock — valuation, scores and financial statements — see the stock page linked with this story.