AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Targa grew Q2 2026 revenue 4% YoY to $4.44B and net income attributable to common shareholders rose 22% to $764.6M, driven by record Permian gathering volumes and higher Logistics & Transportation margins even as Permian natural gas prices turned negative on egress constraints.
Biggest Revenue Drivers
Logistics and Transportation$3,460.3M+3% YoY
Higher marketing margin, pipeline transportation and fractionation margin, and LPG export margin from higher volumes and fees.
Gathering and Processing$876.7M+43% YoY
Higher natural gas inlet volumes in the Permian from new plant additions and the Stakeholder acquisition drove higher fee-based margin, partially offset by lower natural gas prices.
Biggest Revenue Drivers
Total revenue: $4.44B+4% YoY
Logistics and Transportation$3,460.3M+3% YoY
Higher marketing margin, pipeline transportation and fractionation margin, and LPG export margin from higher volumes and fees.
Gathering and Processing$876.7M+43% YoY
Higher natural gas inlet volumes in the Permian from new plant additions and the Stakeholder acquisition drove higher fee-based margin, partially offset by lower natural gas prices.
Largest Expense Items
Product purchases and fuel$2,302.0M-6% YoY
Lower natural gas prices, partially offset by higher NGL prices and higher NGL and natural gas volumes.
Depreciation and amortization$453.1M+21% YoY
Acquisition of Permian Basin assets, higher amortization of finance lease right-of-use assets, and system expansions.
Operating expenses$354.1M+9% YoY
Higher labor and maintenance costs from system expansions and the Permian Basin acquisition, partly offset by lower compressor rental costs.
General and administrative$108.1M+14% YoY
Higher compensation and benefits.
Margins: Total reportable segment operating margin rose to $1,680.9M from $1,220.0M as higher Permian gathering volumes and Logistics and Transportation marketing/export margin outweighed lower commodity prices; adjusted EBITDA grew 38% YoY to $1,603.1M.
Watch Items from the Filing
Two customers within the Logistics and Transportation segment each represented approximately 10% of consolidated revenue in Q2 2026; no customer reached 10% in Q2 2025.
NMED issued a proposed Administrative Compliance Order with a civil penalty of approximately $47.8 million for alleged air permit violations at the Red Hills facility, which Targa is contesting.
Realized natural gas prices in the Gathering and Processing segment were negative (-$2.48/MMBtu) in Q2 2026 due to extended negative Waha prices from significant Permian Basin egress constraints.
Long-term debt rose to $19,020.0M from $16,662.4M at year-end 2025, funded by the $1.25B Stakeholder Acquisition and record growth capex of $2,021.8M for six months.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Mathiasmeier Thomas JosephReporting ownerGrant or award · Jul 21, 2026
Congress trading in TRGP
6 transactions in TRGP reported by 2 members of Congress under the STOCK Act, most recent trade Feb 10, 2026. Reported transactions, not recommendations.
About Targa Resources Corp. (TRGP): stock profile, AI score and financials
Targa Resources Corp. (TRGP) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores TRGP at 61.1/100 on a composite quality score built from its SEC filings, placing it at rank #813 of 2,925 stocks — the top half of the AI-ranked universe. TRGP scores in the top quartile across revenue scale (91.0), balance sheet strength (82.4), profitability (75.7). Areas of concern include revenue growth (29.6), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), Targa Resources Corp. reports quarterly revenue of $4.4B, net income of $764.6M, an operating margin of 27.8%. Top institutional holders of TRGP by reported 13-F value include BlackRock, STATE STREET, WELLINGTON MANAGEMENT GROUP LLP, based on the most recent SEC filings. TRGP trades on the NYSE exchange and files with the SEC under CIK 1389170. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate TRGP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Targa Resources Corp. directly from SEC EDGAR.