Targa Resources (TRGP) reported net income attributable to the company of $658.2 million in the third quarter of 2026, up 38% from $478.4 million in the same period of 2025. Adjusted EBITDA (non-GAAP, earnings before interest, taxes, depreciation, amortization and other non-cash items) was $1,504.3 million, up 18% from $1,274.8 million in 3Q25.
Total revenue came to $5.6 billion, up 35% from 3Q25. Operating income was $1.1 billion, versus $836.9 million a year earlier. For the nine months, net income attributable was $1.9 billion, versus $1.4 billion in 2025. Adjusted free cash flow for the quarter was $33.6 million, versus $172.8 million in 3Q25. Compared with 2Q26, adjusted EBITDA fell 6%, on lower marketing and LPG export margins.
The company declared a quarterly dividend of $1.25 per share ($5.00 annualized), up 25% from 3Q25. Payment will be made on November 17, 2026 to shareholders of record on October 30, 2026. During the quarter, it repurchased 180,768 shares at an average price of $287.64, for a net cost of $52 million. $1.2 billion remained under the repurchase programs as of September 30.
Targa now projects adjusted EBITDA of at least $6.0 billion in 2026 and maintains net growth investment of about $5.0 billion. Management intends to recommend to the board of directors a dividend of $1.50 per share for the first quarter of 2027 ($6.00 annualized, up 20%), payable in May 2027.
The company also announced a new 150,000 barrel-per-day NGL (natural gas liquids) fractionator in Mont Belvieu (Texas), Train 14, expected in the first quarter of 2029. In addition, it ordered long-lead items for three new processing plants in the Permian Basin. Consolidated debt was $19.8 billion as of September 30, and liquidity was about $2.9 billion.
