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Sep 30, 2025
Targa Resources Q3 2025 Earnings Report
Targa Resources reported record Q3 2025 results with a significant increase in adjusted EBITDA and net income driven by higher volumes across its systems.
Key Takeaways
Targa Resources delivered strong Q3 2025 results, achieving record adjusted EBITDA and net income. The performance was driven by higher Permian volumes, enhanced pipeline and fractionation throughput, and favorable market conditions.
Achieved record adjusted EBITDA of $1.27 billion for the quarter
Net income attributable to shareholders rose to $478.4 million
Total revenue reached $4.15 billion, driven by higher commodity sales and midstream service fees
Strong growth in natural gas inlet and NGL volumes across Permian operations
Revenue by Segment
Forward Guidance
Targa expects full year 2025 adjusted EBITDA at the high end of the $4.65–$4.85 billion range, supported by robust Permian activity and infrastructure expansions.
Positive Outlook
- Full year 2025 adjusted EBITDA expected near top of guidance range
- New Bull Moose II plant commenced operations in October
- Additional Permian processing plants and pipelines under construction
- Strong share repurchase activity with $1.4 billion remaining authorization
- Announced plans for a 25% dividend increase in 2026
Challenges Ahead
- Higher operating expenses from system expansions
- Continued marketing margin pressures
- Lower volumes in Badlands and Central regions
- Volatility in NGL prices impacted margins
Historical Earnings Impact
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Avg. Return Before/After Earnings
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