Targa Resources' first quarter 2026 adjusted EBITDA grew 19% to a record $1.4B, prompting a full-year guidance raise.

Targa Resources reported first quarter revenue that missed analyst estimates, primarily due to lower commodity prices. Despite this, the company achieved record quarterly adjusted EBITDA driven by strong volume growth in the Permian basin and raised its full-year 2026 financial outlook.

Key Highlights

• Reported record first quarter adjusted EBITDA of $1.4 billion, a 19% increase year-over-year.
• Raised full-year 2026 adjusted EBITDA guidance to a range of $5.7 billion to $5.9 billion, up from the prior range of $5.4 billion to $5.6 billion.
• Permian natural gas inlet volumes grew 12% year-over-year to 6,730 million cubic feet per day, driven by new processing plants and strong producer activity.
• Increased the quarterly dividend by 25% year-over-year to $1.25 per share.