Targa Resources' second quarter Adjusted EBITDA of $1.6B beat estimates while revenue missed, reaffirming high-end FY26 guidance.

Targa Resources reported record second quarter 2026 adjusted EBITDA of $1.60 billion, significantly beating analyst estimates of $1.45 billion. However, total revenue of $4.44 billion missed the consensus of $4.92 billion. Following the strong quarter, the company updated its full-year 2026 outlook, now expecting adjusted EBITDA to be towards the top end of its previously announced $5.7 to $5.9 billion range.

Key Highlights

• Record second quarter adjusted EBITDA reached $1.60 billion, a 38% increase year-over-year, driven by strong operational performance.
• Targa raised its full-year 2026 outlook, now expecting adjusted EBITDA near the top end of its $5.7 billion to $5.9 billion guidance range.
• The company achieved record volumes across its Permian inlet, NGL transportation, fractionation, and LPG export systems.