Targa Resources reports Q3 revenue $4.15B, consensus $4.56B

Reports Q3 record adjusted EBITDA $1.27B, a 19% increase year over year and a 10% increase compared to the Q2. The company said, “Targa reported record Q3 adjusted EBITDA of $1.2748B, representing a 10% increase compared to the Q2 of 2025. The sequential increase in adjusted EBITDA was attributable to higher volumes across Targa’s Gathering and Processing and Logistics and Transportation systems. In the G&P segment, higher sequential adjusted operating margin was attributable to record Permian natural gas inlet volumes and the in-service of its Pembrook II plant in Permian Midland during the third quarter. In the L&T segment, record NGL pipeline transportation and fractionation volumes and higher marketing margin drove the sequential increase in segment adjusted operating margin. Increased NGL pipeline transportation and fractionation volumes were predominantly attributable to higher supply volumes from Targa’s Permian G&P systems and the completion of a planned turnaround at a portion of Targa’s fractionation facilities in Mont Belvieu, Texas during the second quarter. Marketing margin increased due to greater optimization opportunities.”