TRGP · 10-Q · 2026Q3 · Full report
Operating Income and Margins
Targa Resources Corp. · 2026-11-05 · Importance 64 · Surprise 56 · From source text
Third-quarter 2026 income from operations increased 31.0% year over year to $1,096.0 million from $836.9 million. The operating margin was 19.6% of revenue, compared with 20.2% in the third quarter of 2025. Nine-month operating income rose 31.6% to $3,177.4 million, while margin was 22.5% versus 18.6% a year earlier.
Key facts
- Targa’s three-month income from operations was $1,096.0 million in 2026, compared with $836.9 million in 2025; nine-month income from operations was $3,177.4 million, compared with $2,413.8 million. source
- Targa’s three months ended September 30, 2026 adjusted EBITDA was $1,504.3 million, compared with $1,274.8 million in 2025; nine-month adjusted EBITDA was $4,510.1 million, compared with $3,616.3 million. source
- Targa recognized a $10.1 million debt extinguishment loss in January 2026 from the note redemption, including $7.8 million of redemption premium and $2.3 million from writing off debt issuance costs. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +16.0% | Targa’s three months ended September 30, 2026 adjusted EBITDA was $1,504.3 million, compared with $1,274.8 million in 2025; nine-month… |
| operating_income | positive | realized | +13.6% | Targa’s three-month income from operations was $1,096.0 million in 2026, compared with $836.9 million in 2025; nine-month income from… |