TRGP · 10-Q · 2026Q3 · Full report

Capital Expenditures and Free Cash Flow

Targa Resources Corp. · 2026-11-05 · Importance 49 · Surprise 56 · Matches filing data

For the nine months ended September 30, 2026, adjusted free cash flow was $466.8 million, down $24.6 million, or 5%, from $491.4 million in the prior-year period. Growth capital expenditures, net of reimbursements and noncontrolling-interest contributions and including unconsolidated-affiliate contributions, were $3,213.7 million, up from $2,332.6 million. Maintenance capital expenditures on the same basis were $147.2 million, compared with $163.2 million. Third-quarter adjusted free cash flow fell 81% to $33.6 million from $172.8 million, while growth capital expenditures increased to $1,186.0 million from $853.0 million.

Key facts

• Targa’s adjusted cash flow from operations was $1,276.8 million for the three months and $3,827.7 million for the nine months ended September 30, 2026, compared with $1,082.8 million and $2,987.2 million, respectively, in 2025. source
• Targa’s adjusted free cash flow was $33.6 million for the three months ended September 30, 2026, versus $172.8 million in 2025, and $466.8 million for the nine months, versus $491.4 million. source
• For the nine months ended September 30, 2026, Targa's operating cash flow was $3,545.9 million and outlays for property, plant and equipment were $3,154.4 million. source
• Targa’s growth capital expenditures, net, were $1,186.0 million in the three months and $3,213.7 million in the nine months ended September 30, 2026. source
• Targa’s maintenance capital expenditures, net, were $57.2 million in the three months and $147.2 million in the nine months ended September 30, 2026. source

Impact estimates