Targa Resources (NYSE: TRGP) reported Q3 Revenue for the quarter at $4.15 billion versus the consensus estimate of $4.7 billion.

2025 Outlook and Capital Allocation Update

Targa now estimates full year adjusted EBITDA for 2025 to be around the top end of its $4.65 billion to $4.85 billion range. The Company’s estimate for 2025 net growth capital expenditures is approximately $3.3 billion, and its estimate for 2025 net maintenance capital expenditures remains unchanged at approximately $250 million.

For the first quarter of 2026, Management intends to recommend to Targa’s Board of Directors an increase to its common dividend to $1.25 per common share or $5.00 per common share annualized. The recommended common dividend per share increase, if approved, would be effective for the first quarter of 2026 and payable in May 2026. Beyond 2026, Targa expects to be in position to continue to provide meaningful annual increases to its common dividend.

For the nine months ended September 30, 2025, Targa has repurchased 3,538,285 shares of common stock at a weighted average per share price of $170.93 for a total net cost of $604.8 million. The Company expects to continue to be in position to opportunistically repurchase its common stock going forward with approximately $1.4 billion remaining under its common Share Repurchase Programs as of September 30, 2025.

The Company is currently in its planning process, and consistent with previous years, Targa plans to detail its full year 2026 operational and financial outlook in February 2026 in conjunction with its fourth quarter 2025 earnings announcement.

For earnings history and earnings-related data on Targa Resources (TRGP) click here.