Targa Resources Posts Record Q3 Results

The company launches major infrastructure projects and plans 25% dividend increase for 2026.

November 06, 2025

Strong Q3 Performance

Targa Resources just delivered a strong third-quarter update—and the numbers tell the story. Net income reached $478 million, up 23% from the same period last year. Adjusted EBITDA came in at $1.27 billion, a 19% year-over-year increase and a 10% gain over the second quarter. Higher volumes across its infrastructure footprint played a major role.

Investors are seeing the results. The company declared a $1.00 per-share dividend for Q3 and plans to raise its annual common dividend to $5.00 in 2026. That’s a 25% increase from this year. Targa also repurchased over $150 million in common stock in the third quarter alone. With $1.4 billion still available under its repurchase authorization, the company has room to continue acting when the opportunity is there.

Infrastructure Expansion in the Permian

On the infrastructure side, growth in the Permian Basin remains the focus. The Bull Moose II gas plant—275 MMcf/d—came online in October. Three more facilities of the same size are under construction: East Pembrook and East Driver in the Midland, and Falcon II in the Delaware.

The pipeline is growing, too. Targa has started work on two new plants set to go live in 2027:

• Yeti Plant in the Delaware Basin


• Copperhead Plant in New Mexico

Pipeline Projects and System Connectivity

These builds support increasing volumes, and they’re matched by pipeline expansions. The Speedway NGL Pipeline, Buffalo Run gas pipeline, and a new 36-mile project known as Forza are all designed to improve system connectivity and throughput capacity. With completion dates between 2027 and 2028, they’re part of a longer-term strategy to support customer demand across the basin.

Financial Position and Outlook

Targa ended the quarter with $2.3 billion in available liquidity and expects to close the year at the high end of its $4.65 to $4.85 billion adjusted EBITDA range. Management will release its full 2026 outlook in February, but the trajectory is clear: more volume, more infrastructure, and continued capital return.