Targa Resources Q4 2025 Earnings Call Transcript | The Motley Fool
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 19, 2026
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Targa Resources delivered exceptional financial and operational results in its fiscal 2025 fourth quarter, driven by robust performance across its Permian system. The company reported record-breaking NGL transportation volumes at 1,050,000 barrels per day, fractionation volumes of 1,140,000 barrels per day, and LPG export volumes averaging 13,500,000 barrels per month. These achievements were supported by sustained producer activity, leading to a 10% year-over-year increase in Permian gathering volumes to 6,650,000,000 cubic feet per day.
The company’s full-year adjusted EBITDA reached $4,960,000,000 for fiscal 2025, marking a 20% year-over-year growth. The fourth quarter alone saw $1,340,000,000 in EBITDA, a 5% sequential increase from the third quarter. Targa also announced its 2026 adjusted EBITDA guidance of $5,400,000,000 to $5,600,000,000, reflecting an 11% midpoint growth over fiscal 2025. This outlook underscores the company’s confidence in its multi-year plan for high single-digit to low double-digit Permian volume growth.
Targa’s success was bolstered by significant capital investments, with $3,300,000,000 spent on growth initiatives in fiscal 2025 and an estimated $4,500,000,0
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Originally published on The Motley Fool on 2/19/2026