Targa Resources Corp. (NYSE: TRGP) reported net income of $487.4 million for the first quarter of 2026 ending 31 March 2026, an increase of 74.2% from $279.8 million in Q1 2025. Net income attributable to TRGP common shareholders grew 139.8% year over year to $479.6 million. Diluted earnings per share for TRGP in Q1 2026 were $2.21, compared to $0.91 in the same period of the prior year.

Income from operations was $846.9 million in Q1 2026, up 55.9% from $543.3 million in Q1 2025. Income before income taxes increased 73.7% to $611.3 million from $352 million. Total revenues were $4.09 billion, down 10.2% from $4.56 billion in Q1 2025, primarily due to a 13.9% decline in commodity sales revenue to $3.34 billion. Midstream services fee revenue for TRGP grew 10.8% to $750.1 million.

Total assets for TRGP as of 31 March 2026 were $27.1 billion, up 7.5% from $25.2 billion at 31 December 2025. Property, plant and equipment grew 6.0% to $21.77 billion, while intangible assets increased 33.3% to $2.20 billion following the completion of a Permian Basin acquisition during the quarter for $1.26 billion in cash. Net cash from operating activities was $739.5 million, down 22.5% from $954.4 million in Q1 2025. Net cash used in investing activities was $2.16 billion, up from $813.3 million in the prior year, primarily reflecting the acquisition.

Depreciation and amortisation expense rose 15.9% to $426 million. Interest expense, net, was $227.6 million, up 15.5% from $197.1 million in Q1 2025. Cash and cash equivalents at the end of Q1 2026 stood at $100.1 million, down from $166.1 million at the start of the period.

TRGP closed at $272.54 on 10 June 2026, with a 52-week range of $141.77 to $280.00. TRGP has delivered a one-year total return of approximately 68.8% and carries a price-to-earnings ratio of 32.