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Targa Resources (TRGP) Reports Q3 Earnings: What Key Metrics Have to Say

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For the quarter ended September 2026, Targa Resources, Inc. (TRGP - Free Report) reported revenue of $5.6 billion, up 34.9% over the same period last year. EPS came in at $3.04, compared to $2.20 in the year-ago quarter.

The reported revenue represents a surprise of +8.95% over the Zacks Consensus Estimate of $5.14 billion. With the consensus EPS estimate being $2.81, the EPS surprise was +8.19%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Targa Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Gathering and Processing - NGL sales per day: 719.1 millions of barrels of oil per day versus 678.18 millions of barrels of oil per day estimated by two analysts on average.
  • Gathering and Processing - Gross NGL production - Coastal: 39.3 millions of barrels of oil compared to the 38.28 millions of barrels of oil average estimate based on two analysts.
  • Gathering and Processing - Condensate sales per day: 22.8 millions of barrels of oil per day compared to the 22.63 millions of barrels of oil per day average estimate based on two analysts.
  • Logistics and Marketing - NGL sales: 1367.7 millions of barrels of oil compared to the 1335.06 millions of barrels of oil average estimate based on two analysts.
  • Logistics and Marketing - Export volumes: 447.9 millions of barrels of oil compared to the 434.46 millions of barrels of oil average estimate based on two analysts.
  • Logistics and Marketing - Fractionation volumes: 1261.5 millions of barrels of oil compared to the 1177.66 millions of barrels of oil average estimate based on two analysts.
  • Gathering and Processing - Total Plant natural gas inlet volumes: 9256.3 millions of cubic feet versus 9086.83 millions of cubic feet estimated by two analysts on average.
  • Gathering and Processing - Total Gross NGL production: 1234.7 millions of barrels of oil versus the two-analyst average estimate of 1165.65 millions of barrels of oil.
  • Gathering and Processing - Average realized prices - Condensate: $78.79 compared to the $72.44 average estimate based on two analysts.
  • Gathering and Processing - Average realized prices - Natural gas: $1.61 versus the two-analyst average estimate of $1.60.
  • Gathering and Processing - Average realized prices - NGL: $0.50 compared to the $0.46 average estimate based on two analysts.
  • Gathering and Processing - Plant natural gas inlet volumes - Badlands: 149.7 millions of cubic feet versus the two-analyst average estimate of 132.91 millions of cubic feet.

View all Key Company Metrics for Targa Resources here>>>

Shares of Targa Resources have returned +0.4% over the past month versus the Zacks S&P 500 composite's -0.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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