---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-061423"
form_type: "8-K"
ticker: "TRGP"
cik: "0001389170"
company_name: "Targa Resources Corp."
filed_at: "2025-05-01T23:59:59+00:00"
generated_at: "2026-05-23T00:04:15.351824+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Targa posts record Q1 adjusted EBITDA of $1.18B, up 22% YoY; dividend increased 33%

## Summary
- Record Q1 adjusted EBITDA $1,178.5M vs $966.2M YoY (+22%); net income $270.5M vs $275.2M.
- Annualized dividend raised 33% to $4.00/sh; Q1 dividend $1.00/sh payable May 15, 2025.
- Repurchased $214M in common shares through April; $890.5M remaining under buyback program.
- FY2025 adjusted EBITDA guidance unchanged at $4.65B-$4.85B; net growth capex $2.6B-$2.8B.
- Issued $2.0B in senior notes (5.55% due 2035, 6.125% due 2055) to fund Badlands buyout and general purposes.

## SEC filing metadata
- accession: 0000950170-25-061423
- form_type: 8-K
- ticker: TRGP
- cik: 0001389170
- company_name: Targa Resources Corp.
- filed_at: 2025-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389170/000095017025061423/0000950170-25-061423-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389170/000095017025061423/trgp-20250501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-061423
- JSON: https://secwatch.observer/filing/0000950170-25-061423.json
- Plain text: https://secwatch.observer/filing/0000950170-25-061423.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.