---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-265621"
form_type: "8-K"
ticker: "TRGP"
cik: "0001389170"
company_name: "Targa Resources Corp."
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:13:27.033965+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Targa Q3 adjusted EBITDA record $1.27B, up 19% YoY; plans 25% dividend increase for 2026

## Summary
- Q3 net income $478.4M vs $387.4M YoY; adjusted EBITDA $1,274.8M record (+19% YoY, +10% sequential).
- Record Permian natural gas inlet, NGL transport, and fractionation volumes; new Bull Moose II plant (275 MMcf/d) started Oct 2025.
- FY2025 adj EBITDA guidance to top end of $4.65-4.85B range; net growth capex ~$3.3B, maintenance ~$250M.
- Expects to recommend 25% dividend increase to $5.00 annual in 2026; Q3 dividend $1.00/share payable Nov 17.
- New projects: Speedway NGL Pipeline (2027), Yeti plant (3Q27), Copperhead plant (1Q27), Forza pipeline (mid-2028).

## SEC filing metadata
- accession: 0001193125-25-265621
- form_type: 8-K
- ticker: TRGP
- cik: 0001389170
- company_name: Targa Resources Corp.
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389170/000119312525265621/0001193125-25-265621-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389170/000119312525265621/trgp-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-265621
- JSON: https://secwatch.observer/filing/0001193125-25-265621.json
- Plain text: https://secwatch.observer/filing/0001193125-25-265621.txt

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