Targa posts record 2025 adjusted EBITDA of $4.96B, raises dividend 25% for 2026

Targa Resources Corp.

2025-FY EPS reported $8.49 revenue$17,028,300,000

Record Q4 adjusted EBITDA $1.34B vs $1.12B prior year; full year $4.96B (+20% YoY).
Guides 2026 adjusted EBITDA $5.4-5.6B (midpoint +11%); net growth capex ~$4.5B.
Recommended annual dividend increase to $5.00/share in 2026, up 25% from 2025.
Completed Stakeholder Midstream acquisition for $1.25B in Jan 2026; bolt-on Permian deals $213M.
Announces Yeti II plant (275 MMcf/d, Q4 2027) and Train 13 fractionator (150 MBbl/d, Q1 2028).

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