---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-210165"
form_type: "8-K"
ticker: "TRGP"
cik: "0001389170"
company_name: "Targa Resources Corp."
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T21:32:22.824278+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Targa reports record Q1 adjusted EBITDA of $1.4B, raises FY2026 guidance to $5.7-5.9B

## Summary
- Q1 net income $480M vs $271M YoY; adjusted EBITDA $1,403M (+19% YoY).
- Full-year 2026 adjusted EBITDA guidance raised to $5.7-5.9B (midpoint +17% YoY).
- Quarterly dividend increased 25% to $1.25/share ($5.00 annualized), payable May 15.
- Announced two new Permian processing plants (Roadrunner III, Copperhead II), starting Q1 2028.
- Repurchased 227,801 shares at ~$241.43 for $55M in Q1; $1.32B remaining under program.

## SEC filing metadata
- accession: 0001193125-26-210165
- form_type: 8-K
- ticker: TRGP
- cik: 0001389170
- company_name: Targa Resources Corp.
- filed_at: 2026-05-07T23:59:59+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/1389170/000119312526210165/0001193125-26-210165-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389170/000119312526210165/trgp-20260507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-210165
- JSON: https://secwatch.observer/filing/0001193125-26-210165.json
- Plain text: https://secwatch.observer/filing/0001193125-26-210165.txt

## Source-grounded claims
- claim_id: 036cb72d8339407b65344c793afb9cb327ed9098
  claim: Targa Resources Corp. reported first quarter 2026 results: net income $480 million.
  evidence_excerpt: First quarter 2026 net income attributable to Targa Resources Corp. was $480 million compared to $271 million for the first quarter of 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389170/000119312526210165/0001193125-26-210165-index.htm
- claim_id: 3c8d13af2bac0d6657e0e5310cd707c0ad3f2127
  claim: Targa Resources Corp. updated its full year 2026 guidance (raised).
  evidence_excerpt: Increasing full year 2026 adjusted EBITDA estimate to $5.7 billion to $5.9 billion
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389170/000119312526210165/0001193125-26-210165-index.htm

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