Energy
TRGP delivered a strong Q1 FY2026 with net income surging 77.3% YoY to $479.6M and operating margin expanding nearly 9 percentage points to 20.7%, even as total revenue declined 10.2% due to lower cost-of-revenue pass-throughs, while the company significantly ramped capital investment with investing cash outflows rising 165.7% YoY.
Key risk: High Leverage and Rising Long-Term Debt
Long-term debt increased 18.0% YoY to $19.13B, representing a very large multiple of equity ($3.14B) and generating a debt-to-equity ratio of approximately 6.1x. With interest rates remaining elevated, the cost of servicing this debt could pressure future earnings and limit financial flexibility.
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