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Energy Transfer LP

Energy Transfer LP’s revenue for fiscal 2025 (year ended December 2025) was $85.5 billion, up 3.47% from fiscal 2024. In the quarter to June 2026, revenue grew 78.4%, EPS grew 84.4%, free cash flow grew 146.2% and total debt rose 12.6%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

20.41 0.21 −1.02%

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Market cap: $71.0B
P/E: 13.9×
Fwd P/E: 13.1×
Dividend yield: 6.59%
F-score: 5/9
Altman Z: n/a
Beneish M: −2.48
Dividend safety: 66/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 55.27

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	—	—	—	—	—	2	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 11.68%

Capital & Financial Ratios $m

Market Cap 71,000.00

Revenue 107,379.00

Net Income 7,036.00

Free Cash Flow 5,227.00

Net Debt 67,385.00

Current Ratio 1.16

Debt/Equity 1.35

P/E ratio 13.88

Fwd P/E 13.10

P/S ratio 0.65

P/B ratio 1.49

Past 5Y EPS Growth —

This Y EPS Growth 39.69%

Next Y EPS Growth (0.04%)

Next Y revenue growth 0.67%

Next 5Y EPS Growth 13.82%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 65.93%

10-year low 10-year high

P/S against its own 10 years 74.93%

10-year low 10-year high

P/B against its own 10 years 95.27%

10-year low 10-year high

EV/Sales against its own 10 years 32.42%

10-year low 10-year high

EV/FCF against its own 10 years 62.81%

10-year low 10-year high

Dividends

Payout Ratio 0.92

Annual Dividend Rate 1.35

Annual Dividend Yield 6.59%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.01	0.34 0.34 0.34
2025	0.98	0.33 0.33 0.33 0.33
2024	1.28	0.32 0.32 0.32 0.32
2023	1.24	0.31 0.31 0.31 0.31
2022	0.87	0.18 0.20 0.23 0.27
2021	0.61	0.15 0.15 0.15 0.15
2020	1.07	0.31 0.31 0.31 0.15
2019	1.22	0.31 0.31 0.31 0.31
2018	1.22	0.31 0.31 0.31 0.31
2017	1.15	0.29 0.29 0.29 0.30
2016	1.14	0.29 0.29 0.29 0.29

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	161	312	1,272	1,020
Receivables	9,215	10,334	11,451	17,069
Inventory	2,478	3,070	4,770	4,385
Other	579	486	740	639
	12,433	14,202	18,233	23,113

	2023	2024	2025	Q'26
Payables	6,684	8,325	9,510	13,767
ST’ Debt	1,008	8	25	12
Other	8	15	10	8
	11,277	12,656	14,955	19,858

Compound Annual Growth %

	10y	5y	3y
Sales	9.01%	17.04%	(1.64%)
Cash Flow	13.04%	6.63%	3.89%
Earnings	13.43%	0.00%	(1.22%)
Book Value	7.58%	9.32%	6.42%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	27,771	34,334	—	—	—
’25	21,020	19,242	19,954	25,320	85,536
’24	21,629	20,729	20,772	19,541	82,671
’23	18,995	18,320	20,739	20,532	78,586
’22	20,491	25,945	22,939	20,501	89,876
’21	16,995	15,101	16,664	18,657	67,417
’20	11,627	7,338	9,955	10,034	38,954

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3,378	4,271	—	—	—
’25	2,917	2,762	2,572	1,898	10,149
’24	3,772	2,270	2,874	2,590	11,506
’23	3,350	2,536	2,373	1,296	9,555
’22	2,370	2,354	2,989	1,338	9,051
’21	5,155	2,005	2,263	1,739	11,162
’20	1,828	1,331	2,296	1,906	7,361

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,462	2,715	—	—	—
’25	1,693	1,103	1,275	(225)	3,846
’24	2,977	2,449	1,788	1,115	8,329
’23	2,501	1,679	1,680	561	6,421
’22	1,622	1,656	1,942	528	5,748
’21	4,464	1,267	1,684	970	8,385
’20	207	66	1,162	796	2,231

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.35	0.59	—	—	—
’25	0.36	0.32	0.28	0.25	1.21
’24	0.32	0.35	0.32	0.29	1.28
’23	0.32	0.25	0.15	0.37	1.09
’22	0.37	0.39	0.29	0.34	1.40
’21	1.21	0.20	0.20	0.29	1.89
’20	(0.32)	0.13	(0.29)	0.19	(0.24)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	4.00	15.03	11.68	10.84	3.75	6.03	8.19	11.45	13.60	14.60	Analyst estimates 2026–2028 Powerpack
	High	19.99	20.05	19.34	15.98	13.86	11.55	12.95	14.15	20.02	21.45
People
People	Employees	30,992	29,486	11,768	12,812	11,421	12,558	12,565	13,786	16,248	22,311
	Revenue/emp, $m	1.03	1.37	4.60	4.23	3.41	5.37	7.15	5.70	5.09	3.83
Income, $m
Income, $m	Revenue	31,792	40,523	54,087	54,213	38,954	67,417	89,876	78,586	82,671	85,536
	Gross margin, %	25.47	23.58	23.08	26.58	34.57	25.25	19.63	22.96	25.03	25.77
	EBT	204	710	3,689	5,020	377	6,871	6,072	5,597	7,106	6,058
	EBT margin, %	0.64	1.75	6.82	9.26	0.97	10.19	6.76	7.12	8.60	7.08
	Net income	0	2,366	3,420	4,825	140	6,687	5,868	5,294	6,565	5,708
	Depreciation	3,256	3,593	2,859	3,147	3,678	3,817	4,164	4,385	5,165	5,682
Per share, $
Per share, $	Revenue	30.41	37.58	37.99	20.63	14.45	24.66	29.12	24.86	24.35	24.92
	Earnings	0.94	0.85	1.16	1.37	(0.24)	1.89	1.40	1.10	1.29	1.22
	Cash flow	3.18	4.11	5.27	3.07	2.73	4.08	2.93	3.02	3.39	2.96
	Capex	(7.43)	(7.83)	(5.20)	(2.27)	(1.90)	(1.02)	(1.07)	(0.99)	(0.94)	(1.84)
	Free cash flow	(4.26)	(3.72)	0.07	0.80	0.83	3.07	1.86	2.03	2.45	1.12
	Book value	21.45	27.81	21.67	12.91	11.64	14.39	13.17	13.90	13.55	14.28
	Shares, m	1,046	1,078	1,424	2,628	2,696	2,734	3,087	3,162	3,395	3,433
Valuation, ×
Valuation, ×	P/E	20.18	21.12	11.01	9.43	0.00	4.31	8.24	12.73	15.19	13.52
	P/S	0.63	0.47	0.35	0.62	0.43	0.33	0.40	0.56	0.80	0.66
	P/B	0.90	0.65	0.61	0.99	0.53	0.68	1.04	1.17	1.58	1.24
	EV/Sales	2.00	1.55	1.19	1.56	1.74	1.07	0.93	1.22	1.52	1.45
	EV/FCF	(17.40)	(15.66)	650.68	40.31	30.36	8.57	14.59	14.97	15.12	32.16
Cash, $m
Cash, $m	Operating cash flow	3,322	4,429	7,506	8,056	7,361	11,162	9,051	9,555	11,506	10,149
	Capex	(7,771)	(8,444)	(7,407)	(5,960)	(5,130)	(2,777)	(3,303)	(3,134)	(3,177)	(6,303)
	Free cash flow	(4,449)	(4,015)	99	2,096	2,231	8,385	5,748	6,421	8,329	3,846
Balance, $m
Balance, $m	Working capital	(378)	2,786	(2,560)	(260)	394	(298)	1,713	1,156	1,546	3,278
	Total debt	44,052	44,084	46,028	51,054	51,438	49,702	48,262	52,388	59,760	68,333
	Net debt	43,585	43,748	45,609	50,763	51,071	49,366	48,005	52,227	59,448	67,061
	Shareholders’ equity	22,431	29,980	30,850	33,938	31,388	39,345	40,659	43,939	46,017	49,010
Returns, %
Returns, %	ROA	1.31	1.11	1.96	3.75	(0.67)	5.15	4.09	3.16	3.68	3.13
	ROIC	1.75	2.31	4.42	5.32	2.26	6.19	5.45	5.39	5.42	4.86
	ROE	4.29	3.53	5.67	10.85	(1.98)	16.01	12.75	9.62	11.03	9.50

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
WMB Williams Companies, Inc. (The)	$88.5B	28.9×	30.7×	+9.78% (above 0%: growing)	+51.11% (above 0%: growing)	−195.82% (below 0%: shrinking)	83.33%	38.72%	Compare
EPD Enterprise Products Partners L.P.	$79.4B	12.5×	13.0×	+60.78% (above 0%: growing)	+27.27% (above 0%: growing)	+162.10% (above 0%: growing)	12.06%	12.31%	Compare
KMI Kinder Morgan, Inc.	$71.8B	20.8×	21.4×	+10.76% (above 0%: growing)	+21.88% (above 0%: growing)	−52.59% (below 0%: shrinking)	68.62%	30.06%	Compare
ET Energy Transfer LP	$71.0B	13.9×	13.1×	+78.43% (above 0%: growing)	+84.37% (above 0%: growing)	+146.15% (above 0%: growing)	21.55%	10.41%
TRP TC Energy Corporation	$62.5B	24.9×	24.9×	+5.59% (above 0%: growing)	+18.28% (above 0%: growing)	+24.24% (above 0%: growing)	70.23%	54.92%	Compare
TRGP Targa Resources, Inc.	$61.9B	27.3×	24.7×	+4.23% (above 0%: growing)	+22.92% (above 0%: growing)	+1,002.09% (above 0%: growing)	48.15%	27.80%	Compare
MPLX MPLX LP	$58.1B	12.1×	13.1×	+10.29% (above 0%: growing)	+2.91% (above 0%: growing)	−38.89% (below 0%: shrinking)	56.91%	41.61%	Compare
LNG Cheniere Energy, Inc.	$57.4B	20.6×	— (loss-making)	+23.51% (above 0%: growing)	+100.55% (above 0%: growing)	+452.21% (above 0%: growing)	83.04%	74.84%	Compare
OKE ONEOK, Inc.	$56.9B	15.5×	15.5×	+52.77% (above 0%: growing)	+14.18% (above 0%: growing)	+85.57% (above 0%: growing)	23.30%	13.22%	Compare
Median of peers	$62.2B	20.7×	21.4×	+10.53%	+22.40%	+54.91%	62.77%	34.39%

All 58 Oil & Gas Midstream stocks →

Energy Transfer LP (ET) key facts

Concern: Net income was $5.7 billion, or $1.22 per share (basic), a net margin of 4.88%.
Strength: Energy Transfer LP’s revenue for fiscal 2025 (year ended December 2025) was $85.5 billion, up 3.47% from fiscal 2024.
Energy Transfer LP (ET) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
As of October 9, 2026, ET traded at $20.41, a market capitalization of $71.0 billion.
At that price the stock trades at 13.9× trailing-twelve-month earnings and 0.7× sales; its P/E is higher than 66% of its own readings over the past ten years.
Energy Transfer LP pays an annual dividend of $1.35 per share, a yield of 6.59%, with a payout ratio of 91.5%.
Return on equity was 9.50% and debt-to-equity 1.35.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.