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Energy Transfer LP

ET Energy Oil & Gas Midstream

Energy Transfer LP’s revenue for fiscal 2025 (year ended December 2025) was $85.5 billion, up 3.47% from fiscal 2024.

Revenue
+78.4%
EPS
+84.4%
Free cash flow
+146.2%
Total debt
+12.6%

Quarter to June 2026, against a year earlier

20.91 0.03 +0.14%
Market cap
$71.9B
P/E
14.2×
Fwd P/E
12.0×
Dividend yield
8.07%
F-score
5/9
Altman Z
n/a
Beneish M
−2.48
Dividend safety
66/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Crude oil transportation and services
  • Investment in Sunoco LP
  • NGL and refined products transportation and services
  • Midstream
  • Intrastate transportation and storage
  • Investment in USAC
  • Interstate transportation and storage
  • Investment In USAC

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 21.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 2 — — —
Sell — — — — — — — — — — — —
Insider Ownership 11.68%

Capital & Financial Ratios $m

Size
Market Cap 71,900.00
Revenue ttm 107,379.00
Net income ttm 7,036.00
Free cash flow ttm 5,227.00
Net debt Q 67,385.00
Valuation
P/E 14.23
Forward P/E 12.00
Price / sales 0.67
Forward P/S Powerpack
Price / FCF 13.78
Price / book 1.53
Financial health
Current ratio Q 1.16
Debt / equity Q 1.35
Interest coverage Q 3.83
Growth
Revenue growth Q +78.43% (above 0%: growing)
Operating income growth Q +54.79% (above 0%: growing)
EPS, this year +43.37% (at or above 15%: strong)
EPS, next year A −0.62% (below 0%: weak)
Revenue, next year A +3.45%
EPS, past 5 yrs —
EPS, next 5 yrs A +14.35%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 1.4×; over the ten years it ranged from 0.9× in 2022 to 2.3× in 2016.
P/E against its own 10 years 68.51%
10-year low 10-year high
P/S against its own 10 years 80.06%
10-year low 10-year high
P/B against its own 10 years 96.88%
10-year low 10-year high
EV/Sales against its own 10 years 34.92%
10-year low 10-year high
EV/FCF against its own 10 years 63.71%
10-year low 10-year high

Dividends raised 3 years running

Yield
8.07%
Annual rate
1.69
Payout ratio
114.8%
Growth, 2016–24
+1.41%/yr
  1. 1.14 ’16
  2. 1.15 ’17 +1%
  3. 1.22 ’18 +6%
  4. 1.22 ’19 +0%
  5. 1.07 ’20 −13%
  6. 0.61 ’21 −43%
  7. 0.87 ’22 +43%
  8. 1.24 ’23 +42%
  9. 1.28 ’24 +3%
  10. 0.98 ’25e −24%
  11. 0.98 ’26e +0%
paid forecast Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.39 Actual 0.59

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.33 0.28 Miss by 0.05
Q4 FY25 0.34 0.25 Miss by 0.09
Q1 FY26 0.38 0.35 Miss by 0.03
Q2 FY26 0.39 0.59 Beat by 0.20
Q3 FY26 0.41 — Reports 3 November 2026

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 31,792 40,523 54,087 54,213 38,954 67,417 89,876 78,586 82,671 85,536 107,379 +11.6% 88,487 88,274 92,340 +2.6%
Gross margin, % 25.47 23.58 23.08 26.58 34.57 25.25 19.63 22.96 25.03 25.77 23.58 +0.3 pt
EBT 204 710 3,689 5,020 377 6,871 6,072 5,597 7,106 6,058 7,595 +45.8%
EBT margin, % 0.64 1.75 6.82 9.26 0.97 10.19 6.76 7.12 8.60 7.08 7.07 +6.4 pt
Net income 0 2,366 3,420 4,825 140 6,687 5,868 5,294 6,565 5,708 7,036 n/m
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 31.19 (2.2%)
Earnings 0.94 0.85 1.16 1.37 (0.24) 1.89 1.40 1.10 1.29 1.22 1.47 +2.9%
Cash flow 3.18 4.11 5.27 3.07 2.73 4.08 2.93 3.02 3.39 2.96 3.52 (0.8%)
Capex (7.43) (7.83) (5.20) (2.27) (1.90) (1.02) (1.07) (0.99) (0.94) (1.84) (2.00) (14.4%)
Free cash flow (4.26) (3.72) 0.07 0.80 0.83 3.07 1.86 2.03 2.45 1.12 1.52 n/m
Book value 21.45 27.81 21.67 12.91 11.64 14.39 13.17 13.90 13.55 14.28 14.68 (4.4%)
Shares, m 1,046 1,078 1,424 2,628 2,696 2,734 3,087 3,162 3,395 3,433 3,437 +14.1%
Valuation, ×
Valuation, × P/E 20.18 21.12 11.01 9.43 0.00 4.31 8.24 12.73 15.19 13.52 14.23 11.6
P/S 0.63 0.47 0.35 0.62 0.43 0.33 0.40 0.56 0.80 0.66 0.67 0.5
P/B 0.90 0.65 0.61 0.99 0.53 0.68 1.04 1.17 1.58 1.24 1.53 0.9
EV/Sales 2.00 1.55 1.19 1.56 1.74 1.07 0.93 1.22 1.52 1.45 1.30 1.4
EV/FCF (17.40) (15.66) 650.68 40.31 30.36 8.57 14.59 14.97 15.12 32.16 26.67 77.4
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 12,119 +13.2%
Capex (7,771) (8,444) (7,407) (5,960) (5,130) (2,777) (3,303) (3,134) (3,177) (6,303) (6,892) (2.3%)
Free cash flow (4,449) (4,015) 99 2,096 2,231 8,385 5,748 6,421 8,329 3,846 5,227 n/m
Balance, $m
Balance, $m Working capital (378) 2,786 (2,560) (260) 394 (298) 1,713 1,156 1,546 3,278 3,255 n/m
Net debt 43,585 43,748 45,609 50,763 51,071 49,366 48,005 52,227 59,448 67,061 67,385 +4.9%
Shareholders’ equity 22,431 29,980 30,850 33,938 31,388 39,345 40,659 43,939 46,017 49,010 50,522 +9.1%
Returns, %
Returns, % ROA 1.31 1.11 1.96 3.75 (0.67) 5.15 4.09 3.16 3.68 3.13 3.70 +1.8 pt
ROIC 1.75 2.31 4.42 5.32 2.26 6.19 5.45 5.39 5.42 4.86 5.72 +3.1 pt
ROE 4.29 3.53 5.67 10.85 (1.98) 16.01 12.75 9.62 11.03 9.50 11.30 +5.2 pt
People
People Employees 30,992 29,486 11,768 12,812 11,421 12,558 12,565 13,786 16,248 22,311 — (3.6%)
Revenue/emp, $m 1.03 1.37 4.60 4.23 3.41 5.37 7.15 5.70 5.09 3.83 — +15.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Energy Transfer LP is a publicly traded limited partnership headquartered in Dallas. It operates pipelines, storage facilities, processing plants and terminals that move and handle natural gas, crude oil, natural gas liquids (NGLs) and refined fuels. Its customers include energy producers, utilities, power generators, industrial users and other companies that move or sell energy.

Its natural gas business gathers gas near producing wells, prepares it for transportation, moves it through pipelines and stores it. Processing separates natural gas into pipeline-quality gas and a mixed stream of NGLs. Energy Transfer also transports and stores those liquids and separates them into products that can be sold or exported.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Crude oil transportation and services 26,478 30.96%
Investment in Sunoco LP 25,201 29.46%
NGL and refined products transportation and services 24,853 29.06%
Midstream 12,503 14.62%
Intrastate transportation and storage 3,996 4.67%
Investment in USAC 3,909 4.57%
Interstate transportation and storage 2,445 2.86%
Investment In USAC 998 1.17%
Gross margin 25.77%
Operating margin 10.55%
Pre-tax margin 7.08%

Revenue by segment since 2009

Energy Transfer LP vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

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) $91.6B 29.5× 29.8× +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. $84.3B 13.3× 12.6× +60.78% (above 0%: growing) +27.27% (above 0%: growing) +162.10% (above 0%: growing) 12.06% 12.31% Compare
KMI Kinder Morgan, Inc. $75.7B 21.7× 22.0× +10.76% (above 0%: growing) +21.88% (above 0%: growing) −52.59% (below 0%: shrinking) 68.62% 30.06% Compare
ET Energy Transfer LP $71.9B 14.2× 12.0× +78.43% (above 0%: growing) +84.37% (above 0%: growing) +146.15% (above 0%: growing) 21.55% 10.41%
TRP TC Energy Corporation $67.0B 26.8× 23.4× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $67.0B 30.1× 27.8× +4.23% (above 0%: growing) +22.92% (above 0%: growing) +1,002.09% (above 0%: growing) 48.15% 27.80% Compare
LNG Cheniere Energy, Inc. $65.9B 24.5× 27.5× +23.51% (above 0%: growing) +100.55% (above 0%: growing) +452.21% (above 0%: growing) 83.04% 74.84% Compare
MPLX MPLX LP $60.7B 12.9× 14.0× +10.29% (above 0%: growing) +2.91% (above 0%: growing) −38.89% (below 0%: shrinking) 56.91% 41.61% Compare
OKE ONEOK, Inc. $60.4B 16.7× 15.2× +52.77% (above 0%: growing) +14.18% (above 0%: growing) +85.57% (above 0%: growing) 23.30% 13.22% Compare
Median of peers $67.0B 23.1× 22.7× +10.53% +22.40% +54.91% 62.77% 34.39%

All 57 Oil & Gas Midstream stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 31.30%
Held by the ten largest 15.34%
Holder Shares Stake Change
ALPS ADVISORS INC 86.90m 2.52% +946.63k
Morgan Stanley 85.61m 2.49% −1.62m
JPMorgan Chase 81.08m 2.35% +8.87m
Goldman Sachs 62.82m 1.82% +2.40m
Invesco 54.93m 1.60% −1.16m
TORTOISE CAPITAL ADVISORS, L.L.C. 38.00m 1.10% −1.47m
Blackstone Inc. 35.78m 1.04% +4.66m
UBS 30.57m 0.89% −424.78k
Bank of America 28.14m 0.82% −2.82m
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 24.42m 0.71% +517.76k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Energy Transfer LP (ET) Latest News

29 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

24 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 3 · · Business Wire

20 Oct

Impact 3 · · 24/7 Wall St.

15 Oct

Impact 3 · · Zacks

10 Oct

Impact 3 · · The Motley Fool
Impact 3 · · TheStreet
Impact 3 · · The Motley Fool

9 Oct

Impact 3 · · Zacks

7 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · offshore-technology.com
Impact 3 · · Zacks

6 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Business Wire
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · 24/7 Wall St.

3 Oct

Impact 3 · · The Motley Fool

1 Oct

Impact 3 · · Zacks

26 Sep

Impact 3 · · The Motley Fool

25 Sep

Impact 4 · · The Motley Fool
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 ·
stockrow.com/ET · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com