Energy Transfer LP (ET) Earnings & Analysis

Latest quarter

Energy Transfer reported Q2 revenue of $34.3 billion, above the consensus estimate of $31.1 billion and up from $19.2 billion a year earlier. Diluted earnings per unit were $0.59, compared with $0.32 a year before.

The filing attributed the increase in net income primarily to higher segment margins across its businesses. In intrastate transportation and storage, wider differences between natural gas prices at different locations and early volumes from the Hugh Brinson Pipeline contributed to the increase. Higher gathering and processing volumes and higher natural gas liquids and natural gas prices helped the midstream segment, while higher export and domestic sales premiums benefited the natural gas liquids and refined products business.

The filing said those segment margin gains were partly offset by higher operating, administrative, depreciation and interest expenses. Energy Transfer’s gross margin was 21.5%, down from 27.5% a year earlier, while its operating margin was 10.4%, down from 12.0%. Free cash flow rose to $2.7 billion from $1.1 billion.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

The latest earnings call was not available, so its management commentary cannot be reported.

Guidance

In its results release, Energy Transfer raised its guidance for full-year 2026 adjusted EBITDA to a range of $18.8 billion to $19.1 billion, from its previous range.