Sunday 1 November 2026 Export ET’s income statement to Excel — free account

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.

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%

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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 Segments Filings

Energy Transfer LP (ET) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Refined product sales	24,211 28.31%	22,051 26.67%	23,389 29.76%	26,020 28.95%	17,766 26.35%	10,514 26.99%	16,752 30.90%	17,458 32.28%	11,166 27.55%	10,097 31.76%
Crude sales	23,487 27.46%	25,368 30.69%	23,492 29.89%	23,473 26.12%	15,299 22.69%	9,442 24.24%	15,917 29.36%	14,425 26.67%	10,706 26.42%	7,205 22.66%
NGL sales	19,038 22.26%	19,105 23.11%	15,957 20.31%	20,114 22.38%	15,243 22.61%	6,797 17.45%	8,290 15.29%	9,986 18.46%	7,781 19.20%	4,841 15.23%
Gathering, transportation and other fees	12,423 14.52%	12,027 14.55%	11,428 14.54%	10,907 12.14%	9,229 13.69%	8,982 23.06%	9,086 16.76%	6,797 12.57%	4,435 10.94%	4,172 13.12%
Natural gas sales	4,655 5.44%	2,737 3.31%	3,259 4.15%	8,535 9.50%	9,159 13.59%	2,633 6.76%	3,295 6.08%	4,452 8.23%	4,172 10.30%	3,619 11.38%
Other	1,722 2.01%	1,383 1.67%	1,061 1.35%	827 0.92%	721 1.07%	586 1.50%	873 1.61%	969 1.79%	2,263 5.58%	1,858 5.84%
Revenue	85,536	82,671	78,586	89,876	67,417	38,954	54,213	54,087	40,523	31,792

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Crude oil transportation and services	26,478 30.96%	28,539 34.52%	26,536 33.77%	25,982 28.91%	17,446 25.88%	11,679 29.98%	18,447 34.03%	17,332 32.04%	11,703 28.88%	7,539 23.71%	—	—	—	—	—	—	—
Investment in Sunoco LP	25,201 29.46%	22,693 27.45%	23,068 29.35%	25,729 28.63%	17,596 26.10%	10,710 27.49%	16,596 30.61%	16,994 31.42%	11,723 28.93%	9,986 31.41%	12,430 34.44%	7,343 13.19%	0 0.00%	—	—	—	—
NGL and refined products transportation and services	24,853 29.06%	24,530 29.67%	21,903 27.87%	25,657 28.55%	19,961 29.61%	10,513 26.99%	11,641 21.47%	11,123 20.57%	8,648 21.34%	6,409 20.16%	—	—	—	—	—	—	—
Midstream	12,503 14.62%	11,199 13.55%	10,406 13.24%	17,101 19.03%	11,316 16.79%	5,026 12.90%	6,031 11.12%	7,522 13.91%	6,943 17.13%	5,179 16.29%	—	—	—	—	—	—	—
Intrastate transportation and storage	3,996 4.67%	3,053 3.69%	3,962 5.04%	7,818 8.70%	8,571 12.71%	2,544 6.53%	3,099 5.72%	3,737 6.91%	3,083 7.61%	2,613 8.22%	—	—	—	—	—	—	—
Investment in USAC	3,909 4.57%	1,747 2.11%	1,798 2.29%	3,574 3.98%	3,476 5.16%	1,838 4.72%	1,689 3.12%	2,228 4.12%	2,901 7.16%	3,272 10.29%	—	—	—	—	—	—	—
Interstate transportation and storage	2,445 2.86%	2,296 2.78%	2,375 3.02%	2,251 2.50%	1,841 2.73%	1,861 4.78%	1,963 3.62%	1,682 3.11%	1,131 2.79%	1,166 3.67%	—	—	—	—	—	—	—
Investment In USAC	998 1.17%	950 1.15%	846 1.08%	705 0.78%	633 0.94%	667 1.71%	698 1.29%	508 0.94%	0 0.00%	0 0.00%	—	—	—	—	—	—	—
Intersegment Eliminations	—	—	—	—	—	—	—	—	(5,609) (13.84%)	(4,372) (13.75%)	—	—	—	—	—	—	—
Investment In ETP	—	—	—	—	—	—	—	—	—	—	34,292 95.00%	55,475 99.61%	48,335 100.00%	15,702 92.56%	6,799 83.02%	—	—
Adjustments And Eliminations	—	—	—	—	—	—	—	—	—	—	(10,842) (30.04%)	(7,343) (13.19%)	(216) (0.45%)	(904) (5.33%)	(43) (0.53%)	—	—
Investment In Regency	—	—	—	—	—	—	—	—	—	—	—	—	—	2,000 11.79%	1,434 17.51%	—	—
Etp	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5,885 89.76%	5,417 100.00%
Regency	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	717 10.93%	0 0.00%
Other, not broken out	—	—	—	—	—	—	—	—	—	—	216 0.60%	—	—	166 0.98%	—	—	—
Eliminations	(14,847) (17.36%)	(12,336) (14.92%)	(12,308) (15.66%)	(18,941) (21.07%)	(13,423) (19.91%)	(5,884) (15.10%)	(5,951) (10.98%)	(7,039) (13.01%)	—	—	—	—	—	—	—	(45) (0.69%)	—
Revenue	85,536	82,671	78,586	89,876	67,417	38,954	54,213	54,087	40,523	31,792	36,096	55,691	48,335	16,964	8,190	6,556	5,417

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Crude oil transportation and services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment in Sunoco LP	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL and refined products transportation and services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Midstream	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Segment and Other Operating Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Intrastate transportation and storage	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment In USAC	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Interstate transportation and storage	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment in USAC	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Intersegment Eliminations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Crude oil transportation volumes growth	Q2 FY2026	4.00%	9.00%	—
Crude terminal volumes	Q1 FY2026	3.3M	3.3M	+0.12%
Crude transportation volumes	Q2 FY2026	7.3M	7.0M	+4.07%
Equity NGLs	Q2 FY2026	72.0K	64.0K	+12.50%
Gathered volumes	Q2 FY2026	22.14T	21.33T	+3.81%
Interstate natural gas transportation volumes growth	Q4 FY2025	4.00%	—	—
Intrastate natural gas transportation volumes growth	Q4 FY2025	3.00%	—	—
Midstream gathered volumes growth	Q2 FY2026	4.00%	10.0%	—
Natural gas sold	Q2 FY2026	19.0B	30.0B	−36.67%
Natural gas transported	Q2 FY2026	17.99T	18.15T	−0.91%
Natural gas transported	Q2 FY2026	13.81T	14.23T	−2.92%
NGL and refined products terminal volumes	Q2 FY2026	1.9M	1.6M	+20.03%
NGL and refined products terminal volumes growth	Q1 FY2026	19.0%	4.00%	—
NGL exports growth	Q2 FY2026	25.0%	5.00%	—
NGL fractionated volumes growth	Q2 FY2026	3.00%	5.00%	—
NGL fractionation volumes	Q2 FY2026	1.2M	1.2M	+3.30%
NGLs produced	Q2 FY2026	1.2M	1.2M	+5.25%
NGL transportation volumes	Q2 FY2026	2.6M	2.3M	+13.30%
NGL transportation volumes growth	Q2 FY2026	13.0%	4.00%	—
Refined products transportation volumes	Q2 FY2026	574.0K	599.0K	−4.17%
Remaining performance obligations	Q2 FY2026	$34.3B	$35.6B	−3.47%
Withdrawals from storage natural gas inventory	Q2 FY2026	4.02T	—	—

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q3 FY2020	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Crude oil transportation volumes growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude terminal volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude transportation volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Equity NGLs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gathered volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Interstate natural gas transportation volumes growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Intrastate natural gas transportation volumes growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Midstream gathered volumes growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas transported	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas transported	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL and refined products terminal volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL and refined products terminal volumes growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL exports growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL fractionated volumes growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL fractionation volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGLs produced	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL transportation volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NGL transportation volumes growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Refined products transportation volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Withdrawals from storage natural gas inventory	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.