Energy Transfer L.P. (ET) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.38	$0.35	-7.9%	—	—	—
Q1 26	$0.36	$0.25	-30.6%	—	—	—
Q4 25	$0.33	$0.32	-3.0%	—	—	—
Q3 25	$0.36	$0.36	0.0%	—	—	—
Q2 25	$0.37	$0.29	-21.6%	—	—	—
Q1 25	$0.34	$0.32	-5.9%	—	—	—
Q4 24	$0.36	$0.19	-47.2%	—	—	—
Q3 24	$0.38	$0.32	-15.8%	—	—	—
Q2 24	$0.34	$0.37	+8.8%	—	—	—
Q1 24	$0.34	$0.33	-2.9%	—	—	—
Q4 23	$0.33	$0.25	-24.2%	—	—	—
Q3 23	$0.37	$0.32	-13.5%	—	—	—
Q2 23	$0.38	$0.34	-10.5%	—	—	—
Q1 23	$0.38	$0.29	-23.7%	—	—	—
Q4 22	$0.36	$0.39	+8.3%	—	—	—
Q3 22	$0.32	$0.37	+15.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.22	—	—	$85.5B	—
FY24	—	$1.29	—	—	$82.7B	—
FY23	—	$1.1	—	—	$78.6B	—
FY22	—	$1.4	—	—	$89.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$31.8B	$40.5B	$54.1B	$54.2B	$39B	$67.4B	$89.9B	$78.6B	$82.7B	$85.5B
YoY change	-11.9%	+27.5%	+33.5%	+0.23%	-28.1%	+73.1%	+33.3%	-12.6%	+5.2%	+3.47%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	31.8B	40.5B	54.1B	54.2B	39B	67.4B	89.9B	78.6B	82.7B	85.5B
Cost of revenue	25.9B	33.5B	44.5B	42.9B	29.2B	54.2B	76.4B	64.9B	67.1B	69.2B
Gross profit	5.9B	7B	9.6B	11.3B	9.8B	13.2B	13.5B	13.7B	15.5B	16.4B
Gross margin	18.5%	17.3%	17.8%	20.8%	25.1%	19.6%	15%	17.4%	18.8%	19.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	656M	599M	702M	694M	711M	818M	1B	985M	1.2B	1.2B
Operating expenses	3B	3.2B	3.8B	4B	3.9B	4.4B	5.4B	5.4B	6.3B	7B
Operating income	2.9B	3.8B	5.8B	7.3B	5.9B	8.8B	8.1B	8.3B	9.2B	9.3B
Operating margin	9.09%	9.28%	10.8%	13.4%	15%	13.1%	9.04%	10.6%	11.1%	10.9%
Non-operating income, net	-883M	-1.1B	-90M	74M	-3.2B	325M	254M	-132M	1B	220M
Pretax income	204M	710M	3.7B	5B	377M	6.9B	6.1B	5.6B	7.1B	6.1B
Income tax	-258M	-1.8B	4M	195M	237M	184M	204M	303M	541M	350M
Net income	0	2.4B	3.4B	4.8B	140M	6.7B	5.9B	5.3B	6.6B	5.7B
Net margin	0%	5.84%	6.32%	8.9%	0.36%	9.92%	6.53%	6.74%	7.94%	6.67%
EBITDA	6.4B	6.7B	9.1B	10.8B	9.7B	13B	12.6B	13.2B	14.9B	15.5B
EPS	0.94	0.85	1.16	1.37	-0.24	1.89	1.4	1.1	1.29	1.22
Diluted EPS	0.92	0.83	1.15	1.36	-0.24	1.89	1.4	1.09	1.28	1.21

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	20.7B	20.5B	21.6B	20.7B	20.8B	19.5B	21B	19.2B	20B	25.3B	27.8B	34.3B
Cost of revenue	17.2B	16.9B	17.9B	16.8B	16.9B	15.5B	16.9B	15.3B	16B	20.9B	22.7B	28.5B
Gross profit	3.6B	3.6B	3.8B	3.9B	3.8B	4B	4.1B	3.9B	4B	4.4B	5B	5.8B
Gross margin	17.2%	17.5%	17.5%	18.8%	18.5%	20.5%	19.4%	20.3%	19.8%	17.4%	18.1%	17%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	234M	285M	260M	332M	297M	288M	288M	257M	268M	367M	361M	421M
Operating expenses	1.3B	1.4B	1.4B	1.6B	1.7B	1.7B	1.6B	1.6B	1.8B	2.1B	2.1B	2.2B
Operating income	2.2B	2.2B	2.4B	2.3B	2.2B	2.3B	2.5B	2.3B	2.2B	2.4B	3B	3.6B
Operating margin	10.8%	10.5%	11%	11.3%	10.5%	11.7%	11.9%	12%	10.8%	9.29%	10.7%	10.4%
Non-operating income, net	-478M	135M	129M	633M	170M	109M	75M	90M	117M	-62M	75M	84M
Pretax income	1.1B	1.6B	1.8B	2.2B	1.5B	1.6B	1.8B	1.5B	1.4B	1.4B	2.1B	2.7B
Income tax	77M	47M	89M	227M	89M	136M	41M	79M	87M	143M	135M	194M
Net income	1B	1.6B	1.7B	2B	1.4B	1.4B	1.7B	1.5B	1.3B	1.2B	2B	2.5B
Net margin	5.05%	7.63%	7.82%	9.61%	6.9%	7.4%	8.18%	7.58%	6.47%	4.89%	7.12%	7.37%
EBITDA	3.5B	3.5B	3.8B	3.6B	3.7B	3.8B	3.9B	3.8B	3.7B	4.1B	4.6B	5.2B
EPS	0.15	0.37	0.32	0.35	0.33	0.29	0.37	0.32	0.28	0.25	0.35	0.59
Diluted EPS	0.15	0.37	0.32	0.35	0.32	0.29	0.36	0.32	0.28	0.25	0.35	0.59

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	20.2B	18.6B	—	—	16.7B	22.5B	—	43.6B	66.5B	56.6B	69.2B
Enterprise value	63.8B	62.4B	—	—	68.6B	72.7B	—	96.7B	126.8B	125.4B	157.5B
Shares outstanding	1B	1.1B	1.4B	2.6B	2.7B	2.7B	3.1B	3.2B	3.4B	3.4B	3.4B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	7.87	—	—	119	3.37	—	8.24	10.1	9.92	13.8
P/S	0.64	0.46	—	—	0.43	0.33	—	0.56	0.8	0.66	0.65
P/B	0.9	0.62	—	—	0.52	0.56	—	0.98	1.43	1.15	2.17
EV/EBITDA	9.99	9.36	—	—	7.1	5.62	—	7.35	8.53	8.08	9.19
EV/Sales	2.01	1.54	—	—	1.76	1.08	—	1.23	1.53	1.47	1.47
Earnings yield	—	12.7%	—	—	0.84%	29.7%	—	12.1%	9.87%	10.1%	7.23%
FCF yield	-22%	-21.6%	—	—	13.4%	37.1%	—	14.7%	11%	6.79%	4.56%
PEG	—	—	—	—	—	—	—	—	—	—	0.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.5%	17.3%	17.8%	20.8%	25.1%	19.6%	15%	17.4%	18.8%	19.1%	17%
Operating margin	9.09%	9.28%	10.8%	13.4%	15%	13.1%	9.04%	10.6%	11.1%	10.9%	10.4%
Net margin	0%	5.84%	6.32%	8.9%	0.36%	9.92%	6.53%	6.74%	7.94%	6.67%	4.92%
ROE	0%	7.89%	10.9%	13.9%	0.44%	16.7%	14.3%	11.8%	14.1%	11.6%	14.6%
ROA	0%	2.74%	3.88%	4.88%	0.15%	6.31%	5.55%	4.66%	5.24%	4.04%	5.06%
ROIC	4.38%	5.1%	7.57%	8.1%	2.59%	9.49%	8.72%	8.04%	7.96%	7.43%	8.54%
Return on tangible assets	0%	3.67%	5.14%	6.32%	0.18%	7.5%	6.54%	5.68%	6.21%	4.72%	5.74%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.95	1.35	0.73	0.97	1.07	0.97	1.17	1.1	1.12	1.22	1.16
Quick ratio	0.67	1.1	0.54	0.77	0.77	0.79	0.93	0.88	0.88	0.9	0.94
Debt / equity	1.96	1.47	1.47	1.5	1.63	1.26	1.19	1.19	1.3	1.42	1.38
Debt / assets	0.56	0.51	0.52	0.53	0.55	0.48	0.46	0.47	0.48	0.5	0.47
Net debt / EBITDA	6.83	6.56	5.01	4.78	5.37	3.88	3.87	4.03	4.05	4.43	3.92
Interest coverage	1.58	1.37	2.8	3.15	1.16	4.03	3.63	3.17	3.27	2.74	3.06
Effective tax rate	0%	0%	0.11%	3.88%	62.9%	2.68%	3.36%	5.41%	7.61%	5.78%	7.36%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.4	37.6	38	20.6	14.5	24.7	29.1	24.9	24.4	24.9	31.2
EPS (basic)	0.94	0.85	1.16	1.37	-0.24	1.89	1.4	1.1	1.29	1.22	1.22
EPS (diluted)	0.92	0.83	1.15	1.36	-0.24	1.89	1.4	1.09	1.28	1.21	1.46
Book value per share	21.5	27.8	22	13.2	11.9	14.7	13.3	14.1	13.7	14.3	9.29
FCF per share	-4.26	-3.72	0.07	0.8	0.83	3.05	1.84	2.03	2.16	1.12	1.51
Cash per share	0.45	0.31	0.29	0.11	0.14	0.12	0.08	0.05	0.09	0.37	0.3
Capex per share	—	—	—	—	—	—	—	—	—	1.84	1.99

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	7.37%	6.43%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	62.1%	56.9%
Payout ratio	—	42.7%	49.2%	63.3%	2K%	28.4%	51.9%	80.2%	70.4%	82.8%	91.4%
Dividend yield	5.06%	5.43%	—	—	16.8%	8.43%	—	9.74%	6.95%	8.35%	6.77%

Yield

6.77%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.34

ex-dividend Aug 7, 2026

Payout ratio

91%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 7, 2026	$0.34
May 8, 2026	$0.338
Feb 6, 2026	$0.335

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$20.7B	$20.5B	$21.6B	$20.7B	$20.8B	$19.5B	$21B	$19.2B	$20B	$25.3B	$27.8B	$34.3B
YoY change	-9.59%	+0.15%	+13.9%	+13.1%	+0.16%	-4.83%	-2.82%	-7.17%	-3.94%	+29.6%	+32.1%	+78.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	467M	336M	419M	291M	367M	336M	257M	161M	312M	1.3B
Receivables	3.6B	4.5B	4B	5B	3.9B	7.7B	8.5B	9B	10.2B	11.3B
Inventory	2.1B	2B	1.7B	1.5B	1.7B	2B	2.5B	2.5B	3.1B	4.8B
Total current assets	6.9B	10.7B	6.8B	7.5B	6.3B	10.5B	12.1B	12.4B	14.2B	18.2B
Property, plant & equipment	51.3B	58.3B	64.3B	72.5B	71.7B	77.8B	77.6B	82.3B	91.3B	95.5B
Goodwill & intangibles	22.4B	21.8B	21.8B	22.6B	16.3B	16.8B	16B	20.5B	19.7B	20.3B
Total assets	78.9B	86.2B	88.2B	99B	95.1B	106B	105.6B	113.7B	125.4B	141.3B
Accounts payable	3.5B	4.7B	3.5B	4.1B	2.8B	6.8B	7B	6.7B	8.3B	9.5B
Short-term debt	1.2B	413M	2.7B	86M	74M	727M	47M	1.1B	75M	270M
Total current liabilities	7.3B	7.9B	9.3B	7.7B	5.9B	10.8B	10.4B	11.3B	12.7B	15B
Long-term debt	42.9B	43.7B	43.4B	51.9B	52.3B	49.8B	49.1B	52.2B	60.5B	69.8B
Total liabilities	56.5B	56.2B	56.9B	64.3B	63B	65.8B	64.5B	69B	78.9B	92B
Shareholders' equity	22.4B	30B	31.3B	34.7B	32.1B	40.1B	41.2B	44.7B	46.4B	49.3B
Total debt	44.1B	44.1B	46B	52B	52.3B	50.6B	49.1B	53.2B	60.6B	70.1B
Net debt	43.6B	43.7B	45.6B	51.7B	52B	50.2B	48.8B	53.1B	60.2B	68.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	514M	161M	1.9B	650M	299M	312M	453M	242M	3.6B	1.3B	951M	1B
Receivables	9.6B	9B	9.6B	9.5B	9.8B	10.2B	11.3B	9.9B	9.9B	11.3B	15.7B	16.8B
Inventory	2.6B	2.5B	2.3B	2.6B	2.5B	3.1B	2.8B	2.8B	3.3B	4.8B	4.6B	4.4B
Total current assets	13.4B	12.4B	15B	13.4B	13.3B	14.2B	15.2B	13.7B	17.4B	18.2B	22.3B	23.1B
Property, plant & equipment	81.7B	82.3B	85.9B	92.7B	95.8B	91.3B	96.1B	96.4B	96.9B	95.5B	106B	106B
Goodwill & intangibles	15.5B	20.5B	20B	20.2B	20B	19.7B	19.6B	19.4B	19.1B	25.8B	25.8B	25.5B
Total assets	107.6B	113.7B	115.8B	121.3B	124.4B	125.4B	126.4B	125B	129.3B	141.3B	147.5B	148.2B
Accounts payable	8B	6.7B	7.5B	7.5B	7.3B	8.3B	9B	7.5B	7.3B	9.5B	13.1B	13.7B
Short-term debt	1.1B	1.1B	1.2B	323M	328M	75M	73M	73M	75M	270M	220M	227M
Total current liabilities	12.8B	11.3B	12.7B	11.7B	12.4B	12.7B	13.6B	11.8B	12.4B	15B	19B	19.9B
Long-term debt	47.9B	52.2B	53B	58.1B	59.7B	60.5B	60.5B	61.5B	63.9B	69.8B	70.9B	70B
Total liabilities	66.5B	69B	71.3B	75.5B	77.8B	78.9B	79.8B	79.2B	82.2B	92B	97.5B	97.4B
Shareholders' equity	41.1B	44.7B	44.5B	45.9B	46.6B	46.4B	46.6B	45.9B	47.1B	49.3B	50B	50.8B
Total debt	48.9B	53.2B	54.2B	58.4B	60.1B	60.6B	60.6B	61.6B	64B	70.1B	71.1B	70.2B
Net debt	48.4B	53.1B	52.3B	57.8B	59.8B	60.2B	60.2B	61.3B	60.4B	68.8B	70.2B	69.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	0	2.4B	3.4B	4.8B	140M	6.7B	5.9B	5.3B	6.6B	5.7B
Depreciation & amortization	2.2B	2.6B	2.9B	3.1B	3.7B	3.8B	4.2B	4.4B	5.2B	5.7B
Stock-based compensation	70M	99M	105M	113M	121M	111M	115M	130M	151M	148M
Change in working capital	-268M	-95M	-148M	-347M	-116M	277M	-1.6B	-660M	-362M	-1.9B
Operating cash flow	1.9B	3B	6.6B	8.1B	4.1B	10.9B	8.6B	9.4B	11.9B	10.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-6.3B
Investing cash flow	-1.4B	5.9B	237M	-1.6B	45M	-120M	-703M	-1.3B	-1.8B	-8.6B
Dividends paid	-1B	-1B	-1.7B	-3.1B	-2.8B	-1.9B	-3B	-4.2B	-4.6B	-4.7B
Share repurchases	0	-53M	-24M	-25M	0	-31M	0	0	-3.5B	-500M
Financing cash flow	5.9B	953M	-3.1B	-1.3B	-2.4B	-8.4B	-5.1B	-5.3B	-5.5B	-816M
Net change in cash	6.4B	9.8B	3.8B	5.2B	1.7B	2.4B	2.8B	2.9B	4.7B	759M
Free cash flow	-4.4B	-4B	99M	2.1B	2.2B	8.3B	5.7B	6.4B	7.3B	3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1B	1.6B	1.7B	2B	1.4B	1.4B	1.7B	1.5B	1.3B	1.2B	2B	2.5B
Depreciation & amortization	1.1B	1.2B	1.3B	1.2B	1.3B	1.4B	1.4B	—	—	—	—	1.6B
Stock-based compensation	35M	31M	46M	30M	37M	38M	37M	33M	40M	38M	42M	46M
Change in working capital	-55M	-1.3B	599M	-373M	-747M	159M	-253M	-77M	-663M	-887M	-73M	-91M
Operating cash flow	2B	1.7B	3.5B	2.9B	2.4B	3.1B	2.8B	2.8B	2.6B	1.9B	3.4B	4.3B
Capital expenditure	—	—	—	—	—	—	—	-1.7B	-1.3B	-2.1B	-1.9B	-1.6B
Investing cash flow	13M	-278M	-424M	801M	-2.1B	-12M	6M	-1.7B	-1.5B	-3.9B	-2.6B	-1.6B
Dividends paid	-1B	-1.1B	-1.1B	-1.2B	-1.1B	-1.2B	-1.1B	-1.2B	-1.1B	-1.2B	-1.2B	-1.2B
Share repurchases	0	—	-932M	-2.5B	0	0	0	-500M	0	0	—	—
Financing cash flow	-1.5B	-685M	-791M	-3.6B	59M	-1.1B	-1.6B	-1.3B	815M	-254M	-1.2B	-2.6B
Net change in cash	529M	739M	2.3B	90M	346M	2B	1.2B	-247M	1.8B	-2.3B	-360M	29M
Free cash flow	1.7B	592M	3B	1.5B	1.8B	1.1B	1.7B	1.1B	1.3B	-225M	1.5B	2.7B

Date	Ratio
Jul 27, 2015	2:1
Jan 27, 2014	2:1

Energy Transfer L.P. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history