10-K · February 19, 2026
Energy Transfer’s 10-K emphasizes scale in U.S. pipeline, storage and NGL/refined products networks and a strategic shift away from developing its Lake Charles LNG liquefaction project to prioritize a backlog of natural…
Earnings analysis · 10-Q
ET earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Energy Transfer LP reported its Q1 2026 results, with total revenues of $27.77 billion, slightly exceeding expectations, but EPS of $0.35 fell short of the estimated $0.38. The company highlighted a significant boost in…
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Energy Transfer LP reported its Q1 2026 results, with total revenues of $27.77 billion, slightly exceeding expectations, but EPS of $0.35 fell short of the estimated $0.38. The company highlighted a significant boost in Adjusted EBITDA by 20% year-over-year to $4.94 billion, driven by increased volumes in the NGL and refined products segments, despite some declines in operating margins and rising expenses.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.35
- Segment
- Intrastate transportation and storage
- Segment
- Interstate transportation and storage
- Segment
- Midstream
- Segment
- NGL and refined products transportation and services
- Segment
- Crude oil transportation and services
- Segment
- Investment in Sunoco LP
- Segment
- Investment in USAC
- Segment
- All other
What stood out
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Revenue Exceeds Expectations
Q1 2026 revenue was $27.77 billion, slightly above the consensus estimate of $27.69 billion.
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Year-over-Year EBITDA Growth
Adjusted EBITDA increased by $839 million, or approximately 20%, compared to $4.1 billion in Q1 2025.
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Record NGL Volumes Driving Growth
NGL and refined products transportation services grew by $185 million year-over-year to $1.16 billion in segment Adjusted EBITDA.
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Segment Margin Improvement
Intrastate transportation segment margin increased by $116 million to $446 million, supported by optimization benefits.
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Investment in Sunoco LP Segment Boosts Earnings
Segment Adjusted EBITDA from the investment in Sunoco LP surged to $858 million from $458 million, reflecting increased volumes post-acquisitions.
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Strong Free Cash Flow Generation
Free cash flow for Q1 2026 was $1.35 billion, compared to $1.69 billion in the prior year, indicating continued solid operational performance.
What to watch
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Increased Operating Expenses
Operating expenses surged to $2.42 billion from $2.22 billion year-over-year, increasing pressure on margins.
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Decline in Some Segment Margins
Midstream segment Adjusted EBITDA fell by $38 million year-over-year to $887 million, influenced by lower commodity prices and prior year impacts.
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Potential Legal and Environmental Risks
Ongoing legal proceedings related to environmental compliance could result in significant costs, though current liabilities are considered manageable.
Management's outlook
Adjusted EBITDA guidance raised to $18.2 billion - $18.6 billion for 2026, reflecting operational strength and strategic adjustments.
Earlier filings 4
10-Q · November 6, 2025
Energy Transfer reported Q3 revenues of $19,954 million and diluted EPS of $0.28. Revenue declined versus the year-ago quarter (from $20,772 million) and diluted EPS declined from $0.32, while operating income was…
10-Q · August 7, 2025
Energy Transfer reported Q2 revenue of $19,242 million (three months ended June 30, 2025) with operating income essentially flat at $2,309 million versus $2,298 million in Q2 2024. Diluted income per common unit was…
10-Q · November 7, 2024
Energy Transfer reported Q3 2024 revenue essentially flat YoY at $20,772 million (up $33 million vs. Q3 2023) with diluted EPS of $0.32 (vs. $0.15 in Q3 2023). Gross margin calculated from the filing was ~24.85% and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.