Latest analysis
Updated Aug 6, 2026
Energy Transfer posts $5.07B quarterly Adjusted EBITDA, up $1.20B YoY, driven by Sunoco LP acquisitions and Permian/intrastate volume gains
Energy Transfer delivered a $1.20 billion year-over-year increase in consolidated Adjusted EBITDA for Q2 2026, with every segment contributing positively — the most significant drivers being the Sunoco LP investment segment (up $528 million, reflecting Parkland and other acquisitions) and the NGL and refined products segment (up $275 million on higher export premiums and spreads). The Hugh Brinson Pipeline commissioning and wider basis differentials powered intrastate transportation and storage to a $93 million quarterly gain, signaling that new infrastructure is already flowing economics. Debt balances rose following the Parkland acquisition and preferred unit refinancing, increasing interest expense by $69 million for the quarter, the principal offset to otherwise broad-based margin expansion.
Tone: bullishRevenue
$85.5B
ET 10-K · FY 2025
Employees
22,311
Revenue FY2024
$82.7B
Headquarters
Dallas, TX
Profile
ET 10-K Item 1 · Feb 19, 2026Energy Transfer LP is a Delaware limited partnership and one of the largest midstream energy companies in the United States, owning and operating approximately 90,000 miles of pipelines and related infrastructure for natural gas, crude oil, NGLs and refined products. The partnership also holds controlling interests in Sunoco LP, a fuel distributor and retailer operating across 32 countries, and USAC, a compression services provider. Revenue derives from fee-based transportation, storage, fractionation and marketing activities across eight reportable segments.
Read filing description ↓ Collapse description ↑
Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol 'ET.' The primary activities in which we are engaged, which are located in the United States, are as follows: natural gas operations, including natural gas midstream and intrastate transportation and storage, and interstate natural gas transportation and storage; and crude oil, NGL and refined products transportation, terminalling services and acquisition and marketing activities, as well as NGL storage and fractionation services and LNG regasification. In addition, we own investments in other businesses, including Sunoco LP and USAC, both of which are master limited partnerships, and we own the managing member of SunocoCorp, a publicly traded limited liability company. Energy Transfer derives cash flows from distributions related to its investment in its subsidiaries, including Sunoco LP and USAC. The amount of cash that our subsidiaries distribute to us is based on earnings from their respective business activities and the amount of available cash. Energy Transfer's primary cash requirements are for distributions to its partners, capital expenditures, general and administrative expenses and debt service requirements. Energy Transfer distributes its available cash remaining after satisfaction of the aforementioned cash requirements to its Unitholders on a quarterly basis. We expect our subsidiaries to utilize their resources, along with cash from their operations, to fund their announced growth capital expenditures and working capital needs; however, Energy Transfer may issue debt or equity securities from time to time as we deem prudent to provide liquidity for new capital projects of our subsidiaries or for other partnership purposes.
Primary products
- Natural gas intrastate transportation and storage
- Natural gas interstate transportation and storage
- Natural gas midstream gathering, compression, treating and processing
- NGL transportation, fractionation and storage
- Refined products transportation and terminalling
- Crude oil transportation, terminalling and acquisition and marketing
Business segments
End markets
Geographies
Named customers
During the year ended December 31, 2025, none of our customers individually accounted for more than 10% of our consolidated revenues.
Named competitors
“Energy Transfer operates one of the largest intrastate pipeline systems in the United States, which provides energy logistics to major trading hubs and industrial consumption areas throughout the country.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $82.7 billion in 2024 to $85.5 billion in 2025, driven primarily by growth in refined product sales, gathering and transportation fees, and natural gas sales.
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