Energy Transfer L P Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Energy Transfer L P (ET) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 41/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Energy Transfer L P has an operating margin of 10.5%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 46/100, indicating healthy but not exceptional operating efficiency. This is down from 11.1% the prior year.

Growth

Energy Transfer L P's revenue grew a modest 3.5% year-over-year to $85.5B. This slow but positive growth earns a score of 39/100.

Leverage

Energy Transfer L P carries a low D/E ratio of 1.39, meaning only $1.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Energy Transfer L P's current ratio of 1.22 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.

Cash Flow

Energy Transfer L P has a free cash flow margin of 4.5%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Energy Transfer L P's ROE of 9.0% shows moderate profitability relative to equity, earning a score of 31/100. This is down from 10.5% the prior year.

Piotroski F-Score Neutral

5/9

Energy Transfer L P passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.29x

For every $1 of reported earnings, Energy Transfer L P generates $2.29 in operating cash flow ($10.1B OCF vs $4.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.6x

Energy Transfer L P earns $2.6 in operating income for every $1 of interest expense ($9.0B vs $3.5B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$85.5B

YoY+3.5%

5Y CAGR+17.0%

10Y CAGR+9.0%

Energy Transfer L P generated $85.5B in revenue in fiscal year 2025. This represents an increase of 3.5% from the prior year.

EBITDA

$14.7B

YoY+2.8%

5Y CAGR+17.2%

10Y CAGR+13.3%

Energy Transfer L P's EBITDA was $14.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.8% from the prior year.

Net Income

$4.4B

YoY-7.9%

10Y CAGR+14.1%

Energy Transfer L P reported $4.4B in net income in fiscal year 2025. This represents a decrease of 7.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$3.8B

YoY-47.6%

5Y CAGR+11.5%

Energy Transfer L P generated $3.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 47.6% from the prior year.

Cash & Debt

$1.3B

YoY+307.7%

5Y CAGR+28.2%

10Y CAGR+8.1%

Energy Transfer L P held $1.3B in cash against $68.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

3.44B

YoY+0.3%

5Y CAGR+4.9%

Energy Transfer L P had 3.44B shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Margins & Returns

Gross Margin

25.8%

YoY+0.7pp

5Y CAGR-8.8pp

10Y CAGR+5.2pp

Energy Transfer L P's gross margin was 25.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin

10.5%

YoY-0.5pp

5Y CAGR+2.9pp

10Y CAGR+4.2pp

Energy Transfer L P's operating margin was 10.5% in fiscal year 2025, reflecting core business profitability. This is down 0.5 percentage points from the prior year.

Net Margin

5.2%

YoY-0.6pp

5Y CAGR+6.8pp

10Y CAGR+1.9pp

Energy Transfer L P's net profit margin was 5.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.6 percentage points from the prior year.

Return on Equity

9.0%

YoY-1.4pp

5Y CAGR+11.1pp

10Y CAGR+4.0pp

Energy Transfer L P's ROE was 9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$6.3B

YoY+51.4%

5Y CAGR+4.2%

10Y CAGR-3.6%

Energy Transfer L P invested $6.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 51.4% from the prior year.

ET Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$85.5B+3.5%	$82.7B+5.2%	$78.6B-12.6%	$89.9B+33.3%	$67.4B+73.1%	$39.0B
Cost of Revenue	$63.5B+2.5%	$62.0B+2.4%	$60.5B-16.2%	$72.2B+43.3%	$50.4B+97.7%	$25.5B
Gross Profit	$22.0B+6.5%	$20.7B+14.7%	$18.0B+2.3%	$17.6B+3.7%	$17.0B+26.4%	$13.5B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.2B+0.3%	$1.2B+19.5%	$985.0M-3.2%	$1.0B+24.4%	$818.0M+15.0%	$711.0M
Operating Income	$9.0B-1.2%	$9.1B+10.2%	$8.3B+7.2%	$7.7B-12.0%	$8.8B+195.0%	$3.0B
Interest Expense	$3.5B+11.2%	$3.1B+21.2%	$2.6B+11.8%	$2.3B+1.7%	$2.3B-2.6%	$2.3B
Income Tax	$350.0M-35.3%	$541.0M+78.5%	$303.0M+48.5%	$204.0M+10.9%	$184.0M-22.4%	$237.0M
Net Income	$4.4B-7.9%	$4.8B+22.3%	$3.9B-17.3%	$4.8B-13.1%	$5.5B+944.1%	-$648.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$25.3B+26.9%	$20.0B+3.7%	$19.2B-8.5%	$21.0B+7.6%	$19.5B-5.9%	$20.8B+0.2%	$20.7B-4.2%	$21.6B
Cost of Revenue	$19.4B+33.3%	$14.6B+4.4%	$13.9B-10.4%	$15.6B+10.0%	$14.2B-9.3%	$15.6B0.0%	$15.6B-6.0%	$16.6B
Gross Profit	$5.9B+9.5%	$5.4B+1.8%	$5.3B-2.8%	$5.4B+1.2%	$5.4B+4.3%	$5.2B+0.8%	$5.1B+1.7%	$5.0B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$367.0M+36.9%	$268.0M+4.3%	$257.0M-10.8%	$288.0M0.0%	$288.0M-3.0%	$297.0M-10.5%	$332.0M+27.7%	$260.0M
Operating Income	$2.1B-3.5%	$2.2B-6.8%	$2.3B-7.3%	$2.5B+9.3%	$2.3B+4.5%	$2.2B-5.1%	$2.3B-3.4%	$2.4B
Interest Expense	$910.0M+2.2%	$890.0M+2.9%	$865.0M+6.9%	$809.0M+0.2%	$807.0M-2.5%	$828.0M+8.7%	$762.0M+4.7%	$728.0M
Income Tax	$143.0M+64.4%	$87.0M+10.1%	$79.0M+92.7%	$41.0M-69.9%	$136.0M+52.8%	$89.0M-60.8%	$227.0M+155.1%	$89.0M
Net Income	$928.0M-8.9%	$1.0B-12.4%	$1.2B-12.1%	$1.3B+22.8%	$1.1B-9.0%	$1.2B-10.0%	$1.3B+6.0%	$1.2B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ET Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$141.3B+12.7%	$125.4B+10.3%	$113.7B+7.6%	$105.6B-0.3%	$106.0B+11.4%	$95.1B
Current Assets	$18.2B+28.4%	$14.2B+14.2%	$12.4B+2.9%	$12.1B+14.7%	$10.5B+66.8%	$6.3B
Cash & Equivalents	$1.3B+307.7%	$312.0M+93.8%	$161.0M-37.4%	$257.0M-23.5%	$336.0M-8.4%	$367.0M
Inventory	$4.8B+55.4%	$3.1B+23.9%	$2.5B+0.7%	$2.5B+22.2%	$2.0B+15.8%	$1.7B
Accounts Receivable	N/A	$10.2B+12.6%	$9.0B+6.9%	$8.5B+10.6%	$7.7B+97.5%	$3.9B
Goodwill	$5.5B+39.7%	$3.9B-2.9%	$4.0B+56.6%	$2.6B+1.3%	$2.5B+5.9%	$2.4B
Total Liabilities	$92.3B+16.3%	$79.4B+13.8%	$69.8B+7.3%	$65.0B-2.5%	$66.6B+4.5%	$63.8B
Current Liabilities	$15.0B+18.2%	$12.7B+12.2%	$11.3B+8.8%	$10.4B-4.3%	$10.8B+82.9%	$5.9B
Long-Term Debt	$68.3B+14.3%	$59.8B+16.3%	$51.4B+6.5%	$48.3B-1.6%	$49.0B-4.7%	$51.4B
Total Equity	$49.0B+6.5%	$46.0B+4.7%	$43.9B+8.1%	$40.7B+3.3%	$39.3B+25.4%	$31.4B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$141.3B+9.2%	$129.3B+3.4%	$125.0B-1.1%	$126.4B+0.8%	$125.4B+0.8%	$124.4B+2.5%	$121.3B+4.8%	$115.8B
Current Assets	$18.2B+4.5%	$17.4B+27.6%	$13.7B-10.3%	$15.2B+7.3%	$14.2B+6.5%	$13.3B-0.5%	$13.4B-10.7%	$15.0B
Cash & Equivalents	$1.3B-64.4%	$3.6B+1376.9%	$242.0M-46.6%	$453.0M+45.2%	$312.0M+4.3%	$299.0M-54.0%	$650.0M-66.6%	$1.9B
Inventory	$4.8B+45.9%	$3.3B+17.0%	$2.8B+0.3%	$2.8B-9.2%	$3.1B+22.7%	$2.5B-4.6%	$2.6B+15.7%	$2.3B
Accounts Receivable	N/A	$9.9B+0.3%	$9.9B-12.8%	$11.3B+10.9%	$10.2B+3.7%	$9.8B+3.1%	$9.5B-1.1%	$9.6B
Goodwill	$5.5B+39.7%	$3.9B0.0%	$3.9B0.0%	$3.9B0.0%	$3.9B-0.2%	$3.9B0.0%	$3.9B+0.6%	$3.9B
Total Liabilities	$92.3B+9.9%	$84.0B+5.7%	$79.5B-1.0%	$80.3B+1.1%	$79.4B+1.4%	$78.2B+3.1%	$75.9B+5.4%	$72.0B
Current Liabilities	$15.0B+20.5%	$12.4B+4.7%	$11.8B-12.7%	$13.6B+7.2%	$12.7B+2.3%	$12.4B+5.7%	$11.7B-7.9%	$12.7B
Long-Term Debt	$68.3B+8.3%	$63.1B+3.9%	$60.7B+1.6%	$59.8B+0.1%	$59.8B+1.3%	$59.0B+2.9%	$57.4B+9.7%	$52.3B
Total Equity	$49.0B+8.1%	$45.3B-0.4%	$45.5B-1.4%	$46.2B+0.3%	$46.0B-0.4%	$46.2B+1.6%	$45.5B+3.8%	$43.8B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ET Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$10.1B-11.8%	$11.5B+20.4%	$9.6B+5.6%	$9.1B-18.9%	$11.2B+51.6%	$7.4B
Capital Expenditures	$6.3B+51.4%	$4.2B+32.9%	$3.1B-7.3%	$3.4B+19.8%	$2.8B-45.0%	$5.1B
Free Cash Flow	$3.8B-47.6%	$7.3B+14.3%	$6.4B+13.2%	$5.7B-32.0%	$8.3B+273.8%	$2.2B
Investing Cash Flow	-$8.4B-41.8%	-$5.9B-36.5%	-$4.3B-7.5%	-$4.0B-44.9%	-$2.8B+43.3%	-$4.9B
Financing Cash Flow	-$816.0M+85.0%	-$5.5B-2.3%	-$5.3B-4.3%	-$5.1B+39.3%	-$8.4B-252.7%	-$2.4B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0	$0-100.0%	$31.0M	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$1.9B-26.2%	$2.6B-6.9%	$2.8B-5.3%	$2.9B+12.6%	$2.6B-9.9%	$2.9B+26.6%	$2.3B-39.8%	$3.8B
Capital Expenditures	$2.1B+63.7%	$1.3B-21.8%	$1.7B+35.5%	$1.2B-16.8%	$1.5B+35.5%	$1.1B+33.9%	$811.0M+2.0%	$795.0M
Free Cash Flow	-$225.0M-117.6%	$1.3B+15.6%	$1.1B-34.8%	$1.7B+51.4%	$1.1B-37.5%	$1.8B+22.5%	$1.5B-51.0%	$3.0B
Investing Cash Flow	-$3.9B-158.2%	-$1.5B+10.2%	-$1.7B-42.0%	-$1.2B+18.4%	-$1.5B+55.3%	-$3.3B-7397.8%	$45.0M+103.8%	-$1.2B
Financing Cash Flow	-$254.0M-111.1%	$2.3B+279.9%	-$1.3B+19.4%	-$1.6B-42.4%	-$1.1B-1978.0%	$59.0M+101.6%	-$3.6B-356.5%	-$791.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ET Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	25.8%+0.7pp	25.0%+2.1pp	23.0%+3.3pp	19.6%-5.6pp	25.3%-9.3pp	34.6%
Operating Margin	10.5%-0.5pp	11.1%+0.5pp	10.6%+2.0pp	8.6%-4.4pp	13.0%+5.4pp	7.6%
Net Margin	5.2%-0.6pp	5.8%+0.8pp	5.0%-0.3pp	5.3%-2.8pp	8.1%+9.8pp	-1.7%
Return on Equity	9.0%-1.4pp	10.5%+1.5pp	9.0%-2.7pp	11.7%-2.2pp	13.9%+16.0pp	-2.1%
Return on Assets	3.1%-0.7pp	3.8%+0.4pp	3.5%-1.0pp	4.5%-0.7pp	5.2%+5.8pp	-0.7%
Current Ratio	1.22+0.1	1.12+0.0	1.10-0.1	1.17+0.2	0.97-0.1	1.07
Debt-to-Equity	1.39+0.1	1.30+0.1	1.17-0.0	1.19-0.1	1.25-0.4	1.64
FCF Margin	4.5%-4.4pp	8.9%+0.7pp	8.2%+1.9pp	6.3%-6.1pp	12.4%+6.6pp	5.7%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	23.3%-3.7pp	27.0%-0.5pp	27.5%+1.6pp	25.9%-1.6pp	27.6%+2.7pp	24.8%+0.1pp	24.7%+1.4pp	23.3%
Operating Margin	8.2%-2.6pp	10.8%-1.2pp	12.0%+0.2pp	11.8%+0.2pp	11.7%+1.2pp	10.5%-0.6pp	11.1%+0.1pp	11.0%
Net Margin	3.7%-1.4pp	5.1%-0.9pp	6.0%-0.2pp	6.3%+0.8pp	5.5%-0.2pp	5.7%-0.6pp	6.3%+0.6pp	5.7%
Return on Equity	1.9%-0.4pp	2.3%-0.3pp	2.5%-0.3pp	2.9%+0.5pp	2.3%-0.2pp	2.6%-0.3pp	2.9%+0.1pp	2.8%
Return on Assets	0.7%-0.1pp	0.8%-0.1pp	0.9%-0.1pp	1.1%+0.2pp	0.9%-0.1pp	0.9%-0.1pp	1.1%+0.0pp	1.1%
Current Ratio	1.22-0.2	1.41+0.3	1.15+0.0	1.120.0	1.12+0.0	1.08-0.1	1.14-0.0	1.18
Debt-to-Equity	1.390.0	1.39+0.1	1.33+0.0	1.290.0	1.30+0.0	1.28+0.0	1.26+0.1	1.19
FCF Margin	-0.9%-7.3pp	6.4%+0.7pp	5.7%-2.3pp	8.1%+2.3pp	5.7%-2.9pp	8.6%+1.6pp	7.0%-6.7pp	13.8%

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Frequently Asked Questions

What is Energy Transfer L P's annual revenue?

Energy Transfer L P (ET) reported $85.5B in total revenue for fiscal year 2025. This represents a 3.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Energy Transfer L P's revenue growing?

Energy Transfer L P (ET) revenue grew by 3.5% year-over-year, from $82.7B to $85.5B in fiscal year 2025.

Is Energy Transfer L P profitable?

Yes, Energy Transfer L P (ET) reported a net income of $4.4B in fiscal year 2025, with a net profit margin of 5.2%.

What is Energy Transfer L P's EBITDA?

Energy Transfer L P (ET) had EBITDA of $14.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Energy Transfer L P have?

As of fiscal year 2025, Energy Transfer L P (ET) had $1.3B in cash and equivalents against $68.3B in long-term debt.

What is Energy Transfer L P's gross margin?

Energy Transfer L P (ET) had a gross margin of 25.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Energy Transfer L P's operating margin?

Energy Transfer L P (ET) had an operating margin of 10.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Energy Transfer L P's net profit margin?

Energy Transfer L P (ET) had a net profit margin of 5.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Energy Transfer L P's return on equity (ROE)?

Energy Transfer L P (ET) has a return on equity of 9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Energy Transfer L P's free cash flow?

Energy Transfer L P (ET) generated $3.8B in free cash flow during fiscal year 2025. This represents a -47.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Energy Transfer L P's operating cash flow?

Energy Transfer L P (ET) generated $10.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Energy Transfer L P's total assets?

Energy Transfer L P (ET) had $141.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Energy Transfer L P's capital expenditures?

Energy Transfer L P (ET) invested $6.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Energy Transfer L P have outstanding?

Energy Transfer L P (ET) had 3.44B shares outstanding as of fiscal year 2025.

What is Energy Transfer L P's current ratio?

Energy Transfer L P (ET) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.

What is Energy Transfer L P's debt-to-equity ratio?

Energy Transfer L P (ET) had a debt-to-equity ratio of 1.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Energy Transfer L P's return on assets (ROA)?

Energy Transfer L P (ET) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Energy Transfer L P's Piotroski F-Score?

Energy Transfer L P (ET) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Energy Transfer L P's earnings high quality?

Energy Transfer L P (ET) has an earnings quality ratio of 2.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Energy Transfer L P cover its interest payments?

Energy Transfer L P (ET) has an interest coverage ratio of 2.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Energy Transfer L P?

Energy Transfer L P (ET) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.