Energy Transfer L P Financials
Energy Transfer L P (ET) reported $85.5B in revenue for fiscal year 2025, up 3.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Energy Transfer’s cash-generating network is increasingly shaped by heavier reinvestment and rising financing costs, not weak underlying throughput.
In the latest year, free cash flow fell to$3.8B from$7.3B . That happened even though operating cash flow stayed above$10.1B , because capital spending rose to$6.3B ; the pressure came more from reinvestment intensity than from a break in the operating cash engine.
The income statement shows a similar squeeze: gross margin improved to
The balance sheet became more asset-heavy in the latest year, with total assets reaching
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Energy Transfer L P's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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.
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.
Energy Transfer L P earns $2.60 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
Earnings & Revenue
Energy Transfer L P generated $85.5B in revenue in fiscal year 2025. This represents an increase of 3.5% from the prior year.
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.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
Energy Transfer L P held $1.3B in cash against $68.3B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
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
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ET Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $107.4B | $85.5B+3.5% | $82.7B+5.2% | $78.6B-12.6% | $89.9B+33.3% | $67.4B+73.1% | $39.0B-28.1% | $54.2B+0.2% | $54.1B+33.5% | $40.5B+27.5% | $31.8B-11.9% | $36.1B-31.4% | $52.6B+8.9% | $48.3B+184.9% | $17.0B+107.1% | $8.2B |
| Cost of Revenue | $82.1B | $63.5B+2.5% | $62.0B+2.4% | $60.5B-16.2% | $72.2B+43.3% | $50.4B+97.7% | $25.5B-36.0% | $39.8B-4.3% | $41.6B+34.4% | $31.0B+30.7% | $23.7B-17.4% | $28.7B-37.5% | $45.9B+7.7% | $42.6B+225.3% | $13.1B+153.2% | $5.2B |
| Gross Profit | $25.3B | $22.0B+6.5% | $20.7B+14.7% | $18.0B+2.3% | $17.6B+3.7% | $17.0B+26.4% | $13.5B-6.6% | $14.4B+15.4% | $12.5B+30.6% | $9.6B+18.0% | $8.1B+9.0% | $7.4B+1.7% | $7.3B+26.3% | $5.8B+49.1% | $3.9B+28.3% | $3.0B |
| SG&A Expenses | $1.4B | $1.2B+0.3% | $1.2B+19.5% | $985.0M-3.2% | $1.0B+24.4% | $818.0M+15.0% | $711.0M+2.4% | $694.0M-1.1% | $702.0M+17.2% | $599.0M-8.7% | $656.0M+19.7% | $548.0M-1.4% | $556.0M+4.3% | $533.0M+1.1% | $527.0M+108.3% | $253.0M |
| Operating Income | $10.8B | $9.0B-1.2% | $9.1B+10.2% | $8.3B+7.2% | $7.7B-12.0% | $8.8B+195.0% | $3.0B-58.6% | $7.2B+33.3% | $5.4B+98.6% | $2.7B+47.0% | $1.9B-19.1% | $2.3B-3.6% | $2.4B+52.9% | $1.6B+14.0% | $1.4B+9.9% | $1.2B |
| Interest Expense | $3.7B | $3.5B+11.2% | $3.1B+21.2% | $2.6B+11.8% | $2.3B+1.7% | $2.3B-2.6% | $2.3B-0.2% | $2.3B+13.4% | $2.1B+6.9% | $1.9B+6.5% | $1.8B+11.2% | $1.6B+18.6% | $1.4B+12.0% | $1.2B+19.9% | $1.0B+37.6% | $740.0M |
| Income Tax | $559.0M | $350.0M-35.3% | $541.0M+78.5% | $303.0M+48.5% | $204.0M+10.9% | $184.0M-22.4% | $237.0M+21.5% | $195.0M+4775.0% | $4.0M+100.2% | -$1.8B-610.5% | -$258.0M-109.8% | -$123.0M-137.8% | $325.0M+249.5% | $93.0M+72.2% | $54.0M+217.6% | $17.0M |
| Net Income | $5.3B | $4.4B-7.9% | $4.8B+22.3% | $3.9B-17.3% | $4.8B-13.1% | $5.5B+944.1% | -$648.0M-118.4% | $3.5B+101.1% | $1.7B+83.3% | $954.0M-4.1% | $995.0M-16.3% | $1.2B+87.8% | $633.0M+223.0% | $196.0M-35.5% | $304.0M-1.9% | $310.0M |
Not reported in any period shown, so not listed: R&D Expenses, EPS (Diluted).
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ET Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $141.3B+12.7% | $125.4B+10.3% | $113.7B+7.6% | $105.6B-0.3% | $106.0B+11.4% | $95.1B-3.9% | $99.0B+11.9% | $88.4B+2.5% | $86.2B+9.3% | $78.9B+10.9% | $71.1B+10.7% | $64.3B+27.7% | $50.3B+2.9% | $48.9B+134.0% | $20.9B |
| Current Assets | $18.2B+28.4% | $14.2B+14.2% | $12.4B+2.9% | $12.1B+14.7% | $10.5B+66.8% | $6.3B-15.4% | $7.5B+15.8% | $6.4B-39.7% | $10.7B+54.8% | $6.9B+27.5% | $5.4B-11.9% | $6.1B-6.1% | $6.5B+16.8% | $5.6B+284.7% | $1.5B |
| Cash & Equivalents | $1.3B+307.7% | $312.0M+93.8% | $161.0M-37.4% | $257.0M-23.5% | $336.0M-8.4% | $367.0M+26.1% | $291.0M-30.5% | $419.0M+24.7% | $336.0M-28.1% | $467.0M-20.2% | $585.0M-30.3% | $839.0M+44.9% | $579.0M+55.6% | $372.0M+195.2% | $126.0M |
| Inventory | $4.8B+55.4% | $3.1B+23.9% | $2.5B+0.7% | $2.5B+22.2% | $2.0B+15.8% | $1.7B+13.5% | $1.5B+11.7% | $1.4B-32.1% | $2.0B-1.6% | $2.1B+41.4% | $1.5B-1.0% | $1.5B-18.8% | $1.8B+18.7% | $1.5B+364.0% | $328.0M |
| Accounts Receivable | $11.3B+10.6% | $10.2B+12.6% | $9.0B+6.9% | $8.5B+10.6% | $7.7B+97.5% | $3.9B-23.1% | $5.0B+25.7% | $4.0B-11.0% | $4.5B+26.6% | $3.6B+48.2% | $2.4B-29.0% | $3.4B-7.7% | $3.7B+19.7% | $3.1B+349.6% | $680.0M |
| Goodwill | $5.5B+39.7% | $3.9B-2.9% | $4.0B+56.6% | $2.6B+1.3% | $2.5B+5.9% | $2.4B-53.7% | $5.2B+5.8% | $4.9B+2.5% | $4.8B-15.9% | $5.7B-6.4% | $6.1B+3.2% | $5.9B-0.4% | $5.9B-8.4% | $6.4B+215.5% | $2.0B |
| Total Liabilities | $92.3B+16.3% | $79.4B+13.8% | $69.8B+7.3% | $65.0B-2.5% | $66.6B+4.5% | $63.8B-2.0% | $65.0B+13.3% | $57.4B+2.2% | $56.2B-0.6% | $56.5B+18.7% | $47.6B+13.4% | $42.0B+23.3% | $34.1B+4.6% | $32.6B+141.0% | $13.5B |
| Current Liabilities | $15.0B+18.2% | $12.7B+12.2% | $11.3B+8.8% | $10.4B-4.3% | $10.8B+82.9% | $5.9B-23.3% | $7.7B-17.0% | $9.3B+17.9% | $7.9B+8.5% | $7.3B+48.2% | $4.9B-26.5% | $6.7B+2.8% | $6.5B+11.2% | $5.8B+217.5% | $1.8B |
| 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+0.8% | $51.0B+17.6% | $43.4B-0.7% | $43.7B+2.5% | $42.6B+15.7% | $36.8B+25.0% | $29.5B+30.6% | $22.6B+5.2% | $21.4B+95.9% | $10.9B |
| Total Equity | $49.0B+6.5% | $46.0B+4.7% | $43.9B+8.1% | $40.7B+3.3% | $39.3B+25.4% | $31.4B-7.5% | $33.9B+9.4% | $31.0B+3.1% | $30.1B+34.2% | $22.4B-4.8% | $23.6B+5.6% | $22.3B+37.0% | $16.3B-0.4% | $16.4B+121.3% | $7.4B |
Not reported in any period shown, so not listed: Retained Earnings.
ET Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.1B | $10.1B-11.8% | $11.5B+20.4% | $9.6B+5.6% | $9.1B-18.9% | $11.2B+51.6% | $7.4B-8.6% | $8.1B+7.3% | $7.5B+69.5% | $4.4B+33.3% | $3.3B+11.5% | $3.0B+3.3% | $2.9B+19.3% | $2.4B+124.4% | $1.1B-21.8% | $1.4B |
| Capital Expenditures | $6.9B | $6.3B+51.4% | $4.2B+32.9% | $3.1B-7.3% | $3.4B+19.8% | $2.8B-45.0% | $5.1B-13.9% | $6.0B-19.5% | $7.4B-12.3% | $8.4B+8.7% | $7.8B-14.4% | $9.1B+69.0% | $5.4B+53.2% | $3.5B+7.2% | $3.3B+80.7% | $1.8B |
| Free Cash Flow | $5.2B | $3.8B-47.6% | $7.3B+14.3% | $6.4B+13.2% | $5.7B-32.0% | $8.3B+273.8% | $2.2B+6.4% | $2.1B+2017.2% | $99.0M+102.5% | -$4.0B+9.8% | -$4.4B+27.0% | -$6.1B-145.3% | -$2.5B-128.7% | -$1.1B+50.5% | -$2.2B-407.6% | -$432.0M |
| Investing Cash Flow | -$9.6B | -$8.4B-41.8% | -$5.9B-36.5% | -$4.3B-7.5% | -$4.0B-44.9% | -$2.8B+43.3% | -$4.9B+29.4% | -$6.9B+2.0% | -$7.1B-26.2% | -$5.6B+37.6% | -$9.0B+7.7% | -$9.7B-41.7% | -$6.9B-192.6% | -$2.3B+44.1% | -$4.2B-8.3% | -$3.9B |
| Financing Cash Flow | -$1.7B | -$816.0M+85.0% | -$5.5B-2.3% | -$5.3B-4.3% | -$5.1B+39.3% | -$8.4B-252.7% | -$2.4B-91.0% | -$1.3B+59.4% | -$3.1B-423.4% | $953.0M-83.9% | $5.9B-12.6% | $6.8B+75.0% | $3.9B+2555.5% | $146.0M-95.7% | $3.4B+32.6% | $2.5B |
| Share Buybacks | N/A | N/A | N/A | $0 | $0-100.0% | $31.0M | $0-100.0% | $25.0M | $0 | $0 | $0-100.0% | $1.1B+6.4% | $1.0B | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ET Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.8%+0.7pp | 25.0%+2.1pp | 23.0%+3.3pp | 19.6%-5.6pp | 25.3%-9.3pp | 34.6%+8.0pp | 26.6%+3.5pp | 23.1%-0.5pp | 23.6%-1.9pp | 25.5%+4.9pp | 20.6%+6.7pp | 13.9%+1.9pp | 12.0%-10.9pp | 22.9%-14.0pp | 36.9% |
| Operating Margin | 10.5%-0.5pp | 11.1%+0.5pp | 10.6%+2.0pp | 8.6%-4.4pp | 13.0%+5.4pp | 7.6%-5.6pp | 13.3%+3.3pp | 10.0%+3.3pp | 6.7%+0.9pp | 5.8%-0.5pp | 6.3%+1.8pp | 4.5%+1.3pp | 3.2%-4.8pp | 8.0%-7.1pp | 15.1% |
| Net Margin | 5.2%-0.6pp | 5.8%+0.8pp | 5.0%-0.3pp | 5.3%-2.8pp | 8.1%+9.8pp | -1.7%-8.2pp | 6.5%+3.3pp | 3.2%+0.9pp | 2.4%-0.8pp | 3.1%-0.2pp | 3.3%+2.1pp | 1.2%+0.8pp | 0.4%-1.4pp | 1.8%-2.0pp | 3.8% |
| 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%-12.4pp | 10.4%+4.7pp | 5.6%+2.5pp | 3.2%-1.3pp | 4.4%-0.6pp | 5.1%+2.2pp | 2.8%+1.6pp | 1.2%-0.7pp | 1.9%-2.3pp | 4.2% |
| 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%-4.2pp | 3.5%+1.6pp | 2.0%+0.9pp | 1.1%-0.1pp | 1.3%-0.4pp | 1.7%+0.7pp | 1.0%+0.6pp | 0.4%-0.2pp | 0.6%-0.9pp | 1.5% |
| Current Ratio | 1.22+0.1x | 1.120.0x | 1.10-0.1x | 1.17+0.2x | 0.97-0.1x | 1.07+0.1x | 0.97+0.3x | 0.69-0.7x | 1.35+0.4x | 0.95-0.2x | 1.10+0.2x | 0.92-0.1x | 1.010.0x | 0.96+0.2x | 0.79 |
| Debt-to-Equity | 1.39+0.1x | 1.30+0.1x | 1.170.0x | 1.19-0.1x | 1.25-0.4x | 1.64+0.1x | 1.50+0.1x | 1.40-0.1x | 1.45-0.4x | 1.90+0.3x | 1.56+0.2x | 1.32-0.1x | 1.39+0.1x | 1.31-0.2x | 1.48 |
| FCF Margin | 4.5%-4.4pp | 8.9%+0.7pp | 8.2%+1.9pp | 6.3%-6.1pp | 12.4%+6.6pp | 5.7%+1.9pp | 3.9%+3.7pp | 0.2%+10.1pp | -9.9%+4.1pp | -14.0%+2.9pp | -16.9%-12.2pp | -4.7%-2.5pp | -2.3%+10.7pp | -12.9%-7.7pp | -5.3% |
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Where Energy Transfer L P Ranks
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.
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 to 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 2.60x, 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 47 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.