Energy Transfer LP (ET) Financials

Trailing 12 months to June 30, 2026

Revenue $107.4B +33.3% YoY

Net Income $5.3B +11.4% YoY

Free Cash Flow $5.2B -8.5% YoY

Operating Cash Flow $12.1B +8.8% YoY

Market Cap $71.4B as of Oct 6, 2026

Price / Sales 0.7x on $107.4B revenue, trailing 12 months to June 30, 2026

Price / Earnings 13.5x on $5.3B net income, trailing 12 months to June 30, 2026

Price / Book 1.5x on $49.0B equity, FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ET SEC filings page.

Energy Transfer LP (ET) reported $107.4B in revenue over the twelve months to Jun 30, 2026, up 33.3% from the prior twelve months. 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).

Rhea AI ET FY2025 2026-10-03

The business converts operating cash into expansion, but rising leverage and capital spending are compressing cash left after reinvestment.

Cash conversion after reinvestment weakened: free-cash-flow margin fell from 8.9% in FY2024 to 4.5% in FY2025. Gross-profit margin nonetheless edged up from 25.0% to 25.8%, implying capital intensity, rather than weaker operating spreads, drove the cash squeeze.

Capital expenditures reached $6.3B in FY2025 while operating cash flow was $10.1B; the business is absorbing a large share of internally generated cash to expand or maintain its asset base. That creates a heavier reinvestment burden than a light-asset operating model, because more cash must be committed before it remains available after reinvestment.

Debt-funded expansion increased: debt-to-equity rose from 1.3x in FY2024 to 1.4x in FY2025 as the balance sheet expanded. Meanwhile, operating cash flow exceeded net income of $4.4B, showing that operating earnings were converted into cash; the pressure is the scale of reinvestment and financing, not an inability to generate operating cash.

Financial Health Signals

Financial Health Score 49/100

Scored as: Energy peer group

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 LP'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.

Profitability

Energy Transfer LP 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 62/100, indicating healthy but not exceptional operating efficiency. This is down from 11.1% the prior year.

Growth

Energy Transfer LP's revenue grew a modest 3.5% year-over-year to $85.5B. This slow but positive growth earns a score of 56/100.

Leverage

Energy Transfer LP has elevated debt relative to equity (D/E of 1.39), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 10/100, reflecting increased financial risk.

Liquidity

Energy Transfer LP's current ratio of 1.22 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Energy Transfer LP has a free cash flow margin of 4.5%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Energy Transfer LP's ROE of 9.0% shows moderate profitability relative to equity, earning a score of 64/100. This is down from 10.5% the prior year.

Piotroski F-Score Neutral

5/9

Energy Transfer LP 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 LP 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

2.60x

Energy Transfer LP 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

Export CSV

Earnings & Revenue

Revenue

$34.3B

YoY+78.4%

QoQ+23.6%

5Y CAGR+17.9%

10Y CAGR+9.3%

Energy Transfer LP generated $34.3B in revenue in Q2 2026. This represents an increase of 78.4% from the same quarter a year earlier. Against the prior quarter it is up 23.6%.

EBITDA

$5.1B

YoY+39.4%

QoQ+12.8%

5Y CAGR+15.2%

10Y CAGR+12.0%

Energy Transfer LP's EBITDA was $5.1B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.4% from the same quarter a year earlier. Against the prior quarter it is up 12.8%.

Net Income

$2.1B

YoY+79.5%

QoQ+66.5%

5Y CAGR+27.2%

10Y CAGR+24.1%

Energy Transfer LP reported $2.1B in net income in Q2 2026. This represents an increase of 79.5% from the same quarter a year earlier. Against the prior quarter it is up 66.5%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$2.7B

YoY+145.4%

QoQ+85.2%

5Y CAGR+16.3%

Energy Transfer LP generated $2.7B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 145.4% from the same quarter a year earlier. Against the prior quarter it is up 85.2%.

Cash & Debt

$1.0B

YoY+321.5%

QoQ+7.3%

5Y CAGR+29.3%

10Y CAGR+8.3%

Energy Transfer LP held $1.0B in cash against $68.4B in long-term debt as of Q2 2026.

Shares Outstanding

3.44B

YoY+0.3%

QoQ+0.1%

5Y CAGR+4.9%

10Y CAGR+12.7%

Energy Transfer LP had 3.44B shares outstanding in Q2 2026. This represents an increase of 0.3% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

21.6%

YoY-6.0pp

QoQ-2.3pp

5Y change-2.3pp

Energy Transfer LP's gross margin was 21.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 6.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.3 percentage points.

Operating Margin

10.4%

YoY-1.6pp

QoQ-0.3pp

5Y change-0.2pp

10Y change+2.4pp

Energy Transfer LP's operating margin was 10.4% in Q2 2026, reflecting core business profitability. This is down 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.

Net Margin

6.1%

YoY0.0pp

QoQ+1.6pp

5Y change+1.9pp

10Y change+4.4pp

Energy Transfer LP's net profit margin was 6.1% in Q2 2026, showing the share of revenue converted to profit. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$1.6B

YoY-5.7%

QoQ-18.4%

5Y CAGR+16.4%

10Y CAGR-1.3%

Energy Transfer LP invested $1.6B in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 5.7% from the same quarter a year earlier. Against the prior quarter it is down 18.4%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

ET Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ET quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	$14.7B+2.8%	$14.3B+12.8%	$12.7B+6.5%	$11.9B-5.6%	$12.6B+89.4%	$6.7B-35.7%	$10.3B+25.3%	$8.3B+56.6%	$5.3B+29.7%	$4.1B-4.0%	$4.2B+4.9%	$4.0B+41.1%	$2.9B+28.4%	$2.2B+22.4%	$1.8B
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$34.3B+78.4%	$27.8B+32.1%	$25.3B+29.6%	$20.0B-3.9%	$19.2B-7.2%	$21.0B-2.8%	$19.5B-4.8%	$20.8B+0.2%
Cost of Revenue	$26.9B+93.1%	$21.1B+35.8%	$19.4B+37.1%	$14.6B-6.7%	$13.9B-10.7%	$15.6B-6.2%	$14.2B-10.3%	$15.6B-2.8%
Gross Profit	$7.4B+39.7%	$6.6B+21.5%	$5.9B+9.7%	$5.4B+4.5%	$5.3B+3.4%	$5.4B+8.3%	$5.4B+13.3%	$5.2B+10.3%
SG&A Expenses	$421.0M+63.8%	$361.0M+25.3%	$367.0M+27.4%	$268.0M-9.8%	$257.0M-22.6%	$288.0M+10.8%	$288.0M+1.1%	$297.0M+26.9%
Operating Income	$3.6B+54.8%	$3.0B+19.8%	$2.1B-8.9%	$2.2B-1.4%	$2.3B+0.5%	$2.5B+4.7%	$2.3B+5.3%	$2.2B-2.3%
EBITDA	$5.1B+39.4%	$4.6B+18.4%	$3.6B-2.4%	$3.6B+2.5%	$3.7B+5.2%	$3.9B+6.2%	$3.7B+9.9%	$3.5B+4.9%
Interest Expense	$934.0M+8.0%	$947.0M+17.1%	$910.0M+12.8%	$890.0M+7.5%	$865.0M+13.5%	$809.0M+11.1%	$807.0M+17.6%	$828.0M+31.0%
Income Tax	$194.0M+145.6%	$135.0M+229.3%	$143.0M+5.1%	$87.0M-2.2%	$79.0M-65.2%	$41.0M-53.9%	$136.0M+189.4%	$89.0M+15.6%
Net Income	$2.1B+79.5%	$1.3B-5.2%	$928.0M-13.8%	$1.0B-13.9%	$1.2B-11.5%	$1.3B+6.7%	$1.1B-18.8%	$1.2B+102.6%

Not reported in any period shown, so not listed: R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

ET Balance Sheet

ET quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$1.2M
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$77.3B+15.9%	$66.7B+14.1%	$58.5B+7.1%	$54.6B-2.1%	$55.8B-3.5%	$57.8B+0.9%	$57.3B+19.2%	$48.1B-0.4%	$48.3B-2.0%	$49.2B+15.3%	$42.7B+20.9%	$35.3B+28.1%	$27.6B+3.2%	$26.7B+128.9%	$11.7B
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$148.2B+18.5%	$147.5B+16.7%	$141.3B+12.7%	$129.3B+3.9%	$125.0B+3.0%	$126.4B+9.2%	$125.4B+10.3%	$124.4B+15.7%
Current Assets	$23.1B+69.1%	$22.3B+46.1%	$18.2B+28.4%	$17.4B+30.8%	$13.7B+2.0%	$15.2B+1.5%	$14.2B+14.2%	$13.3B-0.6%
Cash & Equivalents	$1.0B+321.5%	$951.0M+109.9%	$1.3B+307.7%	$3.6B+1095.3%	$242.0M-62.8%	$453.0M-76.7%	$312.0M+93.8%	$299.0M-41.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$4.4B+56.9%	$4.6B+66.7%	$4.8B+55.4%	$3.3B+30.7%	$2.8B+6.5%	$2.8B+22.9%	$3.1B+23.9%	$2.5B-3.4%
Accounts Receivable	$16.8B+70.6%	$15.7B+38.8%	$11.3B+10.6%	$9.9B+0.6%	$9.9B+3.3%	$11.3B+17.2%	$10.2B+12.6%	$9.8B+2.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.6B+43.7%	$5.6B+43.6%	$5.5B+39.7%	$3.9B-0.2%	$3.9B-0.2%	$3.9B+0.4%	$3.9B-2.9%	$3.9B+52.5%
Total Liabilities	N/A	$97.7B+21.8%	$92.3B+16.3%	$84.0B+7.3%	$79.5B+4.8%	$80.3B+11.5%	$79.4B+13.8%	$78.2B+16.8%
Current Liabilities	$19.9B+67.6%	$19.0B+40.3%	$15.0B+18.2%	$12.4B+0.3%	$11.8B+1.2%	$13.6B+6.7%	$12.7B+12.2%	$12.4B-3.0%
Non-Current Liabilities	N/A	$78.7B+18.0%	$77.3B+15.9%	$71.6B+8.7%	$67.6B+5.4%	$66.7B+12.5%	$66.7B+14.1%	$65.9B+21.4%
Long-Term Debt	$68.4B+12.6%	$69.3B+15.9%	$68.3B+14.3%	$63.1B+7.0%	$60.7B+5.9%	$59.8B+14.3%	$59.8B+16.3%	$59.0B+25.3%
Total Equity	N/A	$49.7B+7.7%	$49.0B+6.5%	$45.3B-1.8%	$45.5B+0.1%	$46.2B+5.4%	$46.0B+4.7%	$46.2B+13.9%

Not reported in any period shown, so not listed: Retained Earnings.

ET Cash Flow Statement

ET quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$5.7B+10.0%	$5.2B+17.8%	$4.4B+5.3%	$4.2B+9.1%	$3.8B+3.8%	$3.7B+16.9%	$3.1B+10.1%	$2.9B+11.9%	$2.6B+15.3%	$2.2B+13.6%	$2.0B+16.9%	$1.7B+27.1%	$1.3B+50.7%	$871.0M+48.6%	$586.0M
Stock-Based Compensation	N/A	$148.0M-2.0%	$151.0M+16.2%	$130.0M+13.0%	$115.0M+3.6%	$111.0M-8.3%	$121.0M+7.1%	$113.0M+7.6%	$105.0M+6.1%	$99.0M+41.4%	$70.0M-23.1%	$91.0M+11.0%	$82.0M+34.4%	$61.0M+29.8%	$47.0M+11.9%	$42.0M
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$4.3B+54.6%	$3.4B+15.8%	$1.9B-26.7%	$2.6B-10.5%	$2.8B+21.7%	$2.9B-22.7%	$2.6B+99.8%	$2.9B+21.1%
Depreciation & Amortization	$1.6B+13.8%	$1.6B+15.8%	$1.5B+8.5%	$1.4B+8.8%	$1.4B+14.1%	$1.4B+9.0%	$1.4B+18.7%	$1.3B+19.6%
Stock-Based Compensation	$46.0M+39.4%	$42.0M+13.5%	N/A	$40.0M+8.1%	$33.0M+10.0%	$37.0M-19.6%	N/A	$37.0M+5.7%
Capital Expenditures	$1.6B-5.7%	$1.9B+56.5%	$2.1B+44.2%	$1.3B+19.4%	$1.7B+104.6%	$1.2B+54.0%	$1.5B+109.1%	$1.1B+54.9%
Free Cash Flow	$2.7B+145.4%	$1.5B-13.6%	-$225.0M-120.1%	$1.3B-28.7%	$1.1B-24.4%	$1.7B-43.1%	$1.1B+88.9%	$1.8B+6.9%
Investing Cash Flow	-$1.6B+5.9%	-$2.5B-111.5%	-$3.9B-168.6%	-$1.5B+53.5%	-$1.7B-3880.0%	-$1.2B-0.2%	-$1.5B-52.4%	-$3.3B-390.1%
Financing Cash Flow	-$2.6B-104.6%	-$1.2B+26.2%	-$254.0M+77.1%	$2.3B+3778.0%	-$1.3B+64.8%	-$1.6B-99.5%	-$1.1B-61.8%	$59.0M+103.9%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

ET Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ET quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.61-0.1x	0.660.0x	0.69-0.2x	0.85+0.2x	0.64+0.2x	0.41-0.1x	0.55-0.1x	0.61+0.1x	0.47+0.1x	0.40-0.1x	0.51-0.3x	0.82-0.1x	0.96+0.6x	0.350.0x	0.39
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%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	21.6%-6.0pp	23.8%-2.1pp	23.3%-4.2pp	27.0%+2.2pp	27.5%+2.8pp	25.9%+2.6pp	27.6%+4.4pp	24.8%+2.3pp
Operating Margin	10.4%-1.6pp	10.7%-1.1pp	8.2%-3.5pp	10.8%+0.3pp	12.0%+0.9pp	11.8%+0.8pp	11.7%+1.1pp	10.5%-0.3pp
Net Margin	6.1%0.0pp	4.5%-1.8pp	3.7%-1.8pp	5.1%-0.6pp	6.0%-0.3pp	6.3%+0.6pp	5.5%-1.0pp	5.7%+2.9pp
Return on Equity	N/A	2.5%-0.3pp	1.9%-0.5pp	2.3%-0.3pp	2.5%-0.3pp	2.9%0.0pp	2.3%-0.7pp	2.6%+1.1pp
Return on Assets	1.4%+0.5pp	0.9%-0.2pp	0.7%-0.2pp	0.8%-0.2pp	0.9%-0.2pp	1.1%0.0pp	0.9%-0.3pp	0.9%+0.4pp
Current Ratio	1.160.0x	1.170.0x	1.22+0.1x	1.41+0.3x	1.150.0x	1.12-0.1x	1.120.0x	1.080.0x
Debt-to-Equity	N/A	1.39+0.1x	1.39+0.1x	1.39+0.1x	1.33+0.1x	1.29+0.1x	1.30+0.1x	1.28+0.1x
Asset Turnover	0.23+0.1x	0.190.0x	0.180.0x	0.150.0x	0.150.0x	0.170.0x	0.160.0x	0.170.0x
FCF Margin	7.9%+2.1pp	5.3%-2.8pp	-0.9%-6.6pp	6.4%-2.2pp	5.7%-1.3pp	8.1%-5.7pp	5.7%+2.8pp	8.6%+0.5pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Energy Transfer LP ET	FY2025	$85.5B	$4.4B	5.2%	$71.4B	49/100
Kinder Morgan, Inc. KMI	FY2025	$16.9B	$3.1B	18.0%	$69.9B	52/100
Enterprise Products Partners L.P. EPD	FY2025	$52.6B	$5.8B	11.1%	$79.5B	52/100
Cheniere Energy Inc LNG	FY2025	$20.0B	$6.8B	34.0%	$56.8B	58/100
MPLX LP MPLX	FY2025	$13.0B	$5.0B	38.1%	$58.2B	71/100

Where Energy Transfer LP Ranks

Frequently Asked Questions

What is Energy Transfer LP's annual revenue?

Energy Transfer LP (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 LP's revenue growing?

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

Is Energy Transfer LP profitable?

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

What is Energy Transfer LP's EBITDA?

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

How much debt does Energy Transfer LP have?

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

What is Energy Transfer LP's gross margin?

Energy Transfer LP (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 LP's operating margin?

Energy Transfer LP (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 LP's net profit margin?

Energy Transfer LP (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 LP's return on equity (ROE)?

Energy Transfer LP (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 LP's free cash flow?

Energy Transfer LP (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 LP's operating cash flow?

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

What are Energy Transfer LP's total assets?

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

What are Energy Transfer LP's capital expenditures?

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

How many shares does Energy Transfer LP have outstanding?

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

What is Energy Transfer LP's current ratio?

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

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

Energy Transfer LP (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 LP's return on assets (ROA)?

Energy Transfer LP (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 LP's P/E ratio?

Energy Transfer LP (ET) trades at 13.5x earnings, its market capitalization divided by net income of $5.3B net income, trailing 12 months to June 30, 2026. The market capitalization is $71.4B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Energy Transfer LP's price-to-sales ratio?

Energy Transfer LP (ET) trades at 0.7x sales, its market capitalization divided by revenue of $107.4B revenue, trailing 12 months to June 30, 2026. The market capitalization is $71.4B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Energy Transfer LP's Piotroski F-Score?

Energy Transfer LP (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 LP's earnings high quality?

Energy Transfer LP (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 LP cover its interest payments?

Energy Transfer LP (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 LP?

Energy Transfer LP (ET) scores 49 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.