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ET

Energy Transfer LP

ET

Energy Transfer LP • NYSE
$16.71 ▲ 1.70% (+0.28)
Market Cap $57.37 B
52w High $21.45
52w Low $14.60
Dividend Yield 1.31%
P/E 13.37
Volume 7.11M
Outstanding Shares 3.43B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $19.954B ▲ $3.241B ▲ $1.019B ▼ 5.107% ▼ $0.27 ▼ $3.709B ▼
Q2-2025 $19.242B ▼ $257M ▼ $1.099B ▼ 5.711% ▼ $0.32 ▼ $3.786B ▼
Q1-2025 $21.02B ▲ $1.659B ▼ $1.323B ▲ 6.294% ▲ $0.37 ▲ $3.937B ▲
Q4-2024 $19.541B ▼ $1.824B ▲ $1.077B ▼ 5.511% ▼ $0.29 ▼ $3.764B ▲
Q3-2024 $20.772B $1.621B $1.183B 5.695% $0.33 $3.675B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.594B ▲ $129.331B ▲ $82.187B ▲ $34.679B ▼
Q2-2025 $242M ▼ $125.022B ▼ $79.165B ▼ $34.781B ▼
Q1-2025 $453M ▲ $126.425B ▲ $79.845B ▲ $35.32B ▲
Q4-2024 $312M ▲ $125.38B ▲ $78.946B ▲ $35.12B ▼
Q3-2024 $299M $124.429B $77.831B $35.242B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.292B ▼ $2.572B ▼ $-1.528B ▲ $2.288B ▲ $3.332B ▲ $1.348B ▲
Q2-2025 $1.458B ▼ $2.762B ▼ $-1.701B ▼ $-1.272B ▲ $-211M ▼ $1.103B ▼
Q1-2025 $1.72B ▲ $2.917B ▲ $-1.198B ▲ $-1.578B ▼ $141M ▲ $1.693B ▲
Q4-2024 $1.447B ▲ $2.59B ▼ $-1.469B ▲ $-1.108B ▼ $13M ▲ $1.118B ▼
Q3-2024 $1.434B $2.874B $-3.284B $59M $-351M $1.788B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Crude sales
Crude sales
 $6.48Bn ▲$0 ▼$5.45Bn ▲$5.02Bn ▼
Gathering transportation and other fees
Gathering transportation and other fees
 $3.10Bn ▲$0 ▼$3.00Bn ▲$3.08Bn ▲
Natural gas sales
Natural gas sales
 $510.00M ▲$1.38Bn ▲$1.58Bn ▲$1.06Bn ▼
NGL sales
NGL sales
 $4.71Bn ▲$9.15Bn ▲$5.64Bn ▼$4.50Bn ▼
Product and Service Other
Product and Service Other
 $410.00M ▲$700.00M ▲$380.00M ▼$410.00M ▲
Refined product sales
Refined product sales
 $0 ▲$0 ▲$4.96Bn ▲$5.17Bn ▲
Refined Products
Refined Products
 $5.57Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last several years, even though it can swing with commodity prices and volumes. Profitability has improved: gross profit and operating profit have both trended upward, showing better use of the asset base and tighter cost control. Earnings before interest, taxes, and depreciation have steadily increased, pointing to a stronger core business. Net income moved from a loss earlier in the period to solid profits in recent years, though results still vary year‑to‑year and are sensitive to market conditions, interest costs, and one‑off items. Overall, the income statement shows a large, scale-driven business that has become more profitable and resilient, but not immune to industry cycles.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy, as you would expect for a big pipeline and infrastructure operator, and the asset base has grown over time with acquisitions and expansion projects. Debt levels are high in absolute terms and have also climbed, which is common in midstream but means ongoing exposure to interest rates and refinancing conditions. Equity has risen meaningfully, reflecting retained earnings and expansion, which helps support the capital structure. Cash on hand is quite low relative to the size of the business, so the company relies heavily on steady cash generation and access to funding markets. In short, this is a highly capital‑intensive, leveraged balance sheet that looks stronger than a few years ago but still depends on stable operations and credit access.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations is a clear strength and has improved over time, providing a solid base to fund investments, service debt, and pay distributions. Even after spending heavily on new projects and maintenance, the company has consistently produced positive free cash flow in recent years, and that free cash flow has generally grown. Capital spending remains significant, reflecting ongoing build‑out of pipelines, processing, and export capacity, but it appears more than covered by operating cash flow at current levels. The cash flow profile fits the classic midstream model: steady, contract‑driven inflows that support both expansion and obligations, with the main risks being volume trends, contract renewals, and cost overruns on large projects.

Competitive Edge

Competitive Edge Energy Transfer holds a very strong competitive position in North American midstream. Its vast pipeline and storage network, spread across many states and key producing basins, creates high barriers to entry and makes it hard for new competitors to replicate its footprint. The integrated model—from gathering and processing to transport, storage, and export—lets the company serve customers along the entire value chain, which can deepen relationships and stabilize revenue. A large share of income comes from fee‑based and take‑or‑pay contracts, which reduces direct exposure to swings in commodity prices and helps steady cash flows. Strategic acquisitions have expanded its reach in important regions like the Permian and Anadarko, and its export terminals give it global relevance, especially in natural gas liquids. Key risks around this position include regulatory scrutiny, environmental and permitting challenges, competition for new projects, and long‑term uncertainty around fossil fuel demand as the energy transition evolves.

Innovation and R&D

Innovation and R&D For a midstream operator, Energy Transfer is relatively active on the innovation front. It has developed and deployed a dual‑drive compression system that can switch between electric and gas power, cutting emissions and improving efficiency—an example of cost and environmental innovation working together. At major hubs, it uses advanced emissions controls, heat‑recovery systems, and water‑saving technologies to run large facilities more efficiently and with a smaller environmental footprint. The company is also embracing digital tools—AI, connected sensors, and cloud platforms—to monitor and optimize its sprawling pipeline network, aiming for better safety, uptime, and costs. On the growth side, it is investing in new fractionation capacity, exploring entry into petrochemicals with an ethane‑based facility, expanding key natural gas pipelines, and targeting fast-growing demand from data centers that need reliable energy. An internal alternative energy group is looking at ways to reduce emissions and pursue lower‑carbon opportunities. Overall, innovation is focused on squeezing more value and lower emissions out of existing strengths while opening adjacent, higher‑value markets.

Summary

Overall, Energy Transfer presents the profile of a large, mature midstream business with improving profitability, robust cash generation, and a sizable but actively managed debt load. Its extensive infrastructure, integrated service offering, and fee‑based contracts underpin a strong competitive position and help smooth out the ups and downs of commodity markets. At the same time, the company is not standing still: it is expanding key assets, moving further into exports and petrochemicals, and positioning itself to supply growing energy needs from data centers and high‑tech regions, while layering in efficiency and emissions‑reduction technologies. The main trade‑offs are the high capital intensity, meaningful leverage, and exposure to regulatory, project execution, and long‑term energy transition risks. Taken together, ET looks like a scale-driven infrastructure platform that is trying to balance current cash generation with strategic investments for a changing energy landscape.

NEWS

November 5, 2025 · 5:00 PM UTC

Sunoco LP Announces Expiration and Final Results of Private Exchange Offers and Consent Solicitations for Outstanding Notes of Parkland Corporation

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November 5, 2025 · 4:10 PM UTC

Energy Transfer Reports Third Quarter 2025 Results

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November 4, 2025 · 4:15 PM UTC

Entergy Louisiana and Energy Transfer Sign Agreement That Supports Reliable, Affordable Energy and Economic Growth in North Louisiana

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November 3, 2025 · 8:00 AM UTC

Sunoco LP and SunocoCorp LLC Announce Completion of Acquisition of Parkland Corporation and Start Date for Trading in SunocoCorp LLC Common Units; Publication of Updated Investor Presentation

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October 28, 2025 · 4:15 PM UTC

Energy Transfer Announces Increase in Quarterly Cash Distribution

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