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ETEnergy Transfer LP
$19.33$66.5B
Overview & Verdict
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ET logoEnergy Transfer LP(ET)Earnings, Financials & Key Ratios

ET•NYSE
$19.05
14.1× P/E·Price updated Jul 2, 2026
SectorEnergyIndustryMidstream Oil & GasSub-IndustryNatural Gas Pipelines and Storage
AboutEnergy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. The company owns and operates natural gas gathering and natural gas liquid (NGL) pipeline, processing plant, and treating and conditioning facilities in Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, and Louisiana; natural gas gathering, oil pipeline, and oil stabilization facilities in South Texas; and a natural gas gathering system in Ohio, as well as transport and supplies water to natural gas producer in Pennsylvania. It owns approximately 5,215 miles of NGL pipeline; NGL and propane fractionation facilities; NGL storage facilities with working storage capacity of approximately 50 million barrels (MMBbls); and other NGL storage assets and terminal with an aggregate storage capacity of approximately 17 MMBbls. The company provides crude oil transportation, terminalling, acquisition, and marketing activities; and sells and distributes gasoline, middle distillate, and motor fuels and other petroleum product. It offers natural gas compression service; carbon dioxide and hydrogen sulfide removal, natural gas cooling, dehydration, and British thermal unit management service; and manages coal and natural resources properties, as well as sells standing timber, leases coal-related infrastructure facilities, collects oil and gas royalty, and generate electrical power. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. The company was founded in 1996 and is headquartered in Dallas, Texas.Show more
  • Revenue$82.63B
  • EBITDA$14.76B+3.2%
  • Net Income$4.9B+1.8%
  • EPS (Diluted)1.35+5.5%
  • Gross Margin21.79%+14.8%
  • EBITDA Margin17.86%+3.2%
  • Operating Margin11.43%+3.4%
  • Net Margin5.93%+1.9%
  • ROE10.24%-3.0%

ET Price & Volume

Energy Transfer LP (ET) stock price & volume — 10-year historical chart

Loading chart...

Aggressive Inorganic Growth Masks Structural Leverage Risks

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Accelerating
Profitability:Moderate
Financial:Strained
Cash Flow:Stable
Primary Risk:High Debt Leverage

Key Thesis Takeaways

  • Energy Transfer continues to prioritize an aggressive inorganic growth strategy, evidenced by a $1.9 billion net acquisition spend in 2025Q4, which has successfully driven a 32.1% revenue surge as of 2026Q1.
  • However, this expansion is heavily financed by debt, pushing total liabilities to $97.5 billion and maintaining a debt-to-equity ratio consistently above 1.2x.
  • Investors should monitor the sustainability of this model, as the company's reliance on commodity marketing creates earnings volatility that may obscure the underlying performance of its core midstream infrastructure.

Verdict Logic

while the 6.8% dividend yield is attractive, the company's D/EBITDA ratio of 15.52 and lack of retained earnings suggest significant long-term balance sheet risks.

ET Growth Metrics

Energy Transfer LP (ET) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.97%
5 Years16.23%
3 Years-2.76%
TTM8.91%

Profit CAGR

10 Years15.22%
5 Years-
3 Years1.01%
TTM13.42%

EPS CAGR

10 Years1.98%
5 Years-
3 Years-1.2%
TTM1.52%

Return on Capital

10 Years6.74%
5 Years8.49%
3 Years8.26%
Last Year7.88%

ET Recent Earnings

Energy Transfer LP (ET) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$0.35-12.5%
$0.40
Rev
$27.8B+7.7%
$25.8B
Q1 2026
Feb 17, 2026
Metric
Actual
Est
EPS
$0.25-32.9%
$0.37
Rev
$25.3B+5.4%
$24.0B
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.28-16.0%
$0.33
Rev
$20.0B-9.0%
$21.9B
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.32-2.7%
$0.33
Rev
$19.2B-14.6%
$22.5B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.35vs $0.40-12.5%
$27.8Bvs $25.8B+7.7%
Q1 2026Feb 17, 2026
$0.25vs $0.37-32.9%
$25.3Bvs $24.0B+5.4%
Q4 2025Nov 5, 2025
$0.28vs $0.33-16.0%
$20.0Bvs $21.9B-9.0%
Q3 2025Aug 6, 2025
$0.32vs $0.33-2.7%
$19.2Bvs $22.5B-14.6%
Based on last 12 quarters of dataView full earnings history →

Latest ET News

Recent stock market news and headlines for Energy Transfer LP (ET)

The Motley Fool·Jun 25, 2026
Here's How Many Shares of Energy Transfer You'd Need to Buy for $10,000 in Annual Passive Income

Energy Transfer pays an attractive forward yield of 7.05%. Its business model is stable, and its cash flow easily covers its distributions.

GuruFocus·Jun 25, 2026
SmartCentres Real Estate Investment Trust to Release 2026 Second Quarter Results and Host Conference Call

SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that it will be reporting its financial results for the three mont

GuruFocus·Jun 25, 2026
TD SYNNEX Reports Record Fiscal 2026 Second Quarter Results

TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal second quarter ended May 31, 2026. Consolidated Financial Highlights for the Fiscal 20

Seeking Alpha·Jun 24, 2026
Energy Transfer: A Safer Way To Play This Stellar Firm

Energy Transfer common units remain a 'strong buy' due to undervaluation, high quality, and robust, fee-based cash flows. The Series I 9.25% Fixed Rate Perpetual Preferred units offer a 7.4% effective yield, prioritizing downside protection over capital appreciation. ET's preferred payouts are minimal relative to distributable cash flow, with $27 million paid to all preferreds versus $2.7 billion DCF in Q1 2026.

Seeking Alpha·Jun 24, 2026
Evertz Technologies Limited (ET:CA) Q4 2026 Earnings Call Transcript

Evertz Technologies Limited (ET:CA) Q4 2026 Earnings Call Transcript

Peers Comparison

Key metrics vs top competitors for Energy Transfer LP (ET)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ET logoETEnergy Transfer LPCurrent
$19.05$65.54B14.11-0.05%5.93%10.24%6.8%
EPD logoEPDEnterprise Products Partners L.P.
$36.52$79.01B13.73-6.44%11.42%19.49%—
PAA logoPAAPlains All American Pipeline, L.P.
$22.24$15.69B13.40-11.61%2.54%8.84%—
WES logoWESWestern Midstream Partners, LP
$43.13$16.98B14.386.61%29.9%33.79%—
MPLX logoMPLXMPLX Lp
$55.92$56.77B11.608.37%37.54%32.81%—
KMI logoKMIKinder Morgan, Inc.
$31.72$70.57B23.1512.45%18.92%10.27%—

Compare ET vs Peers

Energy Transfer LP (ET) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EPD

Most directly comparable listed peer for ET.

Scale Benchmark

vs XOM

Larger-name benchmark to compare ET against a more recognizable public peer.

Peer Set

Compare Top 5

vs EPD, PAA, WES, MPLX

ET SEC Filings & Documents

Energy Transfer LP (ET) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Feb 17, 2026·SEC

Material company update

Jan 27, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 14, 2025·SEC

FY 2024

Feb 16, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

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ET Frequently Asked Questions

Energy Transfer LP (ET) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Energy Transfer LP's revenue?

Energy Transfer LP (ET) reported $89.38B in revenue for fiscal year 2025. This represents a 3708% increase from $2.35B in 2004.

How fast is Energy Transfer LP growing?

Energy Transfer LP (ET) saw revenue decline by 0.1% over the past year.

Is ET profitable?

Yes, Energy Transfer LP (ET) is profitable, generating $5.55B in net income for fiscal year 2025 (5.9% net margin).

Dividend & Returns
Does ET pay dividends?

Yes, Energy Transfer LP (ET) pays a dividend with a yield of 6.80%. This makes it attractive for income-focused investors.

What is ET's return on equity?

Energy Transfer LP (ET) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

What is Energy Transfer LP's free cash flow?

Energy Transfer LP (ET) generated $5.53B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in ET back in 2004?

Total return calculator · dividends reinvested · 22+ years of data

See returns →