Energy Transfer LP (ET) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 3.38B | 1.9B | 2.57B | 2.76B | 2.92B | 2.59B | 2.87B | 2.27B | 3.77B | 1.3B | 2.37B | 2.54B | 3.35B | 1.34B | 2.99B | 2.35B | 2.37B | 1.74B | 2.26B | 2B |
| Operating CF Margin % | 12.16% | 8.47% | 12.89% | 14.35% | 13.88% | 13.25% | 13.84% | 10.95% | 17.44% | 6.31% | 11.44% | 13.84% | 17.64% | 6.53% | 13.03% | 9.07% | 11.57% | 9.32% | 13.58% | 13.28% |
| Operating CF Growth % | 15.8% | -26.72% | -10.51% | 21.67% | -22.67% | 99.85% | 21.11% | -10.49% | 12.6% | -3.14% | -20.61% | 7.73% | 41.35% | -23.06% | 32.08% | 17.41% | -54.03% | -8.76% | -1.44% | 50.64% |
| Net Income | 1.98B | 1.24B | 1.29B | 1.46B | 1.72B | 1.45B | 1.43B | 1.99B | 1.69B | 1.57B | 1.05B | 1.23B | 1.45B | 1.44B | 1.32B | 1.62B | 1.49B | 1.23B | 907M | 908M |
| Depreciation & Amortization | 1.58B | 1.49B | 1.44B | 1.38B | 1.37B | 1.37B | 1.32B | 1.21B | 1.25B | 1.16B | 1.11B | 1.06B | 1.06B | 1.06B | 1.03B | 1.05B | 1.03B | 980M | 943M | 940M |
| Stock-Based Compensation | 42M | 38M | 40M | 33M | 37M | 38M | 37M | 30M | 46M | 31M | 35M | 27M | 37M | 27M | 27M | 25M | 36M | 30M | 26M | 27M |
| Deferred Taxes | 93M | 110M | 61M | 23M | -16M | 111M | 110M | -12M | 67M | 16M | 53M | 81M | 53M | 29M | 51M | 75M | 32M | -58M | 66M | 67M |
| Other Non-Cash Items | -316M | 514M | -75M | 39M | -69M | 6M | 199M | -500M | -160M | 157M | -164M | 48M | -47M | 75M | 40M | -3M | 107M | 11M | 12M | -65M |
| Working Capital Changes | 0 | -1.49B | -186M | -175M | -122M | -386M | -230M | -453M | 873M | -1.63B | 295M | 86M | 801M | -1.29B | 519M | -411M | -320M | -455M | 309M | 128M |
| Change in Receivables | 0 | -290M | 15M | 1.38B | -1.16B | -301M | -54M | 455M | -860M | 957M | -2.3B | 975M | 194M | 142M | 1.64B | -193M | -2.43B | -772M | -560M | -562M |
| Change in Inventory | -444M | -517M | -473M | -59M | 332M | -558M | -85M | -403M | 311M | 38M | -169M | -263M | 429M | -74M | -313M | -127M | 153M | -115M | -138M | 204M |
| Change in Payables | 0 | 638M | -188M | -1.46B | 666M | 1.05B | -415M | -494M | 1.13B | -1.6B | 1.79B | -701M | -29M | -569M | -1.45B | 159M | 1.89B | 914M | 703M | 232M |
| Cash from Investing | -2.53B | -3.95B | -1.53B | -1.7B | -1.2B | -1.47B | -3.28B | 45M | -1.2B | -964M | -670M | -1.89B | -803M | -945M | -1.12B | -683M | -1.27B | -868M | -578M | -694M |
| Capital Expenditures | 0 | -2.12B | -1.3B | -1.66B | -1.22B | -1.47B | -1.09B | -811M | -795M | -704M | -701M | -876M | -853M | -888M | -1.03B | -706M | -752M | -776M | -617M | -731M |
| CapEx % of Revenue | - | 9.47% | 6.5% | 8.62% | 5.82% | 7.53% | 5.23% | 3.91% | 3.68% | 3.43% | 3.38% | 4.78% | 4.49% | 4.33% | 4.51% | 2.72% | 3.67% | 4.16% | 3.7% | 4.84% |
| Acquisitions | -445M | -1.89B | -262M | -95M | -13M | -47M | -3.19B | 859M | -451M | -289M | -4M | -1.04B | 3M | -79M | -171M | 24M | -589M | -205M | 65M | -2M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.09B | 68M | 31M | 53M | 39M | 50M | 990M | -3M | 50M | 29M | 35M | 30M | 47M | 22M | 83M | -1M | 70M | 113M | -26M | 39M |
| Cash from Financing | -1.17B | -254M | 2.29B | -1.27B | -1.58B | -1.11B | 59M | -3.61B | -791M | -685M | -1.52B | -648M | -2.47B | -462M | -1.89B | -2.43B | -324M | -848M | -1.65B | -1.38B |
| Debt Issued (Net) | 0 | 1.41B | 2.39B | 948M | 72M | 503M | 1.63B | 720M | 1.88B | 897M | -51M | 886M | -1.02B | 867M | -689M | -1.25B | 230M | -54M | -817M | -1.45B |
| Equity Issued (Net) | 0 | 0 | 1.47B | -500M | 0 | 0 | 0 | -2.53B | -932M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31M | 0 | 889M |
| Dividends Paid | 0 | -1.22B | -1.15B | -1.22B | -1.13B | -1.19B | -1.1B | -1.21B | -1.13B | -1.12B | -1.03B | -1.09B | -1B | -929M | -775M | -735M | -608M | -515M | -484M | -491M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.53B | -932M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31M | 0 | 0 |
| Other Financing | -1.17B | -443M | -423M | -499M | -517M | -421M | -475M | -592M | -615M | -458M | -439M | -440M | -450M | -400M | -429M | -443M | 54M | -248M | -352M | -330M |
| Net Change in Cash | -321M | -2.3B | 3.33B | -211M | 141M | 13M | -351M | -1.3B | 1.78B | -353M | 184M | 0 | 73M | -69M | -27M | -758M | 775M | 23M | 31M | -73M |
| Free Cash Flow | 3.38B | -225M | 1.27B | 1.1B | 1.69B | 1.12B | 1.79B | 1.46B | 2.98B | 592M | 1.67B | 1.66B | 2.5B | 450M | 1.95B | 1.65B | 1.62B | 963M | 1.65B | 1.27B |
| FCF Margin % | 12.16% | -1% | 6.39% | 5.73% | 8.05% | 5.72% | 8.61% | 7.04% | 13.76% | 2.88% | 8.06% | 9.06% | 13.15% | 2.2% | 8.52% | 6.35% | 7.9% | 5.16% | 9.88% | 8.44% |
| FCF Growth % | 99.53% | -120.13% | -28.69% | -24.4% | -43.13% | 88.85% | 6.94% | -12.11% | 19.22% | 31.56% | -14.43% | 0.73% | 54.33% | -53.27% | 18.71% | 29.36% | -63.7% | 19.48% | 33.93% | 1269.89% |
| FCF per Share | 0.98 | -0.06 | 0.35 | 0.32 | 0.49 | 0.32 | 0.52 | 0.43 | 0.88 | 0.18 | 0.53 | 0.53 | 0.80 | 0.15 | 0.63 | 0.53 | 0.52 | 0.34 | 0.61 | 0.47 |
| FCF Conversion (FCF/Net Income) | 1.71x | 1.30x | 2.52x | 2.51x | 2.20x | 2.40x | 2.43x | 1.73x | 3.04x | 0.98x | 4.06x | 2.78x | 3.01x | 1.16x | 2.97x | 1.78x | 1.87x | 2.12x | 3.57x | 3.21x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |