Revenue growth accelerated to 32.1% in 2026Q1, yet operating margins remain constrained between 10.5% and 12.6% due to the company's massive fixed-cost base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 |
|---|
| Sales/Revenue | 89.38B | 82.63B | 82.67B | 78.59B | 89.88B | 67.42B | 38.95B | 54.21B | 54.09B | 40.52B | 37.5B | 42.13B | 55.69B | 48.34B | 16.96B | 8.24B | 6.6B | 5.42B | 9.29B | 6.79B | 7.86B | 6.17B | 2.35B |
| Revenue Growth % | 8.91% | -0.05% | 5.2% | -12.56% | 33.31% | 73.07% | -28.15% | 0.23% | 33.47% | 8.05% | -10.97% | -24.36% | 15.22% | 184.93% | 105.86% | 24.89% | 21.8% | -41.71% | 36.83% | -13.58% | 27.4% | 162.84% | - |
| Cost of Goods Sold | 68.9B | 64.62B | 66.98B | 64.78B | 76.57B | 53.97B | 28.7B | 43.09B | 44.69B | 33.61B | 25.89B | 30.72B | 50.38B | 44.12B | 14.15B | 6.1B | 4.11B | 3.12B | 7.72B | 5.08B | 6.99B | 5.7B | 1.98B |
| COGS % of Revenue | - | 78.21% | 81.02% | 82.44% | 85.2% | 80.05% | 73.69% | 79.49% | 82.63% | 82.94% | 69.04% | 72.91% | 90.47% | 91.28% | 83.41% | 74.05% | 62.31% | 57.63% | 83.07% | 74.77% | 88.96% | 92.42% | 84.43% |
| Gross Profit | 20.48B | 18.01B | 15.69B | 13.8B | 13.31B | 13.45B | 10.25B | 11.12B | 9.39B | 6.91B | 5.9B | 5.38B | 5.31B | 4.21B | 2.81B | 2.14B | 2.49B | 2.3B | 1.57B | 1.71B | 867.79M | 467.73M | 365.53M |
| Gross Margin % | 22.91% | 21.79% | 18.98% | 17.56% | 14.8% | 19.95% | 26.31% | 20.51% | 17.37% | 17.06% | 15.73% | 12.77% | 9.53% | 8.72% | 16.59% | 25.95% | 37.69% | 42.37% | 16.93% | 25.23% | 11.04% | 7.58% | 15.57% |
| Gross Profit Growth % | - | 14.75% | 13.7% | 3.72% | -1.06% | 31.21% | -7.82% | 18.34% | 35.9% | 17.21% | 9.63% | 1.36% | 25.99% | 49.72% | 31.57% | -13.99% | 8.35% | 45.87% | -8.19% | 97.49% | 85.53% | 27.96% | - |
| Operating Expenses | 10.55B | 8.57B | 6.55B | 5.51B | 5.57B | 4.66B | 7.27B | 3.92B | 3.99B | 4.19B | 4.05B | 3.09B | 2.84B | 2.66B | 340M | 903.97M | 1.45B | 1.18B | 474.55M | 904.5M | 292.25M | 169.81M | 234.73M |
| OpEx % of Revenue | - | 10.37% | 7.93% | 7.01% | 6.2% | 6.91% | 18.66% | 7.22% | 7.38% | 10.34% | 10.79% | 7.34% | 5.1% | 5.51% | 2% | 10.97% | 21.98% | 21.87% | 5.11% | 13.32% | 3.72% | 2.75% | 10% |
| Selling, General & Admin | 3.15B | 1.02B | 1.34B | 1.11B | 1.02B | 818M | 711M | 694M | 702M | 599M | 791M | 803M | 744M | 660M | 517M | 292.16M | 234.32M | 178.92M | 200.18M | 713.11M | 162.62M | 64.06M | 31.11M |
| SG&A % of Revenue | - | 1.23% | 1.62% | 1.41% | 1.13% | 1.21% | 1.83% | 1.28% | 1.3% | 1.48% | 2.11% | 1.91% | 1.34% | 1.37% | 3.05% | 3.55% | 3.55% | 3.3% | 2.15% | 10.5% | 2.07% | 1.04% | 1.33% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 7.55B | 5.22B | 4.4B | 4.55B | 3.84B | 6.56B | 3.22B | 3.29B | 3.59B | 3.26B | 2.29B | 2.09B | 2B | 0 | 611.81M | 1.22B | 1.01B | 274.37M | 191.38M | 129.64M | 105.75M | 203.62M |
| Operating Income | 9.93B | 9.44B | 9.14B | 8.29B | 7.74B | 8.79B | 2.98B | 7.2B | 5.4B | 2.71B | 1.85B | 2.29B | 2.47B | 1.55B | 1.36B | 1.23B | 1.04B | 1.11B | 1.1B | 809.34M | 575.54M | 297.92M | 130.81M |
| Operating Margin % | 11.11% | 11.43% | 11.05% | 10.56% | 8.61% | 13.04% | 7.65% | 13.29% | 9.99% | 6.69% | 4.94% | 5.43% | 4.44% | 3.21% | 8.02% | 14.98% | 15.71% | 20.5% | 11.82% | 11.92% | 7.32% | 4.83% | 5.57% |
| Operating Income Growth % | - | 3.3% | 10.16% | 7.2% | -11.99% | 195.03% | -58.63% | 33.31% | 99.15% | 46.57% | -19.06% | -7.41% | 59.25% | 14.04% | 10.14% | 19.11% | -6.63% | 1.05% | 35.78% | 40.62% | 93.19% | 127.76% | - |
| EBITDA | 15.46B | 14.76B | 14.3B | 12.68B | 11.9B | 12.61B | 6.66B | 10.35B | 8.26B | 5.27B | 4.07B | 4.37B | 4.19B | 2.86B | 2.23B | 1.85B | 1.47B | 1.44B | 1.37B | 1.01B | 709.13M | 409.62M | 189.3M |
| EBITDA Margin % | 17.3% | 17.86% | 17.3% | 16.14% | 13.24% | 18.7% | 17.09% | 19.09% | 15.28% | 13% | 10.84% | 10.36% | 7.53% | 5.93% | 13.15% | 22.41% | 22.25% | 26.5% | 14.78% | 14.83% | 9.02% | 6.64% | 8.07% |
| EBITDA Growth % | 6.45% | 3.17% | 12.8% | 6.54% | -5.61% | 89.38% | -35.67% | 25.27% | 56.86% | 29.51% | -6.85% | 4.1% | 46.44% | 28.37% | 20.81% | 25.8% | 2.26% | 4.53% | 36.32% | 42.06% | 73.12% | 116.39% | - |
| D&A (Non-Cash Add-back) | 5.53B | 5.32B | 5.17B | 4.38B | 4.16B | 3.82B | 3.68B | 3.15B | 2.86B | 2.55B | 2.22B | 2.08B | 1.72B | 1.31B | 871M | 611.81M | 431.2M | 325.02M | 274.37M | 198.07M | 133.59M | 111.7M | 58.49M |
| EBIT | 9.15B | 9.61B | 10.23B | 8.18B | 8.12B | 8.81B | 5.86B | 7.35B | 5.69B | 3.76B | 2.89B | 2.64B | 2.84B | 2.24B | 2.52B | 1.29B | 984M | 1.18B | 1.04B | 809.34M | 584.55M | 297.92M | 525.93M |
| Net Interest Income | -3.46B | -3.32B | -3.13B | -2.58B | -2.31B | -2.27B | -2.33B | -2.33B | -2.06B | -1.92B | -1.8B | -1.62B | -1.37B | -1.22B | -1.08B | -740M | -625M | -468.42M | -357.54M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.46B | 3.32B | 3.13B | 2.58B | 2.31B | 2.27B | 2.33B | 2.33B | 2.06B | 1.92B | 1.8B | 1.62B | 1.37B | 1.22B | 1.08B | 739.81M | 624.89M | 468.42M | 357.54M | 316.42M | 150.65M | 141.12M | 41.22M |
| Other Income/Expense | -3.29B | -3.15B | -2.03B | -2.7B | -1.67B | -1.92B | -2.6B | -2.18B | -1.77B | -2.01B | -1.65B | -1.39B | -1.05B | -1.18B | 77M | -689.69M | -685.17M | -403.3M | -415.34M | -245.98M | -141.63M | -79.89M | 353.91M |
| Pretax Income | 6.64B | 6.29B | 7.11B | 5.6B | 6.07B | 6.87B | 377M | 5.02B | 3.63B | 710M | -176M | 993M | 1.42B | 375M | 1.44B | 545.13M | 351.56M | 707.1M | 683.56M | 563.36M | 433.91M | 104.85M | 449.55M |
| Pretax Margin % | 7.43% | 7.61% | 8.6% | 7.12% | 6.76% | 10.19% | 0.97% | 9.26% | 6.72% | 1.75% | -0.47% | 2.36% | 2.54% | 0.78% | 8.47% | 6.62% | 5.33% | 13.05% | 7.36% | 8.29% | 5.52% | 1.7% | 19.15% |
| Income Tax | 316M | 222M | 541M | 303M | 204M | 184M | 237M | 195M | 4M | -1.83B | -217M | -100M | 357M | 93M | 54M | 16.88M | 13.74M | 9.23M | 3.81M | 11.39M | 23.02M | 4.4M | 2.79M |
| Effective Tax Rate % | 4.76% | 3.53% | 7.61% | 5.41% | 3.36% | 2.68% | 62.86% | 3.88% | 0.11% | -258.17% | 123.3% | -10.07% | 25.19% | 24.8% | 3.76% | 3.1% | 3.91% | 1.31% | 0.56% | 2.02% | 5.3% | 4.19% | 0.62% |
| Net Income | 5.55B | 4.9B | 4.81B | 3.94B | 4.76B | 5.47B | -648M | 3.52B | 1.69B | 954M | 995M | 1.19B | 633M | 196M | 304M | 309.81M | 192.76M | 442.47M | 375.04M | 319.36M | 107.14M | 146.75M | 450.22M |
| Net Margin % | 6.21% | 5.93% | 5.82% | 5.01% | 5.29% | 8.11% | -1.66% | 6.49% | 3.13% | 2.35% | 2.65% | 2.82% | 1.14% | 0.41% | 1.79% | 3.76% | 2.92% | 8.17% | 4.04% | 4.7% | 1.36% | 2.38% | 19.18% |
| Net Income Growth % | 13.42% | 1.81% | 22.34% | -17.26% | -13.05% | 944.14% | -118.42% | 107.67% | 77.57% | -4.12% | -16.32% | 87.84% | 222.96% | -35.53% | -1.88% | 60.73% | -56.44% | 17.98% | 17.44% | 198.08% | -26.99% | -67.41% | - |
| Net Income (Continuing) | 6.32B | 6.07B | 6.57B | 5.29B | 5.87B | 6.69B | 140M | 4.83B | 3.69B | 2.54B | 462M | 1.02B | 1.06B | 282M | 1.38B | 531M | 345M | 697.87M | 679.75M | 548.43M | 410.89M | 100.45M | 446.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38M | 64M | 33M | 0 | -1.15M | 0 | 0 | 0 | -229.07M | 0 | 0 | 3.46M |
| Minority Interest | 15.53B | 14.89B | 11.31B | 8.03B | 8.13B | 8.82B | 13.61B | 12.75B | 10.79B | 31.19B | 24.17B | 24.58B | 21.7B | 15.23B | 14.31B | 7.34B | 6.13B | 3.22B | 2.42B | 1.88B | 1.44B | 1.21B | 803.22M |
| EPS (Diluted) | 1.61 | 1.35 | 1.28 | 1.09 | 1.40 | 1.89 | -0.24 | 1.33 | 1.16 | 0.80 | 0.92 | 1.11 | 0.57 | 0.18 | 0.28 | 0.35 | 0.22 | 0.50 | 0.42 | 0.39 | 0.20 | 0.27 | 0.85 |
| EPS Growth % | 1.52% | 5.47% | 17.43% | -22.14% | -25.93% | 887.5% | -118.05% | 14.66% | 45% | -13.04% | -17.12% | 94.74% | 216.67% | -35.71% | -20% | 59.09% | -56% | 19.05% | 7.69% | 95% | -25.93% | -68.24% | - |
| EPS (Basic) | - | 1.36 | 1.29 | 1.10 | 1.40 | 1.89 | -0.24 | 1.34 | 1.19 | 0.85 | 0.94 | 1.11 | 0.58 | 0.18 | 0.28 | 0.35 | 0.22 | 0.50 | 0.42 | 0.39 | 0.20 | 0.33 | 1.06 |
| Diluted Shares Outstanding | 3.46B | 3.65B | 3.42B | 3.18B | 3.1B | 2.74B | 2.7B | 2.64B | 1.46B | 1.15B | 1.08B | 1.06B | 1.09B | 1.12B | 1.07B | 891.8M | 891.76M | 891.59M | 891.32M | 818.31M | 535.28M | 531.18M | 528.56M |
| Basic Shares Outstanding | 3.44B | 3.65B | 3.4B | 3.16B | 3.09B | 2.73B | 2.7B | 2.63B | 1.42B | 1.08B | 1.05B | 1.06B | 1.09B | 1.12B | 1.07B | 891.8M | 891.76M | 891.59M | 891.32M | 818.31M | 535.28M | 447.76M | 422.83M |
| Dividend Payout Ratio | - | 96.41% | 96.03% | 107.95% | 64.07% | 34.7% | - | 86.81% | 99.23% | 105.66% | 102.41% | 91.42% | 129.38% | 372.96% | 219.08% | 169.78% | 250.57% | 106.04% | 115.86% | 27.3% | 94.51% | 454.36% | 58.59% |
Regulatory and Legal Exposure
According to recent financial disclosures, Energy Transfer achieved a 32.1% revenue growth rate in 2026Q1, marking a significant acceleration from the mid-single-digit fluctuations observed throughout 2024, largely fueled by the integration of recent strategic acquisitions and expanded throughput across its extensive midstream asset network.
The recent revenue spike suggests that the company's aggressive M&A strategy is successfully scaling top-line volume, though investors should remain cautious regarding the sustainability of this growth rate. This expansion appears to be heavily reliant on commodity marketing activities, which can introduce significant volatility compared to pure-play fee-based midstream operators.
As reported in quarterly filings, Energy Transfer's gross margin fluctuated between 14.0% and 27.0% over the last ten quarters, reflecting the inherent volatility of a business model that blends high-margin fee-based transport with lower-margin commodity marketing and buy-sell optimization transactions.
The variability in gross margins indicates that the company's profitability is sensitive to commodity price spreads rather than just volume throughput. This structural reality warrants further investigation into whether the recent margin expansion is a durable trend or merely a temporary benefit from favorable market conditions.
Based on the provided income statement data, operating income has remained relatively range-bound between $2.2 billion and $3.0 billion despite significant top-line growth, suggesting that the company's massive fixed-cost base limits the scalability of incremental revenue gains into higher operating margins.
The lack of significant operating leverage implies that the company's profitability is heavily tethered to the maintenance and depreciation of its vast physical infrastructure. Investors should monitor whether future growth initiatives can decouple revenue expansion from the persistent overhead required to manage such a complex, geographically dispersed asset footprint.
Analysis of the income statement reveals that Energy Transfer's reliance on commodity marketing segments creates a noisy earnings profile, as evidenced by the sharp 2026Q1 revenue jump that failed to translate into a proportional increase in net income, highlighting potential quality-of-earnings concerns for long-term investors.
Short-sellers may focus on the disconnect between top-line growth and bottom-line stability, arguing that the company's reliance on transactional spreads masks the true performance of its core pipeline assets. This suggests that the market may be overestimating the quality of earnings if it fails to discount the inherent risks associated with the company's marketing-heavy business model.
Quick answers to the most common questions about buying ET stock.
For fiscal year 2025, Energy Transfer LP (ET) reported total revenue of $82.63B. This represents a 3420.6% increase compared to $2.35B in 2004.
Energy Transfer LP (ET) is profitable, generating $4.90B in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Energy Transfer LP (ET) reported an operating income of $9.44B, resulting in an operating profit margin of 11.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Energy Transfer LP (ET) generated $18.01B in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.