Energy Transfer LP

ET · Large cap · Calculated market cap · $68.1B · as of 2026-09-30

Company Stats

Market Cap: $68.1B; as of Sep 30, 2026
Enterprise Value: $135.5B
Shares Outstanding: 3.4B
Free Float: 96.4%

Income Statement

Revenue: $85.5B
Operating Income: $9.0B
Net Income: $4.4B
EBITDA: $14.2B
Non-cash Impairment: $285.0M
Revenue Growth, 3Y: -1.6%
FCF Margin, 3Y Avg: 7.2%
FCF Margin, Worst Year: 4.5%

Cash Flow

Free Cash Flow: $3.8B
FCF Yield: 5.6%
Owner FCF Yield: 5.4%

Balance Sheet

Cash & Equivalents: $1.3B
Total Debt: $68.7B
Net Debt: $67.4B
Net Debt / EBITDA: 4.74x
EV / EBITDA: 9.52x
Net Debt / EBIT: 7.47x

Returns & Capital

SBC, 3Y Avg: $143.0M

Cash Flow by Year

Year	Revenue	FCF	Margin
FY2025	$85.5B	$3.8B	4.5%
FY2024	$82.7B	$7.3B	8.9%
FY2023	$78.6B	$6.4B	8.2%
FY2022	$89.9B	$5.7B	6.3%
FY2021	$67.4B	$8.3B	12.4%

Annual filing data through FY ended December 31, 2025; shares and float as of October 10, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.

Company RSS

Earnings

Nov 5, 2026Energy Transfer Lifts 2026 EBITDA Outlook After Record Volumes Aug 4, 2026Energy Transfer Raises Outlook as Profit Climbs Jul 9, 2026Energy Transfer raises annual EBITDA guidance on record volumes

Other Coverage

November 3, 2026 Deals

Energy Transfer to Buy Vaquero Midstream October 29, 2026 Theme Survey

Energy Sector: Pipeline Enters Service, LNG Starts Production October 7, 2026 Theme Survey

Energy Sector: War Warnings Sharpen, Gas Projects Enter Service September 28, 2026 QBook

Stronger demand supports expansion as pricing diverges August 14, 2026 Industry Earnings Roundup

Energy Earnings: Demand Runs Hot, Capex Stays Disciplined July 26, 2026 Utility Annual Reviews

Energy Transfer Expands Gulf Coast Footprint Through Strategic Acquisitions July 26, 2026 Utility Annual Reviews

Energy Transfer Manages Regulatory Shifts Across Interstate Pipeline Portfolio

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