Energy Transfer LP (ET) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $68.5B
P/E (TTM): —
Price / sales: 0.64
EV / EBITDA: 9.36
Price / book: 1.38

Cash flow

FCF yield: 7.6%
SBC-adjusted FCF yield: 7.4%
SBC impact: 3.2%
Stock compensation (TTM): $166M

Margins & growth

Profit margin: 4.9%
Operating margin: 10.0%
Quarterly revenue (year on year): 78.4%
Quarterly earnings (year on year): 79.5%

Balance sheet

Cash & investments: $1B
Debt: $70.2B
Net cash / (debt): -$69.2B

Where the revenue comes from

Oil and Gas Refining and Marketing is 28% of revenue.

By product or service

Year to Dec 31, 2025 · $85.5B

Oil and Gas Refining and Marketing28%
$24.2B+9.8% vs. a year earlier
Oil and Gas27%
$23.5B-7.4% vs. a year earlier
NG Lsales22%
$19B-0.4% vs. a year earlier
Natural Gas Midstream15%
$12.4B+3.3% vs. a year earlier
Naturalgassales5%
$4.7B+70.1% vs. a year earlier
Product and Service Other2%
$1.7B+24.5% vs. a year earlier

By business segment

Year to Dec 31, 2025 · $100.4B

Crudeoiltransportationandservices26%
$26.5B-7.2% vs. a year earlier
Investment in Sunoco LP25%
$25.2B+11.1% vs. a year earlier
NG Landrefinedproductstransportationandservices25%
$24.9B+1.3% vs. a year earlier
Midstream12%
$12.5B+11.6% vs. a year earlier
Intrastate Transportation and Storage4%
$4B+30.9% vs. a year earlier
All Other4%
$3.9B+123.8% vs. a year earlier
Interstate Transportation and Storage2%
$2.4B+6.5% vs. a year earlier
Investment in USAC1%
$998M+5.1% vs. a year earlier

These lines account for 117% of revenue. Each breakdown reconciles to the total by its own route, so they need not agree with one another.

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$107.38BQ2 2026+16.4%

1Y: +33.27%2Y: +28.40%5Y: +106.16%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

$14.71B2025+2.8%

No TTM figures — showing Yearly

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. One bar per fiscal year, as filed. Stops at the last completed year.

Profit

$5.29BQ2 2026+21.2%4.9% of revenue

1Y: +11.44%2Y: +18.45%5Y: +40.37%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

4.9%Q2 2026+4.2%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

$5.22BQ2 2026+44.4%

1Y: -8.47%2Y: -22.10%5Y: -32.18%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

About Energy Transfer LP

Ticker: ET
SEC classification: Natural Gas Transmission (4922)
Listed on: NYSE
Incorporated in: OK
Financial year ends: December 31
Filer size: Large accelerated filer

About this data

Everything above comes from Energy Transfer LP’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Not reported by this filer: R&D Expense, Profit per share, Shares outstanding, Interest Income, Net Interest Income, Non-interest Income, Non-interest Expense, Provision for Credit Losses, Deposits, Loans, Total Liabilities, Short-term Investments, Short-term Borrowings, Borrowings (total), Finance Lease (current), Finance Lease (noncurrent), and Dividends paid. Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.