The company demonstrates strong cash conversion with an OCF/NI ratio frequently exceeding 2.0x, though capital expenditure intensity reached 9.5% of revenue in 2025Q4, pressuring free cash flow.
| 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 |
|---|
| Cash from Operations | 10.61B | 10.15B | 11.51B | 9.55B | 9.05B | 11.16B | 7.36B | 8.06B | 7.51B | 4.43B | 3.32B | 2.98B | 3.17B | 2.42B | 1.08B | 1.38B | 1.09B | 723.46M | 1.14B | 754.5M | 310.78M | 38.13M | 122.1M |
| Operating CF Margin % | - | 12.28% | 13.92% | 12.16% | 10.07% | 16.56% | 18.9% | 14.86% | 13.88% | 10.93% | 8.86% | 7.07% | 5.7% | 5% | 6.35% | 16.72% | 16.49% | 13.35% | 12.31% | 11.11% | 3.95% | 0.62% | 5.2% |
| Operating CF Growth % | 0.25% | -11.79% | 20.42% | 5.57% | -18.91% | 51.64% | -8.63% | 7.33% | 69.47% | 33.32% | 11.51% | -6.17% | 31.25% | 124.4% | -21.77% | 26.65% | 50.39% | -36.74% | 51.59% | 142.77% | 714.99% | -68.77% | - |
| Net Income | 5.55B | 5.71B | 6.57B | 5.29B | 5.87B | 6.69B | 140M | 4.83B | 3.42B | 2.37B | 0 | 1.06B | 1.12B | 315M | 1.27B | 528M | 337M | 697.87M | 679.75M | 319.36M | 107.14M | 146.75M | 450.22M |
| Depreciation & Amortization | 5.9B | 5.68B | 5.17B | 4.38B | 4.16B | 3.82B | 3.68B | 3.15B | 2.86B | 2.55B | 2.22B | 1.95B | 1.72B | 1.31B | 871M | 586M | 406M | 325.02M | 274.37M | 198.07M | 133.59M | 111.7M | 58.49M |
| Stock-Based Compensation | 153M | 148M | 151M | 130M | 115M | 111M | 121M | 113M | 105M | 99M | 70M | 91M | 82M | 61M | 47M | 42M | 31M | 25.83M | 25.55M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 287M | 178M | 276M | 203M | 187M | 141M | 210M | 217M | -7M | -1.87B | -201M | 242M | -50M | 43M | 51M | -13.16M | 13.91M | 8.42M | -8.18M | -6.94M | -6.72M | -1.61M | -5.41M |
| Other Non-Cash Items | 162M | 409M | -455M | -6M | 219M | -109M | 3.17B | 145M | 895M | 1.47B | 1.39B | 509M | 526M | 836M | -614M | 63M | 50M | 14.95M | 40.64M | -4.1M | 177.15M | -58.92M | -391.59M |
| Working Capital Changes | -1.85B | -1.98B | -196M | -451M | -1.5B | 515M | 47M | -391M | 234M | -192M | -179M | -872M | -231M | -149M | -551M | 158M | 260M | -348.64M | 131.57M | 248.1M | -100.38M | -159.78M | 10.39M |
| Change in Receivables | 1.11B | -46M | -760M | -176M | -840M | -3.32B | 873M | -542M | 703M | -924M | -1.08B | 851M | 630M | -500M | 272M | -17M | 67M | 24.18M | 215.98M | 45.56M | 203.95M | -263.56M | -101.97M |
| Change in Inventory | -1.49B | -717M | -735M | 35M | -361M | -19M | -271M | -19M | 237M | 58M | -480M | -212M | 51M | -254M | -258M | 51M | 15M | -101.59M | 96.14M | 196.17M | -83.45M | -116.89M | 35.46M |
| Change in Payables | -1.01B | -346M | 1.28B | -539M | 31M | 3.8B | -960M | 114M | -968M | 534M | 1.11B | -670M | -845M | 401M | -897M | 27M | -77M | -11.84M | -309.72M | 0 | 0 | 0 | 0 |
| Cash from Investing | -9.71B | -8.37B | -5.9B | -4.33B | -4.02B | -2.77B | -4.9B | -6.68B | -7.08B | -5.61B | -9.47B | -10.09B | -6.79B | -2.35B | -4.2B | -3.87B | -1.83B | -1.35B | -2.02B | -2.16B | -1.24B | -1.13B | -731.83M |
| Capital Expenditures | -5.08B | -6.3B | -4.16B | -3.13B | -3.38B | -2.82B | -5.13B | -5.96B | -7.41B | -8.44B | -8.09B | -9.39B | -5.38B | -3.5B | -3.27B | -1.81B | -1.51B | -748.62M | -2.05B | -1.1B | -680.16M | -196.46M | -109.69M |
| CapEx % of Revenue | 5.68% | 7.63% | 5.04% | 3.99% | 3.76% | 4.19% | 13.17% | 10.99% | 13.69% | 20.84% | 21.58% | 22.28% | 9.66% | 7.25% | 19.28% | 21.97% | 22.88% | 13.82% | 22.11% | 16.15% | 8.65% | 3.18% | 4.67% |
| Acquisitions | -2.69B | -2.26B | -2.83B | -1.33B | -839M | -209M | -38M | -299M | 6M | 2.63B | -1.64B | -945M | -1.81B | 946M | -1.37B | -2.12B | -437.84M | 30.37M | -84.78M | -90.69M | -586.18M | -1.13B | -622.93M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.94B | 191M | 1.17B | 135M | 198M | 256M | 270M | 98M | -7.05B | -3B | 8.2B | -9.1B | -4.65B | -3.29B | -2.79B | 58.65M | 117.84M | -627.5M | 50.05M | 23.14M | 19.65M | 194.55M | 786K |
| Cash from Financing | -403M | -816M | -5.45B | -5.33B | -5.11B | -8.42B | -2.39B | -1.6B | -3.08B | 953M | 5.93B | 6.79B | 3.88B | 146M | 3.36B | 2.54B | 761.05M | 598.59M | 1.23B | 1.45B | 926.37M | 1.03B | 637.51M |
| Debt Issued (Net) | 4.75B | 4.82B | 4.74B | 714M | -843M | -6.05B | 307M | 2.37B | -118M | 85M | 6.97B | 6.63B | 4.49B | 983M | 4.02B | 1.94B | 261.75M | 522.02M | 1.29B | 680.53M | 928.75M | 1.22B | 375.66M |
| Equity Issued (Net) | 973M | 973M | -3.47B | 0 | 0 | -31M | 1.58B | 755M | 0 | 3.75B | 0 | 2.83B | 3.06B | 0 | 1.1B | 1.9B | 1.55B | 936.34M | 373.06M | 372.43M | 104.54M | 507.72M | 528.13M |
| Dividends Paid | -3.59B | -4.72B | -4.62B | -4.25B | -3.05B | -1.9B | -2.8B | -3.05B | -1.68B | -1.01B | -1.02B | -1.09B | -819M | -731M | -666M | -1.3B | -1.05B | -852.13M | -435.87M | -277M | -101.26M | 0 | -266.28M |
| Share Repurchases | 0 | 0 | -3.47B | 0 | 0 | -31M | 0 | -25M | -24M | -53M | 0 | -1.06B | -1B | -340M | 0 | 0 | 0 | 0 | 0 | 0 | -369.44M | 0 | 0 |
| Other Financing | -2.53B | -1.88B | -2.1B | -1.79B | -1.22B | -438M | -1.47B | -1.66B | -1.28B | -1.87B | -29M | -1.58B | -2.85B | -106M | -1.1B | -785.18M | -2.06M | -390.57M | 0 | 488.95M | -5.67M | -28.89M | 0 |
| Net Change in Cash | 498M | 960M | 151M | -96M | -79M | -31M | 76M | -128M | 83M | -131M | -123M | -241M | 257M | 218M | 246M | 40.08M | 17.95M | -23.71M | 35.47M | 51.15M | -7.25M | -49.39M | 27.78M |
| Free Cash Flow | 5.53B | 3.85B | 7.34B | 6.42B | 5.67B | 8.34B | 2.23B | 2.19B | 99M | -4.01B | -4.67B | -6.32B | -2.21B | -1.09B | -2.19B | -433.54M | -423.1M | -25.16M | -1.23B | -342.17M | -369.38M | -140.01M | 12.41M |
| FCF Margin % | 6.19% | 4.65% | 8.88% | 8.17% | 6.31% | 12.37% | 5.73% | 4.05% | 0.18% | -9.91% | -12.47% | -15% | -3.96% | -2.25% | -12.93% | -5.26% | -6.41% | -0.46% | -13.25% | -5.04% | -4.7% | -2.27% | 0.53% |
| FCF Growth % | -8.7% | -47.62% | 14.34% | 13.25% | -32.01% | 273.82% | 1.69% | 2116.16% | 102.47% | 14.12% | 26.01% | -186.4% | -103.13% | 50.48% | -405.84% | -2.47% | -1581.63% | 97.96% | -259.78% | 7.37% | -163.83% | -1228.18% | - |
| FCF per Share | 1.60 | 1.05 | 2.15 | 2.02 | 1.83 | 3.04 | 0.83 | 0.83 | 0.07 | -3.49 | -4.33 | -5.94 | -2.01 | -0.97 | -2.05 | -0.49 | -0.47 | -0.03 | -1.38 | -0.42 | -0.69 | -0.26 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.00x | 2.07x | 2.39x | 2.43x | 1.90x | 2.04x | -11.36x | 2.29x | 4.43x | 4.64x | 3.34x | 2.51x | 5.02x | 12.34x | 3.55x | 4.45x | 5.64x | 1.64x | 3.05x | 2.36x | 2.90x | 0.26x | 0.27x |
| Interest Paid | 0 | 0 | 2.88B | 2.3B | 2.17B | 2.19B | 0 | 0 | 1.87B | 1.91B | 0 | 1.8B | 1.42B | 1.26B | 997M | 476M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 206M | 103M | 54M | 41M | 0 | 0 | 508M | 50M | 0 | 72M | 345M | 58M | 23M | 24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and legal exposure
As reported in financial statements, Energy Transfer consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio frequently exceeding 2.0x, which suggests that non-cash charges like depreciation and amortization are the primary drivers of the company's reported accounting earnings profile.
The persistent gap between net income and operating cash flow indicates that the company's reported profitability is heavily influenced by non-cash accounting entries rather than pure cash generation. Investors should monitor this divergence, as it implies that the underlying cash-generating capacity of the asset base is more robust than the bottom-line net income suggests.
Based on the provided cash flow data, Energy Transfer's capital expenditure intensity has fluctuated significantly, reaching as high as 9.5% of revenue in 2025Q4, which highlights the ongoing requirement for substantial reinvestment to maintain the operational integrity of its vast, aging midstream pipeline network.
The variability in capital spending suggests that management is balancing growth-oriented expansion with the necessary maintenance of existing infrastructure. If capital intensity continues to trend upward, it may constrain the company's ability to sustain current distribution levels without relying on external financing.
According to recent SEC filings, Energy Transfer experienced a massive $1.6 billion working capital outflow in 2023Q4, illustrating how the company's commodity marketing activities can create significant, short-term liquidity swings that periodically mask the underlying stability of its fee-based midstream operations.
These sharp fluctuations in working capital appear to be a byproduct of the company's buy-sell commodity marketing segment rather than operational inefficiency. Analysts should interpret these swings as temporary timing differences that do not necessarily reflect a deterioration in the core business's ability to collect cash from its primary pipeline customers.
As evidenced by the $1.9 billion net acquisition spend in 2025Q4, Energy Transfer continues to prioritize aggressive inorganic expansion over debt reduction, a strategy that warrants further investigation regarding the long-term return on invested capital and the sustainability of its current distribution policy.
The company's reliance on acquisitions to drive growth suggests a strategy of system consolidation that may be reaching a point of diminishing returns. Investors should monitor whether these capital deployments generate sufficient incremental cash flow to offset the associated increase in leverage and potential integration risks.
Quick answers to the most common questions about buying ET stock.
Energy Transfer LP (ET) generated $10.15B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Energy Transfer LP (ET) generated $3.85B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Energy Transfer LP (ET) spent $6.30B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Energy Transfer LP (ET) returned $4.72B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.