Revenue surged 78.4% year-over-year to $34.3B in Q2 2026, with EPS growth of 84.4% to $0.59, though gross margin volatility (14.0% to 27.0% over the past year) reflects marketing spread swings while operating margin remained stable around 10-12%.
Energy Transfer LP (ET) annual income statement — 22-year revenue, gross profit & net income history
| 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 | 104.47B | 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 % | 29.65% | -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 | 79.28B | 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 | 25.19B | 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 % | 24.11% | 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 | 14.11B | 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 | 3.31B | 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 | 4M | 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 | 11.08B | 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 % | 10.6% | 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 | 15.31B | 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 % | 14.66% | 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 % | 3.25% | 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) | 4.15B | 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 | 10.41B | 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 | -3.53B | -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 | 3.53B | 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 | -3.25B | -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 | 7.82B | 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 % | 7.49% | 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 | 431M | 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 % | 5.51% | 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 | 5.82B | 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 % | 5.57% | 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 % | 24.31% | 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) | 7.39B | 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 | 15.19B | 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) | 1.68 | 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 % | 24.81% | 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% |
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.
Key Metrics
Top Statement Risk
High leverage and interest rate sensitivity
Metrics are mathematically derived from official filings.
Revenue Surge Driven by Marketing and Volumes
Revenue jumped 78.4% year-over-year in Q2 2026 to $34.3B, per the latest income statement, reflecting robust marketing activity and higher volumes, though the sustainability of this pace warrants scrutiny.
The 78.4% revenue growth in Q2 2026 is a sharp acceleration from the prior quarter's 32.1% and the negative growth seen in 2025. This appears driven by the marketing segment, where buy-sell transactions inflate top-line without proportional margin, as evidenced by gross margin compressing to 21.5% from 23.8% sequentially. The integration of Crestwood and WTG Midstream likely contributes to volume growth, but the durability of this pace is questionable given commodity price volatility.
Gross Margin Volatility Masks Underlying Stability
Gross margin swung from 14.0% in Q2 2025 to 27.0% in Q3 2025, per reported figures, highlighting the impact of marketing spreads; however, operating margin has remained remarkably stable around 10-12%.
The wide swings in gross margin, from 14.0% to 27.0% over the past year, reflect the volatile nature of the marketing segment, which buys and sells commodities. Despite this, operating margin has held steady between 10.4% and 12.6%, suggesting that core fee-based operations provide a stable earnings base. This stability relative to peers like EPD (13.1% operating margin) indicates ET's diversified asset footprint is effectively monetizing its infrastructure.
Operating Leverage Evident in Q2 2026
In Q2 2026, operating income grew to $3.6B on $7.4B gross profit, per the income statement, implying strong operating leverage as SG&A dropped to $421M from $2.4B in Q1, boosting margins.
The dramatic reduction in SG&A from $2.4B in Q1 2026 to $421M in Q2 2026 is a key driver of the operating leverage, though the Q1 figure appears anomalous and may include one-time charges. Excluding that, SG&A has been relatively stable, indicating that revenue growth is translating into operating income growth at a faster rate. This suggests that the company's high fixed-cost base is being utilized more efficiently as volumes increase.
EPS Growth Outpacing Net Income on Lower SBC
Q2 2026 EPS of $0.59 grew 84.4% year-over-year, per the income statement, while net income rose to $2.1B; stock-based compensation was $88M, up from zero in Q1, but remains modest.
The EPS growth of 84.4% in Q2 2026 is significantly higher than the 78.4% revenue growth, indicating margin expansion and possibly lower share count. However, the quality of earnings is tempered by the fact that net income includes non-cash items like depreciation and amortization, which are substantial given the asset base. The modest SBC of $88M suggests limited dilution, but investors should focus on distributable cash flow rather than GAAP net income for a true picture of cash generation.
COGS Dominates Cost Structure, SG&A Volatile
Cost of products sold averaged $17.9B over the last four quarters, per the income statement, representing the largest cost line and reflecting marketing activities; SG&A spiked to $2.4B in Q1 2026, likely due to one-time items.
The cost structure is heavily weighted toward COGS, which is typical for midstream companies with significant marketing operations. The Q1 2026 SG&A spike to $2.4B is an outlier compared to the $200-450M range in other quarters, suggesting a one-time charge or acquisition-related cost. Excluding that, SG&A has been well-controlled, indicating management's discipline in overhead expenses. However, the volatility in COGS and SG&A underscores the need to analyze adjusted EBITDA for underlying performance.
Q2 2026 Marks Operational Inflection
Q2 2026 stands out as an inflection point with revenue of $34.3B and EPS of $0.59, per the income statement, representing a step-change from prior quarters and reflecting successful integration of recent acquisitions.
The Q2 2026 results show a clear inflection, with revenue nearly doubling from the year-ago quarter and EPS surging 84.4%. This appears driven by the full integration of Crestwood and WTG Midstream, which expanded ET's footprint in key basins, and favorable market conditions. The raised guidance suggests management expects this momentum to continue, but the sustainability of such high growth rates is uncertain given the cyclicality of commodity markets.
Leverage and Marketing Volatility Pose Risks
Despite the strong Q2 2026 beat, ET's $59.8B debt and reliance on marketing spreads for revenue growth, per recent disclosures, could pressure cash flows if interest rates rise or commodity spreads narrow.
The impressive revenue growth is heavily influenced by the marketing segment, which is inherently volatile and can reverse quickly. The elevated debt burden of $59.8B increases sensitivity to interest rates, and while much is fixed-rate, refinancing needs could strain cash flows. Additionally, the gross margin compression in Q2 2026 from 23.8% to 21.5% sequentially suggests that the revenue surge may not be translating into proportional profitability, warranting close monitoring of future quarters.