NYSE : ET
Energy Transfer LP — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 20.91 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 72.00B
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Financial statements
Energy Transfer LP (ET) reported revenue of 107.38B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 105.05B | 83.81B | 81.29B | 77.53B | 89.05B | 66.70B |
| Other Revenue | 2.33B | 1.72B | 1.38B | 1.06B | 827.00M | 721.00M |
| Revenue | 107.38B | 85.54B | 82.67B | 78.59B | 89.88B | 67.42B |
| Cost of Revenue | 88.58B | 69.13B | 66.98B | 64.91B | 76.57B | 53.97B |
| Gross Profit | 18.80B | 16.41B | 15.69B | 13.68B | 13.31B | 13.45B |
| Selling, General & Admin | 1.65B | 1.41B | 1.34B | 985.00M | 1.02B | 818.00M |
| Operating Expenses | 7.74B | 7.09B | 6.50B | 5.37B | 5.18B | 4.63B |
| Operating Income | 11.06B | 9.31B | 9.19B | 8.31B | 8.12B | 8.81B |
| Interest Expense | -3.68B | -3.47B | -3.12B | -2.58B | -2.01B | -2.21B |
| Earnings From Equity Investments | 440.00M | 419.00M | 379.00M | 383.00M | 257.00M | 246.00M |
| Other Non Operating Income (Expenses) | 74.00M | 120.00M | 140.00M | 122.00M | 90.00M | 77.00M |
| EBT Excluding Unusual Items | 7.89B | 6.38B | 6.58B | 6.23B | 6.46B | 6.93B |
| Gain (Loss) on Sale of Assets | 586.00M | |||||
| Asset Writedown | -278.00M | -285.00M | -52.00M | -12.00M | -386.00M | -21.00M |
| Legal Settlements | -627.00M | |||||
| Other Unusual Items | -22.00M | -34.00M | -12.00M | 2.00M | -38.00M | |
| Pretax Income | 7.59B | 6.06B | 7.11B | 5.60B | 6.07B | 6.87B |
| Income Tax Expense | 559.00M | 350.00M | 541.00M | 303.00M | 204.00M | 184.00M |
| Earnings From Continuing Operations | 7.04B | 5.71B | 6.57B | 5.29B | 5.87B | 6.69B |
| Net Income to Company | 7.04B | 5.71B | 6.57B | 5.29B | 5.87B | 6.69B |
| Minority Interest in Earnings | -1.75B | -1.28B | -1.75B | -1.36B | -1.12B | -1.22B |
| Net Income | 5.28B | 4.43B | 4.81B | 3.93B | 4.75B | 5.46B |
| Preferred Dividends & Other Adjustments | 236.00M | 256.00M | 416.00M | 463.00M | 422.00M | 285.00M |
| Net Income to Common | 5.05B | 4.17B | 4.39B | 3.47B | 4.33B | 5.18B |
| Shares Outstanding (Basic) | 3.44B | 3.43B | 3.40B | 3.16B | 3.09B | 2.73B |
| Shares Outstanding (Diluted) | 3.45B | 3.45B | 3.42B | 3.18B | 3.10B | 2.74B |
| EPS (Basic) | 1.47 | 1.22 | 1.29 | 1.10 | 1.40 | 1.89 |
| EPS (Diluted) | 1.46 | 1.21 | 1.28 | 1.09 | 1.40 | 1.89 |
| Free Cash Flow | 5.22B | 3.85B | 7.34B | 6.42B | 5.67B | 8.34B |
| Free Cash Flow Per Share | 1.51 | 1.11 | 2.15 | 2.02 | 1.83 | 3.04 |
| Dividend Per Share | 1.34 | 1.32 | 1.28 | 1.25 | 1.00 | 0.63 |
| Gross Margin | 17.51% | 19.18% | 18.98% | 17.40% | 14.80% | 19.95% |
| Operating Margin | 10.30% | 10.89% | 11.12% | 10.57% | 9.04% | 13.07% |
| Profit Margin | 4.70% | 4.88% | 5.32% | 4.41% | 4.82% | 7.68% |
| Free Cash Flow Margin | 4.86% | 4.50% | 8.88% | 8.17% | 6.31% | 12.37% |
| EBITDA | 17.15B | 14.99B | 14.36B | 12.69B | 12.29B | 12.63B |
| EBITDA Margin | 15.97% | 17.53% | 17.36% | 16.15% | 13.67% | 18.73% |
| D&A For EBITDA | 6.09B | 5.68B | 5.17B | 4.38B | 4.16B | 3.82B |
| EBIT | 11.06B | 9.31B | 9.19B | 8.31B | 8.12B | 8.81B |
| EBIT Margin | 10.30% | 10.89% | 11.12% | 10.57% | 9.04% | 13.07% |
| Effective Tax Rate | 7.36% | 5.78% | 7.61% | 5.41% | 3.36% | 2.68% |
| Revenue as Reported | 107.38B | 85.54B | 82.67B | 78.59B | 89.88B | 67.42B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.02B | 1.27B | 312.00M | 161.00M | 257.00M | 336.00M |
| Cash & Short-Term Investments | 1.02B | 1.27B | 312.00M | 161.00M | 257.00M | 336.00M |
| Accounts Receivable | 17.04B | 11.39B | 10.28B | 9.15B | 8.56B | 7.71B |
| Other Receivables | 28.00M | 57.00M | 56.00M | 67.00M | 68.00M | 32.00M |
| Receivables | 17.07B | 11.45B | 10.33B | 9.21B | 8.63B | 7.74B |
| Inventory | 4.38B | 4.77B | 3.07B | 2.48B | 2.46B | 2.01B |
| Prepaid Expenses | 472.00M | 327.00M | 308.00M | 392.00M | 222.00M | |
| Other Current Assets | 639.00M | 268.00M | 159.00M | 271.00M | 344.00M | 225.00M |
| Total Current Assets | 23.11B | 18.23B | 14.20B | 12.43B | 12.08B | 10.54B |
| Property, Plant & Equipment | 106.03B | 103.98B | 96.02B | 86.18B | 81.13B | 82.44B |
| Long-Term Investments | 3.64B | 3.59B | 3.27B | 3.10B | 2.89B | 2.95B |
| Goodwill | 5.61B | 5.45B | 3.90B | 4.02B | 2.57B | 2.53B |
| Other Intangible Assets | 7.16B | 7.44B | 5.97B | 6.24B | 5.42B | 5.86B |
| Long-Term Deferred Charges | 146.00M | 151.00M | 148.00M | 140.00M | 177.00M | |
| Other Long-Term Assets | 2.62B | 2.44B | 1.87B | 1.58B | 1.42B | 1.47B |
| Total Assets | 148.17B | 141.29B | 125.38B | 113.70B | 105.64B | 105.96B |
| Accounts Payable | 13.77B | 9.51B | 8.32B | 6.68B | 6.97B | 6.83B |
| Accrued Expenses | 6.49B | 2.22B | 1.84B | 1.69B | 1.45B | 1.24B |
| Current Portion of Long-Term Debt | 12.00M | 1.00B | 677.00M | |||
| Current Portion of Leases | 215.00M | 270.00M | 75.00M | 64.00M | 48.00M | 52.00M |
| Current Unearned Revenue | 709.00M | 682.00M | 552.00M | 490.00M | 346.00M | |
| Other Current Liabilities | -621.00M | 2.25B | 1.73B | 1.29B | 1.41B | 1.68B |
| Total Current Liabilities | 19.86B | 14.96B | 12.66B | 11.28B | 10.37B | 10.84B |
| Long-Term Debt | 68.39B | 68.23B | 59.70B | 51.36B | 48.25B | 49.01B |
| Long-Term Leases | 1.62B | 1.60B | 781.00M | 797.00M | 808.00M | 824.00M |
| Long-Term Deferred Tax Liabilities | 5.57B | 5.31B | 4.19B | 3.93B | 3.70B | 3.65B |
| Other Long-Term Liabilities | 1.95B | 1.94B | 1.62B | 1.61B | 1.36B | 1.51B |
| Total Liabilities | 97.39B | 92.03B | 78.95B | 68.98B | 64.49B | 65.83B |
| Common Stock | 31.93B | 30.93B | 31.20B | 30.20B | 26.96B | 25.23B |
| Comprehensive Income & Other | 49.00M | 82.00M | 73.00M | 28.00M | 16.00M | 23.00M |
| Total Common Equity | 31.98B | 31.01B | 31.27B | 30.23B | 26.98B | 25.25B |
| Minority Interest | 15.45B | 14.89B | 11.31B | 8.03B | 8.12B | 8.82B |
| Shareholders' Equity | 50.78B | 49.26B | 46.43B | 44.72B | 41.15B | 40.13B |
| Total Liabilities & Equity | 148.17B | 141.29B | 125.38B | 113.70B | 105.64B | 105.96B |
| Total Debt | 70.24B | 70.09B | 60.56B | 53.22B | 49.11B | 50.57B |
| Net Cash (Debt) | -69.22B | -68.82B | -60.25B | -53.06B | -48.85B | -50.23B |
| Net Cash Per Share | -20.04 | -19.95 | -17.61 | -16.70 | -15.77 | -18.34 |
| Filing Date Shares Outstanding | 3.44B | 3.44B | 3.43B | 3.37B | 3.09B | 3.08B |
| Total Common Shares Outstanding | 3.44B | 3.44B | 3.43B | 3.37B | 3.09B | 3.08B |
| Working Capital | 3.25B | 3.28B | 1.55B | 1.16B | 1.71B | -298.00M |
| Book Value Per Share | 9.29 | 9.02 | 9.11 | 8.98 | 8.72 | 8.19 |
| Tangible Book Value | 19.21B | 18.12B | 21.39B | 19.97B | 19.00B | 16.86B |
| Tangible Book Value Per Share | 5.58 | 5.27 | 6.24 | 5.93 | 6.14 | 5.47 |
| Land | 3.05B | 1.68B | 1.53B | 1.43B | 1.37B | |
| Buildings | 8.45B | 4.69B | 4.39B | 3.55B | 4.60B | |
| Construction In Progress | 5.84B | 4.63B | 2.31B | 2.40B | 5.67B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.28B | 4.43B | 4.81B | 3.93B | 4.75B | 6.69B |
| Depreciation & Amortization | 6.09B | 5.68B | 5.17B | 4.38B | 4.16B | 3.82B |
| Loss (Gain) From Sale of Assets | -586.00M | |||||
| Asset Writedown & Restructuring Costs | 278.00M | 285.00M | 52.00M | 12.00M | 386.00M | 21.00M |
| Loss (Gain) on Equity Investments | -98.00M | -37.00M | -23.00M | -30.00M | -25.00M | -34.00M |
| Stock-Based Compensation | 166.00M | 148.00M | 151.00M | 130.00M | 115.00M | 111.00M |
| Other Operating Activities | 1.85B | 1.62B | 2.13B | 1.58B | 1.16B | 45.00M |
| Change in Accounts Receivable | -5.87B | -46.00M | -760.00M | -176.00M | -840.00M | -3.32B |
| Change in Inventory | -201.00M | -717.00M | -735.00M | 35.00M | -361.00M | -19.00M |
| Change in Accounts Payable | 4.74B | -346.00M | 1.28B | -539.00M | 31.00M | 3.80B |
| Change in Other Net Operating Assets | -114.00M | -867.00M | 19.00M | 229.00M | -332.00M | 52.00M |
| Operating Cash Flow | 12.12B | 10.15B | 11.51B | 9.55B | 9.05B | 11.16B |
| Capital Expenditures | -6.90B | -6.30B | -4.16B | -3.13B | -3.38B | -2.82B |
| Sale of Property, Plant & Equipment | 987.00M | |||||
| Cash Acquisitions | -2.94B | -2.26B | -2.71B | -1.33B | -1.14B | -205.00M |
| Divestitures | 302.00M | |||||
| Investment in Securities | 48.00M | 51.00M | -131.00M | 57.00M | 62.00M | 163.00M |
| Other Investing Activities | 187.00M | 140.00M | 109.00M | 81.00M | 136.00M | 89.00M |
| Investing Cash Flow | -9.61B | -8.37B | -5.90B | -4.33B | -4.02B | -2.77B |
| Long-Term Debt Issued | 32.87B | 34.15B | 32.13B | 28.84B | 21.27B | |
| Long-Term Debt Repaid | -28.05B | -30.16B | -31.42B | -29.68B | -27.32B | |
| Net Debt Issued (Repaid) | 3.57B | 4.82B | 3.99B | 714.00M | -843.00M | -6.05B |
| Repurchase of Common Stock | -31.00M | |||||
| Preferred Dividends Paid | -252.00M | -252.00M | -378.00M | -468.00M | -422.00M | -280.00M |
| Common Dividends Paid | -4.52B | -4.47B | -4.24B | -3.78B | -2.62B | -1.62B |
| Dividends Paid | -4.78B | -4.72B | -4.62B | -4.25B | -3.04B | -1.90B |
| Other Financing Activities | -2.00B | -1.89B | -1.36B | -1.79B | -1.22B | -1.33B |
| Financing Cash Flow | -1.73B | -816.00M | -5.45B | -5.33B | -5.11B | -8.42B |
| Net Cash Flow | 778.00M | 960.00M | 151.00M | -96.00M | -79.00M | -31.00M |
| Free Cash Flow | 5.22B | 3.85B | 7.34B | 6.42B | 5.67B | 8.34B |
| Free Cash Flow Margin | 4.86% | 4.50% | 8.88% | 8.17% | 6.31% | 12.37% |
| Free Cash Flow Per Share | 1.51 | 1.11 | 2.15 | 2.02 | 1.83 | 3.04 |
| Levered Free Cash Flow | 3.16B | 2.21B | 5.69B | 4.41B | 3.31B | 5.24B |
| Unlevered Free Cash Flow | 5.46B | 4.38B | 7.65B | 6.02B | 4.57B | 6.62B |
| Cash Interest Paid | 3.32B | 3.14B | 2.88B | 2.30B | 2.17B | 2.19B |
| Cash Income Tax Paid | 103.00M | 103.00M | 206.00M | 103.00M | 54.00M | 41.00M |
| Change in Working Capital | -1.45B | -1.98B | -196.00M | -451.00M | -1.50B | 515.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 70.31B | 56.62B | 67.07B | 43.40B | 36.66B | 25.36B |
| Enterprise Value | 139.53B | 132.87B | 142.09B | 105.80B | 98.89B | 85.75B |
| Last Close Price | 20.91 | 15.65 | 17.27 | 11.22 | 8.78 | 5.63 |
| PE Ratio | 13.98 | 13.57 | 15.27 | 12.51 | 8.47 | 4.90 |
| Forward PE | 12.33 | 11.19 | 15.13 | 10.88 | 8.26 | 6.22 |
| PS Ratio | 0.66 | 0.66 | 0.81 | 0.55 | 0.41 | 0.38 |
| PB Ratio | 2.25 | 1.15 | 1.45 | 0.97 | 0.89 | 0.63 |
| P/TBV Ratio | 3.67 | 3.12 | 3.13 | 2.17 | 1.93 | 1.50 |
| P/FCF Ratio | 13.49 | 14.72 | 9.14 | 6.76 | 6.47 | 3.04 |
| P/OCF Ratio | 5.81 | 5.58 | 5.83 | 4.54 | 4.05 | 2.27 |
| PEG Ratio | 1.03 | 1.09 | 0.97 | 1.81 | 1.58 | 1.55 |
| EV/Sales Ratio | 1.30 | 1.55 | 1.72 | 1.35 | 1.10 | 1.27 |
| EV/EBITDA Ratio | 8.14 | 8.86 | 9.90 | 8.34 | 8.05 | 6.79 |
| EV/EBIT Ratio | 12.62 | 14.27 | 15.46 | 12.74 | 12.17 | 9.73 |
| EV/FCF Ratio | 26.75 | 34.55 | 19.35 | 16.48 | 17.44 | 10.28 |
| Debt / Equity Ratio | 1.38 | 1.42 | 1.30 | 1.19 | 1.19 | 1.26 |
| Debt / EBITDA Ratio | 4.03 | 4.61 | 4.18 | 4.16 | 3.97 | 3.97 |
| Debt / FCF Ratio | 13.46 | 18.23 | 8.25 | 8.29 | 8.66 | 6.06 |
| Net Debt / Equity Ratio | 1.36 | 1.40 | 1.30 | 1.19 | 1.19 | 1.25 |
| Net Debt / EBITDA Ratio | 4.04 | 4.59 | 4.20 | 4.18 | 3.98 | 3.98 |
| Net Debt / FCF Ratio | 13.26 | 17.89 | 8.21 | 8.26 | 8.62 | 6.02 |
| Asset Turnover | 0.79 | 0.64 | 0.69 | 0.72 | 0.85 | 0.67 |
| Inventory Turnover | 24.67 | 17.64 | 24.14 | 26.28 | 34.22 | 28.76 |
| Quick Ratio | 0.91 | 0.85 | 0.84 | 0.83 | 0.86 | 0.74 |
| Current Ratio | 1.16 | 1.22 | 1.12 | 1.10 | 1.17 | 0.97 |
| Return on Equity (ROE) | 14.56% | 11.93% | 14.41% | 12.33% | 14.44% | 18.50% |
| Return on Assets (ROA) | 5.06% | 4.37% | 4.81% | 4.73% | 4.80% | 5.48% |
| Return on Invested Capital (ROIC) | 8.54% | 7.81% | 8.30% | 8.37% | 8.71% | 9.83% |
| Return on Capital Employed (ROCE) | 8.60% | 7.40% | 8.20% | 8.10% | 8.50% | 9.30% |
| Earnings Yield | 7.15% | 7.82% | 7.17% | 9.06% | 12.96% | 21.55% |
| FCF Yield | 7.41% | 6.79% | 10.95% | 14.79% | 15.47% | 32.88% |
| Dividend Yield | 6.66% | 8.05% | 6.57% | 9.66% | 8.44% | 7.69% |
| Payout Ratio | 92.79% | 106.59% | 96.03% | 107.96% | 64.08% | 34.70% |
| Buyback Yield / Dilution | -0.08% | -0.85% | -7.66% | -2.59% | -13.05% | -1.63% |
| Total Shareholder Return | 6.57% | 7.20% | -1.08% | 7.07% | -4.61% | 6.06% |