Energy Transfer LP (ET)
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States. It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; Investment in USA Compression Partners, LP (USAC); and All Other segments. The company owns and operates natural gas transportation pipelines and storage facilities; and approximately 12,200 miles of intrastate natural gas transportation pipelines and 20,090 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. In addition, the company owns and operates natural gas gathering pipelines, processing plants, and treating and conditioning facilities; and natural gas gathering, compression, treating, dehydration and processing, oil pipeline facilities. Further, it owns 5,700 miles of NGL pipelines; NGL fractionation and storage facilities; and other NGL storage assets and terminals. Additionally, the company provides crude oil transportation, terminalling, trucking, acquisition, and marketing activities; owns and operates approximately 18,000 miles of crude oil trunk and gathering pipelines; and sells and distributes motor fuels and other petroleum products under the Sunoco and EcoMaxx brands. It also offers natural gas compression; wholesale power trading; and carbon dioxide and hydrogen sulfide removal services, as well as management of coal and natural resources properties; sells standing timber; leases coal-related infrastructure facilities; and collects oil and gas royalties. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. Energy Transfer LP was founded in 1996 and is headquartered in Dallas, Texas.
- Symbol
- ET
- Exchange
- NYSE
- Sector
- Energy
- Industry
- Oil & Gas Midstream
- Market cap
- $70.55B
- 52 week range
- 16.18 - 21.84
Valuation
- Share price
- $20.49 (close of 2026-09-23)
- P/E (TTM)
- 13.32x
- Price to free cash flow
- 13.52x
- Enterprise value
- $139.77B
Price performance
| Period | Change |
|---|
| 1 day | +0.44% |
| 5 days | -2.94% |
| 1 month | -3.30% |
| 3 months | +6.61% |
| 6 months | +7.50% |
| Year to date | +24.26% |
| 1 year | +19.75% |
| 3 years | +48.26% |
| 5 years | +115.91% |
| 10 years | +21.89% |
| All time | +262.01% |
Profitability and growth
- Return on equity
- 9.05%
- Return on invested capital
- 7.36%
- Return on assets
- 3.14%
- Return on capital employed
- 7.15%
- Gross margin
- 25.77%
- Net margin
- 5.18%
- EBITDA margin
- 17.20%
- Revenue growth
- 3.47%
- Net income growth
- -7.91%
- Free cash flow growth
- -47.62%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 7.40%
- Current ratio
- 1.16x
- Net debt to EBITDA
- 3.99x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $85.54B
- Cost of revenue
- $63.49B
- Gross profit
- $22.04B
- EBITDA
- $14.71B
- Net income
- $4.43B
- Earnings per share
- $1.29
- Interest expense
- $3.47B
- Shares outstanding
- 3.43B
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $85.54B | $22.04B | $4.43B | $1.29 |
| 2024-12-31 | $82.67B | $20.70B | $4.81B | $1.42 |
| 2023-12-31 | $78.59B | $18.05B | $3.94B | $1.24 |
| 2022-12-31 | $89.88B | $17.64B | $4.76B | $1.54 |
| 2021-12-31 | $67.42B | $17.02B | $5.47B | $0.00 |
| 2020-12-31 | $38.95B | $13.47B | $-648.00M | $0.00 |
| 2019-12-31 | $54.21B | $14.41B | $3.52B | $0.00 |
| 2018-12-31 | $54.09B | $12.48B | $1.75B | $0.00 |
| 2017-12-31 | $40.52B | $9.56B | $954.00M | $0.00 |
| 2016-12-31 | $31.79B | $8.10B | $995.00M | $0.00 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 25.77% | 5.18% | 9.05% | 7.36% |
| 2024-12-31 | 25.03% | 5.82% | 10.46% | 8.09% |
| 2023-12-31 | 22.96% | 5.01% | 8.96% | 8.24% |
| 2022-12-31 | 19.63% | 5.29% | 11.70% | 8.42% |
| 2021-12-31 | 25.25% | 8.11% | 13.90% | 9.61% |
| 2020-12-31 | 34.57% | -1.66% | -2.06% | 3.29% |
| 2019-12-31 | 26.58% | 6.49% | 10.37% | 8.18% |
| 2018-12-31 | 23.08% | 3.23% | 5.64% | 7.05% |
| 2017-12-31 | 23.58% | 2.35% | 3.17% | 3.68% |
| 2016-12-31 | 25.47% | 3.13% | 4.44% | 2.81% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $1.27B | $68.31B |
| 2024-12-31 | $312.00M | $59.75B |
| 2023-12-31 | $161.00M | $51.38B |
| 2022-12-31 | $257.00M | $48.26B |
| 2021-12-31 | $336.00M | $49.02B |
| 2020-12-31 | $367.00M | $51.42B |
| 2019-12-31 | $291.00M | $51.03B |
| 2018-12-31 | $419.00M | $43.37B |
| 2017-12-31 | $336.00M | $43.67B |
| 2016-12-31 | $467.00M | $42.61B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $3.85B | $148.00M |
| 2024-12-31 | $7.34B | $151.00M |
| 2023-12-31 | $6.42B | $130.00M |
| 2022-12-31 | $5.67B | $115.00M |
| 2021-12-31 | $8.34B | $111.00M |
| 2020-12-31 | $2.23B | $121.00M |
| 2019-12-31 | $2.10B | $113.00M |
| 2018-12-31 | $99.00M | $105.00M |
| 2017-12-31 | $-4.01B | $99.00M |
| 2016-12-31 | $-4.45B | $70.00M |
Dividend history
- Most recent payment
- 2026-08-07
- Paid in the last twelve months
- $1.35
| Payment date | Dividend per share |
|---|
| 2026-08-07 | $0.34 |
| 2026-05-08 | $0.34 |
| 2026-02-06 | $0.34 |
| 2025-11-07 | $0.33 |
| 2025-08-08 | $0.33 |
| 2025-05-09 | $0.33 |
| 2025-02-07 | $0.33 |
| 2024-11-08 | $0.32 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
- Consensus EPS estimate
- $0.40
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-04 | Jun/2026 | $0.39 |
| 2026-05-05 | - | - |
| 2026-02-17 | - | - |
| 2025-11-05 | - | - |
| 2025-08-06 | - | - |
| 2025-05-06 | - | - |
| 2025-02-11 | - | - |
| 2024-11-06 | - | - |
Filings and sources
- Company website
- energytransfer.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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