Energy Transfer LP (ET)
Energy Transfer LP brought in $124.5B of revenue over the twelve months to September 30, 2026, up 56.1% from a year earlier. Net income was $5.5B, a net margin of 4.4%. Operating cash flow minus capital spending left $3.8B of free cash flow in fiscal 2025. At September 30, 2026 it held $926M in cash against $68.9B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 5, 2026.
Key facts about Energy Transfer LP
- Net worth
- Energy Transfer LP has a market value (market cap) of $66.9B at the latest share price, and shareholders' equity of $49.7B on its balance sheet at March 31, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $85.5B (+3.5% year on year), with net income of $4.4B. Over the 12 months to September 30, 2026: revenue $124.5B, net income $5.5B.
- Cash flow
- In fiscal 2025 operations brought in $10.1B of cash; after $6.3B of capital spending, free cash flow was $3.8B.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 5, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Energy Transfer LP's next report is expected around February 16, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Energy Transfer LP does
Energy Transfer owns and operates energy infrastructure across the United States. It runs natural gas gathering, transportation, and storage pipeline systems, alongside crude oil pipelines, natural gas liquids processing facilities, and export terminals that serve energy exploration companies, utilities, and industrial consumers. Its shares trade on NYSE under the ticker ET.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $85.5B | $4.4B | n/a | $3.8B |
| 2024 | $82.7B | $4.8B | n/a | $7.3B |
| 2023 | $78.6B | $3.9B | n/a | $6.4B |
| 2022 | $89.9B | $4.8B | n/a | $5.7B |
| 2021 | $67.4B | $5.5B | n/a | $8.3B |
| 2020 | $39B | -$648M | n/a | $2.2B |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where ET ranks in Utilities
Latest SEC filings
What Energy Transfer LP has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 6, 2026
- November 5, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 86% to $37.1B versus the same quarter last year; net income rose 18% to $1.2B.
- November 3, 2026
- October 6, 2026Form S-3DPOS filing S-3DPOS
- September 28, 2026
- September 24, 2026
- September 10, 2026
- August 6, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 78% to $34.3B versus the same quarter last year; net income rose 80% to $2.1B.
- August 4, 2026
- July 21, 2026
Insider trades
What the people running Energy Transfer LP did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders bought $21.3M worth of shares on the open market in the last 90 days and sold none.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| August 19, 2026 | Warren Kelcy LDirector | Boughtindirect | 647,968 | $13.8M |
| August 18, 2026 | Warren Kelcy LDirector | Boughtindirect | 352,032 | $7.5M |
| August 7, 2026 | Perry James RichardDirector | Bought | 12,359 | $250K |
| May 8, 2026 | Warren Kelcy LDirector | Received as pay | 1,109,279 | $22M |
| January 2, 2026 | Perry James RichardDirector | Received as pay | 7,423 | - |
| January 2, 2026 | Anderson Steven R.Director | Received as pay | 7,423 | - |
| January 2, 2026 | Mcreynolds John WDirector | Received as pay | 7,423 | - |
| January 2, 2026 | Grimm Michael KDirector | Received as pay | 7,423 | - |
Who owns ET
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Energy Transfer LP13D, may seek influence with 2 related filers | 33.7% | January 31, 2024 |
| Kelcy L. Warren13D, may seek influence with 3 related filers | 8.8% | September 17, 2024 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 1,295 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Alps Advisors Inc | 86,904,208 | +946,629 |
| Morgan Stanley | 85,614,431 | -1,615,983 |
| Jpmorgan Chase & Co | 81,080,493 | +8,869,502 |
| Goldman Sachs Group Inc | 62,819,419 | +2,399,772 |
| Invesco Ltd. | 54,927,735 | -1,163,743 |
| Tortoise Capital Advisors, L.L.C. | 37,997,055 | -1,465,823 |
| Blackstone Inc. | 35,782,842 | +4,662,097 |
| UBS Group AG | 30,548,239 | -424,779 |
| Bank of America Corp | 28,139,938 | -2,816,420 |
| Energy Income Partners, LLC | 25,654,536 | +447,081 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 24,415,955 | +517,755 |
| Kayne Anderson Capital Advisors LP | 24,166,229 | -416,091 |
| Fmr LLC | 21,972,865 | -1,782,630 |
| Natixis | 21,401,124 | +22,000 |
| Westwood Holdings Group Inc | 16,825,892 | -158,492 |
| Neuberger Berman Group LLC | 16,691,083 | +851,267 |
| CIBC Bancorp USA Inc. | 13,526,220 | +22,396 |
| Cooperman Leon G | 13,320,100 | 0 |
| Clearbridge Investments, LLC | 13,308,051 | +200,000 |
| Wells Fargo & Company | 12,910,870 | +382,079 |
Insiders
12 insiders reported holding 181,643,623 shares in total, about $3.53B at the last price.
| Holder | Shares |
|---|---|
| Warren Kelcy LDirector | 162,880,596147,901,879 held indirectly |
| Mccrea Marshall S IIICo-CEO, Director | 7,862,107 |
| Long Thomas ECo-CEO, Director | 5,023,091 |
| Ramsey Matthew S.Director | 1,168,212 |
| Wright James M.EVP, GC & CCO | 1,017,212 |
| Bramhall DylanEVP & Group CFO | 897,763 |
| Grimm Michael KDirector | 751,138 |
| Mcreynolds John WDirector | 686,236 |
| McIlwain Gregory G.EVP - Operations | 652,731 |
| Sturrock TroySVP & Controller | 413,188 |
Questions about ET
What does Energy Transfer LP do?
Energy Transfer owns and operates energy infrastructure across the United States. It runs natural gas gathering, transportation, and storage pipeline systems, alongside crude oil pipelines, natural gas liquids processing facilities, and export terminals that serve energy exploration companies, utilities, and industrial consumers. Its shares trade on NYSE under the ticker ET.
What is Energy Transfer LP's net worth?
Energy Transfer LP has a market value (market cap) of $66.9B at the latest share price, and shareholders' equity of $49.7B on its balance sheet at March 31, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Energy Transfer LP profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $5.5B on revenue of $124.5B, a net margin of 4.4%.
How much revenue does Energy Transfer LP make?
Over the twelve months to September 30, 2026 Energy Transfer LP reported revenue of $124.5B. That is 56.1% more than a year earlier.
When did Energy Transfer LP last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 5, 2026. It covers the period to September 30, 2026. Its newest filing of any kind is the material agreement from November 6, 2026.
When is Energy Transfer LP's next earnings report?
Energy Transfer LP's next report is expected around February 16, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Energy Transfer LP tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.