Energy Transfer LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Energy Transfer LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	31,792	40,523	54,087	54,213	38,954	67,417	89,876	78,586	82,671	85,536
Cost of revenue	23,693	30,966	41,603	39,801	25,487	50,395	72,232	60,541	61,975	63,495
Gross profit	8,099	9,557	12,484	14,412	13,467	17,022	17,644	18,045	20,696	22,041
Selling, general and administrative	656	599	702	694	711	818	1,018	985	1,177	1,180
Operating income	1,851	2,721	5,403	7,203	2,980	8,792	7,738	8,295	9,138	9,027
Interest expense	1,804	1,922	2,055	2,331	2,327	2,267	2,306	2,578	3,125	3,474
Other non-operating income	124	206	62	105	12	77	90	122	140	120
Pre-tax income	204	710	3,689	5,020	377	6,871
Income tax	-258	-1,833	4	195	237	184	204	303	541	350
Income from continuing operations	462	2,543	3,685	4,825	140
Net income to minority interests	-995	1,412	1,632	1,256	739	1,167	1,061	1,299	1,692
Net income	995	954	1,749	3,518	-648	5,470	4,756	3,935	4,814	4,433
EBITDA	4,067	5,275	8,262	10,350	6,658	12,609	11,902	12,680	14,303	14,709

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	467	336	419	291	367	336	257	161	312	1,272
Receivables	3,557	4,504	4,009	5,038	3,875	7,654	8,466	9,047	10,191	11,275
Inventory	2,055	2,022	1,372	1,532	1,739	2,014	2,461	2,478	3,070	4,770
Other current assets	447	295	350	275	213	437	726	513	477	688
Total current assets	6,899	10,683	6,445	7,464	6,317	10,537	12,081	12,433	14,202	18,233
Property, plant and equipment	53,578	61,088	66,963	74,193	75,107	81,607	80,311	85,351	95,212	102,142
Lease right-of-use assets			0	964	1,000
Goodwill	5,670	4,768	4,885	5,167	2,391	2,533	2,566	4,019	3,903	5,452
Intangible assets	5,512	6,116	6,000	6,154	5,746	5,856	5,415	6,239	5,971	7,438
Other non-current assets	815	886	1,478	1,571	1,657	1,645	1,558	1,733	2,017	2,591
Total assets	78,925	86,246	88,413	98,973	95,144	105,963	105,643	113,698	125,380	141,286
Accounts payable	3,502	4,685	3,493	4,118	2,809	6,834	6,952	6,663	8,306
Deferred revenue									360	343
Short-term debt	1,194	413	2,655	26	21	680	2	1,008	8	25
Total current liabilities	7,277	7,897	9,310	7,724	5,923	10,835	10,368	11,277	12,656	14,955
Long-term debt	42,608	43,671	43,373	51,028	51,417	49,022	48,260	51,380	59,752	68,308
Lease liabilities			0	901	837	814	798	778	730	1,515
Other non-current liabilities	1,075	1,217	1,184	1,162	1,152	1,323	1,341	1,611	1,618	1,941
Total liabilities	56,494	56,154	57,229	65,035	63,756	66,618	64,984	69,759	79,363	92,276
Total debt	43,802	44,084	46,028	51,054	51,438	49,702	48,262	52,388	59,760	68,330
Other comprehensive income	0	0	-42	-11	6	23	16	28	73	82
Minority interests	24,125	31,176	10,291	12,018	12,859	8,045	7,634	7,257	10,899	14,644
Total equity	22,431	30,092	31,017	33,938	31,388	39,345	40,659	43,939	46,017	49,010
Total liabilities and equity	78,925	86,246	88,246	98,973	95,144	105,963	105,643	113,698	125,380	141,286

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0	2,366	3,420	4,825	140	6,687	5,868	5,294	6,565	5,708
Depreciation and amortization	2,216	2,554	2,859	3,147	3,678	3,817	4,164	4,385	5,165	5,682
Stock-based compensation	70	99	105	113	121	111	115	130	151	148
Deferred income tax	-177	-1,871	-7	217	210	141	187	203	276	178
Change in receivables	-1,126	-948	541	-473	1,163	-3,356	-863	-171	-775	-77
Change in inventory	-480	58	237	-19	-271	-19	-361	35	-735	-717
Change in payables	1,170	712	-766	146	-1,327	3,834	25	-501	1,315	-322
Cash from operations	3,322	4,429	7,506	8,056	7,361	11,162	9,051	9,555	11,506	10,149
Capital expenditures	-7,771	-8,444	-7,407	-5,960	-5,130	-2,822	-3,381	-3,134	-4,164	-6,303
Acquisitions	-330	-303	-429	-7	0	-205	-1,141	-111	-250
Cash from investing	-8,982	-5,606	-7,075	-6,934	-4,898	-2,775	-4,022	-4,325	-5,904	-8,373
Debt issued	25,785	31,608	29,001	22,583	24,440	21,267	28,838	32,130	34,150	32,870
Debt repaid	-19,076	-31,268	-28,948	-20,101	-24,133	-27,318	-29,681	-31,416	-29,409	0
Share buybacks	0	0	0	-25	0	-31	0	0
Cash from financing	5,927	953	-3,082	-1,250	-2,387	-8,418	-5,108	-5,326	-5,451	-816
Net change in cash	-118	-131	83	-128	76	-31	-79	-96	151	960
Free cash flow	-4,449	-4,015	99	2,096	2,231	8,340	5,670	6,421	7,342	3,846
Interest paid	1,922	1,914	1,870	1,932	2,092	2,188	2,167	2,298	2,884	3,136
Income taxes paid		50	508	31	-64	41	54	103	206	103

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.6%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	4.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.3%	Cash from operations / revenue.
Return on assets (ROA)	3.6%	Net income / average total assets.
SG&A / revenue	1.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	24.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-7.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-11.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-47.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-12.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.16x	Current assets / current liabilities.
Quick ratio	0.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / assets	46.2%	Total debt / total assets.
Net debt	$67.39B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.93x	Operating income / interest expense.
Working capital	$3.26B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	1.03x	Revenue / average property, plant and equipment.
Inventory turnover	18.7x	Cost of revenue / average inventory.
Days inventory	20 days	365 x average inventory / cost of revenue.
Receivables turnover	6.38x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
FCF conversion	98.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	56.9%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$69.52B	Share price x shares outstanding.
Enterprise value	$136.91B	Market cap + total debt - cash - short-term investments.
P/E	13.1x	Market cap / net income. Only when net income is positive.
P/S	0.65x	Market cap / revenue.
P/FCF	13.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.74x	Market cap / cash from operations, when positive.
EV/Sales	1.28x	Enterprise value / revenue.
EV/EBIT	12.7x	Enterprise value / operating income, when both are positive.
EV/FCF	26.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.5%	Free cash flow / market cap.
Earnings yield	7.6%	Net income / market cap (the inverse of P/E).

What was Energy Transfer LP's revenue in fiscal 2025?

Energy Transfer LP reported revenue of $85.54B for fiscal 2025, 3.5% higher than the year before.

Was Energy Transfer LP profitable in fiscal 2025?

Yes. Net income was $4.43B, a net margin of 5.2%.

How much free cash flow did Energy Transfer LP generate in fiscal 2025?

Cash from operations of $10.15B minus capital expenditures of $6.30B left free cash flow of $3.85B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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