Energy Transfer LP ET

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol "ET."

The primary activities in which we are engaged, which are located in the United States, are as follows:

•crude oil, NGL and refined products transportation, terminalling services and acquisition and marketing activities, as well as NGL storage and fractionation services and LNG regasification.

In addition, we own investments in other businesses, including Sunoco LP and USAC, both of which are master limited partnerships, and we own the managing member of SunocoCorp, a publicly traded limited liability company.

Last close 20.45 2026-10-23
Market cap $70.42B 2026-06-30 share count
52-week range 16.18 - 21.84

Valuation FY2025 figures against the last close

P/S0.8x
P/E—
P/FCF18.3x
EV/EBITDA9.7x
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $85.54B$82.67B$78.59B$89.88B$67.42B$38.95B$54.21B$54.09B$40.52B$31.79B
Cost of revenue $63.49B$61.98B$60.54B$72.23B$50.40B$25.49B$39.80B$41.60B$30.97B$23.69B
Gross profit $22.04B$20.70B$18.05B$17.64B$17.02B$13.47B$14.41B$12.48B$9.56B$8.10B
SG&A $1.18B$1.18B$985.0M$1.02B$818.0M$711.0M$694.0M$702.0M$599.0M$656.0M
Total operating expenses $76.51B$73.53B$70.29B$82.14B$58.62B$35.97B$47.01B$48.68B$37.80B$29.94B
Operating income $9.03B$9.14B$8.29B$7.74B$8.79B$2.98B$7.20B$5.40B$2.72B$1.85B
Interest expense $3.47B$3.12B$2.58B$2.31B$2.27B$2.33B$2.33B$2.06B$1.92B$1.80B
Pre-tax income $4.78B$5.36B$4.24B$4.96B$6.87B$377.0M$5.02B$3.69B$710.0M$204.0M
Income tax $350.0M$541.0M$303.0M$204.0M$184.0M$237.0M$195.0M$4.0M$1.83B$258.0M
Net income $4.43B$4.81B$3.94B$4.76B$5.47B-$648.0M$3.52B$1.75B$954.0M$995.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.27B$312.0M$161.0M$257.0M$336.0M$367.0M$291.0M$419.0M$336.0M$467.0M
Receivables ——$9.05B$8.47B$7.65B$3.88B$5.04B$4.01B$4.50B$3.56B
Inventory $4.77B$3.07B$2.48B$2.46B$2.01B$1.74B$1.53B$1.68B$2.02B$2.06B
Total current assets $18.23B$14.20B$12.43B$12.08B$10.54B$6.32B$7.46B$6.75B$10.68B$6.90B
Property, plant and equipment $102.14B$95.21B$85.35B$80.31B$81.61B$75.11B$74.19B$66.96B$61.09B$53.58B
Goodwill $5.45B$3.90B$4.02B$2.57B$2.53B$2.39B$5.17B$4.88B$4.77B$5.67B
Other intangibles $7.44B$5.97B$6.24B$5.42B$5.86B$5.75B$6.15B$6.00B$6.12B$5.51B
Total assets $141.29B$125.38B$113.70B$105.64B$105.96B$95.14B$98.97B$88.41B$86.25B$78.92B
Accounts payable ——$6.66B$6.95B$6.83B$2.81B$4.12B$3.49B$4.68B$3.50B
Short-term debt $25.0M$8.0M$1.01B$2.0M$680.0M$21.0M$26.0M$2.65B$413.0M$1.19B
Total current liabilities $14.96B$12.66B$11.28B$10.37B$10.84B$5.92B$7.72B$9.31B$7.90B$7.28B
Long-term debt $68.31B$59.75B$51.38B$48.26B$49.02B$51.42B$51.03B$43.37B$43.67B$42.61B
Total equity $49.01B$46.02B$43.94B$40.66B$39.34B$31.39B$33.94B$31.02B$30.09B$22.43B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $10.15B$11.51B$9.55B$9.05B$11.16B$7.36B$8.06B$7.51B$4.43B$3.32B
Depreciation and amortisation $5.20B$4.70B$3.99B$3.77B$3.46B$3.27B$2.84B$2.54B$2.20B$1.95B
Stock-based compensation $148.0M$151.0M$130.0M$115.0M$111.0M$121.0M$113.0M$105.0M$99.0M$70.0M
Capital expenditure $6.30B$4.16B$3.13B$3.38B$2.82B$5.13B$5.96B$7.41B$8.44B$7.77B
Investing cash flow -$8.37B-$5.90B-$4.33B-$4.02B-$2.77B-$4.90B-$6.93B-$7.08B-$5.61B-$8.98B
Financing cash flow -$816.0M-$5.45B-$5.33B-$5.11B-$8.42B-$2.39B-$1.25B-$3.08B$953.0M$5.93B
Buybacks ——$0$0$31.0M$0$25.0M$0$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001276187-26-000013.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -25B 0 25B 50B 75B 100B Revenue, FY2016: 31.8B Gross profit, FY2016: 8.1B Net income, FY2016: 995M Revenue, FY2017: 40.5B Gross profit, FY2017: 9.6B Net income, FY2017: 954M Revenue, FY2018: 54.1B Gross profit, FY2018: 12.5B Net income, FY2018: 1.7B Revenue, FY2019: 54.2B Gross profit, FY2019: 14.4B Net income, FY2019: 3.5B Revenue, FY2020: 39B Gross profit, FY2020: 13.5B Net income, FY2020: -648M Revenue, FY2021: 67.4B Gross profit, FY2021: 17B Net income, FY2021: 5.5B Revenue, FY2022: 89.9B Gross profit, FY2022: 17.6B Net income, FY2022: 4.8B Revenue, FY2023: 78.6B Gross profit, FY2023: 18B Net income, FY2023: 3.9B Revenue, FY2024: 82.7B Gross profit, FY2024: 20.7B Net income, FY2024: 4.8B Revenue, FY2025: 85.5B Gross profit, FY2025: 22B Net income, FY2025: 4.4B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $31.79B $40.52B $54.09B $54.21B $38.95B $67.42B $89.88B $78.59B $82.67B $85.54B
Gross profit $8.10B $9.56B $12.48B $14.41B $13.47B $17.02B $17.64B $18.05B $20.70B $22.04B
Net income $995.0M $954.0M $1.75B $3.52B -$648.0M $5.47B $4.76B $3.94B $4.81B $4.43B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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