Energy Transfer LP ET
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 4922
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WMB | WILLIAMS COMPANIES, INC. | $90.70B | 34.6x | 17.9% |
| EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | $84.09B | — | -6.4% |
| KMI | KINDER MORGAN, INC. | $69.92B | 22.9x | 12.7% |
| TRGP | Targa Resources Corp. | $62.20B | 34.2x | 3.9% |
| WES | Western Midstream Partners, LP | $19.51B | — | 6.6% |
| DTM | DT Midstream, Inc. | $13.21B | 30.1x | 26.7% |
| AM | Antero Midstream Corp | $10.73B | 26.3x | 7.4% |
| KGS | Kodiak Gas Services, Inc. | $6.33B | 70.3x | 12.8% |