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Energy Transfer (ET) Financials

Energy Transfer logo
$17.66 +0.10 (+0.54%)
Closing price 08/28/2025 03:59 PM Eastern
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$17.66 -0.01 (-0.06%)
As of 05:03 AM Eastern
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Annual Income Statements for Energy Transfer

Annual Income Statements for Energy Transfer

This table shows Energy Transfer's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 633 1,189 995 954 1,749 3,518 -648 5,179 4,334 3,472 4,398
Consolidated Net Income / (Loss)		 1,124 1,061 0.00 2,366 3,420 4,825 140 6,687 5,868 5,294 6,565
Net Income / (Loss) Continuing Operations		 1,060 1,023 462 2,543 3,685 59,038 140 6,402 5,868 5,294 6,565
Total Pre-Tax Income 		1,417 900 204 710 3,689 59,233 377 6,871 6,072 5,597 7,106
Total Operating Income		 2,470 2,287 1,851 2,721 5,403 7,203 2,980 8,792 7,738 8,295 9,138
Total Gross Profit		 7,277 7,428 8,099 9,557 12,484 68,625 13,467 17,022 17,644 18,045 20,696
Total Revenue		 55,691 36,096 31,792 40,523 54,087 108,426 38,954 67,417 89,876 78,586 82,671
Operating Revenue		 50,817 31,505 31,792 40,523 54,087 108,426 38,954 67,417 89,876 78,586 82,671
Total Cost of Revenue		 48,414 28,668 23,693 30,966 41,603 39,801 25,487 50,395 72,232 60,541 61,975
Operating Cost of Revenue		 48,414 28,668 23,693 30,966 41,603 39,801 25,487 50,395 72,232 60,541 61,975
Total Operating Expenses		 4,807 5,141 6,248 6,836 7,081 7,209 10,487 8,230 9,906 10,377 10,972
Selling, General & Admin Expense		 2,713 2,851 2,992 3,243 3,791 3,988 3,929 4,392 5,356 5,353 6,341
Depreciation Expense		 1,724 1,951 2,216 2,554 2,859 3,147 3,678 3,817 4,164 4,385 5,165
Impairment Charge		 370 339 1,040 1,039 431 74 2,880 21 386 12 52
Other Special Charges / (Income)		 - - - - - - - 0.00 0.00 627 -586
Total Other Income / (Expense), net		 -1,053 -1,387 -1,647 -2,011 -1,714 -2,183 -2,603 -2,206 -1,666 -2,071 -2,618
Interest Expense		 1,394 1,665 1,804 2,011 2,167 2,349 2,402 2,590 2,306 2,576 3,137
Interest & Investment Income		 509 276 -38 -169 344 302 -10 246 257 383 379
Other Income / (Expense), net		 -168 2.00 195 169 109 -136 -191 138 383 122 140
Income Tax Expense		 357 -123 -258 -1,833 4.00 195 237 184 204 303 541
Preferred Stock Dividends Declared		 - - - - - 0.00 - - 0.00 0.00 54
Net Income / (Loss) Attributable to Noncontrolling Interest		 491 -128 -995 1,412 1,671 1,307 788 1,217 1,112 1,359 1,751
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - - - - 422 463 362
Basic Earnings per Share		 $0.58 $1.11 $0.94 $0.85 $1.20 - - $1.89 $1.40 $1.10 $1.29
Weighted Average Basic Shares Outstanding		 1.09B 1.06B 1.08B 1.15B 1.21 2.69B 2.70B 3.08B 3.09B 3.37B 3.43B
Diluted Earnings per Share		 $0.57 $1.11 $0.92 $0.83 $2.39 - - $1.89 $1.40 $1.09 $1.28
Weighted Average Diluted Shares Outstanding		 1.09B 1.06B 1.08B 1.15B 1.46B 2.69B 2.70B 3.08B 3.09B 3.37B 3.43B
Weighted Average Basic & Diluted Shares Outstanding		 1.09B 1.06B 1.08B 1.15B 1.46B 2.69B 2.70B 3.08B 3.09B 3.37B 3.43B
Cash Dividends to Common per Share		 - - $1.14 $1.17 $1.22 $1.22 $0.92 $0.63 $1.00 $1.25 $1.29

Quarterly Income Statements for Energy Transfer

This table shows Energy Transfer's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 4,907 1,005 797 466 1,204 1,089 1,182 1,115 1,010 1,255 1,091
Consolidated Net Income / (Loss)		 1,437 1,447 1,233 1,047 1,567 1,692 1,992 1,434 1,447 1,720 1,458
Net Income / (Loss) Continuing Operations		 5,625 1,447 1,233 1,047 1,567 1,692 1,992 1,434 1,447 1,720 1,458
Total Pre-Tax Income 		5,670 1,518 1,341 1,124 1,614 1,781 2,219 1,523 1,583 1,761 1,537
Total Operating Income		 1,806 2,062 1,835 2,233 2,165 2,380 2,298 2,181 2,279 2,491 2,309
Total Gross Profit		 8,791 4,385 4,228 4,680 4,752 5,032 5,120 5,160 5,384 5,449 5,296
Total Revenue		 40,992 18,995 18,320 20,739 20,532 21,629 20,729 20,772 19,541 21,020 19,242
Operating Revenue		 - 18,995 18,320 20,739 20,532 21,629 20,729 20,772 19,541 21,020 19,242
Total Cost of Revenue		 32,201 14,610 14,092 16,059 15,780 16,597 15,609 15,612 14,157 15,571 13,946
Operating Cost of Revenue		 - 14,610 14,092 16,059 15,780 16,597 15,609 15,612 14,157 15,571 13,946
Total Operating Expenses		 2,932 2,323 2,393 3,072 2,589 2,652 2,224 2,979 3,117 2,958 2,987
Selling, General & Admin Expense		 1,572 1,263 1,322 1,339 1,429 1,398 1,559 1,655 1,729 1,587 1,600
Depreciation Expense		 1,060 1,059 1,061 1,107 1,158 1,254 1,213 1,324 1,374 1,367 1,384
Impairment Charge		 - 1.00 10 1.00 - 0.00 50 0.00 2.00 4.00 3.00
Other Special Charges / (Income)		 - - 0.00 625 - - -598 0.00 - - 0.00
Total Other Income / (Expense), net		 -189 -544 -494 -484 -549 -599 -677 -658 -684 -730 -772
Interest Expense		 592 619 641 632 684 733 768 828 808 811 882
Interest & Investment Income		 71 88 95 103 97 98 85 102 94 92 105
Other Income / (Expense), net		 - -13 52 45 38 36 6.00 68 30 -11 5.00
Income Tax Expense		 45 71 108 77 47 89 227 89 136 41 79
Preferred Stock Dividends Declared		 - 109 0.00 0.00 -109 21 33 0.00 -129 0.00 8.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 295 334 322 463 240 452 678 251 370 397 295
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - -1.00 114 118 232 130 99 68 196 68 64
Basic Earnings per Share		 $0.33 $0.32 $0.25 $0.15 $0.38 $0.32 $0.35 $0.33 $0.29 $0.37 $0.32
Weighted Average Basic Shares Outstanding		 3.09B 3.10B 3.14B 3.15B 3.37B 3.37B 3.42B 3.42B 3.43B 3.43B 3.43B
Diluted Earnings per Share		 $0.35 $0.32 $0.25 $0.15 $0.37 $0.32 $0.35 $0.32 $0.29 $0.36 $0.32
Weighted Average Diluted Shares Outstanding		 3.09B 3.10B 3.14B 3.15B 3.37B 3.37B 3.42B 3.42B 3.43B 3.43B 3.43B
Weighted Average Basic & Diluted Shares Outstanding		 3.09B 3.10B 3.14B 3.15B 3.37B 3.37B 3.42B 3.42B 3.43B 3.43B 3.43B

Annual Cash Flow Statements for Energy Transfer

This table details how cash moves in and out of Energy Transfer's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 257 -254 -118 -131 83 -128 76 -31 -79 -96 151
Net Cash From Operating Activities		 3,175 2,979 3,322 4,429 7,506 8,056 7,361 11,162 9,051 9,555 11,506
Net Cash From Continuing Operating Activities		 3,175 2,979 3,322 4,429 7,506 8,056 7,361 11,162 9,051 9,555 11,506
Net Income / (Loss) Continuing Operations		 1,124 1,023 462 2,543 3,685 4,825 140 6,687 5,868 5,294 6,565
Consolidated Net Income / (Loss)		 1,124 1,061 0.00 2,366 3,420 4,825 140 6,687 5,868 5,294 6,565
Depreciation Expense		 1,724 1,951 2,216 2,554 2,859 3,147 3,678 3,817 4,164 4,385 5,165
Non-Cash Adjustments To Reconcile Net Income		 659 659 1,000 1,395 735 258 3,286 2.00 334 124 -304
Changes in Operating Assets and Liabilities, net		 -281 -633 -356 -2,063 227 -174 257 656 -1,315 -248 80
Net Cash From Investing Activities		 -6,795 -9,735 -8,982 -5,046 -7,075 -6,934 -4,898 -2,775 -4,022 -4,325 -5,904
Net Cash From Continuing Investing Activities		 -6,795 -9,735 -6,846 -5,606 -7,075 -6,934 -4,898 -2,775 -4,022 -4,325 -5,904
Purchase of Property, Plant & Equipment		 -5,381 -9,073 -7,771 -8,444 -7,407 -5,960 -5,130 -2,822 -3,381 -3,134 -4,164
Acquisitions		 -2,367 -906 -1,398 -583 -429 -794 0.00 -205 -1,141 -1,329 -2,732
Purchase of Investments		 - - - - - - -38 -4.00 0.00 -6.00 -206
Divestitures		 876 14 35 3,526 548 54 19 45 380 38 1,038
Sale and/or Maturity of Investments		 - - 135 135 69 -425 187 167 62 63 75
Other Investing Activities, net		 77 230 17 -240 144 191 64 44 58 43 85
Net Cash From Financing Activities		 3,877 6,785 5,927 953 -3,082 -1,250 -2,387 -8,418 -5,108 -5,326 -5,451
Net Cash From Continuing Financing Activities		 3,877 6,785 5,927 953 -3,082 -1,250 -2,387 -8,418 -5,108 -5,326 -5,451
Repayment of Debt		 -13,968 -19,911 -19,131 -31,654 -29,285 -20,232 -24,192 -27,332 -29,708 -31,461 -30,305
Repurchase of Preferred Equity		 0.00 - 0.00 -53 - - - - 0.00 0.00 -3,466
Payment of Dividends		 -2,587 -2,584 -3,552 -2,757 -4,176 -4,356 -4,280 -3,208 -4,643 -5,998 -6,468
Issuance of Debt		 18,375 26,455 26,051 31,614 29,001 22,583 24,505 21,264 28,838 32,130 34,150
Issuance of Common Equity		 - 0.00 0.00 568 - - - - 405 3.00 638

Quarterly Cash Flow Statements for Energy Transfer

This table details how cash moves in and out of Energy Transfer's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -69 73 - 184 -353 1,785 -1,296 -351 13 141 -211
Net Cash From Operating Activities		 1,338 3,350 2,536 2,373 1,296 3,772 2,270 2,874 2,590 2,917 2,762
Net Cash From Continuing Operating Activities		 1,338 3,350 2,536 2,373 1,296 3,772 2,270 2,874 2,590 2,917 2,762
Net Income / (Loss) Continuing Operations		 1,437 1,447 1,233 1,047 1,567 1,692 1,992 1,434 1,447 1,720 1,458
Consolidated Net Income / (Loss)		 1,437 1,447 1,233 1,047 1,567 1,692 1,992 1,434 1,447 1,720 1,458
Depreciation Expense		 1,060 1,059 1,061 1,107 1,158 1,254 1,213 1,324 1,374 1,367 1,384
Non-Cash Adjustments To Reconcile Net Income		 102 -10 75 -129 188 -114 -470 236 44 -32 72
Changes in Operating Assets and Liabilities, net		 -1,261 854 167 348 -1,617 940 -465 -120 -275 -138 -152
Net Cash From Investing Activities		 -945 -803 -1,888 -670 -964 -1,196 45 -3,284 -1,469 -1,198 -1,701
Net Cash From Continuing Investing Activities		 -945 -803 -1,888 -670 -964 -1,196 45 -3,284 -1,469 -1,198 -1,701
Purchase of Property, Plant & Equipment		 -888 -853 -876 -701 -704 -795 -811 -1,086 -1,472 -1,224 -1,659
Acquisitions		 -79 0.00 -1,041 - -288 -449 -39 -2,198 -46 -12 -92
Sale and/or Maturity of Investments		 -4.00 30 -3.00 18 18 23 55 -18 15 20 36
Other Investing Activities, net		 8.00 16 13 5.00 9.00 23 -178 13 227 16 16
Net Cash From Financing Activities		 -462 -2,474 -648 -1,519 -685 -791 -3,611 59 -1,108 -1,578 -1,272
Net Cash From Continuing Financing Activities		 -462 -2,474 -648 -1,519 -685 -791 -3,611 59 -1,108 -1,578 -1,272
Repayment of Debt		 -8,590 -8,605 -6,951 -7,549 -8,356 -7,066 -11,406 -4,764 -7,069 -10,571 -4,608
Repurchase of Preferred Equity		 - 0.00 - - - -932 -2,534 - - 0.00 -500
Payment of Dividends		 -1,311 -1,454 -1,527 -1,470 -1,547 -1,571 -1,715 -1,575 -1,607 -1,601 -1,721
Issuance of Debt		 9,438 7,582 7,830 7,500 9,218 8,141 12,044 6,398 7,567 10,592 5,554
Issuance of Common Equity		 1.00 3.00 - - - 637 - - 1.00 2.00 3.00

Annual Balance Sheets for Energy Transfer

This table presents Energy Transfer's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 64,279 71,189 78,925 86,246 66,962 98,973 95,144 105,963 105,643 113,698 125,380
Total Current Assets		 6,139 5,410 6,899 10,683 0.00 7,464 6,317 10,537 12,081 12,433 14,202
Cash & Equivalents		 847 606 467 336 - 291 367 336 257 161 312
Accounts Receivable		 3,413 2,519 3,604 4,557 - 5,197 3,954 7,708 8,559 9,148 10,191
Inventories, net		 1,467 1,636 2,055 2,022 - 1,532 1,739 2,014 2,461 2,478 3,070
Current Deferred & Refundable Income Taxes		 - - 128 136 - 146 35 32 68 67 56
Other Current Assets		 331 603 447 295 - 275 213 437 726 513 486
Plant, Property, & Equipment, net		 40,292 48,683 53,578 61,088 66,962 74,193 75,107 81,607 80,311 85,351 95,212
Plant, Property & Equipment, gross		 45,018 54,979 61,562 71,177 - 89,790 94,115 103,991 105,996 114,932 129,242
Accumulated Depreciation		 4,726 6,296 7,984 10,089 - 15,597 19,008 22,384 25,685 29,581 34,030
Total Noncurrent Assets		 17,848 17,096 18,448 14,475 0.00 17,316 13,720 13,819 13,251 15,914 15,966
Long-Term Investments		 3,659 3,462 3,040 2,705 - 3,460 3,060 2,947 2,893 3,097 3,266
Goodwill		 7,865 7,473 5,670 4,768 - 5,167 2,391 2,533 2,566 4,019 3,903
Intangible Assets		 5,582 5,431 5,512 6,116 - 6,154 5,746 5,856 5,415 6,239 5,971
Other Noncurrent Operating Assets		 742 730 815 886 - 2,535 2,523 2,483 2,377 2,559 2,826
Total Liabilities & Shareholders' Equity		 64,279 71,189 78,925 86,246 51,018 98,973 95,144 105,963 105,643 113,698 125,380
Total Liabilities		 41,932 47,558 56,461 56,266 51,018 65,035 62,994 65,835 64,491 68,981 78,946
Total Current Liabilities		 6,683 4,910 7,277 7,897 5,644 7,724 5,923 10,835 10,368 11,277 12,656
Short-Term Debt		 1,008 131 1,194 413 2,656 26 21 680 2.00 1,008 8.00
Accounts Payable		 3,368 2,302 3,544 4,716 - 4,149 2,836 6,834 6,952 6,684 8,306
Other Current Liabilities		 2,307 2,477 2,539 2,693 2,988 3,549 3,066 3,321 3,397 3,585 4,323
Total Noncurrent Liabilities		 35,249 42,648 49,184 48,369 45,374 57,311 57,071 55,000 54,123 57,704 66,290
Long-Term Debt		 29,477 36,837 42,858 43,671 43,379 51,028 51,417 49,022 48,260 51,380 59,752
Noncurrent Deferred & Payable Income Tax Liabilities		 4,410 4,590 5,112 3,315 - 3,208 3,428 3,648 3,701 3,931 4,190
Other Noncurrent Operating Liabilities		 1,362 1,221 1,166 1,383 1,995 3,075 2,226 2,330 2,162 2,393 2,348
Commitments & Contingencies		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 33 33 33 - - - 762 783 493 778 417
Total Equity & Noncontrolling Interests		 22,314 23,598 22,431 29,980 0.00 33,938 31,388 39,345 40,659 43,939 46,017
Total Preferred & Common Equity		 664 -932 -1,694 -1,196 0.00 21,920 18,529 31,300 33,025 36,682 35,118
Total Common Equity		 664 -932 -1,694 -1,196 0.00 21,920 18,529 31,300 33,025 36,682 35,118
Common Stock		 669 -932 -1,694 -1,196 - 21,931 18,523 31,277 33,009 36,654 35,045
Accumulated Other Comprehensive Income / (Loss)		 -5.00 - - 0.00 - -11 6.00 23 16 28 73
Noncontrolling Interest		 21,650 24,530 24,125 31,176 - 12,018 12,859 8,045 7,634 7,257 10,899

Quarterly Balance Sheets for Energy Transfer

This table presents Energy Transfer's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets		 105,735 104,521 105,132 107,571 115,789 121,339 124,429 126,425 125,022
Total Current Assets		 12,159 11,370 10,598 13,423 15,018 13,406 13,336 15,237 13,671
Cash & Equivalents		 326 330 330 514 1,946 650 299 453 242
Accounts Receivable		 8,679 8,377 7,383 9,713 9,762 9,647 9,976 11,433 10,049
Inventories, net		 2,490 2,047 2,271 2,590 2,267 2,624 2,502 2,787 2,795
Current Deferred & Refundable Income Taxes		 65 64 82 84 58 33 58 91 54
Other Current Assets		 599 552 532 522 474 452 501 473 531
Plant, Property, & Equipment, net		 80,261 80,004 81,149 80,873 85,172 91,888 95,012 95,239 95,531
Plant, Property & Equipment, gross		 105,040 106,643 108,718 109,411 115,631 123,481 127,804 130,496 132,039
Accumulated Depreciation		 24,779 26,639 27,569 28,538 30,459 31,593 32,792 35,257 36,508
Total Noncurrent Assets		 13,315 13,147 13,385 13,275 15,599 16,045 16,081 15,949 15,820
Long-Term Investments		 2,869 2,861 3,007 2,993 3,093 3,236 3,268 3,260 3,243
Goodwill		 2,553 2,566 2,564 2,564 3,887 3,910 3,910 3,903 3,903
Intangible Assets		 5,505 5,322 5,301 5,204 6,111 6,202 6,102 5,888 5,774
Other Noncurrent Operating Assets		 2,388 2,398 2,513 2,514 2,508 2,697 2,801 2,898 2,900
Total Liabilities & Shareholders' Equity		 105,735 104,521 105,132 107,571 115,789 121,339 124,429 126,425 125,022
Total Liabilities		 64,674 63,358 63,675 66,512 71,323 75,450 77,831 79,845 79,165
Total Current Liabilities		 11,243 10,162 13,013 12,755 12,719 11,709 12,371 13,571 11,849
Short-Term Debt		 2.00 2.00 3,459 1,006 1,181 257 263 7.00 6.00
Accounts Payable		 7,523 6,943 6,179 7,997 7,535 7,467 7,327 8,999 7,537
Other Current Liabilities		 3,718 3,217 3,375 3,745 3,844 3,974 4,726 4,565 4,306
Total Noncurrent Liabilities		 53,431 53,196 50,662 53,757 58,604 63,741 65,460 66,274 67,316
Long-Term Debt		 47,413 47,229 44,672 47,075 52,295 57,359 58,995 59,782 60,749
Noncurrent Deferred & Payable Income Tax Liabilities		 3,661 3,759 3,839 3,891 4,009 4,001 4,110 4,179 4,204
Other Noncurrent Operating Liabilities		 2,357 2,208 2,151 2,791 2,300 2,381 2,355 2,313 2,363
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 493 494 495 498 673 417 418 418 323
Total Equity & Noncontrolling Interests		 40,568 40,669 40,962 40,561 43,793 45,472 46,180 46,162 45,534
Total Preferred & Common Equity		 32,831 33,148 33,551 33,124 35,933 34,312 35,240 35,318 34,779
Total Common Equity		 32,831 33,148 33,551 33,124 35,933 34,312 35,240 35,318 34,779
Common Stock		 32,799 33,135 33,527 33,095 35,892 34,264 35,198 35,254 34,714
Accumulated Other Comprehensive Income / (Loss)		 32 13 24 29 41 48 42 64 65
Noncontrolling Interest		 7,737 7,521 7,411 7,437 7,860 11,160 10,940 10,844 10,755

Annual Metrics And Ratios for Energy Transfer

This table displays calculated financial ratios and metrics derived from Energy Transfer's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.22% -35.19% -11.92% 27.46% 33.47% 100.47% -64.07% 73.07% 33.31% -12.56% 5.20%
EBITDA Growth		 47.60% 6.14% 1.02% 27.73% 53.77% 22.02% -36.68% 97.11% -3.62% 4.21% 12.82%
EBIT Growth		 60.42% -0.56% -10.62% 41.25% 90.73% 28.21% -60.53% 220.19% -9.06% 3.64% 10.23%
NOPAT Growth		 58.42% 40.69% 61.26% 132.49% -44.62% 33.02% -84.59% 673.21% -12.60% 4.92% 7.60%
Net Income Growth		 256.83% -5.61% -100.00% 0.00% 44.55% 41.08% -97.10% 4,676.43% -12.25% -9.78% 24.01%
EPS Growth		 256.83% 94.74% -17.12% -9.78% 187.95% 0.00% 0.00% 0.00% -25.93% -22.14% 17.43%
Operating Cash Flow Growth		 31.25% -6.17% 11.51% 33.32% 69.47% 7.33% -8.63% 51.64% -18.91% 5.57% 20.42%
Free Cash Flow Firm Growth		 -1,089.12% 51.08% 121.79% 16.58% -173.06% 115.88% 1,206.55% -0.05% 256.61% -95.66% -214.22%
Invested Capital Growth		 38.37% 17.08% 5.25% 13.98% 9.51% 9.45% -1.31% 7.97% -0.31% 8.71% 9.41%
Revenue Q/Q Growth		 1.59% -21.65% 20.79% 6.50% 4.08% 100.54% -59.78% 14.67% 33.07% -20.66% -1.18%
EBITDA Q/Q Growth		 16.36% -1.63% 2.18% 8.68% 14.94% 4.96% -3.29% 2.48% 4.96% 4.74% 2.28%
EBIT Q/Q Growth		 23.10% -0.99% -5.06% 15.05% 22.57% 6.46% -11.96% 3.37% 6.56% 6.06% 1.16%
NOPAT Q/Q Growth		 15.43% 21.06% -2.70% 275.25% -28.66% 7.25% -66.41% 6.24% 5.38% 2.05% -0.12%
Net Income Q/Q Growth		 56.76% 13.23% -100.00% 495.97% -7.09% 9.14% -77.35% 6.33% 3.64% 2.52% -1.80%
EPS Q/Q Growth		 56.76% 16.84% -8.91% -5.68% 106.03% 0.00% 0.00% 0.00% 0.00% 1.87% -5.88%
Operating Cash Flow Q/Q Growth		 3.12% 5.86% 8.78% -1.82% 18.88% -1.48% -2.44% -1.47% -4.24% -0.44% 12.67%
Free Cash Flow Firm Q/Q Growth		 1.18% -8.98% 165.66% 355.46% 3.30% -94.88% 2,234.94% -78.06% 1,318.08% -95.42% 95.35%
Invested Capital Q/Q Growth		 1.71% 3.15% -2.45% 5.72% 2.01% 6.60% 0.96% 11.59% 1.16% 9.51% 0.26%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 13.07% 20.58% 25.48% 23.58% 23.08% 63.29% 34.57% 25.25% 19.63% 22.96% 25.03%
EBITDA Margin		 7.14% 11.69% 13.41% 13.43% 15.48% 9.42% 16.60% 18.91% 13.67% 16.29% 17.47%
Operating Margin		 4.44% 6.34% 5.82% 6.71% 9.99% 6.64% 7.65% 13.04% 8.61% 10.56% 11.05%
EBIT Margin		 4.13% 6.34% 6.44% 7.13% 10.19% 6.52% 7.16% 13.25% 9.04% 10.71% 11.22%
Profit (Net Income) Margin		 2.02% 2.94% 0.00% 5.84% 6.32% 4.45% 0.36% 9.92% 6.53% 6.74% 7.94%
Tax Burden Percent		 79.32% 117.89% 0.00% 333.24% 92.71% 8.15% 37.14% 97.32% 96.64% 94.59% 92.39%
Interest Burden Percent		 61.56% 39.32% 9.97% 24.57% 66.93% 838.16% 13.52% 76.94% 74.77% 66.50% 76.59%
Effective Tax Rate		 25.19% -13.67% -126.47% -258.17% 0.11% 0.33% 62.86% 2.68% 3.36% 5.41% 7.61%
Return on Invested Capital (ROIC)		 4.45% 4.96% 7.23% 15.32% 7.60% 9.24% 1.37% 10.27% 8.65% 8.72% 8.60%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.19% -0.27% -4.77% -4.42% 2.70% 4.01% -0.66% 6.31% 5.14% 3.30% 5.03%
Return on Net Nonoperating Assets (RNNOA)		 1.37% -0.35% -7.23% -6.30% 3.55% 5.54% -0.95% 8.24% 5.78% 3.62% 5.81%
Return on Equity (ROE)		 5.82% 4.62% 0.00% 9.02% 11.15% 14.78% 0.42% 18.50% 14.44% 12.33% 14.40%
Cash Return on Invested Capital (CROIC)		 -27.75% -10.77% 2.12% 2.25% -1.47% 0.21% 2.69% 2.61% 8.96% 0.37% -0.39%
Operating Return on Assets (OROA)		 4.02% 3.38% 2.73% 3.50% 6.32% 7.55% 2.87% 8.88% 7.68% 7.67% 7.76%
Return on Assets (ROA)		 1.96% 1.57% 0.00% 2.86% 3.92% 5.15% 0.14% 6.65% 5.55% 4.83% 5.49%
Return on Common Equity (ROCE)		 0.26% -0.03% 0.00% -0.50% 3.52% 9.62% 0.26% 12.76% 11.43% 10.01% 11.35%
Return on Equity Simple (ROE_SIMPLE)		 169.28% -113.84% 0.00% -197.83% 16.64% 22.01% 0.76% 21.36% 17.77% 14.43% 18.69%
Net Operating Profit after Tax (NOPAT)		 1,848 2,600 4,192 9,746 5,397 7,179 1,107 8,557 7,478 7,846 8,442
NOPAT Margin		 3.32% 7.20% 13.19% 24.05% 9.98% 6.62% 2.84% 12.69% 8.32% 9.98% 10.21%
Net Nonoperating Expense Percent (NNEP)		 3.26% 5.24% 12.00% 19.74% 4.90% 5.22% 2.03% 3.96% 3.52% 5.42% 3.57%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 8.41% 8.15% 7.98%
Cost of Revenue to Revenue		 86.93% 79.42% 74.53% 76.42% 76.92% 36.71% 65.43% 74.75% 80.37% 77.04% 74.97%
SG&A Expenses to Revenue		 4.87% 7.90% 9.41% 8.00% 7.01% 3.68% 10.09% 6.51% 5.96% 6.81% 7.67%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 8.63% 14.24% 19.65% 16.87% 13.09% 6.65% 26.92% 12.21% 11.02% 13.20% 13.27%
Earnings before Interest and Taxes (EBIT)		 2,302 2,289 2,046 2,890 5,512 7,067 2,789 8,930 8,121 8,417 9,278
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,975 4,219 4,262 5,444 8,371 10,214 6,467 12,747 12,285 12,802 14,443
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 11.05 0.00 0.00 0.00 0.58 1.06 0.69 0.67 0.92 1.15 1.88
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 1.23 2.18 1.23 0.91 1.21 1.60 2.62
Price to Revenue (P/Rev)		 0.13 0.20 0.35 0.28 0.22 0.21 0.33 0.31 0.34 0.54 0.80
Price to Earnings (P/E)		 11.59 5.99 11.23 11.92 6.79 6.58 0.00 4.03 7.00 12.15 15.04
Dividend Yield		 5.58% 11.74% 11.00% 11.64% 15.01% 14.18% 22.52% 9.00% 8.88% 9.86% 6.61%
Earnings Yield		 8.63% 16.70% 8.90% 8.39% 14.72% 15.20% 0.00% 24.79% 14.29% 8.23% 6.65%
Enterprise Value to Invested Capital (EV/IC)		 1.14 1.14 1.28 1.23 0.88 1.02 0.93 0.88 0.97 1.06 1.30
Enterprise Value to Revenue (EV/Rev)		 0.99 1.79 2.39 2.06 1.21 0.76 1.91 1.13 0.93 1.26 1.62
Enterprise Value to EBITDA (EV/EBITDA)		 13.82 15.30 17.80 15.35 7.83 8.07 11.51 5.97 6.80 7.76 9.25
Enterprise Value to EBIT (EV/EBIT)		 23.86 28.19 37.08 28.92 11.89 11.67 26.69 8.53 10.29 11.80 14.40
Enterprise Value to NOPAT (EV/NOPAT)		 29.72 24.83 18.10 8.57 12.14 11.48 67.26 8.90 11.17 12.66 15.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.30 21.66 22.84 18.87 8.73 10.23 10.11 6.82 9.23 10.39 11.61
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 61.73 58.32 0.00 495.82 34.26 35.06 10.79 295.56 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.36 1.56 1.96 1.47 1.47 1.50 1.60 1.24 1.17 1.17 1.29
Long-Term Debt to Equity		 1.32 1.56 1.91 1.46 1.38 1.50 1.60 1.22 1.17 1.15 1.29
Financial Leverage		 1.15 1.28 1.52 1.43 1.31 1.38 1.44 1.31 1.13 1.10 1.15
Leverage Ratio		 2.96 2.95 3.26 3.15 2.85 2.87 2.94 2.78 2.60 2.55 2.62
Compound Leverage Factor		 1.82 1.16 0.32 0.77 1.90 24.04 0.40 2.14 1.95 1.70 2.01
Debt to Total Capital		 57.70% 61.00% 66.23% 59.52% 59.49% 60.07% 61.54% 55.33% 53.98% 53.95% 56.27%
Short-Term Debt to Total Capital		 1.91% 0.22% 1.80% 0.56% 3.43% 0.03% 0.03% 0.76% 0.00% 1.04% 0.01%
Long-Term Debt to Total Capital		 55.79% 60.79% 64.43% 58.96% 56.05% 60.04% 61.51% 54.57% 53.97% 52.91% 56.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 41.04% 40.53% 36.32% 42.09% 13.94% 14.14% 16.30% 9.83% 9.09% 8.27% 10.66%
Common Equity to Total Capital		 1.26% -1.54% -2.55% -1.61% 26.57% 25.79% 22.17% 34.84% 36.93% 37.78% 33.07%
Debt to EBITDA		 7.67 8.76 10.34 8.10 5.50 5.00 7.95 3.90 3.93 4.09 4.14
Net Debt to EBITDA		 6.52 7.79 9.51 7.53 5.12 4.63 7.42 3.64 3.67 3.83 3.89
Long-Term Debt to EBITDA		 7.42 8.73 10.06 8.02 5.18 5.00 7.95 3.85 3.93 4.01 4.14
Debt to NOPAT		 16.50 14.22 10.51 4.52 8.53 7.11 46.48 5.81 6.45 6.68 7.08
Net Debt to NOPAT		 14.02 12.64 9.67 4.21 7.94 6.59 43.38 5.42 6.03 6.25 6.65
Long-Term Debt to NOPAT		 15.95 14.17 10.22 4.48 8.04 7.11 46.46 5.73 6.45 6.55 7.08
Altman Z-Score		 1.08 0.71 0.60 0.74 0.91 1.54 0.63 1.10 1.41 1.31 1.42
Noncontrolling Interest Sharing Ratio		 95.49% 100.58% 105.70% 105.51% 68.43% 34.94% 38.80% 31.06% 20.86% 18.82% 21.23%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.92 1.10 0.95 1.35 0.73 0.97 1.07 0.97 1.17 1.10 1.12
Quick Ratio		 0.65 0.65 0.56 0.62 0.50 0.71 0.73 0.74 0.85 0.83 0.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -11,530 -5,640 1,229 1,433 -1,047 166 2,173 2,172 7,744 336 -384
Operating Cash Flow to CapEx		 59.00% 32.83% 42.75% 52.45% 101.34% 135.17% 143.49% 395.54% 267.70% 304.88% 276.32%
Free Cash Flow to Firm to Interest Expense		 -8.27 -3.39 0.68 0.71 -0.48 0.07 0.90 0.84 3.36 0.13 -0.12
Operating Cash Flow to Interest Expense		 2.28 1.79 1.84 2.20 3.46 3.43 3.06 4.31 3.93 3.71 3.67
Operating Cash Flow Less CapEx to Interest Expense		 -1.58 -3.66 -2.47 -2.00 0.05 0.89 0.93 3.22 2.46 2.49 2.34
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.97 0.53 0.42 0.49 0.62 1.16 0.40 0.67 0.85 0.72 0.69
Accounts Receivable Turnover		 15.61 12.17 10.38 9.93 12.47 23.27 8.51 11.56 11.05 8.88 8.51
Inventory Turnover		 29.57 18.48 12.84 15.19 22.49 24.81 15.58 26.86 32.28 24.52 22.34
Fixed Asset Turnover		 1.57 0.81 0.62 0.71 0.84 1.54 0.52 0.86 1.11 0.95 0.92
Accounts Payable Turnover		 13.42 10.11 8.11 7.50 10.06 10.34 7.30 10.42 10.48 8.88 8.26
Days Sales Outstanding (DSO)		 23.38 29.99 35.15 36.75 29.28 15.68 42.87 31.57 33.03 41.12 42.88
Days Inventory Outstanding (DIO)		 12.34 19.75 28.43 24.03 16.23 14.71 23.42 13.59 11.31 14.89 16.34
Days Payable Outstanding (DPO)		 27.20 36.10 45.03 48.68 36.27 35.31 50.02 35.02 34.83 41.11 44.20
Cash Conversion Cycle (CCC)		 8.52 13.65 18.55 12.10 9.24 -4.92 16.28 10.14 9.51 14.90 15.02
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 48,245 56,485 59,448 67,761 74,205 81,218 80,152 86,537 86,271 93,781 102,607
Invested Capital Turnover		 1.34 0.69 0.55 0.64 0.76 1.40 0.48 0.81 1.04 0.87 0.84
Increase / (Decrease) in Invested Capital		 13,378 8,240 2,963 8,313 6,444 7,013 -1,066 6,385 -266 7,510 8,826
Enterprise Value (EV)		 54,920 64,536 75,861 83,567 65,525 82,448 74,433 76,128 83,548 99,291 133,634
Market Capitalization		 7,339 7,119 11,179 11,372 11,879 23,150 12,810 20,891 30,319 42,192 66,145
Book Value per Share		 $1.23 ($0.89) ($1.62) ($1.11) $7.86 $8.34 $6.87 $11.57 $10.69 $11.66 $10.26
Tangible Book Value per Share		 ($23.73) ($13.24) ($12.30) ($11.19) $3.70 $4.03 $3.85 $8.47 $8.11 $8.40 $7.37
Total Capital		 52,832 60,599 66,516 74,064 77,377 84,992 83,588 89,830 89,414 97,105 106,194
Total Debt		 30,485 36,968 44,052 44,084 46,028 51,054 51,438 49,702 48,262 52,388 59,760
Total Long-Term Debt		 29,477 36,837 42,858 43,671 43,373 51,028 51,417 49,022 48,260 51,380 59,752
Net Debt		 25,898 32,854 40,524 41,019 42,856 47,280 48,002 46,409 45,102 49,064 56,173
Capital Expenditures (CapEx)		 5,381 9,073 7,771 8,444 7,407 5,960 5,130 2,822 3,381 3,134 4,164
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -464 -21 328 2,839 -435 -548 39 36 1,448 1,937 1,233
Debt-free Net Working Capital (DFNWC)		 464 631 816 3,199 95 -234 415 382 1,715 2,164 1,554
Net Working Capital (NWC)		 -544 500 -378 2,786 -2,560 -260 394 -298 1,713 1,156 1,546
Net Nonoperating Expense (NNE)		 724 1,539 4,192 7,380 1,977 2,354 967 1,870 1,610 2,552 1,877
Net Nonoperating Obligations (NNO)		 25,898 32,854 36,984 37,781 42,856 47,280 48,002 46,409 45,119 49,064 56,173
Total Depreciation and Amortization (D&A)		 1,673 1,930 2,216 2,554 2,859 3,147 3,678 3,817 4,164 4,385 5,165
Debt-free, Cash-free Net Working Capital to Revenue		 -0.83% -0.06% 1.03% 7.01% -0.80% -0.51% 0.10% 0.05% 1.61% 2.46% 1.49%
Debt-free Net Working Capital to Revenue		 0.83% 1.75% 2.57% 7.89% 0.18% -0.22% 1.07% 0.57% 1.91% 2.75% 1.88%
Net Working Capital to Revenue		 -0.98% 1.39% -1.19% 6.88% -4.73% -0.24% 1.01% -0.44% 1.91% 1.47% 1.87%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.29 $1.11 $0.94 $0.85 $1.16 $1.37 ($0.24) $0.00 $0.00 $1.10 $1.29
Adjusted Weighted Average Basic Shares Outstanding		 2.16B 1.04B 1.08B 1.08B 2.62B 2.69B 0.00 3.08B 3.09B 3.37B 3.43B
Adjusted Diluted Earnings per Share		 $0.29 $1.11 $0.92 $0.83 $1.15 $1.36 ($0.48) $0.00 $0.00 $1.09 $1.28
Adjusted Weighted Average Diluted Shares Outstanding		 2.16B 1.04B 1.08B 1.08B 2.62B 2.69B 2.70B 3.08B 3.09B 3.37B 3.43B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.16B 1.04B 1.08B 1.08B 2.62B 2.69B 2.70B 3.08B 3.09B 3.37B 3.43B
Normalized Net Operating Profit after Tax (NOPAT)		 2,124 1,838 2,024 2,632 5,828 7,253 4,102 8,577 7,851 8,450 7,949
Normalized NOPAT Margin		 3.81% 5.09% 6.37% 6.50% 10.77% 6.69% 10.53% 12.72% 8.74% 10.75% 9.62%
Pre Tax Income Margin		 2.54% 2.49% 0.64% 1.75% 6.82% 54.63% 0.97% 10.19% 6.76% 7.12% 8.60%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.65 1.37 1.13 1.44 2.54 3.01 1.16 3.45 3.52 3.27 2.96
NOPAT to Interest Expense		 1.33 1.56 2.32 4.85 2.49 3.06 0.46 3.30 3.24 3.05 2.69
EBIT Less CapEx to Interest Expense		 -2.21 -4.07 -3.17 -2.76 -0.87 0.47 -0.97 2.36 2.06 2.05 1.63
NOPAT Less CapEx to Interest Expense		 -2.53 -3.89 -1.98 0.65 -0.93 0.52 -1.68 2.21 1.78 1.83 1.36
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 230.16% 243.54% 0.00% 116.53% 122.11% 90.28% 3,057.14% 47.97% 79.12% 113.30% 98.52%
Augmented Payout Ratio		 319.13% 343.83% 0.00% 116.53% 122.81% 90.80% 3,057.14% 48.44% 79.12% 113.30% 98.52%

Quarterly Metrics And Ratios for Energy Transfer

This table displays calculated financial ratios and metrics derived from Energy Transfer's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 119.71% 0.00% -29.39% -9.59% -49.91% 13.87% 13.15% 0.16% -4.83% -2.82% -7.17%
EBITDA Growth		 6.54% 8.14% -9.85% 15.02% 17.27% 18.08% 19.30% 5.55% 9.58% 4.82% 5.15%
EBIT Growth		 5.61% 11.00% -15.15% 19.08% 21.98% 17.91% 22.10% -1.27% 4.81% 2.65% 0.43%
NOPAT Growth		 1.77% 52.11% -15.92% 11.96% 17.32% 15.03% 22.27% -1.27% -0.89% 7.60% 6.18%
Net Income Growth		 16.73% -2.69% -23.98% -20.80% 9.05% 16.93% 61.56% 36.96% -7.66% 1.65% -26.81%
EPS Growth		 25.00% -13.51% -35.90% -48.28% 5.71% 0.00% 40.00% 113.33% -21.62% 12.50% -8.57%
Operating Cash Flow Growth		 -23.06% 41.35% 7.73% -20.61% -3.14% 12.60% -10.49% 21.11% 99.85% -22.67% 21.67%
Free Cash Flow Firm Growth		 144.50% 141.77% 117.32% 129.30% -362.82% -313.60% -1,355.65% -951.26% -24.68% -50.82% 88.45%
Invested Capital Growth		 -0.31% -0.49% 0.92% 0.42% 8.71% 8.62% 15.51% 19.50% 9.41% 10.92% 3.51%
Revenue Q/Q Growth		 78.70% -53.66% -3.55% 13.20% -1.00% 5.34% -4.16% 0.21% -5.93% 7.57% -8.46%
EBITDA Q/Q Growth		 -2.62% 8.44% -5.15% 14.82% -0.71% -8.82% -4.17% 1.59% 3.08% 4.45% -3.87%
EBIT Q/Q Growth		 -5.59% 13.46% -7.91% 20.72% -3.29% -15.73% -4.64% -2.39% 2.67% 7.41% -6.69%
NOPAT Q/Q Growth		 -3.56% 9.71% -14.16% 23.28% 1.05% 7.51% -8.76% -0.45% 1.44% 16.79% -9.97%
Net Income Q/Q Growth		 8.70% 0.70% -14.79% -15.09% 49.67% 7.98% 17.73% -28.01% 0.91% 18.87% -15.23%
EPS Q/Q Growth		 20.69% -8.57% -21.88% -40.00% 146.67% -13.51% 9.38% -8.57% -9.38% 24.14% -11.11%
Operating Cash Flow Q/Q Growth		 -55.24% 150.37% -24.30% -6.43% -45.39% 191.05% -39.82% 26.61% -9.88% 12.63% -5.31%
Free Cash Flow Firm Q/Q Growth		 135.03% 15.74% -62.16% 90.97% -414.23% 6.28% -122.45% -29.47% 53.98% -13.78% 82.97%
Invested Capital Q/Q Growth		 1.16% -1.24% 1.23% -0.71% 9.51% -1.33% 7.65% 2.72% 0.26% 0.05% 0.46%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 21.45% 23.09% 23.08% 22.57% 23.14% 23.27% 24.70% 24.84% 27.55% 25.92% 27.52%
EBITDA Margin		 6.99% 16.36% 16.09% 16.32% 16.37% 16.97% 16.97% 17.20% 18.85% 18.30% 19.22%
Operating Margin		 4.41% 10.86% 10.02% 10.77% 10.54% 11.00% 11.09% 10.50% 11.66% 11.85% 12.00%
EBIT Margin		 4.41% 10.79% 10.30% 10.98% 10.73% 11.17% 11.11% 10.83% 11.82% 11.80% 12.03%
Profit (Net Income) Margin		 3.51% 7.62% 6.73% 5.05% 7.63% 7.82% 9.61% 6.90% 7.40% 8.18% 7.58%
Tax Burden Percent		 25.34% 95.32% 91.95% 93.15% 97.09% 95.00% 89.77% 94.16% 91.41% 97.67% 94.86%
Interest Burden Percent		 313.95% 74.08% 71.07% 49.34% 73.26% 73.72% 96.31% 67.72% 68.56% 71.01% 66.42%
Effective Tax Rate		 0.79% 4.68% 8.05% 6.85% 2.91% 5.00% 10.23% 5.84% 8.59% 2.33% 5.14%
Return on Invested Capital (ROIC)		 4.55% 13.19% 10.86% 11.62% 8.94% 9.55% 8.95% 8.80% 8.98% 9.73% 9.05%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.77% 12.02% 9.84% 9.30% 7.80% 8.32% 8.81% 7.56% 7.77% 8.36% 7.73%
Return on Net Nonoperating Assets (RNNOA)		 4.25% 13.03% 10.59% 10.05% 8.56% 8.95% 9.94% 8.66% 8.97% 9.57% 9.35%
Return on Equity (ROE)		 8.79% 26.22% 21.45% 21.68% 17.49% 18.50% 18.89% 17.46% 17.94% 19.30% 18.40%
Cash Return on Invested Capital (CROIC)		 8.96% 9.54% 7.75% 8.58% 0.37% 0.89% -5.27% -8.78% -0.39% -1.54% 5.19%
Operating Return on Assets (OROA)		 3.74% 10.99% 9.75% 10.20% 7.69% 8.24% 8.21% 7.81% 8.17% 7.99% 7.87%
Return on Assets (ROA)		 2.98% 7.76% 6.37% 4.69% 5.47% 5.77% 7.10% 4.98% 5.12% 5.54% 4.96%
Return on Common Equity (ROCE)		 6.96% 20.83% 17.15% 17.41% 14.20% 14.93% 14.68% 13.62% 14.13% 15.10% 13.85%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 17.58% 16.21% 15.59% 0.00% 15.41% 18.36% 18.97% 0.00% 18.67% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,792 1,966 1,687 2,080 2,102 2,261 2,063 2,054 2,083 2,433 2,190
NOPAT Margin		 4.37% 10.35% 9.21% 10.03% 10.24% 10.45% 9.95% 9.89% 10.66% 11.57% 11.38%
Net Nonoperating Expense Percent (NNEP)		 0.78% 1.17% 1.02% 2.33% 1.14% 1.24% 0.14% 1.24% 1.21% 1.37% 1.32%
Return On Investment Capital (ROIC_SIMPLE)		 2.01% - - - 2.18% - - - 1.97% 2.30% 2.06%
Cost of Revenue to Revenue		 78.55% 76.92% 76.92% 77.43% 76.86% 76.73% 75.30% 75.16% 72.45% 74.08% 72.48%
SG&A Expenses to Revenue		 3.83% 6.65% 7.22% 6.46% 6.96% 6.46% 7.52% 7.97% 8.85% 7.55% 8.32%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 7.15% 12.23% 13.06% 14.81% 12.61% 12.26% 10.73% 14.34% 15.95% 14.07% 15.52%
Earnings before Interest and Taxes (EBIT)		 1,806 2,049 1,887 2,278 2,203 2,416 2,304 2,249 2,309 2,480 2,314
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,866 3,108 2,948 3,385 3,361 3,670 3,517 3,573 3,683 3,847 3,698
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.92 1.06 1.09 1.22 1.15 1.48 1.62 1.56 1.88 1.81 1.79
Price to Tangible Book Value (P/TBV)		 1.21 1.39 1.42 1.60 1.60 2.04 2.29 2.18 2.62 2.50 2.48
Price to Revenue (P/Rev)		 0.34 0.32 0.36 0.41 0.54 0.65 0.66 0.66 0.80 0.78 0.77
Price to Earnings (P/E)		 7.00 4.27 4.73 5.65 12.15 14.91 14.09 11.98 15.04 13.98 13.91
Dividend Yield		 8.88% 8.81% 9.54% 9.22% 9.86% 7.91% 7.74% 7.88% 6.61% 6.91% 7.14%
Earnings Yield		 14.29% 23.45% 21.12% 17.70% 8.23% 6.71% 7.10% 8.35% 6.65% 7.15% 7.19%
Enterprise Value to Invested Capital (EV/IC)		 0.97 1.02 1.03 1.09 1.06 1.19 1.21 1.19 1.30 1.28 1.27
Enterprise Value to Revenue (EV/Rev)		 0.93 0.80 0.88 0.94 1.26 1.35 1.44 1.46 1.62 1.60 1.62
Enterprise Value to EBITDA (EV/EBITDA)		 6.80 7.18 7.51 7.61 7.76 8.23 8.67 8.64 9.25 8.97 8.82
Enterprise Value to EBIT (EV/EBIT)		 10.29 10.96 11.62 11.72 11.80 12.52 13.13 13.30 14.40 14.04 13.96
Enterprise Value to NOPAT (EV/NOPAT)		 11.17 11.27 11.99 12.10 12.66 13.51 14.24 14.43 15.83 15.24 14.90
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.23 8.69 8.73 9.69 10.39 11.02 12.44 11.95 11.61 12.31 11.72
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.79 10.70 13.41 12.69 295.56 138.65 0.00 0.00 0.00 0.00 24.81
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.17 1.15 1.16 1.17 1.17 1.20 1.26 1.27 1.29 1.28 1.32
Long-Term Debt to Equity		 1.17 1.15 1.08 1.15 1.15 1.18 1.25 1.27 1.29 1.28 1.32
Financial Leverage		 1.13 1.08 1.08 1.08 1.10 1.08 1.13 1.14 1.15 1.14 1.21
Leverage Ratio		 2.60 2.61 2.59 2.60 2.55 2.57 2.59 2.65 2.62 2.66 2.69
Compound Leverage Factor		 8.17 1.93 1.84 1.28 1.87 1.90 2.50 1.79 1.80 1.89 1.78
Debt to Total Capital		 53.98% 53.43% 53.72% 53.94% 53.95% 54.60% 55.66% 55.98% 56.27% 56.21% 56.99%
Short-Term Debt to Total Capital		 0.00% 0.00% 3.86% 1.13% 1.04% 1.21% 0.25% 0.25% 0.01% 0.01% 0.01%
Long-Term Debt to Total Capital		 53.97% 53.43% 49.86% 52.81% 52.91% 53.39% 55.42% 55.73% 56.27% 56.20% 56.98%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.09% 9.07% 8.82% 8.90% 8.27% 8.71% 11.19% 10.73% 10.66% 10.59% 10.39%
Common Equity to Total Capital		 36.93% 37.50% 37.45% 37.16% 37.78% 36.69% 33.15% 33.29% 33.07% 33.20% 32.62%
Debt to EBITDA		 3.93 3.89 4.05 3.93 4.09 4.00 4.14 4.20 4.14 4.09 4.10
Net Debt to EBITDA		 3.67 3.63 3.77 3.65 3.83 3.62 3.86 3.94 3.89 3.84 3.87
Long-Term Debt to EBITDA		 3.93 3.89 3.76 3.85 4.01 3.91 4.12 4.18 4.14 4.09 4.10
Debt to NOPAT		 6.45 6.11 6.47 6.25 6.68 6.57 6.79 7.01 7.08 6.95 6.93
Net Debt to NOPAT		 6.03 5.69 6.02 5.80 6.25 5.95 6.33 6.59 6.65 6.52 6.54
Long-Term Debt to NOPAT		 6.45 6.11 6.00 6.12 6.55 6.42 6.76 6.98 7.08 6.95 6.93
Altman Z-Score		 1.21 1.45 1.34 1.36 1.13 1.24 1.21 1.17 1.24 1.21 1.19
Noncontrolling Interest Sharing Ratio		 20.86% 20.54% 20.04% 19.68% 18.82% 19.33% 22.31% 22.01% 21.23% 21.74% 24.69%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.17 1.12 0.81 1.05 1.10 1.18 1.14 1.08 1.12 1.12 1.15
Quick Ratio		 0.85 0.86 0.59 0.80 0.83 0.92 0.88 0.83 0.84 0.88 0.87
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,058 2,382 901 1,721 -5,408 -5,087 -11,316 -14,650 -6,743 -7,672 -1,307
Operating Cash Flow to CapEx		 150.68% 394.58% 295.92% 342.42% 184.09% 475.66% 280.25% 265.86% 175.95% 238.71% 166.49%
Free Cash Flow to Firm to Interest Expense		 3.48 3.85 1.41 2.72 -7.91 -6.94 -14.73 -17.69 -8.35 -9.46 -1.48
Operating Cash Flow to Interest Expense		 2.26 5.41 3.96 3.75 1.89 5.15 2.96 3.47 3.21 3.60 3.13
Operating Cash Flow Less CapEx to Interest Expense		 0.76 4.04 2.62 2.66 0.87 4.06 1.90 2.17 1.38 2.09 1.25
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.85 1.02 0.95 0.93 0.72 0.74 0.74 0.72 0.69 0.68 0.65
Accounts Receivable Turnover		 11.05 11.83 11.46 10.77 8.88 8.96 9.82 8.50 8.51 7.74 8.18
Inventory Turnover		 32.28 43.12 35.40 30.30 24.52 28.99 26.17 24.98 22.34 24.12 21.88
Fixed Asset Turnover		 1.11 1.36 1.26 1.23 0.95 0.98 0.97 0.95 0.92 0.91 0.86
Accounts Payable Turnover		 10.48 11.14 10.52 9.92 8.88 8.64 9.39 8.30 8.26 7.37 7.90
Days Sales Outstanding (DSO)		 33.03 30.86 31.85 33.89 41.12 40.76 37.16 42.95 42.88 47.14 44.61
Days Inventory Outstanding (DIO)		 11.31 8.46 10.31 12.05 14.89 12.59 13.95 14.61 16.34 15.13 16.68
Days Payable Outstanding (DPO)		 34.83 32.78 34.68 36.80 41.11 42.26 38.89 43.97 44.20 49.51 46.19
Cash Conversion Cycle (CCC)		 9.51 6.55 7.48 9.13 14.90 11.09 12.23 13.59 15.02 12.76 15.11
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 86,271 85,203 86,251 85,640 93,781 92,551 99,630 102,344 102,607 102,656 103,127
Invested Capital Turnover		 1.04 1.27 1.18 1.16 0.87 0.91 0.90 0.89 0.84 0.84 0.79
Increase / (Decrease) in Invested Capital		 -266 -416 786 359 7,510 7,348 13,379 16,704 8,826 10,105 3,497
Enterprise Value (EV)		 83,548 87,198 89,208 93,030 99,291 109,980 120,816 122,003 133,634 131,135 130,583
Market Capitalization		 30,319 35,143 36,508 40,521 42,192 53,010 55,509 54,954 66,145 63,797 62,235
Book Value per Share		 $10.69 $10.71 $10.83 $10.54 $11.66 $10.66 $10.18 $10.30 $10.26 $10.29 $10.13
Tangible Book Value per Share		 $8.11 $8.16 $8.29 $8.07 $8.40 $7.70 $7.18 $7.37 $7.37 $7.44 $7.31
Total Capital		 89,414 88,394 89,588 89,140 97,105 97,942 103,505 105,856 106,194 106,369 106,612
Total Debt		 48,262 47,231 48,131 48,081 52,388 53,476 57,616 59,258 59,760 59,789 60,755
Total Long-Term Debt		 48,260 47,229 44,672 47,075 51,380 52,295 57,359 58,995 59,752 59,782 60,749
Net Debt		 45,102 44,040 44,794 44,574 49,064 48,437 53,730 55,691 56,173 56,076 57,270
Capital Expenditures (CapEx)		 888 849 857 693 704 793 810 1,081 1,472 1,222 1,659
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,448 880 714 1,160 1,937 1,534 1,304 929 1,233 1,220 1,586
Debt-free Net Working Capital (DFNWC)		 1,715 1,210 1,044 1,674 2,164 3,480 1,954 1,228 1,554 1,673 1,828
Net Working Capital (NWC)		 1,713 1,208 -2,415 668 1,156 2,299 1,697 965 1,546 1,666 1,822
Net Nonoperating Expense (NNE)		 355 519 454 1,033 535 569 71 620 636 713 732
Net Nonoperating Obligations (NNO)		 45,119 44,040 44,794 44,581 49,064 48,085 53,741 55,746 56,173 56,076 57,270
Total Depreciation and Amortization (D&A)		 1,060 1,059 1,061 1,107 1,158 1,254 1,213 1,324 1,374 1,367 1,384
Debt-free, Cash-free Net Working Capital to Revenue		 1.61% 0.81% 0.71% 1.17% 2.46% 1.89% 1.56% 1.11% 1.49% 1.49% 1.97%
Debt-free Net Working Capital to Revenue		 1.91% 1.11% 1.03% 1.69% 2.75% 4.28% 2.34% 1.47% 1.88% 2.04% 2.27%
Net Working Capital to Revenue		 1.91% 1.11% -2.39% 0.67% 1.47% 2.83% 2.03% 1.15% 1.87% 2.03% 2.26%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.33 $0.32 $0.25 $0.15 $0.38 $0.32 $0.35 $0.33 $0.29 $0.37 $0.32
Adjusted Weighted Average Basic Shares Outstanding		 3.09B 3.10B 3.14B 3.15B 3.37B 3.37B 3.42B 3.42B 3.43B 3.43B 3.43B
Adjusted Diluted Earnings per Share		 $0.35 $0.32 $0.25 $0.15 $0.37 $0.32 $0.35 $0.32 $0.29 $0.36 $0.32
Adjusted Weighted Average Diluted Shares Outstanding		 3.09B 3.10B 3.14B 3.15B 3.37B 3.37B 3.42B 3.42B 3.43B 3.43B 3.43B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.09B 3.10B 3.14B 3.15B 3.37B 3.37B 3.42B 3.42B 3.43B 3.43B 3.43B
Normalized Net Operating Profit after Tax (NOPAT)		 1,792 1,967 1,696 2,663 2,102 2,261 1,571 2,054 2,085 2,437 2,193
Normalized NOPAT Margin		 4.37% 10.35% 9.26% 12.84% 10.24% 10.45% 7.58% 9.89% 10.67% 11.59% 11.40%
Pre Tax Income Margin		 13.83% 7.99% 7.32% 5.42% 7.86% 8.23% 10.70% 7.33% 8.10% 8.38% 7.99%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.05 3.31 2.94 3.60 3.22 3.30 3.00 2.72 2.86 3.06 2.62
NOPAT to Interest Expense		 3.03 3.18 2.63 3.29 3.07 3.08 2.69 2.48 2.58 3.00 2.48
EBIT Less CapEx to Interest Expense		 1.55 1.94 1.61 2.51 2.19 2.21 1.95 1.41 1.04 1.55 0.74
NOPAT Less CapEx to Interest Expense		 1.53 1.80 1.30 2.19 2.04 2.00 1.63 1.17 0.76 1.49 0.60
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 79.12% 81.76% 93.75% 103.74% 113.30% 110.34% 100.03% 95.81% 98.52% 98.56% 107.34%
Augmented Payout Ratio		 79.12% 81.76% 93.75% 103.74% 113.30% 110.34% 100.03% 95.81% 98.52% 98.56% 107.34%

Key Financial Trends

Energy Transfer (NYSE: ET) Financial Summary Analysis

Reviewing the quarterly financial data from Q3 2022 through Q2 2025 demonstrates several key trends in Energy Transfer’s revenue, profitability, cash flows, and balance sheet strength.

  • Consistent Revenue Growth: Operating revenue increased from approximately $18.3 billion in Q2 2023 to $19.2 billion in Q2 2025, showing steady growth amid industry volatility.
  • Stable Profitability: Net income from continuing operations has remained positive each quarter, with Q2 2025 net income of $1.46 billion, slightly down from $1.99 billion in Q2 2024 but still robust.
  • Solid Cash Flow from Operations: Operating cash flow has consistently exceeded $2 billion each quarter, reaching $2.76 billion in Q2 2025, supporting capital expenditures and dividends.
  • Strong Capital Investment: Property, Plant & Equipment investments remain substantial (about $1.66 billion in Q2 2025), indicating ongoing commitment to infrastructure and growth.
  • Controlled Debt Issuance and Repayment: Debt issuance hovered around $5.5 billion in Q2 2025 with repayments close to $4.6 billion, reflecting active balance sheet management to optimize leverage.
  • Dividend Payments Maintained: Dividend payouts to shareholders were steady, around $1.7 billion in Q2 2025, suggesting Energy Transfer’s commitment to shareholder returns.
  • Modest Decline in Cash Reserves: Cash and equivalents slightly declined from $650 million in Q2 2024 to $242 million in Q2 2025, which may reflect higher capital expenditure or debt activities.
  • Noncontrolling Interests Remain Significant: Noncontrolling interests are substantial, comprising over $10 billion in equity, reflecting minority ownership stakes that can influence overall equity dynamics.
  • Fluctuating Other Investing Activities: Net investing activities show variability, including acquisitions and divestitures, which may introduce some uncertainty regarding asset base composition.
  • Elevated Interest Expense Burden: Interest expenses consistently remain high—approximately $882 million in Q2 2025—illustrating significant debt servicing costs that could pressure margins if rates rise.
  • Incrementally Rising Total Liabilities: Total liabilities increased from about $63.7 billion in Q2 2023 to nearly $79.2 billion in Q2 2025, which may indicate rising debt levels that warrant monitoring for leverage risk.
  • Declining Cash & Equivalents Relative to Total Assets: Despite solid cash flow, the drop in cash reserves could limit near-term liquidity flexibility.
  • Slight Decline in Earnings Per Share: Diluted EPS dipped slightly from $0.35 in Q2 2024 to $0.32 in Q2 2025, indicating pressures on profitability or share count effects.

Summary: Energy Transfer exhibits stable revenue growth and profitability, backed by robust operating cash flows and ongoing capital investments. The company manages debt actively, balancing issuance and repayments, while maintaining steady dividend payments. However, investors should watch the rising interest expenses and increasing liabilities, which could impact financial flexibility. The slight declines in cash reserves and EPS also suggest some margin pressure. Overall, Energy Transfer maintains a solid financial footing but faces typical sector risks related to debt and capital intensity.

08/29/25 05:30 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Energy Transfer's Financials

When does Energy Transfer's financial year end?

According to the most recent income statement we have on file, Energy Transfer's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Energy Transfer's net income changed over the last 10 years?

Energy Transfer's net income appears to be on an upward trend, with a most recent value of $6.57 billion in 2024, rising from $1.12 billion in 2014. The previous period was $5.29 billion in 2023. See where experts think Energy Transfer is headed by visiting Energy Transfer's forecast page.

What is Energy Transfer's operating income?
Energy Transfer's total operating income in 2024 was $9.14 billion, based on the following breakdown:
  • Total Gross Profit: $20.70 billion
  • Total Operating Expenses: $10.97 billion
How has Energy Transfer's revenue changed over the last 10 years?

Over the last 10 years, Energy Transfer's total revenue changed from $55.69 billion in 2014 to $82.67 billion in 2024, a change of 48.4%.

How much debt does Energy Transfer have?

Energy Transfer's total liabilities were at $78.95 billion at the end of 2024, a 14.4% increase from 2023, and a 88.3% increase since 2014.

How much cash does Energy Transfer have?

In the past 10 years, Energy Transfer's cash and equivalents has ranged from $0.00 in 2018 to $847 million in 2014, and is currently $312 million as of their latest financial filing in 2024.

How has Energy Transfer's book value per share changed over the last 10 years?

Over the last 10 years, Energy Transfer's book value per share changed from 1.23 in 2014 to 10.26 in 2024, a change of 732.3%.


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This page (NYSE:ET) was last updated on 8/29/2025 by MarketBeat.com Staff
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