Energy Transfer (ET) Financials

$17.28 -0.34 (-1.93%)

Closing price 03:59 PM Eastern

Extended Trading

$17.33 +0.05 (+0.29%)

As of 06:59 PM Eastern

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

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

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

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

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

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

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%

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 LP (NYSE: ET) has shown steady performance over the past four years through Q1 2025, with several key financial trends to note from its quarterly financial statements.

Positive Trends and Highlights:

Q1 2025 net income was strong at $1.72 billion, showing growth compared to $1.69 billion in Q1 2024, reflecting ongoing profitability improvement.
Operating revenue for Q1 2025 increased to $21.02 billion, up from $21.63 billion in Q1 2024, indicating stable or growing revenue streams.
Net cash from continuing operating activities improved to $2.92 billion in Q1 2025, up from $3.35 billion in Q1 2024, signifying effective cash generation from operations.
Depreciation expenses remained consistent, about $1.3 billion per quarter, reflective of the extensive asset base but steady capital expenditure.
Energy Transfer’s total assets increased to $126.4 billion by Q1 2025 from $115.8 billion in Q1 2024, driven by investments in property, plant, and equipment (net PPE at $95.2 billion).
Total common equity rose to $35.3 billion as of Q1 2025 from $35.9 billion in Q1 2024, showing stable equity support for the company’s operations.
The company successfully maintained quarterly cash dividends to common shareholders around $0.32-$0.33 per share consistently over recent quarters.
Consistent repayment and issuance of debt around the $10 billion level shows active management of capital structure and liquidity.

Neutral Points to Monitor:

Interest expense remains substantial, at approximately $811 million in Q1 2025, due to high leverage, though it is relatively stable over recent periods.
The weighted average shares outstanding for diluted EPS has remained fairly consistent around 3.4 billion shares, which helps in EPS comparability quarter over quarter.

Areas of Concern:

Total liabilities increased to $79.8 billion in Q1 2025 from $71.4 billion in Q1 2024, driven by higher long-term debt ($59.8 billion) raising leverage concerns.
Operating costs are substantial, with cost of revenue rising to $15.57 billion in Q1 2025, reflecting margin pressure on gross profit ($5.45 billion).
Net cash from continuing investing activities remains negative about $1.2 billion in Q1 2025, largely due to ongoing capital expenditures, acquisitions, and asset purchases which impact free cash flow.
Despite profitability, impairment charges and other adjustments have appeared intermittently, such as $4 million in Q1 2025, and have affected operating expenses and net income.

In summary, Energy Transfer LP shows stable revenue growth and strong operational cash flow generation, supported by significant long-term asset investments. The company’s capital structure demonstrates active management but also carries considerable debt, which weighs on interest expense and liabilities. Dividends remain consistent, supporting shareholder returns. Investors should watch the company’s ability to control operating costs and manage its leverage in the context of ongoing capital expenditures.

08/08/25 04:54 PMAI Generated. May Contain Errors.

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. Check out Energy Transfer's forecast to explore projected trends and price targets.

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%.

Related Companies

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

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Energy Transfer (ET) Financials

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Energy Transfer (ET) Financials

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