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Energy Transfer (ET) Financials

$16.02 -0.17 (-1.02%)

As of 03:05 PM Eastern

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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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	1,189	995	954	1,749	3,518	-648	5,179	4,334	3,472	4,398
Consolidated Net Income / (Loss)	1,061	0.00	2,366	3,420	4,825	140	6,687	5,868	5,294	6,565
Net Income / (Loss) Continuing Operations	1,023	462	2,543	3,685	59,038	140	6,402	5,868	5,294	6,565
Total Pre-Tax Income	900	204	710	3,689	59,233	377	6,871	6,072	5,597	7,106
Total Operating Income	2,287	1,851	2,721	5,403	7,203	2,980	8,792	7,738	8,295	9,138
Total Gross Profit	7,428	8,099	9,557	12,484	68,625	13,467	17,022	17,644	18,045	20,696
Total Revenue	36,096	31,792	40,523	54,087	108,426	38,954	67,417	89,876	78,586	82,671
Operating Revenue	31,505	31,792	40,523	54,087	108,426	38,954	67,417	89,876	78,586	82,671
Total Cost of Revenue	28,668	23,693	30,966	41,603	39,801	25,487	50,395	72,232	60,541	61,975
Operating Cost of Revenue	28,668	23,693	30,966	41,603	39,801	25,487	50,395	72,232	60,541	61,975
Total Operating Expenses	5,141	6,248	6,836	7,081	7,209	10,487	8,230	9,906	10,377	10,972
Selling, General & Admin Expense	2,851	2,992	3,243	3,791	3,988	3,929	4,392	5,356	5,353	6,341
Depreciation Expense	1,951	2,216	2,554	2,859	3,147	3,678	3,817	4,164	4,385	5,165
Impairment Charge	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	-1,387	-1,647	-2,011	-1,714	-2,183	-2,603	-2,206	-1,666	-2,071	-2,618
Interest Expense	1,665	1,804	2,011	2,167	2,349	2,402	2,590	2,306	2,576	3,137
Interest & Investment Income	276	-38	-169	344	302	-10	246	257	383	379
Other Income / (Expense), net	2.00	195	169	109	-136	-191	138	383	122	140
Income Tax Expense	-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	-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	$1.11	$0.94	$0.85	$1.20	-	-	$1.89	$1.40	$1.10	$1.29
Weighted Average Basic Shares Outstanding	1.06B	1.08B	1.15B	1.21	2.69B	2.70B	3.08B	3.09B	3.37B	3.43B
Diluted Earnings per Share	$1.11	$0.92	$0.83	$2.39	-	-	$1.89	$1.40	$1.09	$1.28
Weighted Average Diluted Shares Outstanding	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	1.06B	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	1,006	4,907	1,005	797	466	1,204	1,091	1,182	1,115	1,010
Consolidated Net Income / (Loss)	1,322	1,437	1,447	1,233	1,047	1,567	1,692	1,992	1,434	1,447
Net Income / (Loss) Continuing Operations	1,322	5,625	1,447	1,233	1,047	1,567	1,692	1,992	1,434	1,447
Total Pre-Tax Income	1,404	5,670	1,518	1,341	1,124	1,614	1,781	2,219	1,523	1,583
Total Operating Income	1,973	1,806	2,062	1,835	2,233	2,165	2,380	2,298	2,181	2,279
Total Gross Profit	4,423	8,791	4,385	4,228	4,680	4,752	5,032	5,120	5,160	5,384
Total Revenue	22,939	40,992	18,995	18,320	20,739	20,532	21,629	20,729	20,772	19,541
Operating Revenue	22,939	-	18,995	18,320	20,739	20,532	21,629	20,729	20,772	19,541
Total Cost of Revenue	18,516	32,201	14,610	14,092	16,059	15,780	16,597	15,609	15,612	14,157
Operating Cost of Revenue	18,516	-	14,610	14,092	16,059	15,780	16,597	15,609	15,612	14,157
Total Operating Expenses	2,450	2,932	2,323	2,393	3,072	2,589	2,652	2,224	2,979	3,117
Selling, General & Admin Expense	1,334	1,572	1,263	1,322	1,339	1,429	1,398	1,559	1,655	1,729
Depreciation Expense	1,030	1,060	1,059	1,061	1,107	1,158	1,254	1,213	1,324	1,374
Impairment Charge	86	-	1.00	10	1.00	-	0.00	50	0.00	2.00
Total Other Income / (Expense), net	-569	-189	-544	-494	-484	-549	-599	-677	-658	-684
Interest Expense	577	592	619	641	632	684	733	768	828	808
Interest & Investment Income	68	71	88	95	103	97	98	85	102	94
Other Income / (Expense), net	-60	-	-13	52	45	38	36	6.00	68	30
Income Tax Expense	82	45	71	108	77	47	89	227	89	136
Preferred Stock Dividends Declared	-	-	109	0.00	0.00	-109	150	33	0.00	-129
Net Income / (Loss) Attributable to Noncontrolling Interest	316	295	334	322	463	240	452	678	251	370
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-1.00	114	118	232	-1.00	99	68	196
Basic Earnings per Share	$0.29	$0.33	$0.32	$0.25	$0.15	$0.38	$0.32	$0.35	$0.33	$0.29
Weighted Average Basic Shares Outstanding	3.09B	3.09B	3.10B	3.14B	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B
Diluted Earnings per Share	$0.29	$0.35	$0.32	$0.25	$0.15	$0.37	$0.32	$0.35	$0.32	$0.29
Weighted Average Diluted Shares Outstanding	3.09B	3.09B	3.10B	3.14B	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B
Weighted Average Basic & Diluted Shares Outstanding	3.09B	3.09B	3.10B	3.14B	3.15B	3.37B	3.37B	3.42B	3.42B	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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-254	-118	-131	83	-128	76	-31	-79	-96	151
Net Cash From Operating Activities	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	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	1,023	462	2,543	3,685	4,825	140	6,687	5,868	5,294	6,565
Consolidated Net Income / (Loss)	1,061	0.00	2,366	3,420	4,825	140	6,687	5,868	5,294	6,565
Depreciation Expense	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	1,000	1,395	735	258	3,286	2.00	334	124	-304
Changes in Operating Assets and Liabilities, net	-633	-356	-2,063	227	-174	257	656	-1,315	-248	80
Net Cash From Investing Activities	-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	-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	-9,073	-7,771	-8,444	-7,407	-5,960	-5,130	-2,822	-3,381	-3,134	-4,164
Acquisitions	-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	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	230	17	-240	144	191	64	44	58	43	85
Net Cash From Financing Activities	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	6,785	5,927	953	-3,082	-1,250	-2,387	-8,418	-5,108	-5,326	-5,451
Repayment of Debt	-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	-53	-	-	-	-	0.00	0.00	-3,466
Payment of Dividends	-2,584	-3,552	-2,757	-4,176	-4,356	-4,280	-3,208	-4,643	-5,998	-6,468
Issuance of Debt	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	-27	-69	73	-	184	-353	1,785	-1,296	-351	13
Net Cash From Operating Activities	2,989	1,338	3,350	2,536	2,373	1,296	3,772	2,270	2,874	2,590
Net Cash From Continuing Operating Activities	2,989	1,338	3,350	2,536	2,373	1,296	3,772	2,270	2,874	2,590
Net Income / (Loss) Continuing Operations	1,322	1,437	1,447	1,233	1,047	1,567	1,692	1,992	1,434	1,447
Consolidated Net Income / (Loss)	1,322	1,437	1,447	1,233	1,047	1,567	1,692	1,992	1,434	1,447
Depreciation Expense	1,030	1,060	1,059	1,061	1,107	1,158	1,254	1,213	1,324	1,374
Non-Cash Adjustments To Reconcile Net Income	67	102	-10	75	-129	188	-114	-470	236	44
Changes in Operating Assets and Liabilities, net	570	-1,261	854	167	348	-1,617	940	-465	-120	-275
Net Cash From Investing Activities	-1,123	-945	-803	-1,888	-670	-964	-1,196	45	-3,284	-1,469
Net Cash From Continuing Investing Activities	-1,123	-945	-803	-1,888	-670	-964	-1,196	45	-3,284	-1,469
Purchase of Property, Plant & Equipment	-1,035	-888	-853	-876	-701	-704	-795	-811	-1,086	-1,472
Acquisitions	-473	-79	0.00	-1,041	-	-288	-449	-39	-2,198	-46
Divestitures	-	78	-	-	-	38	-	-	-	21
Sale and/or Maturity of Investments	20	-4.00	30	-3.00	18	18	23	55	-18	15
Other Investing Activities, net	15	8.00	16	13	5.00	9.00	23	-178	13	227
Net Cash From Financing Activities	-1,893	-462	-2,474	-648	-1,519	-685	-791	-3,611	59	-1,108
Net Cash From Continuing Financing Activities	-1,893	-462	-2,474	-648	-1,519	-685	-791	-3,611	59	-1,108
Repayment of Debt	-8,290	-8,590	-8,605	-6,951	-7,549	-8,356	-7,066	-11,406	-4,764	-7,069
Payment of Dividends	-1,212	-1,311	-1,454	-1,527	-1,470	-1,547	-1,571	-1,715	-1,575	-1,607
Issuance of Debt	7,602	9,438	7,582	7,830	7,500	9,218	8,141	12,044	6,398	7,567
Issuance of Common Equity	7.00	1.00	3.00	-	-	-	637	-	-	1.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	71,189	78,925	86,246	88,246	98,973	95,144	105,963	105,643	113,698	125,380
Total Current Assets	5,410	6,899	10,683	6,750	7,464	6,317	10,537	12,081	12,433	14,202
Cash & Equivalents	606	467	336	419	291	367	336	257	161	312
Short-Term Investments	46	21	24	111	23	9.00	10	10	66	9.00
Accounts Receivable	2,519	3,604	4,557	4,120	5,197	3,954	7,708	8,559	9,148	10,278
Inventories, net	1,636	2,055	2,022	1,677	1,532	1,739	2,014	2,461	2,478	3,070
Current Deferred & Refundable Income Taxes	-	128	136	73	146	35	32	68	67	56
Other Current Assets	603	447	295	350	275	213	437	726	513	477
Plant, Property, & Equipment, net	48,683	53,578	61,088	66,963	74,193	75,107	81,607	80,311	85,351	95,212
Plant, Property & Equipment, gross	54,979	61,562	71,177	79,776	89,790	94,115	103,991	105,996	114,932	129,242
Accumulated Depreciation	6,296	7,984	10,089	12,813	15,597	19,008	22,384	25,685	29,581	34,030
Total Noncurrent Assets	17,096	18,448	14,475	14,533	17,316	13,720	13,819	13,251	15,914	15,966
Long-Term Investments	3,462	3,040	2,705	2,642	3,460	3,060	2,947	2,893	3,097	3,266
Goodwill	7,473	5,670	4,768	4,885	5,167	2,391	2,533	2,566	4,019	3,903
Intangible Assets	5,431	5,512	6,116	6,000	6,154	5,746	5,856	5,415	6,239	5,971
Other Noncurrent Operating Assets	730	815	886	1,006	2,535	2,523	2,483	2,377	2,559	2,826
Total Liabilities & Shareholders' Equity	71,189	78,925	86,246	88,246	98,973	95,144	105,963	105,643	113,698	125,380
Total Liabilities	47,558	56,461	56,266	56,897	65,035	62,994	65,835	64,491	68,981	78,946
Total Current Liabilities	4,910	7,277	7,897	9,310	7,724	5,923	10,835	10,368	11,277	12,656
Short-Term Debt	131	1,194	413	2,655	26	21	680	2.00	1,008	8.00
Accounts Payable	2,302	3,544	4,716	3,552	4,149	2,836	6,834	6,952	6,684	8,325
Other Current Liabilities	2,477	2,539	2,693	3,103	3,549	3,066	3,321	3,397	3,585	4,323
Total Noncurrent Liabilities	42,648	49,184	48,369	47,587	57,311	57,071	55,000	54,123	57,704	66,290
Long-Term Debt	36,837	42,858	43,671	43,373	51,028	51,417	49,022	48,260	51,380	59,752
Noncurrent Deferred & Payable Income Tax Liabilities	4,590	5,112	3,315	2,926	3,208	3,428	3,648	3,701	3,931	4,190
Other Noncurrent Operating Liabilities	1,221	1,166	1,383	1,288	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	-	499	-	762	783	493	778	417
Total Equity & Noncontrolling Interests	23,598	22,431	29,980	30,850	33,938	31,388	39,345	40,659	43,939	46,017
Total Preferred & Common Equity	-932	-1,694	-1,196	20,559	21,920	18,529	31,300	33,025	36,682	35,118
Total Common Equity	-932	-1,694	-1,196	20,559	21,920	18,529	31,300	33,025	36,682	35,118
Common Stock	-932	-1,694	-1,196	20,601	21,931	18,523	31,277	33,009	36,654	35,045
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-42	-11	6.00	23	16	28	73
Noncontrolling Interest	24,530	24,125	31,176	10,291	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
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	105,735	104,521	105,132	107,571	115,789	121,339	124,429
Total Current Assets	12,159	11,370	10,598	13,423	15,018	13,406	13,336
Cash & Equivalents	326	330	330	514	1,946	650	299
Accounts Receivable	8,679	8,377	7,383	9,713	9,762	9,647	9,976
Inventories, net	2,490	2,047	2,271	2,590	2,267	2,624	2,502
Current Deferred & Refundable Income Taxes	65	64	82	84	58	33	58
Other Current Assets	599	552	532	522	474	452	501
Plant, Property, & Equipment, net	80,261	80,004	81,149	80,873	85,172	91,888	95,012
Plant, Property & Equipment, gross	105,040	106,643	108,718	109,411	115,631	123,481	127,804
Accumulated Depreciation	24,779	26,639	27,569	28,538	30,459	31,593	32,792
Total Noncurrent Assets	13,315	13,147	13,385	13,275	15,599	16,045	16,081
Long-Term Investments	2,869	2,861	3,007	2,993	3,093	3,236	3,268
Goodwill	2,553	2,566	2,564	2,564	3,887	3,910	3,910
Intangible Assets	5,505	5,322	5,301	5,204	6,111	6,202	6,102
Other Noncurrent Operating Assets	2,388	2,398	2,513	2,514	2,508	2,697	2,801
Total Liabilities & Shareholders' Equity	105,735	104,521	105,132	107,571	115,789	121,339	124,429
Total Liabilities	64,674	63,358	63,675	66,512	71,323	75,450	77,831
Total Current Liabilities	11,243	10,162	13,013	12,755	12,719	11,709	12,371
Short-Term Debt	2.00	2.00	3,459	1,006	1,181	257	263
Accounts Payable	7,523	6,943	6,179	7,997	7,535	7,467	7,327
Other Current Liabilities	3,718	3,217	3,375	3,745	3,844	3,974	4,726
Total Noncurrent Liabilities	53,431	53,196	50,662	53,757	58,604	63,741	65,460
Long-Term Debt	47,413	47,229	44,672	47,075	52,295	57,359	58,995
Noncurrent Deferred & Payable Income Tax Liabilities	3,661	3,759	3,839	3,891	4,009	4,001	4,110
Other Noncurrent Operating Liabilities	2,357	2,208	2,151	2,791	2,300	2,381	2,355
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	493	494	495	498	673	417	418
Total Equity & Noncontrolling Interests	40,568	40,669	40,962	40,561	43,793	45,472	46,180
Total Preferred & Common Equity	32,831	33,148	33,551	33,124	35,933	34,312	35,240
Total Common Equity	32,831	33,148	33,551	33,124	35,933	34,312	35,240
Common Stock	32,799	33,135	33,527	33,095	35,892	34,264	35,198
Accumulated Other Comprehensive Income / (Loss)	32	13	24	29	41	48	42
Noncontrolling Interest	7,737	7,521	7,411	7,437	7,860	11,160	10,940

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-35.19%	-11.92%	27.46%	33.47%	100.47%	-64.07%	73.07%	33.31%	-12.56%	5.20%
EBITDA Growth	6.14%	1.02%	27.73%	53.77%	22.02%	-36.68%	97.11%	-3.62%	4.21%	12.82%
EBIT Growth	-0.56%	-10.62%	41.25%	90.73%	28.21%	-60.53%	220.19%	-9.06%	3.64%	10.23%
NOPAT Growth	40.69%	61.26%	132.49%	-44.62%	33.02%	-84.59%	673.21%	-12.60%	4.92%	7.60%
Net Income Growth	-5.61%	-100.00%	0.00%	44.55%	41.08%	-97.10%	4,676.43%	-12.25%	-9.78%	24.01%
EPS Growth	94.74%	-17.12%	-9.78%	187.95%	0.00%	0.00%	0.00%	-25.93%	-22.14%	17.43%
Operating Cash Flow Growth	-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	51.08%	121.79%	16.58%	-173.06%	115.88%	1,206.55%	-0.05%	256.61%	-95.66%	-214.22%
Invested Capital Growth	17.08%	5.25%	13.98%	9.51%	9.45%	-1.31%	7.97%	-0.31%	8.71%	9.41%
Revenue Q/Q Growth	-21.65%	20.79%	6.50%	4.08%	100.54%	-59.78%	14.67%	33.07%	-20.66%	-1.18%
EBITDA Q/Q Growth	-1.63%	2.18%	8.68%	14.94%	4.96%	-3.29%	2.48%	4.96%	4.74%	2.28%
EBIT Q/Q Growth	-0.99%	-5.06%	15.05%	22.57%	6.46%	-11.96%	3.37%	6.56%	6.06%	1.16%
NOPAT Q/Q Growth	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	13.23%	-100.00%	495.97%	-7.09%	9.14%	-77.35%	6.33%	3.64%	2.52%	-1.80%
EPS Q/Q Growth	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	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	-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	3.15%	-2.45%	5.72%	2.01%	6.60%	0.96%	11.59%	1.16%	9.51%	0.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.58%	25.48%	23.58%	23.08%	63.29%	34.57%	25.25%	19.63%	22.96%	25.03%
EBITDA Margin	11.69%	13.41%	13.43%	15.48%	9.42%	16.60%	18.91%	13.67%	16.29%	17.47%
Operating Margin	6.34%	5.82%	6.71%	9.99%	6.64%	7.65%	13.04%	8.61%	10.56%	11.05%
EBIT Margin	6.34%	6.44%	7.13%	10.19%	6.52%	7.16%	13.25%	9.04%	10.71%	11.22%
Profit (Net Income) Margin	2.94%	0.00%	5.84%	6.32%	4.45%	0.36%	9.92%	6.53%	6.74%	7.94%
Tax Burden Percent	117.89%	0.00%	333.24%	92.71%	8.15%	37.14%	97.32%	96.64%	94.59%	92.39%
Interest Burden Percent	39.32%	9.97%	24.57%	66.93%	838.16%	13.52%	76.94%	74.77%	66.50%	76.59%
Effective Tax Rate	-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)	4.96%	7.23%	15.32%	7.60%	9.24%	1.37%	10.27%	8.65%	8.72%	8.60%
ROIC Less NNEP Spread (ROIC-NNEP)	-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)	-0.35%	-7.23%	-6.30%	3.55%	5.54%	-0.95%	8.24%	5.78%	3.62%	5.81%
Return on Equity (ROE)	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)	-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)	3.38%	2.73%	3.50%	6.32%	7.55%	2.87%	8.88%	7.68%	7.67%	7.76%
Return on Assets (ROA)	1.57%	0.00%	2.86%	3.92%	5.15%	0.14%	6.65%	5.55%	4.83%	5.49%
Return on Common Equity (ROCE)	-0.03%	0.00%	-0.50%	3.52%	9.62%	0.26%	12.76%	11.43%	10.01%	11.35%
Return on Equity Simple (ROE_SIMPLE)	-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)	2,600	4,192	9,746	5,397	7,179	1,107	8,557	7,478	7,846	8,442
NOPAT Margin	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)	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	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	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%
Operating Expenses to Revenue	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)	2,289	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)	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)	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	1.23	2.18	1.23	0.91	1.21	1.60	2.62
Price to Revenue (P/Rev)	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)	5.99	11.23	11.92	6.79	6.58	0.00	4.03	7.00	12.15	15.04
Dividend Yield	11.74%	11.00%	11.64%	15.01%	14.18%	22.52%	9.00%	8.88%	9.86%	6.61%
Earnings Yield	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	1.28	1.23	0.88	1.02	0.93	0.88	0.97	1.06	1.30
Enterprise Value to Revenue (EV/Rev)	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)	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)	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)	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)	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	61.73	58.32	0.00	495.82	34.26	35.06	10.79	295.56	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	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	1.56	1.91	1.46	1.38	1.50	1.60	1.22	1.17	1.15	1.29
Financial Leverage	1.28	1.52	1.43	1.31	1.38	1.44	1.31	1.13	1.10	1.15
Leverage Ratio	2.95	3.26	3.15	2.85	2.87	2.94	2.78	2.60	2.55	2.62
Compound Leverage Factor	1.16	0.32	0.77	1.90	24.04	0.40	2.14	1.95	1.70	2.01
Debt to Total Capital	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	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	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%
Noncontrolling Interests to Total Capital	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	-1.54%	-2.55%	-1.61%	26.57%	25.79%	22.17%	34.84%	36.93%	37.78%	33.07%
Debt to EBITDA	8.76	10.34	8.10	5.50	5.00	7.95	3.90	3.93	4.09	4.14
Net Debt to EBITDA	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	8.73	10.06	8.02	5.18	5.00	7.95	3.85	3.93	4.01	4.14
Debt to NOPAT	14.22	10.51	4.52	8.53	7.11	46.48	5.81	6.45	6.68	7.08
Net Debt to NOPAT	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	14.17	10.22	4.48	8.04	7.11	46.46	5.73	6.45	6.55	7.08
Altman Z-Score	0.71	0.60	0.74	0.91	1.54	0.63	1.10	1.41	1.31	1.42
Noncontrolling Interest Sharing Ratio	100.58%	105.70%	105.51%	68.43%	34.94%	38.80%	31.06%	20.86%	18.82%	21.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.10	0.95	1.35	0.73	0.97	1.07	0.97	1.17	1.10	1.12
Quick Ratio	0.65	0.56	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)	-5,640	1,229	1,433	-1,047	166	2,173	2,172	7,744	336	-384
Operating Cash Flow to CapEx	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	-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	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	-3.66	-2.47	-2.00	0.05	0.89	0.93	3.22	2.46	2.49	2.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.42	0.49	0.62	1.16	0.40	0.67	0.85	0.72	0.69
Accounts Receivable Turnover	12.17	10.38	9.93	12.47	23.27	8.51	11.56	11.05	8.88	8.51
Inventory Turnover	18.48	12.84	15.19	22.49	24.81	15.58	26.86	32.28	24.52	22.34
Fixed Asset Turnover	0.81	0.62	0.71	0.84	1.54	0.52	0.86	1.11	0.95	0.92
Accounts Payable Turnover	10.11	8.11	7.50	10.06	10.34	7.30	10.42	10.48	8.88	8.26
Days Sales Outstanding (DSO)	29.99	35.15	36.75	29.28	15.68	42.87	31.57	33.03	41.12	42.88
Days Inventory Outstanding (DIO)	19.75	28.43	24.03	16.23	14.71	23.42	13.59	11.31	14.89	16.34
Days Payable Outstanding (DPO)	36.10	45.03	48.68	36.27	35.31	50.02	35.02	34.83	41.11	44.20
Cash Conversion Cycle (CCC)	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	56,485	59,448	67,761	74,205	81,218	80,152	86,537	86,271	93,781	102,607
Invested Capital Turnover	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	8,240	2,963	8,313	6,444	7,013	-1,066	6,385	-266	7,510	8,826
Enterprise Value (EV)	64,536	75,861	83,567	65,525	82,448	74,433	76,128	83,548	99,291	133,634
Market Capitalization	7,119	11,179	11,372	11,879	23,150	12,810	20,891	30,319	42,192	66,145
Book Value per Share	($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	($13.24)	($12.30)	($11.19)	$3.70	$4.03	$3.85	$8.47	$8.11	$8.40	$7.37
Total Capital	60,599	66,516	74,064	77,377	84,992	83,588	89,830	89,414	97,105	106,194
Total Debt	36,968	44,052	44,084	46,028	51,054	51,438	49,702	48,262	52,388	59,760
Total Long-Term Debt	36,837	42,858	43,671	43,373	51,028	51,417	49,022	48,260	51,380	59,752
Net Debt	32,854	40,524	41,019	42,856	47,280	48,002	46,409	45,102	49,064	56,173
Capital Expenditures (CapEx)	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)	-21	328	2,839	-435	-548	39	36	1,448	1,937	1,233
Debt-free Net Working Capital (DFNWC)	631	816	3,199	95	-234	415	382	1,715	2,164	1,554
Net Working Capital (NWC)	500	-378	2,786	-2,560	-260	394	-298	1,713	1,156	1,546
Net Nonoperating Expense (NNE)	1,539	4,192	7,380	1,977	2,354	967	1,870	1,610	2,552	1,877
Net Nonoperating Obligations (NNO)	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)	1,930	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	-0.06%	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	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	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	$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	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	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	1,838	2,024	2,632	5,828	7,253	4,102	8,577	7,851	8,450	7,949
Normalized NOPAT Margin	5.09%	6.37%	6.50%	10.77%	6.69%	10.53%	12.72%	8.74%	10.75%	9.62%
Pre Tax Income Margin	2.49%	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	1.37	1.13	1.44	2.54	3.01	1.16	3.45	3.52	3.27	2.96
NOPAT to Interest Expense	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	-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	-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	243.54%	0.00%	116.53%	122.11%	90.28%	3,057.14%	47.97%	79.12%	113.30%	98.52%
Augmented Payout Ratio	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.66%	119.71%	0.00%	-29.39%	-9.59%	-49.91%	13.87%	13.15%	0.16%	-4.83%
EBITDA Growth	21.91%	6.54%	8.14%	-9.85%	15.02%	17.27%	18.08%	19.30%	5.55%	9.58%
EBIT Growth	30.05%	5.61%	11.00%	-15.15%	19.08%	21.98%	17.91%	22.10%	-1.27%	4.81%
NOPAT Growth	40.26%	1.77%	52.11%	-15.92%	11.96%	17.32%	15.03%	22.27%	-1.27%	-0.89%
Net Income Growth	45.76%	16.73%	-2.69%	-23.98%	-20.80%	9.05%	16.93%	61.56%	36.96%	-7.66%
EPS Growth	45.00%	25.00%	-13.51%	-35.90%	-48.28%	5.71%	0.00%	40.00%	113.33%	-21.62%
Operating Cash Flow Growth	32.08%	-23.06%	41.35%	7.73%	-20.61%	-3.14%	12.60%	-10.49%	21.11%	99.85%
Free Cash Flow Firm Growth	-285.39%	144.50%	141.77%	117.32%	129.30%	-362.82%	-313.60%	-1,355.65%	-951.26%	-24.68%
Invested Capital Growth	9.97%	-0.31%	-0.49%	0.92%	0.42%	8.71%	8.62%	15.51%	19.50%	9.41%
Revenue Q/Q Growth	-11.59%	78.70%	-53.66%	-3.55%	13.20%	-1.00%	5.34%	-4.16%	0.21%	-5.93%
EBITDA Q/Q Growth	-10.00%	-2.62%	8.44%	-5.15%	14.82%	-0.71%	-8.82%	-4.17%	1.59%	3.08%
EBIT Q/Q Growth	-13.98%	-5.59%	13.46%	-7.91%	20.72%	-3.29%	-15.73%	-4.64%	-2.39%	2.67%
NOPAT Q/Q Growth	-7.42%	-3.56%	9.71%	-14.16%	23.28%	1.05%	7.51%	-8.76%	-0.45%	1.44%
Net Income Q/Q Growth	-18.50%	8.70%	0.70%	-14.79%	-15.09%	49.67%	7.98%	17.73%	-28.01%	0.91%
EPS Q/Q Growth	-25.64%	20.69%	-8.57%	-21.88%	-40.00%	146.67%	-13.51%	9.38%	-8.57%	-9.38%
Operating Cash Flow Q/Q Growth	26.98%	-55.24%	150.37%	-24.30%	-6.43%	-45.39%	191.05%	-39.82%	26.61%	-9.88%
Free Cash Flow Firm Q/Q Growth	-12.87%	135.03%	15.74%	-62.16%	90.97%	-414.23%	6.28%	-122.45%	-29.47%	53.98%
Invested Capital Q/Q Growth	-0.22%	1.16%	-1.24%	1.23%	-0.71%	9.51%	-1.33%	7.65%	2.72%	0.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.28%	21.45%	23.09%	23.08%	22.57%	23.14%	23.27%	24.70%	24.84%	27.55%
EBITDA Margin	12.83%	6.99%	16.36%	16.09%	16.32%	16.37%	16.97%	16.97%	17.20%	18.85%
Operating Margin	8.60%	4.41%	10.86%	10.02%	10.77%	10.54%	11.00%	11.09%	10.50%	11.66%
EBIT Margin	8.34%	4.41%	10.79%	10.30%	10.98%	10.73%	11.17%	11.11%	10.83%	11.82%
Profit (Net Income) Margin	5.76%	3.51%	7.62%	6.73%	5.05%	7.63%	7.82%	9.61%	6.90%	7.40%
Tax Burden Percent	94.16%	25.34%	95.32%	91.95%	93.15%	97.09%	95.00%	89.77%	94.16%	91.41%
Interest Burden Percent	73.39%	313.95%	74.08%	71.07%	49.34%	73.26%	73.72%	96.31%	67.72%	68.56%
Effective Tax Rate	5.84%	0.79%	4.68%	8.05%	6.85%	2.91%	5.00%	10.23%	5.84%	8.59%
Return on Invested Capital (ROIC)	6.72%	4.55%	13.19%	10.86%	11.62%	8.94%	9.55%	8.95%	8.80%	8.98%
ROIC Less NNEP Spread (ROIC-NNEP)	5.48%	3.77%	12.02%	9.84%	9.30%	7.80%	8.32%	8.81%	7.56%	7.77%
Return on Net Nonoperating Assets (RNNOA)	6.20%	4.25%	13.03%	10.59%	10.05%	8.56%	8.95%	9.94%	8.66%	8.97%
Return on Equity (ROE)	12.92%	8.79%	26.22%	21.45%	21.68%	17.49%	18.50%	18.89%	17.46%	17.94%
Cash Return on Invested Capital (CROIC)	-0.78%	8.96%	9.54%	7.75%	8.58%	0.37%	0.89%	-5.27%	-8.78%	-0.39%
Operating Return on Assets (OROA)	5.56%	3.74%	10.99%	9.75%	10.20%	7.69%	8.24%	8.21%	7.81%	8.17%
Return on Assets (ROA)	3.85%	2.98%	7.76%	6.37%	4.69%	5.47%	5.77%	7.10%	4.98%	5.12%
Return on Common Equity (ROCE)	10.18%	6.96%	20.83%	17.15%	17.41%	14.20%	14.93%	14.68%	13.62%	14.13%
Return on Equity Simple (ROE_SIMPLE)	17.25%	0.00%	17.58%	16.21%	15.59%	0.00%	15.41%	18.36%	18.97%	0.00%
Net Operating Profit after Tax (NOPAT)	1,858	1,792	1,966	1,687	2,080	2,102	2,261	2,063	2,054	2,083
NOPAT Margin	8.10%	4.37%	10.35%	9.21%	10.03%	10.24%	10.45%	9.95%	9.89%	10.66%
Net Nonoperating Expense Percent (NNEP)	1.24%	0.78%	1.17%	1.02%	2.33%	1.14%	1.24%	0.14%	1.24%	1.21%
Return On Investment Capital (ROIC_SIMPLE)	-	2.01%	-	-	-	2.18%	-	-	-	1.97%
Cost of Revenue to Revenue	80.72%	78.55%	76.92%	76.92%	77.43%	76.86%	76.73%	75.30%	75.16%	72.45%
SG&A Expenses to Revenue	5.82%	3.83%	6.65%	7.22%	6.46%	6.96%	6.46%	7.52%	7.97%	8.85%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.68%	7.15%	12.23%	13.06%	14.81%	12.61%	12.26%	10.73%	14.34%	15.95%
Earnings before Interest and Taxes (EBIT)	1,913	1,806	2,049	1,887	2,278	2,203	2,416	2,304	2,249	2,309
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,943	2,866	3,108	2,948	3,385	3,361	3,670	3,517	3,573	3,683
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.90	0.92	1.06	1.09	1.22	1.15	1.48	1.62	1.56	1.88
Price to Tangible Book Value (P/TBV)	1.20	1.21	1.39	1.42	1.60	1.60	2.04	2.29	2.18	2.62
Price to Revenue (P/Rev)	0.44	0.34	0.32	0.36	0.41	0.54	0.65	0.66	0.66	0.80
Price to Earnings (P/E)	84.45	7.00	4.27	4.73	5.65	12.15	14.91	14.09	11.98	15.04
Dividend Yield	7.89%	8.88%	8.81%	9.54%	9.22%	9.86%	7.91%	7.74%	7.88%	6.61%
Earnings Yield	1.18%	14.29%	23.45%	21.12%	17.70%	8.23%	6.71%	7.10%	8.35%	6.65%
Enterprise Value to Invested Capital (EV/IC)	0.96	0.97	1.02	1.03	1.09	1.06	1.19	1.21	1.19	1.30
Enterprise Value to Revenue (EV/Rev)	1.22	0.93	0.80	0.88	0.94	1.26	1.35	1.44	1.46	1.62
Enterprise Value to EBITDA (EV/EBITDA)	7.01	6.80	7.18	7.51	7.61	7.76	8.23	8.67	8.64	9.25
Enterprise Value to EBIT (EV/EBIT)	10.77	10.29	10.96	11.62	11.72	11.80	12.52	13.13	13.30	14.40
Enterprise Value to NOPAT (EV/NOPAT)	11.57	11.17	11.27	11.99	12.10	12.66	13.51	14.24	14.43	15.83
Enterprise Value to Operating Cash Flow (EV/OCF)	8.69	9.23	8.69	8.73	9.69	10.39	11.02	12.44	11.95	11.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.79	10.70	13.41	12.69	295.56	138.65	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.15	1.17	1.15	1.16	1.17	1.17	1.20	1.26	1.27	1.29
Long-Term Debt to Equity	1.15	1.17	1.15	1.08	1.15	1.15	1.18	1.25	1.27	1.29
Financial Leverage	1.13	1.13	1.08	1.08	1.08	1.10	1.08	1.13	1.14	1.15
Leverage Ratio	2.65	2.60	2.61	2.59	2.60	2.55	2.57	2.59	2.65	2.62
Compound Leverage Factor	1.94	8.17	1.93	1.84	1.28	1.87	1.90	2.50	1.79	1.80
Debt to Total Capital	53.59%	53.98%	53.43%	53.72%	53.94%	53.95%	54.60%	55.66%	55.98%	56.27%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	3.86%	1.13%	1.04%	1.21%	0.25%	0.25%	0.01%
Long-Term Debt to Total Capital	53.59%	53.97%	53.43%	49.86%	52.81%	52.91%	53.39%	55.42%	55.73%	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%
Noncontrolling Interests to Total Capital	9.30%	9.09%	9.07%	8.82%	8.90%	8.27%	8.71%	11.19%	10.73%	10.66%
Common Equity to Total Capital	37.11%	36.93%	37.50%	37.45%	37.16%	37.78%	36.69%	33.15%	33.29%	33.07%
Debt to EBITDA	4.05	3.93	3.89	4.05	3.93	4.09	4.00	4.14	4.20	4.14
Net Debt to EBITDA	3.78	3.67	3.63	3.77	3.65	3.83	3.62	3.86	3.94	3.89
Long-Term Debt to EBITDA	4.05	3.93	3.89	3.76	3.85	4.01	3.91	4.12	4.18	4.14
Debt to NOPAT	6.68	6.45	6.11	6.47	6.25	6.68	6.57	6.79	7.01	7.08
Net Debt to NOPAT	6.23	6.03	5.69	6.02	5.80	6.25	5.95	6.33	6.59	6.65
Long-Term Debt to NOPAT	6.68	6.45	6.11	6.00	6.12	6.55	6.42	6.76	6.98	7.08
Altman Z-Score	0.98	1.21	1.45	1.34	1.36	1.13	1.24	1.21	1.17	1.24
Noncontrolling Interest Sharing Ratio	21.16%	20.86%	20.54%	20.04%	19.68%	18.82%	19.33%	22.31%	22.01%	21.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	1.17	1.12	0.81	1.05	1.10	1.18	1.14	1.08	1.12
Quick Ratio	0.80	0.85	0.86	0.59	0.80	0.83	0.92	0.88	0.83	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,874	2,058	2,382	901	1,721	-5,408	-5,087	-11,316	-14,650	-6,743
Operating Cash Flow to CapEx	302.84%	150.68%	394.58%	295.92%	342.42%	184.09%	475.66%	280.25%	265.86%	175.95%
Free Cash Flow to Firm to Interest Expense	-10.18	3.48	3.85	1.41	2.72	-7.91	-6.94	-14.73	-17.69	-8.35
Operating Cash Flow to Interest Expense	5.18	2.26	5.41	3.96	3.75	1.89	5.15	2.96	3.47	3.21
Operating Cash Flow Less CapEx to Interest Expense	3.47	0.76	4.04	2.62	2.66	0.87	4.06	1.90	2.17	1.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.85	1.02	0.95	0.93	0.72	0.74	0.74	0.72	0.69
Accounts Receivable Turnover	8.90	11.05	11.83	11.46	10.77	8.88	8.96	9.82	8.50	8.51
Inventory Turnover	25.48	32.28	43.12	35.40	30.30	24.52	28.99	26.17	24.98	22.34
Fixed Asset Turnover	0.87	1.11	1.36	1.26	1.23	0.95	0.98	0.97	0.95	0.92
Accounts Payable Turnover	8.28	10.48	11.14	10.52	9.92	8.88	8.64	9.39	8.30	8.26
Days Sales Outstanding (DSO)	41.01	33.03	30.86	31.85	33.89	41.12	40.76	37.16	42.95	42.88
Days Inventory Outstanding (DIO)	14.33	11.31	8.46	10.31	12.05	14.89	12.59	13.95	14.61	16.34
Days Payable Outstanding (DPO)	44.07	34.83	32.78	34.68	36.80	41.11	42.26	38.89	43.97	44.20
Cash Conversion Cycle (CCC)	11.27	9.51	6.55	7.48	9.13	14.90	11.09	12.23	13.59	15.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	85,281	86,271	85,203	86,251	85,640	93,781	92,551	99,630	102,344	102,607
Invested Capital Turnover	0.83	1.04	1.27	1.18	1.16	0.87	0.91	0.90	0.89	0.84
Increase / (Decrease) in Invested Capital	7,732	-266	-416	786	359	7,510	7,348	13,379	16,704	8,826
Enterprise Value (EV)	82,090	83,548	87,198	89,208	93,030	99,291	109,980	120,816	122,003	133,634
Market Capitalization	29,640	30,319	35,143	36,508	40,521	42,192	53,010	55,509	54,954	66,145
Book Value per Share	$10.64	$10.69	$10.71	$10.83	$10.54	$11.66	$10.66	$10.18	$10.30	$10.26
Tangible Book Value per Share	$8.03	$8.11	$8.16	$8.29	$8.07	$8.40	$7.70	$7.18	$7.37	$7.37
Total Capital	88,476	89,414	88,394	89,588	89,140	97,105	97,942	103,505	105,856	106,194
Total Debt	47,415	48,262	47,231	48,131	48,081	52,388	53,476	57,616	59,258	59,760
Total Long-Term Debt	47,413	48,260	47,229	44,672	47,075	51,380	52,295	57,359	58,995	59,752
Net Debt	44,220	45,102	44,040	44,794	44,574	49,064	48,437	53,730	55,691	56,173
Capital Expenditures (CapEx)	987	888	849	857	693	704	793	810	1,081	1,472
Debt-free, Cash-free Net Working Capital (DFCFNWC)	592	1,448	880	714	1,160	1,937	1,534	1,304	929	1,233
Debt-free Net Working Capital (DFNWC)	918	1,715	1,210	1,044	1,674	2,164	3,480	1,954	1,228	1,554
Net Working Capital (NWC)	916	1,713	1,208	-2,415	668	1,156	2,299	1,697	965	1,546
Net Nonoperating Expense (NNE)	536	355	519	454	1,033	535	569	71	620	636
Net Nonoperating Obligations (NNO)	44,220	45,119	44,040	44,794	44,581	49,064	48,085	53,741	55,746	56,173
Total Depreciation and Amortization (D&A)	1,030	1,060	1,059	1,061	1,107	1,158	1,254	1,213	1,324	1,374
Debt-free, Cash-free Net Working Capital to Revenue	0.88%	1.61%	0.81%	0.71%	1.17%	2.46%	1.89%	1.56%	1.11%	1.49%
Debt-free Net Working Capital to Revenue	1.36%	1.91%	1.11%	1.03%	1.69%	2.75%	4.28%	2.34%	1.47%	1.88%
Net Working Capital to Revenue	1.36%	1.91%	1.11%	-2.39%	0.67%	1.47%	2.83%	2.03%	1.15%	1.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.29	$0.33	$0.32	$0.25	$0.15	$0.38	$0.32	$0.35	$0.33	$0.29
Adjusted Weighted Average Basic Shares Outstanding	3.09B	3.09B	3.10B	3.14B	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B
Adjusted Diluted Earnings per Share	$0.29	$0.35	$0.32	$0.25	$0.15	$0.37	$0.32	$0.35	$0.32	$0.29
Adjusted Weighted Average Diluted Shares Outstanding	3.09B	3.09B	3.10B	3.14B	3.15B	3.37B	3.37B	3.42B	3.42B	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.09B	3.09B	3.10B	3.14B	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B
Normalized Net Operating Profit after Tax (NOPAT)	1,939	1,792	1,967	1,696	2,663	2,102	2,261	1,571	2,054	2,085
Normalized NOPAT Margin	8.45%	4.37%	10.35%	9.26%	12.84%	10.24%	10.45%	7.58%	9.89%	10.67%
Pre Tax Income Margin	6.12%	13.83%	7.99%	7.32%	5.42%	7.86%	8.23%	10.70%	7.33%	8.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.32	3.05	3.31	2.94	3.60	3.22	3.30	3.00	2.72	2.86
NOPAT to Interest Expense	3.22	3.03	3.18	2.63	3.29	3.07	3.08	2.69	2.48	2.58
EBIT Less CapEx to Interest Expense	1.60	1.55	1.94	1.61	2.51	2.19	2.21	1.95	1.41	1.04
NOPAT Less CapEx to Interest Expense	1.51	1.53	1.80	1.30	2.19	2.04	2.00	1.63	1.17	0.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	70.13%	79.12%	81.76%	93.75%	103.74%	113.30%	110.34%	100.03%	95.81%	98.52%
Augmented Payout Ratio	70.13%	79.12%	81.76%	93.75%	103.74%	113.30%	110.34%	100.03%	95.81%	98.52%

Frequently Asked Questions About Energy Transfer's Financials

When does Energy Transfer's fiscal year end?

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

How has Energy Transfer's net income changed over the last 9 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 $1.06 billion in 2015. The previous period was $5.29 billion in 2023. See Energy Transfer's forecast for analyst expectations on what’s next for the company.

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 revenue changed over the last 9 years?

Over the last 9 years, Energy Transfer's total revenue changed from $36.10 billion in 2015 to $82.67 billion in 2024, a change of 129.0%.

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 66.0% increase since 2015.

How much cash does Energy Transfer have?

In the past 9 years, Energy Transfer's cash and equivalents has ranged from $161 million in 2023 to $606 million in 2015, 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 9 years?

Over the last 9 years, Energy Transfer's book value per share changed from -0.89 in 2015 to 10.26 in 2024, a change of -1,249.7%.

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This page (NYSE:ET) was last updated on 5/6/2025 by MarketBeat.com Staff

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Energy Transfer (ET) Financials

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Energy Transfer (ET) Financials

Annual Income Statements for Energy Transfer

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