Energy Transfer (ET) Financials

$19.60 -0.47 (-2.34%)

As of 03:58 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,189	995	954	1,749	3,518	-648	5,179	4,334	3,469	4,394	4,173
Consolidated Net Income / (Loss)	1,061	0.00	2,366	3,420	4,825	140	6,687	5,868	5,294	6,565	5,708
Net Income / (Loss) Continuing Operations	1,023	462	2,543	3,685	59,038	140	6,402	5,868	5,294	6,565	5,708
Total Pre-Tax Income	900	204	710	3,689	59,233	377	6,871	6,072	5,597	7,106	6,058
Total Operating Income	2,287	1,851	2,721	5,403	7,203	2,980	8,792	7,738	8,295	9,138	9,027
Total Gross Profit	7,428	8,099	9,557	12,484	68,625	13,467	17,022	17,644	18,045	20,696	22,041
Total Revenue	36,096	31,792	40,523	54,087	108,426	38,954	67,417	89,876	78,586	82,671	85,536
Operating Revenue	31,505	31,792	40,523	54,087	108,426	38,954	67,417	89,876	78,586	82,671	85,536
Total Cost of Revenue	28,668	23,693	30,966	41,603	39,801	25,487	50,395	72,232	60,541	61,975	63,495
Operating Cost of Revenue	28,668	23,693	30,966	41,603	39,801	25,487	50,395	72,232	60,541	61,975	63,495
Total Operating Expenses	5,141	6,248	6,836	7,081	7,209	10,487	8,230	9,906	9,750	10,972	13,014
Selling, General & Admin Expense	2,851	2,992	3,243	3,791	3,988	3,929	4,392	5,356	5,353	6,341	7,047
Depreciation Expense	1,951	2,216	2,554	2,859	3,147	3,678	3,817	4,164	4,385	5,165	5,682
Impairment Charge	339	1,040	1,039	431	74	2,880	21	386	12	52	285
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	0.00	0.00	-586	0.00
Total Other Income / (Expense), net	-1,387	-1,647	-2,011	-1,714	-2,183	-2,603	-2,206	-1,666	-2,698	-2,618	-2,969
Interest Expense	1,665	1,804	2,011	2,167	2,349	2,402	2,590	2,306	2,576	3,137	3,508
Interest & Investment Income	276	-38	-169	344	302	-10	246	257	383	379	419
Other Income / (Expense), net	2.00	195	169	109	-136	-191	138	383	-505	140	120
Income Tax Expense	-123	-258	-1,833	4.00	195	237	184	204	303	541	350
Net Income / (Loss) Attributable to Noncontrolling Interest	-128	-995	1,412	1,671	1,307	788	1,217	1,112	1,359	1,751	1,275
Basic Earnings per Share	$1.11	$0.94	$0.85	$1.20	-	-	$1.89	$1.40	$1.10	$1.29	$1.22
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	3.44B
Diluted Earnings per Share	$1.11	$0.92	$0.83	$2.39	-	-	$1.89	$1.40	$1.09	$1.28	$1.21
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	3.44B
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	3.44B
Cash Dividends to Common per Share	-	$1.14	$1.17	$1.22	$1.22	$0.92	$0.63	$1.00	$1.25	$1.29	$1.33

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	466	1,204	1,089	1,182	1,115	1,010	1,323	1,091	959	868	1,254
Consolidated Net Income / (Loss)	1,047	1,567	1,692	1,992	1,434	1,447	1,720	1,458	1,292	1,238	1,976
Net Income / (Loss) Continuing Operations	1,047	1,567	1,692	1,992	1,434	1,447	1,720	1,458	1,292	1,238	1,976
Total Pre-Tax Income	1,124	1,614	1,781	2,219	1,523	1,583	1,761	1,537	1,379	1,381	2,111
Total Operating Income	2,233	2,165	2,380	2,298	2,181	2,279	2,491	2,309	2,151	2,076	2,983
Total Gross Profit	4,680	4,752	5,032	5,120	5,160	5,384	5,449	5,296	5,392	5,904	6,622
Total Revenue	20,739	20,532	21,629	20,729	20,772	19,541	21,020	19,242	19,954	25,320	27,771
Operating Revenue	20,739	20,532	21,629	20,729	20,772	19,541	21,020	19,242	19,954	25,320	27,771
Total Cost of Revenue	16,059	15,780	16,597	15,609	15,612	14,157	15,571	13,946	14,562	19,416	21,149
Operating Cost of Revenue	16,059	15,780	16,597	15,609	15,612	14,157	15,571	13,946	14,562	19,416	21,149
Total Operating Expenses	3,072	2,589	2,652	2,224	2,979	3,117	2,958	2,987	3,241	3,828	3,639
Selling, General & Admin Expense	1,339	1,429	1,398	1,559	1,655	1,729	1,587	1,600	1,800	2,060	2,056
Depreciation Expense	1,107	1,158	1,254	1,213	1,324	1,374	1,367	1,384	1,440	1,491	1,583
Impairment Charge	1.00	-	0.00	50	0.00	2.00	4.00	3.00	1.00	277	0.00
Total Other Income / (Expense), net	-484	-549	-599	-677	-658	-684	-730	-772	-772	-695	-872
Interest Expense	632	684	733	768	828	808	811	882	902	913	954
Interest & Investment Income	103	97	98	85	102	94	92	105	116	106	110
Other Income / (Expense), net	45	38	36	6.00	68	30	-11	5.00	14	112	-28
Income Tax Expense	77	47	89	227	89	136	41	79	87	143	135
Net Income / (Loss) Attributable to Noncontrolling Interest	463	240	452	678	251	370	397	295	273	310	722
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	118	232	130	99	68	196	67	64	1.00	-	59
Basic Earnings per Share	$0.15	$0.38	$0.32	$0.35	$0.33	$0.29	$0.37	$0.32	$0.28	$0.25	$0.35
Weighted Average Basic Shares Outstanding	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B	3.43B	3.43B	3.43B	3.44B	3.44B
Diluted Earnings per Share	$0.15	$0.37	$0.32	$0.35	$0.32	$0.29	$0.36	$0.32	$0.28	$0.25	$0.35
Weighted Average Diluted Shares Outstanding	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B	3.43B	3.43B	3.43B	3.44B	3.44B
Weighted Average Basic & Diluted Shares Outstanding	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B	3.43B	3.43B	3.43B	3.44B	3.44B
Cash Dividends to Common per Share	$0.31	-	$0.32	-	-	-	$0.33	-	-	-	$0.34

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-254	-118	-131	83	-128	76	-31	-79	-96	151	960
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	10,149
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	10,149
Net Income / (Loss) Continuing Operations	1,023	462	2,543	3,685	4,825	140	6,687	5,868	5,294	6,565	5,708
Consolidated Net Income / (Loss)	1,061	0.00	2,366	3,420	4,825	140	6,687	5,868	5,294	6,565	5,708
Depreciation Expense	1,951	2,216	2,554	2,859	3,147	3,678	3,817	4,164	4,385	5,165	5,682
Non-Cash Adjustments To Reconcile Net Income	659	1,000	1,395	735	258	3,286	2.00	334	124	-304	557
Changes in Operating Assets and Liabilities, net	-633	-356	-2,063	227	-174	257	656	-1,315	-248	80	-1,798
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	-8,373
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	-8,373
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	-6,303
Acquisitions	-906	-1,398	-583	-429	-794	0.00	-205	-1,141	-1,329	-2,732	-2,261
Purchase of Investments	-	-	-	-	-	-38	-4.00	0.00	-6.00	-206	-10
Divestitures	14	35	3,526	548	54	19	45	380	38	1,038	30
Sale and/or Maturity of Investments	-	135	135	69	-425	187	167	62	63	75	61
Other Investing Activities, net	230	17	-240	144	191	64	44	58	43	85	110
Net Cash From Financing Activities	6,785	5,927	953	-3,082	-1,250	-2,387	-8,418	-5,108	-5,326	-5,451	-816
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	-816
Repayment of Debt	-19,911	-19,131	-31,654	-29,285	-20,232	-24,192	-27,332	-29,708	-31,461	-30,305	-28,171
Repurchase of Preferred Equity	-	0.00	-53	-	-	-	-	0.00	0.00	-3,466	-500
Payment of Dividends	-2,584	-3,552	-2,757	-4,176	-4,356	-4,280	-3,208	-4,643	-5,998	-6,468	-6,515
Issuance of Debt	26,455	26,051	31,614	29,001	22,583	24,505	21,264	28,838	32,130	34,150	32,870
Issuance of Preferred Equity	-	-	-	-	0.00	0.00	889	-	0.00	0.00	1,473
Issuance of Common Equity	0.00	0.00	568	-	-	-	-	405	3.00	638	27

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	184	-353	1,785	-1,296	-351	13	141	-211	3,332	-2,302	-321
Net Cash From Operating Activities	2,373	1,296	3,772	2,270	2,874	2,590	2,917	2,762	2,572	1,898	3,378
Net Cash From Continuing Operating Activities	2,373	1,296	3,772	2,270	2,874	2,590	2,917	2,762	2,572	1,898	3,378
Net Income / (Loss) Continuing Operations	1,047	1,567	1,692	1,992	1,434	1,447	1,720	1,458	1,292	1,238	1,976
Consolidated Net Income / (Loss)	1,047	1,567	1,692	1,992	1,434	1,447	1,720	1,458	1,292	1,238	1,976
Depreciation Expense	1,107	1,158	1,254	1,213	1,324	1,374	1,367	1,384	1,440	1,491	1,583
Non-Cash Adjustments To Reconcile Net Income	-129	188	-114	-470	236	44	-32	72	-35	552	-490
Changes in Operating Assets and Liabilities, net	348	-1,617	940	-465	-120	-275	-138	-152	-125	-1,383	309
Net Cash From Investing Activities	-670	-964	-1,196	45	-3,284	-1,469	-1,198	-1,701	-1,528	-3,946	-2,534
Net Cash From Continuing Investing Activities	-670	-964	-1,196	45	-3,284	-1,469	-1,198	-1,701	-1,528	-3,946	-2,534
Purchase of Property, Plant & Equipment	-701	-704	-795	-811	-1,086	-1,472	-1,224	-1,659	-1,297	-2,123	-1,916
Acquisitions	-	-288	-449	-39	-2,198	-46	-12	-92	-261	-1,896	-689
Sale and/or Maturity of Investments	18	18	23	55	-18	15	20	36	21	-16	39
Other Investing Activities, net	5.00	9.00	23	-178	13	227	18	16	9.00	69	32
Net Cash From Financing Activities	-1,519	-685	-791	-3,611	59	-1,108	-1,578	-1,272	2,288	-254	-1,165
Net Cash From Continuing Financing Activities	-1,519	-685	-791	-3,611	59	-1,108	-1,578	-1,272	2,288	-254	-1,165
Repayment of Debt	-7,549	-8,356	-7,066	-11,406	-4,764	-7,069	-10,571	-4,608	-8,399	-4,593	-11,664
Payment of Dividends	-1,470	-1,547	-1,571	-1,715	-1,575	-1,607	-1,601	-1,721	-1,537	-1,656	-1,718
Issuance of Debt	7,500	9,218	8,141	12,044	6,398	7,567	10,592	5,554	10,729	5,995	12,216
Issuance of Common Equity	-	-	637	-	-	1.00	2.00	3.00	22	-	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	2025
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	12/31/2025
Total Assets	71,189	78,925	86,246	88,246	98,973	95,144	105,963	105,643	113,698	125,380	141,286
Total Current Assets	5,410	6,899	10,683	6,750	7,464	6,317	10,537	12,081	12,433	14,202	18,233
Cash & Equivalents	606	467	336	419	291	367	336	257	161	312	1,272
Accounts Receivable	2,519	3,604	4,557	4,120	5,197	3,954	7,708	8,559	9,148	10,278	11,394
Inventories, net	1,636	2,055	2,022	1,677	1,532	1,739	2,014	2,461	2,478	3,070	4,770
Current Deferred & Refundable Income Taxes	-	128	136	73	146	35	32	68	67	56	57
Other Current Assets	603	447	295	350	275	213	437	726	513	477	740
Plant, Property, & Equipment, net	48,683	53,578	61,088	66,963	74,193	75,107	81,607	80,311	85,351	95,212	102,142
Plant, Property & Equipment, gross	54,979	61,562	71,177	79,776	89,790	94,115	103,991	105,996	114,932	129,242	141,283
Accumulated Depreciation	6,296	7,984	10,089	12,813	15,597	19,008	22,384	25,685	29,581	34,030	39,141
Total Noncurrent Assets	17,096	18,448	14,475	14,533	17,316	13,720	13,819	13,251	15,914	15,966	20,911
Long-Term Investments	3,462	3,040	2,705	2,642	3,460	3,060	2,947	2,893	3,097	3,266	3,589
Goodwill	7,473	5,670	4,768	4,885	5,167	2,391	2,533	2,566	4,019	3,903	5,452
Intangible Assets	5,431	5,512	6,116	6,000	6,154	5,746	5,856	5,415	6,239	5,971	7,438
Other Noncurrent Operating Assets	730	815	886	1,006	2,535	2,523	2,483	2,377	2,559	2,826	4,432
Total Liabilities & Shareholders' Equity	71,189	78,925	86,246	88,246	98,973	95,144	105,963	105,643	113,698	125,380	141,286
Total Liabilities	47,558	56,461	56,266	56,897	65,035	62,994	65,835	64,491	68,981	78,946	92,026
Total Current Liabilities	4,910	7,277	7,897	9,310	7,724	5,923	10,835	10,368	11,277	12,656	14,955
Short-Term Debt	131	1,194	413	2,655	26	21	680	2.00	1,008	8.00	25
Accounts Payable	2,302	3,544	4,716	3,552	4,149	2,836	6,834	6,952	6,684	8,325	9,510
Other Current Liabilities	2,477	2,539	2,693	3,103	3,549	3,066	3,321	3,397	3,585	4,323	5,420
Total Noncurrent Liabilities	42,648	49,184	48,369	47,587	57,311	57,071	55,000	54,123	57,704	66,290	77,071
Long-Term Debt	36,837	42,858	43,671	43,373	51,028	51,417	49,022	48,260	51,380	59,752	68,308
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	5,307
Other Noncurrent Operating Liabilities	1,221	1,166	1,383	1,288	3,075	2,226	2,330	2,162	2,393	2,348	3,456
Commitments & Contingencies	0.00	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	250
Total Equity & Noncontrolling Interests	23,598	22,431	29,980	30,850	33,938	31,388	39,345	40,659	43,939	46,017	49,010
Total Preferred & Common Equity	-932	-1,694	-1,196	20,559	21,920	18,529	31,300	33,025	36,682	35,118	34,366
Total Common Equity	-932	-1,694	-1,196	20,559	21,920	18,529	31,300	33,025	36,682	35,118	34,366
Common Stock	-932	-1,694	-1,196	20,601	21,931	18,523	31,277	33,009	36,654	35,045	34,284
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-42	-11	6.00	23	16	28	73	82
Noncontrolling Interest	24,530	24,125	31,176	10,291	12,018	12,859	8,045	7,634	7,257	10,899	14,644

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	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	105,735	104,521	105,132	107,571	115,789	121,339	124,429	126,425	125,022	129,331	147,482
Total Current Assets	12,159	11,370	10,598	13,423	15,018	13,406	13,336	15,237	13,671	17,442	22,263
Cash & Equivalents	326	330	330	514	1,946	650	299	453	242	3,574	951
Accounts Receivable	8,679	8,377	7,383	9,713	9,762	9,647	9,976	11,433	10,049	10,034	15,852
Inventories, net	2,490	2,047	2,271	2,590	2,267	2,624	2,502	2,787	2,795	3,269	4,645
Current Deferred & Refundable Income Taxes	65	64	82	84	58	33	58	91	54	6.00	38
Other Current Assets	599	552	532	522	474	452	501	473	531	559	777
Plant, Property, & Equipment, net	80,261	80,004	81,149	80,873	85,172	91,888	95,012	95,239	95,531	96,029	104,042
Plant, Property & Equipment, gross	105,040	106,643	108,718	109,411	115,631	123,481	127,804	130,496	132,039	133,835	144,675
Accumulated Depreciation	24,779	26,639	27,569	28,538	30,459	31,593	32,792	35,257	36,508	37,806	40,633
Total Noncurrent Assets	13,315	13,147	13,385	13,275	15,599	16,045	16,081	15,949	15,820	15,860	21,177
Long-Term Investments	2,869	2,861	3,007	2,993	3,093	3,236	3,268	3,260	3,243	3,269	3,646
Goodwill	2,553	2,566	2,564	2,564	3,887	3,910	3,910	3,903	3,903	3,903	5,605
Intangible Assets	5,505	5,322	5,301	5,204	6,111	6,202	6,102	5,888	5,774	5,660	7,294
Other Noncurrent Operating Assets	2,388	2,398	2,513	2,514	2,508	2,697	2,801	2,898	2,900	3,028	4,632
Total Liabilities & Shareholders' Equity	105,735	104,521	105,132	107,571	115,789	121,339	124,429	126,425	125,022	129,331	147,482
Total Liabilities	64,674	63,358	63,675	66,512	71,323	75,450	77,831	79,845	79,165	82,187	97,493
Total Current Liabilities	11,243	10,162	13,013	12,755	12,719	11,709	12,371	13,571	11,849	12,410	19,043
Short-Term Debt	2.00	2.00	3,459	1,006	1,181	257	263	7.00	6.00	8.00	19
Accounts Payable	7,523	6,943	6,179	7,997	7,535	7,467	7,327	8,999	7,537	7,336	13,152
Other Current Liabilities	3,718	3,217	3,375	3,745	3,844	3,974	4,726	4,565	4,306	5,066	5,872
Total Noncurrent Liabilities	53,431	53,196	50,662	53,757	58,604	63,741	65,460	66,274	67,316	69,777	78,450
Long-Term Debt	47,413	47,229	44,672	47,075	52,295	57,359	58,995	59,782	60,749	63,096	69,317
Noncurrent Deferred & Payable Income Tax Liabilities	3,661	3,759	3,839	3,891	4,009	4,001	4,110	4,179	4,204	4,263	5,591
Other Noncurrent Operating Liabilities	2,357	2,208	2,151	2,791	2,300	2,381	2,355	2,313	2,363	2,418	3,542
Commitments & Contingencies	0.00	0.00	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	1,800	252
Total Equity & Noncontrolling Interests	40,568	40,669	40,962	40,561	43,793	45,472	46,180	46,162	45,534	45,344	49,737
Total Preferred & Common Equity	32,831	33,148	33,551	33,124	35,933	34,312	35,240	35,318	34,779	34,677	34,462
Total Common Equity	32,831	33,148	33,551	33,124	35,933	34,312	35,240	35,318	34,779	34,677	34,462
Common Stock	32,799	33,135	33,527	33,095	35,892	34,264	35,198	35,254	34,714	34,609	34,390
Accumulated Other Comprehensive Income / (Loss)	32	13	24	29	41	48	42	64	65	68	72
Noncontrolling Interest	7,737	7,521	7,411	7,437	7,860	11,160	10,940	10,844	10,755	10,667	15,275

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-35.19%	-11.92%	27.46%	33.47%	100.47%	-64.07%	73.07%	33.31%	-12.56%	5.20%	3.47%
EBITDA Growth	6.14%	1.02%	27.73%	53.77%	22.02%	-36.68%	97.11%	-3.62%	4.21%	12.82%	2.67%
EBIT Growth	-0.56%	-10.62%	41.25%	90.73%	28.21%	-60.53%	220.19%	-9.06%	3.64%	10.23%	-1.41%
NOPAT Growth	40.69%	61.26%	132.49%	-44.62%	33.02%	-84.59%	673.21%	-12.60%	4.92%	7.60%	0.75%
Net Income Growth	-5.61%	-100.00%	0.00%	44.55%	41.08%	-97.10%	4,676.43%	-12.25%	-9.78%	24.01%	-13.05%
EPS Growth	94.74%	-17.12%	-9.78%	187.95%	0.00%	0.00%	0.00%	-25.93%	-22.14%	17.43%	-5.47%
Operating Cash Flow Growth	-6.17%	11.51%	33.32%	69.47%	7.33%	-8.63%	51.64%	-18.91%	5.57%	20.42%	-11.79%
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%	-308.53%
Invested Capital Growth	17.08%	5.25%	13.98%	9.51%	9.45%	-1.31%	7.97%	-0.31%	8.71%	9.41%	9.82%
Revenue Q/Q Growth	-21.65%	20.79%	6.50%	4.08%	100.54%	-59.78%	14.67%	33.07%	-20.66%	-1.18%	7.25%
EBITDA Q/Q Growth	-1.63%	2.18%	8.68%	14.94%	4.96%	-3.29%	2.48%	4.96%	4.74%	2.28%	-0.03%
EBIT Q/Q Growth	-0.99%	-5.06%	15.05%	22.57%	6.46%	-11.96%	3.37%	6.56%	6.06%	1.16%	-1.31%
NOPAT Q/Q Growth	21.06%	-2.70%	275.25%	-28.66%	7.25%	-66.41%	6.24%	5.38%	2.05%	-0.12%	-2.51%
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%	-3.53%
EPS Q/Q Growth	16.84%	-8.91%	-5.68%	106.03%	0.00%	0.00%	0.00%	0.00%	1.87%	-5.88%	-3.20%
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%	-6.38%
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%	-120.46%
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%	8.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.58%	25.48%	23.58%	23.08%	63.29%	34.57%	25.25%	19.63%	22.96%	25.03%	25.77%
EBITDA Margin	11.69%	13.41%	13.43%	15.48%	9.42%	16.60%	18.91%	13.67%	16.29%	17.47%	17.34%
Operating Margin	6.34%	5.82%	6.71%	9.99%	6.64%	7.65%	13.04%	8.61%	10.56%	11.05%	10.55%
EBIT Margin	6.34%	6.44%	7.13%	10.19%	6.52%	7.16%	13.25%	9.04%	10.71%	11.22%	10.69%
Profit (Net Income) Margin	2.94%	0.00%	5.84%	6.32%	4.45%	0.36%	9.92%	6.53%	6.74%	7.94%	6.67%
Tax Burden Percent	117.89%	0.00%	333.24%	92.71%	8.15%	37.14%	97.32%	96.64%	94.59%	92.39%	94.22%
Interest Burden Percent	39.32%	9.97%	24.57%	66.93%	838.16%	13.52%	76.94%	74.77%	66.50%	76.59%	66.23%
Effective Tax Rate	-13.67%	-126.47%	-258.17%	0.11%	0.33%	62.86%	2.68%	3.36%	5.41%	7.61%	5.78%
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%	7.90%
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%	3.22%
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%	4.03%
Return on Equity (ROE)	4.62%	0.00%	9.02%	11.15%	14.78%	0.42%	18.50%	14.44%	12.33%	14.40%	11.93%
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%	-1.46%
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%	6.86%
Return on Assets (ROA)	1.57%	0.00%	2.86%	3.92%	5.15%	0.14%	6.65%	5.55%	4.83%	5.49%	4.28%
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%	8.66%
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%	0.00%
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	8,505
NOPAT Margin	7.20%	13.19%	24.05%	9.98%	6.62%	2.84%	12.69%	8.32%	9.98%	10.21%	9.94%
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%	4.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.41%	8.15%	7.98%	7.25%
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%	74.23%
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%	8.24%
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	14.24%	19.65%	16.87%	13.09%	6.65%	26.92%	12.21%	11.02%	13.20%	13.27%	15.21%
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	9,147
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	14,829
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	1.62
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	2.59
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	0.65
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	13.34
Dividend Yield	11.74%	11.00%	11.64%	15.01%	14.18%	22.52%	9.00%	8.88%	9.86%	6.61%	8.12%
Earnings Yield	16.70%	8.90%	8.39%	14.72%	15.20%	0.00%	24.79%	14.29%	8.23%	6.65%	7.49%
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	1.19
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	1.57
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	9.04
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	14.65
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	15.75
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	13.20
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	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	1.39
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	1.39
Financial Leverage	1.28	1.52	1.43	1.31	1.38	1.44	1.31	1.13	1.10	1.15	1.25
Leverage Ratio	2.95	3.26	3.15	2.85	2.87	2.94	2.78	2.60	2.55	2.62	2.79
Compound Leverage Factor	1.16	0.32	0.77	1.90	24.04	0.40	2.14	1.95	1.70	2.01	1.85
Debt to Total Capital	61.00%	66.23%	59.52%	59.49%	60.07%	61.54%	55.33%	53.98%	53.95%	56.27%	58.11%
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%	0.02%
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%	58.09%
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	40.53%	36.32%	42.09%	13.94%	14.14%	16.30%	9.83%	9.09%	8.27%	10.66%	12.67%
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%	29.22%
Debt to EBITDA	8.76	10.34	8.10	5.50	5.00	7.95	3.90	3.93	4.09	4.14	4.61
Net Debt to EBITDA	7.79	9.51	7.53	5.12	4.63	7.42	3.64	3.67	3.83	3.89	4.28
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	4.61
Debt to NOPAT	14.22	10.51	4.52	8.53	7.11	46.48	5.81	6.45	6.68	7.08	8.03
Net Debt to NOPAT	12.64	9.67	4.21	7.94	6.59	43.38	5.42	6.03	6.25	6.65	7.46
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	8.03
Altman Z-Score	0.71	0.60	0.74	0.91	1.54	0.63	1.10	1.41	1.31	1.42	1.21
Noncontrolling Interest Sharing Ratio	100.58%	105.70%	105.51%	68.43%	34.94%	38.80%	31.06%	20.86%	18.82%	21.23%	27.39%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.10	0.95	1.35	0.73	0.97	1.07	0.97	1.17	1.10	1.12	1.22
Quick Ratio	0.65	0.56	0.62	0.50	0.71	0.73	0.74	0.85	0.83	0.84	0.85
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	-1,568
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%	161.02%
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	-0.45
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	2.89
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	1.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.42	0.49	0.62	1.16	0.40	0.67	0.85	0.72	0.69	0.64
Accounts Receivable Turnover	12.17	10.38	9.93	12.47	23.27	8.51	11.56	11.05	8.88	8.51	7.89
Inventory Turnover	18.48	12.84	15.19	22.49	24.81	15.58	26.86	32.28	24.52	22.34	16.20
Fixed Asset Turnover	0.81	0.62	0.71	0.84	1.54	0.52	0.86	1.11	0.95	0.92	0.87
Accounts Payable Turnover	10.11	8.11	7.50	10.06	10.34	7.30	10.42	10.48	8.88	8.26	7.12
Days Sales Outstanding (DSO)	29.99	35.15	36.75	29.28	15.68	42.87	31.57	33.03	41.12	42.88	46.24
Days Inventory Outstanding (DIO)	19.75	28.43	24.03	16.23	14.71	23.42	13.59	11.31	14.89	16.34	22.53
Days Payable Outstanding (DPO)	36.10	45.03	48.68	36.27	35.31	50.02	35.02	34.83	41.11	44.20	51.26
Cash Conversion Cycle (CCC)	13.65	18.55	12.10	9.24	-4.92	16.28	10.14	9.51	14.90	15.02	17.51
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	112,680
Invested Capital Turnover	0.69	0.55	0.64	0.76	1.40	0.48	0.81	1.04	0.87	0.84	0.79
Increase / (Decrease) in Invested Capital	8,240	2,963	8,313	6,444	7,013	-1,066	6,385	-266	7,510	8,826	10,073
Enterprise Value (EV)	64,536	75,861	83,567	65,525	82,448	74,433	76,128	83,548	99,291	133,634	134,000
Market Capitalization	7,119	11,179	11,372	11,879	23,150	12,810	20,891	30,319	42,192	66,145	55,686
Book Value per Share	($0.89)	($1.62)	($1.11)	$7.86	$8.34	$6.87	$11.57	$10.69	$11.66	$10.26	$10.01
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	$6.26
Total Capital	60,599	66,516	74,064	77,377	84,992	83,588	89,830	89,414	97,105	106,194	117,593
Total Debt	36,968	44,052	44,084	46,028	51,054	51,438	49,702	48,262	52,388	59,760	68,333
Total Long-Term Debt	36,837	42,858	43,671	43,373	51,028	51,417	49,022	48,260	51,380	59,752	68,308
Net Debt	32,854	40,524	41,019	42,856	47,280	48,002	46,409	45,102	49,064	56,173	63,420
Capital Expenditures (CapEx)	9,073	7,771	8,444	7,407	5,960	5,130	2,822	3,381	3,134	4,164	6,303
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21	328	2,839	-435	-548	39	36	1,448	1,937	1,233	1,979
Debt-free Net Working Capital (DFNWC)	631	816	3,199	95	-234	415	382	1,715	2,164	1,554	3,303
Net Working Capital (NWC)	500	-378	2,786	-2,560	-260	394	-298	1,713	1,156	1,546	3,278
Net Nonoperating Expense (NNE)	1,539	4,192	7,380	1,977	2,354	967	1,870	1,610	2,552	1,877	2,797
Net Nonoperating Obligations (NNO)	32,854	36,984	37,781	42,856	47,280	48,002	46,409	45,119	49,064	56,173	63,420
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	5,682
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%	2.31%
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%	3.86%
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%	3.83%
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	$1.22
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	3.44B
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	$1.21
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	3.44B
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	1.04B	1.08B	1.08B	2.62B	2.69B	2.70B	3.08B	3.09B	3.37B	3.43B	3.44B
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	8,774
Normalized NOPAT Margin	5.09%	6.37%	6.50%	10.77%	6.69%	10.53%	12.72%	8.74%	10.75%	9.62%	10.26%
Pre Tax Income Margin	2.49%	0.64%	1.75%	6.82%	54.63%	0.97%	10.19%	6.76%	7.12%	8.60%	7.08%
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	2.61
NOPAT to Interest Expense	1.56	2.32	4.85	2.49	3.06	0.46	3.30	3.24	3.05	2.69	2.42
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	0.81
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	0.63
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%	114.14%
Augmented Payout Ratio	343.83%	0.00%	116.53%	122.81%	90.80%	3,057.14%	48.44%	79.12%	113.30%	98.52%	114.14%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3,440,314,575.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3,440,314,575.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.59%	-49.91%	13.87%	13.15%	0.16%	-4.83%	-2.82%	-7.17%	-3.94%	29.57%	32.12%
EBITDA Growth	15.02%	17.27%	18.08%	19.30%	5.55%	9.58%	4.82%	5.15%	0.90%	-0.11%	17.96%
EBIT Growth	19.08%	21.98%	17.91%	22.10%	-1.27%	4.81%	2.65%	0.43%	-3.74%	-5.24%	19.15%
NOPAT Growth	11.96%	17.32%	15.03%	22.27%	-1.27%	-0.89%	7.60%	6.18%	-1.86%	-10.66%	14.76%
Net Income Growth	-20.80%	9.05%	16.93%	61.56%	36.96%	-7.66%	1.65%	-26.81%	-9.90%	-14.44%	14.88%
EPS Growth	-48.28%	5.71%	0.00%	40.00%	113.33%	-21.62%	12.50%	-8.57%	-12.50%	-13.79%	-2.78%
Operating Cash Flow Growth	-20.61%	-3.14%	12.60%	-10.49%	21.11%	99.85%	-22.67%	21.67%	-10.51%	-26.72%	15.80%
Free Cash Flow Firm Growth	129.30%	-362.82%	-313.60%	-1,355.65%	-951.26%	-24.68%	-50.82%	88.45%	106.51%	-21.79%	-20.96%
Invested Capital Growth	0.42%	8.71%	8.62%	15.51%	19.50%	9.41%	10.92%	3.51%	1.04%	9.82%	11.76%
Revenue Q/Q Growth	13.20%	-1.00%	5.34%	-4.16%	0.21%	-5.93%	7.57%	-8.46%	3.70%	26.89%	9.68%
EBITDA Q/Q Growth	14.82%	-0.71%	-8.82%	-4.17%	1.59%	3.08%	4.45%	-3.87%	-2.51%	2.05%	23.35%
EBIT Q/Q Growth	20.72%	-3.29%	-15.73%	-4.64%	-2.39%	2.67%	7.41%	-6.69%	-6.44%	1.06%	35.05%
NOPAT Q/Q Growth	23.28%	1.05%	7.51%	-8.76%	-0.45%	1.44%	16.79%	-9.97%	-7.99%	-7.65%	50.04%
Net Income Q/Q Growth	-15.09%	49.67%	7.98%	17.73%	-28.01%	0.91%	18.87%	-15.23%	-11.39%	-4.18%	59.61%
EPS Q/Q Growth	-40.00%	146.67%	-13.51%	9.38%	-8.57%	-9.38%	24.14%	-11.11%	-12.50%	-10.71%	40.00%
Operating Cash Flow Q/Q Growth	-6.43%	-45.39%	191.05%	-39.82%	26.61%	-9.88%	12.63%	-5.31%	-6.88%	-26.21%	77.98%
Free Cash Flow Firm Q/Q Growth	90.97%	-414.23%	6.28%	-122.45%	-29.47%	53.98%	-13.78%	82.97%	173.03%	-960.53%	-13.00%
Invested Capital Q/Q Growth	-0.71%	9.51%	-1.33%	7.65%	2.72%	0.26%	0.05%	0.46%	0.27%	8.97%	1.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.57%	23.14%	23.27%	24.70%	24.84%	27.55%	25.92%	27.52%	27.02%	23.32%	23.85%
EBITDA Margin	16.32%	16.37%	16.97%	16.97%	17.20%	18.85%	18.30%	19.22%	18.07%	14.53%	16.34%
Operating Margin	10.77%	10.54%	11.00%	11.09%	10.50%	11.66%	11.85%	12.00%	10.78%	8.20%	10.74%
EBIT Margin	10.98%	10.73%	11.17%	11.11%	10.83%	11.82%	11.80%	12.03%	10.85%	8.64%	10.64%
Profit (Net Income) Margin	5.05%	7.63%	7.82%	9.61%	6.90%	7.40%	8.18%	7.58%	6.47%	4.89%	7.12%
Tax Burden Percent	93.15%	97.09%	95.00%	89.77%	94.16%	91.41%	97.67%	94.86%	93.69%	89.65%	93.60%
Interest Burden Percent	49.34%	73.26%	73.72%	96.31%	67.72%	68.56%	71.01%	66.42%	63.70%	63.12%	71.44%
Effective Tax Rate	6.85%	2.91%	5.00%	10.23%	5.84%	8.59%	2.33%	5.14%	6.31%	10.35%	6.40%
Return on Invested Capital (ROIC)	11.62%	8.94%	9.55%	8.95%	8.80%	8.98%	9.73%	9.05%	7.83%	5.84%	8.54%
ROIC Less NNEP Spread (ROIC-NNEP)	9.30%	7.80%	8.32%	8.81%	7.56%	7.77%	8.36%	7.73%	6.54%	4.80%	7.19%
Return on Net Nonoperating Assets (RNNOA)	10.05%	8.56%	8.95%	9.94%	8.66%	8.97%	9.57%	9.35%	7.81%	6.00%	8.99%
Return on Equity (ROE)	21.68%	17.49%	18.50%	18.89%	17.46%	17.94%	19.30%	18.40%	15.64%	11.84%	17.53%
Cash Return on Invested Capital (CROIC)	8.58%	0.37%	0.89%	-5.27%	-8.78%	-0.39%	-1.54%	5.19%	7.45%	-1.46%	-2.96%
Operating Return on Assets (OROA)	10.20%	7.69%	8.24%	8.21%	7.81%	8.17%	7.99%	7.87%	6.82%	5.54%	7.17%
Return on Assets (ROA)	4.69%	5.47%	5.77%	7.10%	4.98%	5.12%	5.54%	4.96%	4.07%	3.14%	4.79%
Return on Common Equity (ROCE)	17.41%	14.20%	14.93%	14.68%	13.62%	14.13%	15.10%	13.85%	11.67%	8.60%	12.66%
Return on Equity Simple (ROE_SIMPLE)	15.59%	0.00%	15.41%	18.36%	18.97%	0.00%	18.67%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2,080	2,102	2,261	2,063	2,054	2,083	2,433	2,190	2,015	1,861	2,792
NOPAT Margin	10.03%	10.24%	10.45%	9.95%	9.89%	10.66%	11.57%	11.38%	10.10%	7.35%	10.05%
Net Nonoperating Expense Percent (NNEP)	2.33%	1.14%	1.24%	0.14%	1.24%	1.21%	1.37%	1.32%	1.29%	1.04%	1.35%
Return On Investment Capital (ROIC_SIMPLE)	-	2.18%	-	-	-	1.97%	2.30%	2.06%	1.86%	1.59%	2.35%
Cost of Revenue to Revenue	77.43%	76.86%	76.73%	75.30%	75.16%	72.45%	74.08%	72.48%	72.98%	76.68%	76.16%
SG&A Expenses to Revenue	6.46%	6.96%	6.46%	7.52%	7.97%	8.85%	7.55%	8.32%	9.02%	8.14%	7.40%
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	14.81%	12.61%	12.26%	10.73%	14.34%	15.95%	14.07%	15.52%	16.24%	15.12%	13.10%
Earnings before Interest and Taxes (EBIT)	2,278	2,203	2,416	2,304	2,249	2,309	2,480	2,314	2,165	2,188	2,955
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,385	3,361	3,670	3,517	3,573	3,683	3,847	3,698	3,605	3,679	4,538
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.22	1.15	1.48	1.62	1.56	1.88	1.81	1.79	1.70	1.62	1.93
Price to Tangible Book Value (P/TBV)	1.60	1.60	2.04	2.29	2.18	2.62	2.50	2.48	2.35	2.59	3.08
Price to Revenue (P/Rev)	0.41	0.54	0.65	0.66	0.66	0.80	0.78	0.77	0.74	0.65	0.72
Price to Earnings (P/E)	5.65	12.15	14.91	14.09	11.98	15.04	13.98	13.91	13.65	13.34	16.18
Dividend Yield	9.22%	9.86%	7.91%	7.74%	7.88%	6.61%	6.91%	7.14%	7.60%	8.12%	6.87%
Earnings Yield	17.70%	8.23%	6.71%	7.10%	8.35%	6.65%	7.15%	7.19%	7.33%	7.49%	6.18%
Enterprise Value to Invested Capital (EV/IC)	1.09	1.06	1.19	1.21	1.19	1.30	1.28	1.27	1.23	1.19	1.28
Enterprise Value to Revenue (EV/Rev)	0.94	1.26	1.35	1.44	1.46	1.62	1.60	1.62	1.60	1.57	1.59
Enterprise Value to EBITDA (EV/EBITDA)	7.61	7.76	8.23	8.67	8.64	9.25	8.97	8.82	8.61	9.04	9.45
Enterprise Value to EBIT (EV/EBIT)	11.72	11.80	12.52	13.13	13.30	14.40	14.04	13.96	13.77	14.65	15.24
Enterprise Value to NOPAT (EV/NOPAT)	12.10	12.66	13.51	14.24	14.43	15.83	15.24	14.90	14.63	15.75	16.56
Enterprise Value to Operating Cash Flow (EV/OCF)	9.69	10.39	11.02	12.44	11.95	11.61	12.31	11.72	11.77	13.20	13.82
Enterprise Value to Free Cash Flow (EV/FCFF)	12.69	295.56	138.65	0.00	0.00	0.00	0.00	24.81	16.66	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.17	1.17	1.20	1.26	1.27	1.29	1.28	1.32	1.34	1.39	1.39
Long-Term Debt to Equity	1.15	1.15	1.18	1.25	1.27	1.29	1.28	1.32	1.34	1.39	1.39
Financial Leverage	1.08	1.10	1.08	1.13	1.14	1.15	1.14	1.21	1.19	1.25	1.25
Leverage Ratio	2.60	2.55	2.57	2.59	2.65	2.62	2.66	2.69	2.71	2.79	2.84
Compound Leverage Factor	1.28	1.87	1.90	2.50	1.79	1.80	1.89	1.78	1.72	1.76	2.03
Debt to Total Capital	53.94%	53.95%	54.60%	55.66%	55.98%	56.27%	56.21%	56.99%	57.24%	58.11%	58.11%
Short-Term Debt to Total Capital	1.13%	1.04%	1.21%	0.25%	0.25%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%
Long-Term Debt to Total Capital	52.81%	52.91%	53.39%	55.42%	55.73%	56.27%	56.20%	56.98%	57.23%	58.09%	58.09%
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	8.90%	8.27%	8.71%	11.19%	10.73%	10.66%	10.59%	10.39%	11.31%	12.67%	13.01%
Common Equity to Total Capital	37.16%	37.78%	36.69%	33.15%	33.29%	33.07%	33.20%	32.62%	31.45%	29.22%	28.88%
Debt to EBITDA	3.93	4.09	4.00	4.14	4.20	4.14	4.09	4.10	4.25	4.61	4.47
Net Debt to EBITDA	3.65	3.83	3.62	3.86	3.94	3.89	3.84	3.87	3.79	4.28	4.17
Long-Term Debt to EBITDA	3.85	4.01	3.91	4.12	4.18	4.14	4.09	4.10	4.25	4.61	4.47
Debt to NOPAT	6.25	6.68	6.57	6.79	7.01	7.08	6.95	6.93	7.23	8.03	7.83
Net Debt to NOPAT	5.80	6.25	5.95	6.33	6.59	6.65	6.52	6.54	6.45	7.46	7.31
Long-Term Debt to NOPAT	6.12	6.55	6.42	6.76	6.98	7.08	6.95	6.93	7.23	8.03	7.82
Altman Z-Score	1.36	1.13	1.24	1.21	1.17	1.24	1.21	1.19	1.15	1.05	1.13
Noncontrolling Interest Sharing Ratio	19.68%	18.82%	19.33%	22.31%	22.01%	21.23%	21.74%	24.69%	25.42%	27.39%	27.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.10	1.18	1.14	1.08	1.12	1.12	1.15	1.41	1.22	1.17
Quick Ratio	0.80	0.83	0.92	0.88	0.83	0.84	0.88	0.87	1.10	0.85	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,721	-5,408	-5,087	-11,316	-14,650	-6,743	-7,672	-1,307	954	-8,212	-9,280
Operating Cash Flow to CapEx	342.42%	184.09%	475.66%	280.25%	265.86%	175.95%	238.71%	166.49%	198.30%	89.40%	176.30%
Free Cash Flow to Firm to Interest Expense	2.72	-7.91	-6.94	-14.73	-17.69	-8.35	-9.46	-1.48	1.06	-8.99	-9.73
Operating Cash Flow to Interest Expense	3.75	1.89	5.15	2.96	3.47	3.21	3.60	3.13	2.85	2.08	3.54
Operating Cash Flow Less CapEx to Interest Expense	2.66	0.87	4.06	1.90	2.17	1.38	2.09	1.25	1.41	-0.25	1.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.93	0.72	0.74	0.74	0.72	0.69	0.68	0.65	0.63	0.64	0.67
Accounts Receivable Turnover	10.77	8.88	8.96	9.82	8.50	8.51	7.74	8.18	7.97	7.89	6.76
Inventory Turnover	30.30	24.52	28.99	26.17	24.98	22.34	24.12	21.88	20.18	16.20	18.59
Fixed Asset Turnover	1.23	0.95	0.98	0.97	0.95	0.92	0.91	0.86	0.84	0.87	0.93
Accounts Payable Turnover	9.92	8.88	8.64	9.39	8.30	8.26	7.37	7.90	7.94	7.12	6.24
Days Sales Outstanding (DSO)	33.89	41.12	40.76	37.16	42.95	42.88	47.14	44.61	45.79	46.24	53.96
Days Inventory Outstanding (DIO)	12.05	14.89	12.59	13.95	14.61	16.34	15.13	16.68	18.09	22.53	19.64
Days Payable Outstanding (DPO)	36.80	41.11	42.26	38.89	43.97	44.20	49.51	46.19	45.95	51.26	58.53
Cash Conversion Cycle (CCC)	9.13	14.90	11.09	12.23	13.59	15.02	12.76	15.11	17.92	17.51	15.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	85,640	93,781	92,551	99,630	102,344	102,607	102,656	103,127	103,405	112,680	114,728
Invested Capital Turnover	1.16	0.87	0.91	0.90	0.89	0.84	0.84	0.79	0.78	0.79	0.85
Increase / (Decrease) in Invested Capital	359	7,510	7,348	13,379	16,704	8,826	10,105	3,497	1,061	10,073	12,072
Enterprise Value (EV)	93,030	99,291	109,980	120,816	122,003	133,634	131,135	130,583	127,645	134,000	146,680
Market Capitalization	40,521	42,192	53,010	55,509	54,954	66,145	63,797	62,235	58,917	55,686	66,414
Book Value per Share	$10.54	$11.66	$10.66	$10.18	$10.30	$10.26	$10.29	$10.13	$10.10	$10.01	$10.02
Tangible Book Value per Share	$8.07	$8.40	$7.70	$7.18	$7.37	$7.37	$7.44	$7.31	$7.32	$6.26	$6.27
Total Capital	89,140	97,105	97,942	103,505	105,856	106,194	106,369	106,612	110,248	117,593	119,325
Total Debt	48,081	52,388	53,476	57,616	59,258	59,760	59,789	60,755	63,104	68,333	69,336
Total Long-Term Debt	47,075	51,380	52,295	57,359	58,995	59,752	59,782	60,749	63,096	68,308	69,317
Net Debt	44,574	49,064	48,437	53,730	55,691	56,173	56,076	57,270	56,261	63,420	64,739
Capital Expenditures (CapEx)	693	704	793	810	1,081	1,472	1,222	1,659	1,297	2,123	1,916
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,160	1,937	1,534	1,304	929	1,233	1,220	1,586	1,466	1,979	2,288
Debt-free Net Working Capital (DFNWC)	1,674	2,164	3,480	1,954	1,228	1,554	1,673	1,828	5,040	3,303	3,239
Net Working Capital (NWC)	668	1,156	2,299	1,697	965	1,546	1,666	1,822	5,032	3,278	3,220
Net Nonoperating Expense (NNE)	1,033	535	569	71	620	636	713	732	723	623	816
Net Nonoperating Obligations (NNO)	44,581	49,064	48,085	53,741	55,746	56,173	56,076	57,270	56,261	63,420	64,739
Total Depreciation and Amortization (D&A)	1,107	1,158	1,254	1,213	1,324	1,374	1,367	1,384	1,440	1,491	1,583
Debt-free, Cash-free Net Working Capital to Revenue	1.17%	2.46%	1.89%	1.56%	1.11%	1.49%	1.49%	1.97%	1.84%	2.31%	2.48%
Debt-free Net Working Capital to Revenue	1.69%	2.75%	4.28%	2.34%	1.47%	1.88%	2.04%	2.27%	6.32%	3.86%	3.51%
Net Working Capital to Revenue	0.67%	1.47%	2.83%	2.03%	1.15%	1.87%	2.03%	2.26%	6.31%	3.83%	3.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.15	$0.38	$0.32	$0.35	$0.33	$0.29	$0.37	$0.32	$0.28	$0.25	$0.35
Adjusted Weighted Average Basic Shares Outstanding	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B	3.43B	3.43B	3.43B	3.44B	3.44B
Adjusted Diluted Earnings per Share	$0.15	$0.37	$0.32	$0.35	$0.32	$0.29	$0.36	$0.32	$0.28	$0.25	$0.35
Adjusted Weighted Average Diluted Shares Outstanding	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B	3.43B	3.43B	3.43B	3.44B	3.44B
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	3.15B	3.37B	3.37B	3.42B	3.42B	3.43B	3.43B	3.43B	3.43B	3.44B	3.44B
Normalized Net Operating Profit after Tax (NOPAT)	2,663	2,102	2,261	1,571	2,054	2,085	2,437	2,193	2,016	2,109	2,792
Normalized NOPAT Margin	12.84%	10.24%	10.45%	7.58%	9.89%	10.67%	11.59%	11.40%	10.10%	8.33%	10.05%
Pre Tax Income Margin	5.42%	7.86%	8.23%	10.70%	7.33%	8.10%	8.38%	7.99%	6.91%	5.45%	7.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.60	3.22	3.30	3.00	2.72	2.86	3.06	2.62	2.40	2.40	3.10
NOPAT to Interest Expense	3.29	3.07	3.08	2.69	2.48	2.58	3.00	2.48	2.23	2.04	2.93
EBIT Less CapEx to Interest Expense	2.51	2.19	2.21	1.95	1.41	1.04	1.55	0.74	0.96	0.07	1.09
NOPAT Less CapEx to Interest Expense	2.19	2.04	2.00	1.63	1.17	0.76	1.49	0.60	0.80	-0.29	0.92
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	103.74%	113.30%	110.34%	100.03%	95.81%	98.52%	98.56%	107.34%	109.28%	114.14%	111.20%
Augmented Payout Ratio	103.74%	113.30%	110.34%	100.03%	95.81%	98.52%	98.56%	107.34%	109.28%	114.14%	111.20%

Financials Breakdown Chart

Key Financial Trends

Here are the top trends for Energy Transfer (NYSE: ET) based on the latest quarterly results and the four-year view implied by the provided data. The bullets are grouped with positive items first, then neutral items, then negative items.

Revenue spike in Q4 2025: Operating revenue rose to 25.32 billion, the strongest quarterly level in the period, signaling a notable uptick in activity versus the prior three quarters.
Stable gross profitability: Total gross profit in Q4 2025 was about 5.90 billion, yielding a gross margin near 23% on 25.32 billion of revenue, indicating continuing gross profitability despite volume swings.
Solid quarterly operating cash flow: Net cash from continuing operating activities was about 1.90 billion in Q4 2025, contributing to a healthy cash generation profile for the quarter.
Positive quarterly earnings to common shareholders: Net income attributable to common shareholders remained positive in 2025 Q3 and Q4 (approximately 959 million in Q3 and 868 million in Q4), supporting ongoing earnings generation.
Strong and stable equity base: Total equity hovered in the mid-30s billions (roughly 34.3–34.7 billion in 2025 quarters), indicating a robust capitalization level.
Very high leverage with ongoing debt activity: Long-term debt stayed elevated around 60–63 billion, and the company continues to issue debt to fund activities, which can support liquidity but raises leverage risk.
Cash balances are volatile: Cash and cash equivalents fluctuated markedly within the year (range roughly 0.24–3.57 billion), suggesting liquidity is episodic and influenced by financing/investing moves.
Investing cash flow remains cash-consuming: Net cash from investing activities was negative across quarters, reflecting ongoing capex and asset-related activity that reduces near-term cash despite earnings.
Quarterly cash burn persists: Net change in cash and equivalents was negative in several quarters (e.g., around -3.33 billion in Q3 2025 and -2.30 billion in Q4 2025), signaling cash reduction despite operating profitability.
Substantial cash outflows for dividends: Quarterly dividends were large (roughly 1.6–1.7 billion), creating ongoing, material cash outflows that can pressure liquidity if operating cash flow slows.

05/26/26 10:33 PM ETAI Generated. May Contain Errors.

Energy Transfer Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Energy Transfer's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Energy Transfer's net income appears to be on an upward trend, with a most recent value of $5.71 billion in 2025, rising from $1.06 billion in 2015. The previous period was $6.57 billion in 2024. View Energy Transfer's forecast to see where analysts expect Energy Transfer to go next.

Energy Transfer's total operating income in 2025 was $9.03 billion, based on the following breakdown:

Total Gross Profit: $22.04 billion
Total Operating Expenses: $13.01 billion

Over the last 10 years, Energy Transfer's total revenue changed from $36.10 billion in 2015 to $85.54 billion in 2025, a change of 137.0%.

Energy Transfer's total liabilities were at $92.03 billion at the end of 2025, a 16.6% increase from 2024, and a 93.5% increase since 2015.

In the past 10 years, Energy Transfer's cash and equivalents has ranged from $161 million in 2023 to $1.27 billion in 2025, and is currently $1.27 billion as of their latest financial filing in 2025.

Over the last 10 years, Energy Transfer's book value per share changed from -0.89 in 2015 to 10.01 in 2025, a change of -1,222.0%.

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Financial statements for NYSE:ET last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Energy Transfer (ET) Financials

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Energy Transfer (ET) Financials

Annual Income Statements for Energy Transfer

Quarterly Income Statements for Energy Transfer

Annual Cash Flow Statements for Energy Transfer

Quarterly Cash Flow Statements for Energy Transfer

Annual Balance Sheets for Energy Transfer

Quarterly Balance Sheets for Energy Transfer

Annual Metrics And Ratios for Energy Transfer

Quarterly Metrics And Ratios for Energy Transfer

Financials Breakdown Chart

Key Financial Trends

Energy Transfer Financials - Frequently Asked Questions

When does Energy Transfer's fiscal year end?

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

What is Energy Transfer's operating income?

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

How much debt does Energy Transfer have?

How much cash does Energy Transfer have?

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

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