Energy Transfer Q3 2026: Revenue Rises 86%, EPS Miss Is Misleading
As seen on the 24/7 Wall St. homepage on November 3, 2026.
The earnings miss is paper: $379 million of unrealized commodity hedging losses sit inside the GAAP per-unit number, while management lifted full-year adjusted EBITDA guidance to $19.7 billion to $19.9 billion. Revenue topped expectations.
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Energy Transfer's earnings per unit of $0.33 came in missing expectations, but the shortfall traces almost entirely to unrealized losses on commodity hedging contracts, a non-cash item with no bearing on underlying cash generation.
Revenue of $37.10 billion beat expectations and rose 85.9% from a year ago. Much of that came through the Investment in Sunoco LP segment, where adjusted EBITDA more than doubled on incremental margin from recent acquisitions.
Adjusted EBITDA climbed 31% to $5.03 billion, and management lifted full-year 2026 adjusted EBITDA guidance above its prior range.
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The growth pipeline behind those numbers is substantial, with expansion capital spending rising in 2026 and 2027 across the Hugh Brinson Pipeline Phase II, the Vaquero Midstream acquisition and the South Mississippi Pipeline.
Unitholders also received a quarterly cash distribution of $0.3425 per common unit, the twentieth consecutive increase. That streak, with the raised guidance, is the context for the surface-level earnings miss.
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