Companies /Energy

Energy Transfer LP

NYSE: ET Oil & Gas Midstream
$21.44
▼ $0.08 (−0.35%) today
Markets closed · 6:03pm ET

Q2 2026 Earnings

Reported Aug 4, 2026, 7:43am ET · SEC source
$0.59
Beat +60.41%
EPS · est. $0.37
$34.3B
Beat +18.96%
Revenue · est. $28.9B
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Aug 4Aug 5report 7:43am ETearnings+1.5%−0.6%
0+2%Aug 4Aug 5earnings+1.5%−0.6%
ET −0.6%S&P 500 +1.5%
0+2%Aug 4Aug 5report 7:43am ETearnings+1.9%−0.6%
0+2%Aug 4Aug 5earnings+1.9%−0.6%
ET −0.6%NASDAQ +1.9%
−2%0+2%Aug 3Aug 12report 7:43am ETearnings+1.8%+0.7%
−2%0+2%Aug 3Aug 12earnings+1.8%+0.7%
ET +0.7%S&P 500 +1.8%
−2%0+2%Aug 3Aug 12report 7:43am ETearnings+2.4%+0.7%
−2%0+2%Aug 3Aug 12earnings+2.4%+0.7%
ET +0.7%NASDAQ +2.4%
+0.25%
Day of report
+0.05%
Next session
+2.21%
One week

Did ET Beat Earnings? Q2 2026 Results

Energy Transfer LP delivered a commanding second-quarter 2026 performance, posting earnings per unit of $0.59 against a consensus estimate of $0.37, a beat of 60.41%, while revenue of $34.33 billion cleared Wall Street's $28.86 billion forecast by 18.96% and surged 78.4% from the year-ago period. The headline numbers were anchored by a 31% jump in Adjusted EBITDA to $5.07 billion, with net income attributable to partners nearly doubling to $2.09 billion from $1.16 billion a year earlier. The single most powerful driver was broad-based segment strength, particularly a more than doubling of Adjusted EBITDA in the Sunoco LP investment segment to $982 million, alongside record NGL transportation volumes and a 25% surge in NGL exports. Management rewarded investors with the nineteenth consecutive quarterly distribution increase, raising the payout to $0.34 per common unit, and lifted full-year 2026 Adjusted EBITDA guidance to a range of $18.80 billion to $19.10 billion, citing accelerating demand for natural gas infrastructure tied to power generation and data center growth.

Key Takeaways
  • NGL transportation volumes up 13% YoY, setting a new Partnership record
  • NGL exports up 25% YoY, setting a new Partnership record
  • Crude oil transportation volumes up 4%, setting a new Partnership record
  • Midstream gathered volumes up 4%, setting a new Partnership record
  • NGL fractionation volumes up 3%
  • Higher NGL export premiums and domestic supply premiums in NGL segment driving $140 million increase
  • Higher refined product margins from higher spreads and prices contributing $70 million increase
  • Sunoco LP segment growth driven by recent acquisitions including Parkland
  • Higher NGL prices contributing $88 million increase in Midstream segment
  • Crude oil optimization gains of $62 million from more favorable market conditions
  • USAC segment growth driven by J-W Power Acquisition

Forward Guidance & Outlook

Energy Transfer raised its full-year 2026 Adjusted EBITDA guidance to a range of $18.8 billion to $19.1 billion, up from the previous range of $18.2 billion to $18.6 billion. The Partnership expects to invest $5.6 billion to $5.9 billion in growth capital for 2026. Management highlighted multiple visible growth drivers including increasing demand for natural gas infrastructure to support power generation and LNG exports, growing NGL export demand, and expected announcements of additional natural gas pipeline projects later in the year to fuel growing power demand.

ET YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$10.0B$20.0B$30.0B$19.2B$34.3BRevenue$2.4B$3.6BOperating Income$1.1B$2.5BNet Income
$0$10.0B$20.0B$30.0BRevenueOperating IncomeNet Income

ET Revenue by Segment

Investment in Sunoco LP$14.3B+164.5%
Crude Oil Transportation and Services$11.1B+92.3%
NGL and Refined Products Transportation and Services$7.7B+29.9%
Midstream$2.8B−10.0%
Intrastate Transportation and Storage$596.0M−36.0%
All Other
Interstate Transportation and Storage$609.0M+3.2%
Investment in USAC$342.0M+36.8%

Figures from SEC filings and company reports. Not investment advice.