Energy Transfer (ET) Q3 2026 Earnings
GAAP net income includes $379 million of unrealized losses on commodity risk management activities, a $14 million loss on redemption of preferred units, and $2 million of impairment losses; no adjusted per-unit figure is disclosed.
How Did ET Stock React to Q3 2026 Earnings?
Did ET Beat Earnings? Q3 2026 Results
No. Energy Transfer reported Q3 2026 earnings of $0.33 a share on Nov 3, 2026, missing the $0.41 consensus estimate by 19.0%. Revenue was $37.1B against a $32.4B estimate.
Energy Transfer LP delivered a split verdict in the third quarter of 2026, posting revenue of $37.10 billion, well above the $32.43 billion consensus by 14.42% and up 85.9% from a year ago, while its GAAP earnings per unit of $0.33 missed the $0.41 analyst estimate by 18.96%. The per-unit figure reflects GAAP net income that absorbed $379 million in unrealized losses on commodity risk management activities, a $14 million loss on the redemption of Series H preferred units, and $2 million in impairment charges. The primary engine behind the top-line surge was the Investment in Sunoco LP segment, where adjusted EBITDA more than doubled to $1.05 billion from $489 million, driven by recent acquisitions that added $833 million in incremental margin. Adjusted EBITDA across the partnership climbed 31% to $5.03 billion. Looking ahead, management raised its full-year 2026 adjusted EBITDA guidance to $19.70 billion–$19.90 billion and flagged roughly $7.00 billion in growth capital spending for 2027, underscoring an aggressive expansion cycle anchored by projects including the South Mississippi Pipeline and the pending Vaquero Midstream acquisition.
- Sunoco LP segment margin up $833 million primarily due to recent acquisitions
- Hugh Brinson Pipeline early volumes and new third-party transportation contracts lifted intrastate results
- Record intrastate transportation volumes (+14%) and midstream gathered volumes (+6%)
- Higher NGL prices ($61 million) and higher gathered/processed volumes ($82 million) in midstream
- NGL marketing margin up $177 million on favorable market conditions and higher refined product spreads
- Crude marketing activities up $193 million on favorable market conditions
- Interstate ad valorem taxes down $49 million
- USAC margin up $107 million from the J-W Power Acquisition and legacy business growth
What Is Energy Transfer's Outlook?
Energy Transfer raised its full-year 2026 Adjusted EBITDA guidance to $19.7 billion–$19.9 billion, from $18.8 billion–$19.1 billion previously. It expects to invest $5.4 billion–$5.6 billion in growth capital in 2026 and approximately $7 billion in 2027. The Vaquero Midstream acquisition is expected to close in Q4 2026. Phase II of the Hugh Brinson Pipeline is on schedule for Q1 2027, Bear II for Q3 2027, Frac X for the first half of 2029 and the South Mississippi Pipeline for 2030.
ET YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $37.1B | $20.0B | +85.9% |
| Operating Income | $2.8B | $2.2B | +29.3% |
| Net Income | $1.2B | $1.0B | +18.5% |
ET Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.