Q1 26 EPS
$0.35
MISS 7.60%
Est. $0.38
Q1 26 Revenue
$27.77B
BEAT +1.73%
Est. $27.30B
Did ET Beat Earnings? Q1 2026 Results
Energy Transfer delivered a mixed first quarter for 2026, posting earnings per unit of $0.35 against a consensus estimate of $0.38, a miss of 7.60%, even as revenue of $27.77 billion edged past the $27.30 billion estimate by 1.73% and surged 32.10% f… Read more Energy Transfer delivered a mixed first quarter for 2026, posting earnings per unit of $0.35 against a consensus estimate of $0.38, a miss of 7.60%, even as revenue of $27.77 billion edged past the $27.30 billion estimate by 1.73% and surged 32.10% from a year earlier. The bottom-line shortfall reflected a meaningful rise in interest expense, which climbed to $947.00 million from $809.00 million, weighing on net income attributable to partners despite broad operational strength across the partnership's pipeline network. Adjusted EBITDA told a more encouraging story, advancing 20% to $4.94 billion, while distributable cash flow grew to $2.70 billion from $2.31 billion. Volume gains were widespread, with NGL exports and terminal volumes each rising 19% and crude oil transportation up 8%. Management responded by raising full-year 2026 Adjusted EBITDA guidance to $18.20 billion to $18.60 billion from the prior range, a $750 million lift that analysts believe the market has not yet fully reflected in unit pricing, with multiple price target increases following the print.
Key Takeaways
- • NGL and refined products terminal volumes up 19% YoY
- • NGL exports up 19% YoY
- • NGL transportation volumes up 12% YoY
- • NGL fractionation volumes up 11% YoY
- • Crude oil transportation volumes up 8% YoY
- • Midstream gathered volumes up 6% YoY
- • Investment in Sunoco LP segment EBITDA nearly doubled driven by Parkland, TanQuid and other acquisitions
- • USAC segment EBITDA increased due to J-W Power acquisition
- • Wider basis differentials benefited intrastate natural gas sales and marketing margins
- • Increased price volatility drove favorable storage margins
- • Gateway NGL Pipeline debottlenecking project placed into service during Q1
ET Forward Guidance & Outlook
Energy Transfer raised its full-year 2026 Adjusted EBITDA guidance to $18.2 billion–$18.6 billion, up from the prior range of $17.45 billion–$17.85 billion. The Partnership expects to invest $5.5 billion to $5.9 billion in growth capital for 2026. Multiple organic growth projects are advancing, including the Mustang Draw I processing plant expected in full service in June 2026, the FGT Phase IX and South Florida pipeline projects backed by 15- to 25-year shipper agreements, the Transwestern Desert Southwest expansion (FERC formal filing expected Q4 2026), and the Springerville Lateral Project expected in service Q4 2029. A new ethane storage cavern at Mont Belvieu is expected in service in the second half of 2027, and the Bayou Bridge pipeline expansion is expected in Q1 2027.
ET YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ET Revenue by Segment
With YoY comparisons, source: SEC Filings
ET Earnings Trends
ET vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ET EPS Trend
Earnings per share: estimate vs actual
ET Revenue Trend
Quarterly revenue: estimate vs actual
ET Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.38 | $0.35 | -7.60% | $27.77B | +1.73% |
| Q4 25 MISS FY | $0.36 | $0.25 | -30.36% | $25.32B | +5.34% |
| FY Full Year | $1.34 | $1.21 | -9.66% | $85.54B | +2.03% |
| Q3 25 MISS | $0.33 | $0.28 | -15.43% | $19.95B | -8.49% |
| Q2 25 MISS | $0.33 | $0.32 | -1.78% | $19.24B | -10.19% |
| Q1 25 BEAT | $0.35 | $0.36 | +1.58% | $21.02B | -2.41% |