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 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.37 | $0.59 | +60.41% | $34.33B | +18.96% |
| 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% |