Energy Transfer LP

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.