Q2 26 EPS
$0.59
BEAT +60.41%
Est. $0.37
Q2 26 Revenue
$34.33B
BEAT +18.96%
Est. $28.86B
vs S&P Since Q2 26
+2.9%
BEATING MARKET
ET +3.6% vs S&P +0.7%
Market Reaction
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… Read more 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
ET 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, 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% |