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Energy Transfer LPET

Sector
Energy
Industry
Natural Gas Transmission
Exchange
NYSE

Stock Price $ET

Latest filings

You are here#13 of 25 in Energy by market cap

Filing record · 2016–202610-K1210-Q328-K198

ET filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 198 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’18Apr ’18
  2. Leadership change8-K · Jan ’20Jan ’20
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $85.54B
YoY changeLargest recent move+73.1%in FY21Latest +3.5%

2 older moves run past ±100% (largest +184.9%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ET Financial Metrics46 metrics

Income Statement12

Balance Sheet23

Cash Flow11

02—Overview

Energy Transfer LP Financial Overview 2021–2025

Updated Jul 10, 2026

Energy Transfer LP is a relentless consolidator, underscored by its subsidiary Sunoco LP's staggering $9.1 billiona acquisition of Parkland in FY2025—a deal that drastically expands the partnership's international fuel distribution footprint. This aggressive M&A appetite forms the core of the partnership's investment thesis: it leverages a massive base of fee-based midstream infrastructure to fund continuous, large-scale acquisitions across the natural gas, NGL, and refined product value chains.

To sustain this strategy, the partnership's capital intensity has shifted dramatically, with planned annual expenditures expanding from $1.6 billion to $1.9 billionb at the close of FY2021 to a guided $5.0 billion to $5.5 billion following FY2025. This heavy investment has directly translated into operational scale. During FY2025, consolidated Adjusted EBITDA reached $15.98 billion, marking a 3% increase year-over-year. However, the costs of integration and debt-funded buyouts—including the $2.28 billion WTG Midstream purchase—weighed on the bottom line, driving net income down 13% to $5.71 billion due to higher depreciation and interest expenses.

The operational momentum carried into early FY2026, where first-quarter Adjusted EBITDA surged 20% to $4.94 billionc. To support its balance sheet amid these cash outlays, the company issued $3.0 billion in senior notes in January 2026 to refinance existing debt. At the close of FY2025, the market priced this rapidly expanding energy infrastructure network at $16.49 per share.

Recent Developments (Q4 2025 and Q1 2026)

Early 2026 brought a leadership transition and continued bolt-on acquisitions. Co-CEO Marshall S. McCrea, III announced his retirement effective by December 31, 2026, leaving Thomas E. Long as the sole chief executive. During Q1 2026, net income rose 15% to $1.98 billiond, supported by operating cash flow of $3.38 billion. The partnership immediately deployed this capital, executing the $912 million purchase of J-W Power Company and the $239 million TanQuid buyout.

Bulls argue this cash generation easily sustains the $0.3375e per unit quarterly distribution while funding uninterrupted infrastructure expansion. Bears counter that managing ongoing environmental litigation alongside the operational burden of integrating multiple disparate entities threatens future margins. At $19.92 per share as of May 7, 2026, the equity is priced for continued volume growth and M&A execution.

What to watch: margin stability following the J-W Power Company integration; updates on environmental compliance proceedings across legacy pipeline assets.

03—Filings

Recent SEC Filings

  1. 8-KEnergy Transfer LP 8-K Report, Listing Notice (Sep 10, 2026)Energy Transfer LP (NYSE: ET) filed an 8-K on September 10, 2026 disclosing that it will voluntarily transfer the listings of its Common Units and its 9.250% Series I Fixed Rate Perpetual Preferred Units from the New York Stock Exchange to the Texas Stock Exchange (TXSE). The Partnership's board-level approval came on September 3, 2026. NYSE trading is expected to end at market close on October 2, 2026, with trading on TXSE beginning at market open on October 5, 2026. Ticker symbols remain unchanged (ET for common units and ETprI for the Series I Preferred Units), so the change is primarily a venue change rather than a change in the securities themselves. The filing contains no financial results, guidance, distribution changes, or operational updates. The press release (Exhibit 99.1) frames the move as aligning the partnership's Texas-based legacy with TXSE's technology-driven platform and as creating opportunities to enhance value, but it provides no quantified benefits, costs, or timelines. Investors should note that the announcement does not alter the underlying economics of the units, though a brief transition period around the October 2 to October 5 switch could bring temporary liquidity or trading-volume considerations. Because the Item 7.01 disclosure is furnished rather than filed, it carries no Section 18 liability. The move is notable mainly for its signal about the partnership's listing strategy. TXSE is a newer exchange, so investors may want to monitor trading volume, liquidity, and index or analyst coverage after the transfer, as well as any effect on the preferred units, which have a fixed-rate perpetual structure. The company's core business profile, with roughly 140,000 miles of pipeline across 44 states and stakes in Sunoco LP, SunocoCorp LLC, and USA Compression Partners, is unchanged by this filing.
  2. 8-KEnergy Transfer LP 8-K Report, Financial Results (Aug 4, 2026)Energy Transfer LP (NYSE: ET) reported second quarter 2026 results on August 4, 2026, showing strong year-over-year growth across its earnings and cash flow measures. Net income attributable to partners rose to $2.09 billion from $1.16 billion, and net income per common unit (basic) was $0.59 versus $0.32. Consolidated Adjusted EBITDA increased 31% to $5.07 billion, and Distributable Cash Flow attributable to partners, as adjusted, increased 32% to $2.59 billion. Much of the growth was driven by the Sunoco LP investment segment (Adjusted EBITDA of $982 million versus $454 million), the NGL and refined products segment ($1.31 billion versus $1.03 billion), and the midstream segment ($884 million versus $768 million), with NGL export volumes up 25% and NGL transportation volumes up 13%, both Partnership records. Management raised full-year 2026 Adjusted EBITDA guidance to $18.8–$19.1 billion from $18.2–$18.6 billion and expects growth capital spending of $5.6–$5.9 billion. Second quarter growth capital expenditures were $1.10 billion and maintenance capital expenditures were $307 million. The Partnership declared a quarterly distribution of $0.3400 per common unit ($1.36 annualized), its nineteenth consecutive increase. Management highlighted natural gas infrastructure projects, including Hugh Brinson Pipeline reaching full Phase I capacity of 1.5 Bcf/d by September 1, 2026, and an expanded Nederland export terminal adding 240,000 bpd of ethane export capacity. The balance sheet expanded, with total assets of $148.2 billion and long-term debt of $68.4 billion as of June 30, 2026. In July 2026 the Partnership issued $1.75 billion of junior subordinated notes due 2057 at 6.550% and 6.700%, and it had $3.76 billion of available revolver capacity at quarter-end. Note that the filing is furnished under Item 2.02 and is not filed, and the figures are unaudited. Investors should also weigh the rise in cost of products sold, which reflects higher revenue from the Sunoco LP and crude oil businesses, and the $46 million environmental reserve increase in the midstream segment.
  3. 8-KEnergy Transfer LP 8-K Report, Material Agreement (Jul 21, 2026)Energy Transfer LP (ET) has reported the completion of a significant underwritten public offering, raising a total of $1.75 billion through the issuance of Series 2026A and Series 2026B Junior Subordinated Notes due 2057. This offering, finalized on July 20, 2026, included $650 million of Series 2026A Notes and $1.1 billion of Series 2026B Notes. The issuance was conducted under existing indenture agreements, with the new notes being governed by supplemental indentures executed on the same date. This move signifies a substantial capital raise for Energy Transfer LP, likely intended to fund ongoing operations, capital expenditures, or strategic initiatives. Investors should note the long-term maturity of these notes (2057), indicating a long-term financing strategy. The junior subordinated nature of the notes suggests they carry a higher risk profile compared to senior debt, which is typically reflected in their coupon rates and yields. The specific terms and conditions, including interest rates and covenants, are detailed in the prospectus supplement and the filed indentures.
  4. 8-KEnergy Transfer LP 8-K Report, Material Agreement (Jul 8, 2026)Energy Transfer LP (NYSE: ET) disclosed in this 8-K, filed July 8, 2026, that it entered into an underwriting agreement dated July 6, 2026 for a $1.75 billion offering of junior subordinated notes due 2057, consisting of $650 million of Series 2026A notes at 6.550% and $1.10 billion of Series 2026B notes at 6.700%. Both tranches were priced at 100% of face value, and the offering is expected to close July 20, 2026, subject to customary conditions. The offering was made under an existing Form S-3 shelf registration. The primary stated use of proceeds, approximately $1.73 billion before offering expenses, is to redeem all outstanding 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units. Those units become redeemable beginning August 15, 2026, and the filing explicitly states that it is not a notice of redemption; a separate notice will be issued later. The remaining proceeds would be used to refinance existing indebtedness, including repaying commercial paper and revolver borrowings, and for general partnership purposes. For investors, the transaction is largely a refinancing that swaps perpetual preferred equity and short-term or floating debt for long-dated junior subordinated notes with a 2057 maturity. The filing notes that several underwriters and their affiliates are lenders under the revolver, may hold Series H units, and are commercial paper dealers, so they may receive part of the proceeds. The filing does not disclose the company's leverage, coverage, or earnings impact, so those effects cannot be assessed from this document alone.
  5. 8-KEnergy Transfer LP 8-K Report, Executive Changes (Jun 3, 2026)Energy Transfer LP (ET) announced that Marshall S. (“Mackie”) McCrea, III, Co-Chief Executive Officer, will retire on or before December 31, 2026. Mr. McCrea will continue in his leadership role and on the Board of Directors until his retirement, and will remain on the Board thereafter. This transition will result in Thomas E. Long becoming the sole Chief Executive Officer. The company highlighted Mr. McCrea's significant contributions to its strategic vision, commercial development, and culture. In recognition of his service, the Compensation Committee has approved accelerated vesting of certain equity incentive awards as part of a separation agreement that includes restrictive covenants, a release of claims, and cooperation clauses.
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04—See also

Related Companies

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