10-QPeriod: Q2 FY2026

Energy Transfer LP Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 6, 2026For Securities:ETET-PI

Summary

Energy Transfer LP (ET) reported robust financial performance for the six months ended June 30, 2026, demonstrating significant growth across its key segments. Total revenues increased substantially to $62.1 billion from $40.3 billion in the prior year period, driven by strong contributions from NGL and refined products transportation, crude oil transportation, and the investment in Sunoco LP. Net income attributable to partners surged to $2.09 billion for the quarter ended June 30, 2026, compared to $1.16 billion in the prior year, with diluted earnings per common unit reaching $0.59 from $0.32. Adjusted EBITDA also saw a significant increase, rising to $10.0 billion for the six-month period from $8.0 billion in the prior year, highlighting operational efficiencies and strategic growth initiatives. The company's strategic acquisitions, including the J-W Power Company acquisition by USAC and the TanQuid and Delta acquisitions by Sunoco LP, are contributing positively to the financial results and expanding the company's operational footprint. Liquidity remains strong, with ample availability under credit facilities to support ongoing operations and future growth. Despite the positive financial trends, investors should note ongoing regulatory matters and legal proceedings, particularly concerning FERC investigations and environmental liabilities. While the company is actively managing these situations and believes current accruals are adequate, these remain potential areas of risk. The company also announced a quarterly distribution of $0.3400 per common unit for the quarter ended June 30, 2026, reflecting a commitment to returning value to unitholders. Overall, Energy Transfer's performance indicates a strong operational footing supported by strategic expansion and favorable market conditions, though diligent monitoring of regulatory and legal developments is advised.

Key Highlights

  • 1Total revenues for the six months ended June 30, 2026, increased by approximately 54% to $62.1 billion, driven by strong performance in key segments.
  • 2Net income attributable to common unitholders for the three months ended June 30, 2026, was $2.03 billion, a significant increase from $1.09 billion in the prior year period.
  • 3Consolidated Adjusted EBITDA for the six months ended June 30, 2026, increased by 26% to $10.0 billion, reflecting improved operational performance and profitability.
  • 4Significant acquisitions were completed in early 2026, including J-W Power Company by USAC and TanQuid and Delta by Sunoco LP, contributing to revenue and asset growth.
  • 5The company reported strong performance in its NGL and refined products transportation and services, and crude oil transportation and services segments, benefiting from higher volumes and favorable market conditions.
  • 6Energy Transfer LP announced a quarterly distribution of $0.3400 per common unit for the quarter ended June 30, 2026, signaling continued commitment to unitholder returns.
  • 7Despite positive financial results, the company faces ongoing regulatory scrutiny and legal proceedings, including FERC matters and environmental liabilities, which are being actively managed.

Frequently Asked Questions

Energy Transfer's substantial revenue growth to $62.1 billion for the first six months of 2026 was primarily driven by strong performance across its segments. Key contributors included higher volumes and favorable market conditions in NGL and refined products transportation and services, crude oil transportation and services, and increased contributions from its investment in Sunoco LP, partly due to recent acquisitions. Additionally, wider basis differentials and early volumes from new pipeline projects positively impacted the intrastate transportation and storage segment.

The acquisitions completed in early 2026, such as the J-W Power Company acquisition by USAC and the TanQuid and Delta acquisitions by Sunoco LP, are positively impacting the company's financial results. These acquisitions are contributing to revenue growth and expanding the company's operational footprint in key areas. For instance, the investment in Sunoco LP segment's Adjusted EBITDA saw a significant increase, partly attributed to these strategic transactions and their integration.

Energy Transfer maintains a strong liquidity position, with ample availability under its credit facilities to meet near-term and long-term cash requirements. The company expects to fund its capital expenditures, including significant growth projects estimated at $5.75 billion for 2026, primarily through cash flows from operating activities. While committed to growth, the company also continues its dividend policy, declaring a $0.3400 per common unit distribution for the quarter ended June 30, 2026.

Energy Transfer faces several risks and challenges, including ongoing regulatory matters and legal proceedings. Specifically, the company is involved in FERC investigations concerning pipeline construction and rates, as well as environmental liabilities and litigation related to its operations. While the company is actively managing these issues and believes its provisions are adequate, these represent potential areas of financial and operational risk. Additionally, market volatility in commodity prices and potential impacts from macroeconomic and regulatory changes are ongoing concerns.