Energy Transfer LP (ET)
As-reported financials and recent SEC filings for Energy Transfer LP, latest fiscal period FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Energy Transfer LP
Energy Transfer LP operates natural gas and crude oil infrastructure in the United States. It owns and operates extensive intrastate and interstate natural gas pipelines, storage facilities, and an LNG import terminal, providing transportation, storage, and regasification services. The company serves industrial end-users, utilities, power generators, and other pipeline operators.
Snapshot
Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (typically within the past week).
What changed at Energy Transfer
- Revenue grew 3.5% to $85.5B in FY2025, in line with the 5.2% the year before.
- Operating margin is 10.6% in FY2025, -2.5 pp against 13.0% in FY2021.
- Most recent quarter Q1 FY2026: revenue $27.8B, up 32.1% from Q1 FY2025.
- Free cash flow was $3.8B in FY2025, 4.5% of revenue.
- Net income fell 7.9% to $4.4B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Energy Transfer’s fundamentals sit among the 125 Energy companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Energy Transfer’s debt to equity of 1.39 ranks in the 87th percentile of the 83 Energy companies reporting it.
No open-market insider transactions recorded in the last 90 days. For context, about 16% of companies in the universe saw any open-market insider buying in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 2 of the superinvestors we track (plus 1 quant / multi-strat book), based on each investor’s most recent 13F (latest Q1 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Appaloosa | Q1 2026 | $30.4M | 1.6M | Reduced |
| Gotham Asset Management | Q1 2026 | $352,206 | 18.2K | New |
| AQR Capital Managementquant | Q1 2026 | $306,310 | 15.9K | Reduced |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-07-15 | 33.6M | +2.9% | 4.36 |
| 2026-06-30 | 32.7M | +1.6% | 3.88 |
| 2026-06-15 | 32.2M | +2.0% | 3.54 |
| 2026-05-29 | 31.6M | -3.0% | 3.17 |
| 2026-05-15 | 32.5M | +4.5% | 1.86 |
| 2026-04-30 | 31.1M | +7.9% | 2.17 |
| 2026-04-15 | 28.9M | -5.5% | 1.41 |
| 2026-03-31 | 30.5M | -2.1% | 2.01 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $85.54B | $82.67B | $78.59B | $89.88B | $67.42B |
| Gross profit | $22.04B | $20.70B | $18.05B | $17.64B | $17.02B |
| Operating income | $9.03B | $9.14B | $8.29B | $7.74B | $8.79B |
| Net income | $4.43B | $4.81B | $3.94B | $4.76B | $5.47B |
| Diluted EPS | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $1.27B | $312.0M | $161.0M | $257.0M | $336.0M |
| Current assets | $18.23B | $14.20B | $12.43B | $12.08B | $10.54B |
| Total assets | $141.29B | $125.38B | $113.70B | $105.64B | $105.96B |
| Current liabilities | $14.96B | $12.66B | $11.28B | $10.37B | $10.84B |
| Long-term debt | $68.31B | $59.75B | $51.38B | $48.26B | $49.02B |
| Total liabilities | $92.28B | $79.36B | $69.76B | $64.98B | $66.62B |
| Total equity | $49.01B | $46.02B | $43.94B | $40.66B | $39.34B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $10.15B | $11.51B | $9.55B | $9.05B | $11.16B |
| Capital expenditure | $6.30B | $4.16B | $3.13B | $3.38B | $2.82B |
| Free cash flow | $3.85B | $7.34B | $6.42B | $5.67B | $8.34B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q1 FY2026 | $27.77B | 32.1% | $1.25B | — |
| Q4 FY2025 | $25.32B | 29.6% | $928.0M | — |
| Q3 FY2025 | $19.95B | -3.9% | $1.02B | — |
| Q2 FY2025 | $19.24B | -7.2% | $1.16B | — |
| Q1 FY2025 | $21.02B | -2.8% | $1.32B | — |
| Q4 FY2024 | $19.54B | -4.8% | $1.08B | — |
| Q3 FY2024 | $20.77B | 0.2% | $1.18B | — |
| Q2 FY2024 | $20.73B | 13.1% | $1.31B | — |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Recent SEC filings
Largest Energy peers
Monitor ET
Get an alert when Energy Transfer files something material, see which superinvestors own it, and ask its filings a question with cited answers.
Monitor ET freeIncludes one free filing-grounded research answer. Or check your whole portfolio, no account needed.
Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.