Jun 2026 (Q2 FY26) — Aug 4, 2026
Energy Transfer Q2 FY26 — Strong Performance Drives Raised Full-Year Guidance
Read the full callEnergy Transfer (ET) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Energy Transfer earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 34,334 | +78.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.4 | −1.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2,088 | +79.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 11 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hugh Brinson Pipeline Phase 1 in-service | by the end of 2026 | Dec 2024 | our Hugh Brinson Pipeline is now in commercial surface with progress being made toward placing the full Phase 1 capacity of 1.5 Bcf per day in service | Achieved |
| Sabina pipeline expansion to ~70,000 bpd | approximately 70,000 barrels per day by mid-2026 | Dec 2024 | Pending | |
| Full-year adjusted EBITDA guidance | $17.45 billion to $17.85 billion | Dec 2025 | we now expect our full year adjusted EBITDA to range between $18.8 billion and $19.1 billion, which is up approximately $0.5 billion at the midpoint compared to our guidance range provided on last quarter's earnings call. | Revised Up |
2 of Energy Transfer LP's 31 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- Adjusted EBITDA increased to $5.1 billion in Q2 FY26, up from $3.9 billion in Q2 FY25.
- DCF attributable to partners, as adjusted, rose to $2.6 billion, compared to $2.0 billion in Q2 FY25.
- Full-year adjusted EBITDA guidance raised by $0.5 billion at the midpoint, now $18.8 billion to $19.1 billion.
- Record midstream gathering, NGL transportation, NGL export, and crude oil transportation volumes achieved.
- Hugh Brinson Pipeline Phase 1 is now in commercial service ahead of schedule, with full capacity expected by September 1, 2026.
Qualified
- Crude inventory value benefit of approximately $60 million in Q1 FY26 was offset by hedge losses in Q2 FY26.
- Green Chile project (Project Jupiter for Oracle) faces regulatory complexity and potential delays due to data center-focused protest activity.
Price
$20.12 −0.69% · −$0.14
Performance +22.3% 1Y
1Y: $16.45 on 17 Oct 2025 → $20.12. High $21.73 (10 Sept 2026), low $16.21 (18 Dec 2025).
- Previous close
- $20.26
- 52-week range
- $16.21 – $21.73
- One year
- +19.98%
Overview
- Symbol
- ET
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 11 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hugh Brinson Pipeline Phase 1 in-service | by the end of 2026 | Dec 2024 | our Hugh Brinson Pipeline is now in commercial surface with progress being made toward placing the full Phase 1 capacity of 1.5 Bcf per day in service | Achieved |
| Sabina pipeline expansion to ~70,000 bpd | approximately 70,000 barrels per day by mid-2026 | Dec 2024 | Pending | |
| Full-year adjusted EBITDA guidance | $17.45 billion to $17.85 billion | Dec 2025 | we now expect our full year adjusted EBITDA to range between $18.8 billion and $19.1 billion, which is up approximately $0.5 billion at the midpoint compared to our guidance range provided on last quarter's earnings call. | Revised Up |
Claimed
- Adjusted EBITDA increased to $5.1 billion in Q2 FY26, up from $3.9 billion in Q2 FY25.
- DCF attributable to partners, as adjusted, rose to $2.6 billion, compared to $2.0 billion in Q2 FY25.
- Full-year adjusted EBITDA guidance raised by $0.5 billion at the midpoint, now $18.8 billion to $19.1 billion.
- Record midstream gathering, NGL transportation, NGL export, and crude oil transportation volumes achieved.
- Hugh Brinson Pipeline Phase 1 is now in commercial service ahead of schedule, with full capacity expected by September 1, 2026.
Qualified
- Crude inventory value benefit of approximately $60 million in Q1 FY26 was offset by hedge losses in Q2 FY26.
- Green Chile project (Project Jupiter for Oracle) faces regulatory complexity and potential delays due to data center-focused protest activity.
The full ledger
Open Energy Transfer LP’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Energy Transfer Q1 FY26 — Record volumes drive a raised full-year outlook amid a global pivot to US energy
Read the full callDec 2025 (Q4 FY25) — Feb 17, 2026
Energy Transfer LP Q4 FY25 — Record Adjusted EBITDA and Strategic Project Execution
Read the full callEvery analysed call
Energy Transfer earnings calls (ET)
Financials
What the filings say
Net profit, year on year: +80% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 20,772 | 19,541 | 21,020 | 19,242 | 19,954 | 25,320 | 27,771 | 34,334 |
| Expenses | 18,591 | 17,262 | 18,529 | 16,933 | 17,803 | 23,244 | 24,788 | 30,760 |
| Operating profit | 2,181 | 2,279 | 2,491 | 2,309 | 2,151 | 2,076 | 2,983 | 3,574 |
| Operating margin | 10.5% | 11.7% | 11.8% | 12.0% | 10.8% | 8.2% | 10.7% | 10.4% |
| Interest | 828 | 807 | 809 | 865 | 890 | 910 | 947 | 934 |
| Net profit | 1,183 | 1,077 | 1,323 | 1,163 | 1,019 | 928 | 1,254 | 2,088 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 57,396 | 65,035 | 63,756 | 66,618 | 64,984 | 69,759 | 79,363 | 92,276 |
| Fixed assets | 66,963 | 74,193 | 75,107 | 81,607 | 80,311 | 85,351 | 95,212 | 102,142 |
| Total assets | 88,413 | 98,973 | 95,144 | 105,963 | 105,643 | 113,698 | 125,380 | 141,286 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 7,506 | 8,056 | 7,361 | 11,162 | 9,051 | 9,555 | 11,506 | 10,149 |
| Cash from investing | -7,075 | -6,934 | -4,898 | -2,775 | -4,022 | -4,325 | -5,904 | -8,373 |
| Cash from financing | -3,082 | -1,250 | -2,387 | -8,418 | -5,108 | -5,326 | -5,451 | -816 |
| Net cash flow | — | -128 | 76 | -31 | -79 | -96 | 151 | 960 |
| Capital expenditure | -7,407 | -5,960 | -5,130 | -2,822 | -3,381 | -3,134 | -4,164 | -6,303 |
| Free cash flow | 99 | 2,096 | 2,231 | 8,340 | 5,670 | 6,421 | 7,342 | 3,846 |
ET revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Investment In Sunoco LP | 28% | 27% | 25% | 28% | 30% | 34% | 38% | 42% | +164.5% |
| Crudeoiltransportationandservices | 35% | 32% | 30% | 30% | 30% | 33% | 28% | 32% | +92.3% |
| NG Landrefinedproductstransportationandservices | 28% | 33% | 33% | 31% | 29% | 24% | 24% | 22% | +29.9% |
| Midstream | 13% | 16% | 17% | 16% | 15% | 11% | 11% | 8% | -10.0% |
| Interstate Transportation and Storage | 3% | 3% | 3% | 3% | 3% | 2% | 2% | 2% | +3.2% |
| Intrastate Transportation and Storage | 3% | 4% | 6% | 5% | 4% | 4% | 4% | 2% | -36.0% |
| All Other Segments | 2% | 3% | 5% | 5% | 5% | 4% | 4% | 2% | -39.6% |
| Investment In USAC | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | +36.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ET operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Storage capacity | 230 Bcf+In addition to our extensive pipeline systems, we have over 230 Bcf of storage to support the market demands of our customers.Source: earnings call transcript | 237 BcfWe have 237 Bcf of storage in 6 states in the United States.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
25 filings between Nov 19, 2025 and Aug 19, 2026.
Open market
decisions to buy or sellPurchases
$55.27M
5 purchases by 2 insiders
Sales
None
No insider sold shares.
Compensation
not trading decisions- 11
- Award — granted as compensation
- 6
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| WARREN KELCY L | $55.02M | — | Aug 19, 2026 |
| Perry James Richard | $250.0K | — | Aug 7, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 19, 2026 | WARREN KELCY L Director | Purchase | 647,968 | $13.78M |
| Aug 18, 2026 | WARREN KELCY L Director | Purchase | 352,032 | $7.49M |
| Aug 7, 2026 | Perry James Richard Director | Purchase | 12,359 | $250.0K |
| May 8, 2026 | WARREN KELCY L Director | Award | 1,109,279 | $22.00M |
| Jan 2, 2026 | Ramsey Matthew S. Director | Award | 7,423 | $0 |
| Jan 2, 2026 | Anderson Steven R. Director | Award | 7,423 | $0 |
| Jan 2, 2026 | MCREYNOLDS JOHN W Director | Award | 7,423 | $0 |
| Jan 2, 2026 | Grimm Michael K Director | Award | 7,423 | $0 |
| Jan 2, 2026 | Perry James Richard Director | Award | 7,423 | $0 |
| Dec 29, 2025 | Perry James Richard Director | Gift | 10 | $0 |
| Dec 29, 2025 | Anderson Steven R. Director | Gift | 10 | $0 |
| Dec 29, 2025 | Grimm Michael K Director | Gift | 10 | $0 |
| Dec 5, 2025 | MCCREA MARSHALL S III Co-CEO | Award | 704,438 | $0 |
| Dec 5, 2025 | MCCREA MARSHALL S III Co-CEO | Tax withheld | 381,947 | $6.34M |
| Dec 5, 2025 | Wright James M. EVP, GC & CCO | Tax withheld | 46,534 | $772.5K |
| Dec 5, 2025 | Wright James M. EVP, GC & CCO | Award | 180,375 | $0 |
| Dec 5, 2025 | Bramhall Dylan EVP & Group CFO | Tax withheld | 47,251 | $784.4K |
| Dec 5, 2025 | Bramhall Dylan EVP & Group CFO | Award | 200,438 | $0 |
| Dec 5, 2025 | Sturrock Troy SVP & Controller | Tax withheld | 22,745 | $377.6K |
| Dec 5, 2025 | Sturrock Troy SVP & Controller | Award | 56,775 | $0 |
| Dec 5, 2025 | Long Thomas E Co-CEO | Tax withheld | 330,637 | $5.49M |
| Dec 5, 2025 | Long Thomas E Co-CEO | Award | 704,438 | $0 |
| Dec 5, 2025 | McIlwain Gregory G. EVP - Operations | Tax withheld | 46,255 | $767.8K |
| Nov 20, 2025 | WARREN KELCY L Director | Purchase | 1,000,000 | $16.81M |
| Nov 19, 2025 | WARREN KELCY L Director | Purchase | 1,000,000 | $16.95M |
| Aug 20, 2025 | WARREN KELCY L Director | Purchase | 1,350,000 | $23.44M |
| Aug 19, 2025 | WARREN KELCY L Director | Purchase | 650,000 | $11.24M |
| Jun 13, 2025 | Perry James Richard Director | Sale | 1,369 | $25.3K |
| Jan 2, 2025 | Grimm Michael K Director | Award | 7,760 | $0 |
| Jan 2, 2025 | Perry James Richard Director | Award | 7,760 | $0 |
| Jan 2, 2025 | Brannon Richard D Director | Award | 7,760 | $0 |
| Jan 2, 2025 | Ramsey Matthew S. Director | Award | 7,760 | $0 |
| Jan 2, 2025 | MCREYNOLDS JOHN W Director | Award | 7,760 | $0 |
| Jan 2, 2025 | Anderson Steven R. Director | Award | 7,760 | $0 |
| Dec 23, 2024 | Anderson Steven R. Director | Gift | 10 | $0 |
| Dec 23, 2024 | Brannon Richard D Director | Gift | 10 | $0 |
| Dec 23, 2024 | Perry James Richard Director | Gift | 10 | $0 |
| Dec 23, 2024 | Grimm Michael K Director | Gift | 10 | $0 |
| Dec 5, 2024 | Sturrock Troy SVP & Controller | Award | 46,688 | $0 |
| Dec 5, 2024 | MCCREA MARSHALL S III Co-CEO | Tax withheld | 372,138 | $7.12M |
| Dec 5, 2024 | MCCREA MARSHALL S III Co-CEO | Award | 639,000 | $0 |
| Dec 5, 2024 | Wright James M. EVP, GC & CCO | Tax withheld | 45,366 | $868.4K |
| Dec 5, 2024 | Wright James M. EVP, GC & CCO | Award | 142,500 | $0 |
| Dec 5, 2024 | Long Thomas E Co-CEO | Tax withheld | 298,569 | $5.72M |
| Dec 5, 2024 | Long Thomas E Co-CEO | Award | 639,000 | $0 |
| Dec 5, 2024 | McIlwain Gregory G. EVP - Operations | Award | 107,775 | $0 |
| Dec 5, 2024 | Bramhall Dylan EVP & Group CFO | Tax withheld | 27,955 | $535.1K |
| Dec 5, 2024 | Bramhall Dylan EVP & Group CFO | Award | 153,750 | $0 |
| Dec 5, 2024 | Sturrock Troy SVP & Controller | Tax withheld | 20,158 | $385.9K |
| Nov 6, 2023 | Perry James Richard Director | Purchase | 25,892 | $350.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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