Energy Transfer LP

Listed Company

ETCIK 0001276187NYSELarge AcceleratedNatural Gas TransmissionOklahomaFY ends Dec 31

Period

FY 2025

Revenue

$85.54B

Net Income

$4.43B

Total Assets

$141.29B

Equity

—

Shares Out

3.44B

Op. Cash Flow

$10.15B

ET$19.31+7.82% · past yearDBEQ Basic

Daily closing prices

Business

Energy Transfer LP is a Delaware limited partnership that operates natural gas midstream and transportation assets, including intrastate and interstate pipelines, storage facilities, and processing plants across the United States. The company also operates crude oil, NGL, and refined products pipelines, terminals, and marketing services; owns significant interests in Sunoco LP (fuel distribution and refining) and USAC (compression services); and manages coal properties and royalties. Its assets span major U.S. energy infrastructure serving producers, utilities, industrial end-users, and refineries through fee-based and market-based contractual arrangements.

Summary from 10-K filed 2026-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	85,536	82,671	78,586	89,876	67,417
Cost of products sold	63,495	61,975	60,541	72,232	50,395
Operating expenses	5,867	5,164	4,368	4,338	3,574
Depreciation, depletion and amortization	5,682	5,165	4,385	4,164	3,817
Selling, general and administrative	1,180	1,177	985	1,018	818
Impairment losses and other	285	52	12	386	21
Total costs and expenses	76,509	73,533	70,291	82,138	58,625
OPERATING INCOME	9,027	9,138	8,295	7,738	8,792
Interest expense, net of interest capitalized	−3,474	−3,125	−2,578	−2,306	−2,267
Equity in earnings of unconsolidated affiliates	419	379	383	257	246
Gains (losses) on extinguishments of debt	−34	−12	2	0	−38
Gain (Loss) from Litigation Settlement	0	0	−627	0	0
Gain (Loss) on Disposition of Assets	0	586	0	0	—
Other, net	120	140	122	90	77
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax, Total	6,058	7,106	5,597	6,072	6,871
Income tax expense	350	541	303	204	184
NET INCOME	5,708	6,565	5,294	5,868	6,687
Less: Net income attributable to noncontrolling interests	1,208	1,692	1,299	—	—
Less: Net income attributable to redeemable noncontrolling interests	67	59	60	51	50
NET INCOME ATTRIBUTABLE TO PARTNERS	4,433	4,814	3,935	4,756	5,470
Less: General Partners interest in net income	4	4	3	4	6
Less: Preferred Unitholders interest in net income	248	362	463	422	285
Preferred Stock Redemption Premium	8	54	0	0	—
Limited Partners interest in net income	4,173	4,394	3,469	4,330	5,179
Basic	1.22	1.29	1.1	1.4	1.89
Diluted	1.21	1.28	1.09	1.4	1.89

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,272	312	161	257	336
Inventories	4,770	3,070	2,478	2,461	2,014
Income taxes receivable	57	56	67	68	32
Derivative assets	52	9	66	10	10
Other current assets	688	477	513	726	437
Total current assets	18,233	14,202	12,433	12,081	10,537
Property, plant and equipment	141,283	129,242	114,932	105,996	103,991
Accumulated depreciation and depletion	−39,141	−34,030	−29,581	−25,685	−22,384
Property, Plant and Equipment, Net	102,142	95,212	85,351	80,311	81,607
Investments in unconsolidated affiliates	3,589	3,266	3,097	2,893	2,947
Lease right-of-use assets, net	1,841	809	826	819	838
Other non-current assets, net	2,591	2,017	1,733	1,558	1,645
Intangible assets, net	7,438	5,971	6,239	5,415	5,856
Goodwill	5,452	3,903	4,019	2,566	2,533
Total assets	141,286	125,380	113,698	105,643	105,963
Derivative liabilities	10	15	8	23	203
Operating lease current liabilities	245	67	56	45	47
Accrued and other current liabilities	5,165	4,241	3,521	3,329	3,071
Current maturities of long-term debt	25	8	1,008	2	680
Total current liabilities	14,955	12,656	11,277	10,368	10,835
Long-term debt, less current maturities	68,308	59,752	51,380	48,260	49,022
Non-current operating lease liabilities	1,515	730	778	798	814
Deferred Income Tax Liabilities, Net	5,307	4,190	—	—	—
Other non-current liabilities	1,941	1,618	1,611	1,341	1,323
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interests	250	417	778	493	783
Preferred Unitholders (44,398,959 and 44,898,959 units authorized, issued and outstanding as of December 31, 2025 and 2024, respectively)	3,356	3,852	6,459	6,051	6,051
Common Unitholders (3,439,986,779 and 3,431,088,022 units authorized, issued and outstanding as of December 31, 2025 and 2024, respectively)	30,930	31,195	30,197	26,960	25,230
General Partner	−2	−2	−2	−2	−4
Accumulated other comprehensive income	82	73	28	16	23
Total partners capital	34,366	35,118	36,682	33,025	31,300
Noncontrolling interests	14,644	10,899	7,257	7,634	8,045
Total equity	49,010	46,017	—	—	—
Total liabilities and equity	141,286	125,380	113,698	105,643	105,963

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred Income Tax Expense (Benefit)	178	276	203	187	141
Inventory valuation adjustments	156	86	114	−5	−190
Non-cash compensation expense	148	151	130	115	111
Distributions on unvested awards	52	59	68	73	47
Proceeds from Equity Method Investment, Distribution	382	356	353	232	212
Other Noncash Income (Expense)	−23	−63	32	64	−103
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures	−1,976	−196	−451	−1,502	515
Net cash provided by operating activities	10,149	11,506	9,555	9,051	11,162
Cash Acquired from Acquisition	0	27	0	0	51
Capital expenditures, excluding allowance for equity funds used during construction	−6,303	−4,164	−3,134	−3,381	−2,822
Contributions in aid of construction costs	100	73	40	56	43
Contributions to unconsolidated affiliates	−10	−206	−6	0	−4
Distributions from unconsolidated affiliates in excess of cumulative earnings	61	75	63	62	167
Other, net	10	12	3	2	1
Net cash used in investing activities	−8,373	−5,904	−4,325	−4,022	−2,775
Proceeds from borrowings	32,870	34,150	32,130	28,838	21,267
Repayments of debt	−28,052	−29,409	−31,416	—	—
Repayments of Senior Debt	0	−749	0	0	—
Preferred units issued for cash	1,473	0	0	0	889
Distributions to partners	−4,725	−4,623	−4,248	−3,047	−1,898
Distributions to noncontrolling interests	−1,734	−1,780	−1,691	−1,547	−1,487
Distributions to redeemable noncontrolling interests	56	67	59	49	49
Debt issuance costs	−119	−147	−45	−27	−14
Capital contributions from noncontrolling interests	0	2	0	0	226
Net cash used in financing activities	−816	−5,451	−5,326	−5,108	−8,418
Increase (decrease) in cash and cash equivalents	960	151	−96	−79	−31
Proceeds from Contributions from Affiliates	27	638	3	405	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro

Frequently asked questions

What is Energy Transfer LP's CIK number?

Energy Transfer LP's SEC CIK number is 0001276187 (1276187). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Energy Transfer LP's SEC filings?

All of Energy Transfer LP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Energy Transfer LP last report earnings?

Energy Transfer LP (ET) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001276187-26-000021). This is Energy Transfer LP's most recent earnings filing of record — not a forecast of its next earnings date.

What is Energy Transfer LP's most recent earnings 8-K?

Energy Transfer LP's latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001276187-26-000021. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Energy Transfer LP's latest earnings 8-K →
Look up any company's CIK number →