Energy Transfer (ET) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Energy Transfer.

Analyst Coverage

Research analysts who have asked questions during Energy Transfer earnings calls.

Keith Stanley

Wolfe Research, LLC

6 questions for ET

Also covers: DK, DTM, ENB +12 more

Manav Gupta

UBS Group

6 questions for ET

Also covers: ADM, AMTX, BE +34 more

Michael Blum

Wells Fargo & Company

6 questions for ET

Also covers: AROC, BE, CQP +15 more

Jeremy Tonet

JPMorgan Chase & Co.

5 questions for ET

Also covers: AEE, AEP, AM +45 more

John Mackay

Goldman Sachs Group, Inc.

5 questions for ET

Also covers: AM, ARIS, CQP +16 more

Theresa Chen

Barclays PLC

5 questions for ET

Also covers: CQP, DINO, DTM +20 more

Gabriel Moreen

Mizuho Financial Group, Inc.

4 questions for ET

Also covers: AROC, ATO, DKL +15 more

Jean Ann Salisbury

Bank of America

4 questions for ET

Also covers: CQP, CVX, DK +13 more

Spiro Dounis

Citigroup Inc.

4 questions for ET

Also covers: ARIS, CQP, DTM +14 more

Eli

JPMorgan Chase & Co.

1 question for ET

Jean Ann

Bank of America

1 question for ET

Teresa Chen

Barclays

1 question for ET

Also covers: ENB, TRP

Zach Guan

Tudor, Pickering, Holt & Co.

1 question for ET

Zackery Van Everen

Tudor, Pickering, Holt & Co.

1 question for ET

Also covers: AM, DTM, EE +6 more

Zack Van

TPH

1 question for ET

Zack Van Everen

TPH&Co.

1 question for ET

Also covers: DTM, EE, KMI +2 more

Latest news

Recent press releases and 8-K filings for ET.

Energy Transfer LP Prices $3.0 Billion Senior Notes Offering

Debt Issuance

Refinancing

Energy Transfer LP announced the pricing of a $3.0 billion offering of senior notes on January 12, 2026.
The offering includes $1.0 billion of 4.550% senior notes due 2031, $1.0 billion of 5.350% senior notes due 2036, and $1.0 billion of 6.300% senior notes due 2056.
The sale is expected to settle on January 27, 2026, with net proceeds of approximately $2.97 billion (before offering expenses).
The company intends to use the net proceeds to refinance existing indebtedness, including commercial paper and borrowings under its revolving credit facility, and for general partnership purposes.
As of September 30, 2025, after giving effect to this offering, Energy Transfer LP would have had $51.9 billion in total senior debt and $3.8 billion in total junior subordinated debt, with an additional $5.0 billion debt capacity under its revolving credit facility.

1 day ago

8-K

Energy Transfer Announces 2026 Capital Investment and Financial Projections

Guidance Update

New Projects/Investments

Demand Weakening

Energy Transfer plans to invest $5.0 billion to $5.5 billion in growth capital in 2026, focusing on natural gas infrastructure while suspending its Lake Charles LNG project due to global oversupply concerns.
The company projects consolidated adjusted EBITDA of $17.3 billion to $17.7 billion for 2026 and targets mid-teens returns on prioritized projects.
Management aims to maintain leverage around 4.0–4.5 times EBITDA and targets long-term annual distribution growth of 3%–5%.
For 2025, Energy Transfer expects capital expenditures of about $5.0 billion and adjusted EBITDA of roughly $16.1 billion to $16.5 billion.
The company's market capitalization is near $56.38 billion, and its Altman Z-Score of 1.32 places it in the 'distress' zone.

Jan 6, 2026, 12:21 PM

Morningstar

Energy Transfer LP Announces 2026 Outlook

Guidance Update

New Projects/Investments

Dividends

Energy Transfer LP expects to invest $5.0 billion to $5.5 billion in growth capital in 2026, primarily for projects enhancing its natural gas network.
The company anticipates generating consolidated Adjusted EBITDA between $17.3 billion and $17.7 billion for full-year 2026.
This outlook is supported by significant new projects, including the Nederland Flexport NGL expansion and Mustang Draw processing plants, expected to ramp up or come online in 2026.
Energy Transfer targets a long-term annual distribution growth rate of 3 to 5 percent and aims to maintain a leverage target of 4.0 to 4.5 times EBITDA.

Jan 6, 2026, 12:15 PM

8-K

Energy Transfer Announces 2026 Outlook

Guidance Update

New Projects/Investments

Earnings

Energy Transfer expects to invest between $5.0 billion and $5.5 billion in growth capital in 2026, primarily focused on enhancing its natural gas network.
The company anticipates generating consolidated Adjusted EBITDA between $17.3 billion and $17.7 billion for full-year 2026.
Energy Transfer aims to maintain a leverage target of 4.0 to 4.5 times EBITDA and expects to continue targeting a long-term annual cash distribution growth rate of 3 to 5 percent.

Jan 6, 2026, 12:00 PM

Press Release

Energy Transfer Upsizes Desert Southwest Expansion Project

New Projects/Investments

Guidance Update

Energy Transfer is upsizing the Transwestern Pipeline’s Desert Southwest expansion project, increasing its mainline pipeline diameter from 42 inches to 48 inches to meet additional customer demand in Arizona and New Mexico.
This expansion will increase the project's capacity to up to 2.3 billion cubic feet per day.
The upsized project is now expected to cost up to approximately $5.6 billion, which will increase Energy Transfer’s total growth capital expenditures for 2026 by about $200 million.
The project remains on schedule to be in-service by the fourth quarter of 2029.

Dec 18, 2025, 9:25 PM

Press Release

Energy Transfer Reports Q3 2025 Results, Updates Guidance, and Highlights Growth Projects

Earnings

Guidance Update

New Projects/Investments

Energy Transfer reported Adjusted EBITDA of $3.84 billion for Q3 2025 and $11.8 billion year-to-date, with distributable cash flow (DCF) attributable to partners of approximately $1.9 billion for the quarter.
The company updated its organic growth capital guidance, now expecting to expend approximately $4.6 billion in 2025 (down from $5 billion) and projecting $5 billion in 2026. Full-year guidance is expected to be slightly below the lower end of the $16.1 billion-$16.5 billion range.
Key projects are progressing, including the fully contracted Desert Southwest Pipeline, the Hugh Brinson Pipeline (phase one expected in service by Q4 2026), and the approved Bethel natural gas storage expansion to over 12 Bcf by late 2028.
Energy Transfer secured multiple long-term agreements to supply natural gas to data centers, including with Oracle and Fermi America, totaling approximately 1.2 million Mcf per day. The company is also evaluating converting an NGL pipeline to natural gas service, which could potentially generate twice the revenue compared to NGL service.

Nov 5, 2025, 9:30 PM

Transcript

Energy Transfer Reports Q3 2025 Results, Updates Guidance, and Highlights Growth Projects

Earnings

Guidance Update

New Projects/Investments

Energy Transfer reported Q3 2025 adjusted EBITDA of $3.84 billion, a decrease from $3.96 billion in Q3 2024, but noted it was flat year-over-year excluding non-recurring items. Year-to-date 2025 adjusted EBITDA increased to $11.8 billion from $11.6 billion in the same period of 2024.
The company updated its 2025 organic growth capital guidance to approximately $4.6 billion (down from a previous guidance of $5 billion) and expects 2026 growth capital to be around $5 billion. Full-year 2025 adjusted EBITDA is now anticipated to be slightly below the lower end of the prior $16.1 billion-$16.5 billion guidance range.
Significant long-term contracts were secured, including agreements to supply natural gas to Oracle's three U.S. data centers (approximately 900,000 Mcf per day) and a 10-year agreement with Fermi America for its HyperGrid campus (approximately 300,000 MMBtu per day). In total, over 6 Bcf per day of pipeline capacity has been contracted with demand pull customers in the last year, projected to generate over $25 billion in revenue from firm transportation fees with a weighted average life exceeding 18 years.
Major projects are advancing, with the Desert Southwest pipeline fully contracted for 1.5 Bcf per day and Phase I of the Hugh Brinson Pipeline expected in service by Q4 2026. The company is also considering converting an NGL pipeline to natural gas service, which could potentially double revenue compared to NGL service.

Nov 5, 2025, 9:30 PM

Transcript

Energy Transfer Reports Q3 2025 Results, Updates Guidance, and Details Strategic Growth Projects

Earnings

Guidance Update

New Projects/Investments

Energy Transfer reported $3.84 billion in Adjusted EBITDA for Q3 2025 and $11.8 billion year-to-date 2025. The company updated its 2025 Adjusted EBITDA guidance to be slightly below the lower end of the $16.1 billion-$16.5 billion range and reduced 2025 organic growth capital guidance to $4.6 billion.
The company secured significant long-term natural gas supply agreements for data centers, including multiple deals with Oracle totaling approximately 900,000 Mcf per day and a 10-year agreement with Fermi America for 300,000 MMBtu per day. Over the last year, Energy Transfer has contracted more than 6 Bcf per day of pipeline capacity, projected to generate over $25 billion in revenue.
Key infrastructure projects are advancing, including the fully contracted Desert Southwest Pipeline and the Hugh Brinson Pipeline, with Phase 1 expected in service by Q4 2026. Energy Transfer is also considering converting an NGL pipeline in the Permian Basin to natural gas service for potentially higher revenue and approved a new storage cavern at the Bethel natural gas storage facility to double capacity to over 12 Bcf by late 2028.

Nov 5, 2025, 9:30 PM

Transcript

Energy Transfer Reports Q3 2025 Results and Updates Guidance

Earnings

Guidance Update

New Projects/Investments

Energy Transfer LP reported net income attributable to partners of $1.02 billion and Adjusted EBITDA of $3.84 billion for the third quarter of 2025, with net income per common unit (basic) at $0.28. These figures decreased compared to Q3 2024, primarily due to one-time items.
The Partnership achieved record volumes in NGL and refined products terminal (up 10%), NGL transportation (up 11%), NGL exports (up 13%), and midstream gathered volumes (up 3%) in Q3 2025 compared to Q3 2024.
Energy Transfer announced plans for approximately $4.6 billion in growth capital expenditures for 2025 and $5 billion for 2026, with the majority expected for natural gas-directed projects. Strategic initiatives include new agreements to supply natural gas to Oracle's data centers and a 20-year agreement with Entergy Louisiana.
The company declared a quarterly cash distribution of $0.3325 per common unit for Q3 2025, representing an increase of more than 3% compared to Q3 2024. Energy Transfer also updated its 2025 Adjusted EBITDA guidance, expecting to be slightly below the lower end of its $16.1 billion to $16.5 billion range.

Nov 5, 2025, 9:20 PM

8-K

Energy Transfer LP Announces Increase in Quarterly Cash Distribution

Dividends

Energy Transfer LP announced an increase in its quarterly cash distribution to $0.3325 per common unit for the third quarter ended September 30, 2025, which is $1.33 on an annualized basis.
This distribution reflects an increase of more than 3 percent compared to the third quarter of 2024.
The cash distribution will be paid on November 19, 2025, to unitholders of record as of November 7, 2025.
The company is scheduled to release its third-quarter 2025 earnings on November 5, 2025.