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Energy Transfer LP (ET) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Energy Transfer LP (ET) Q3 2026 earnings results →
Q3 2026 Revenue up 86% year over year to $37.1B · 3¢ of every $1 of revenue kept as net profit · operating margin 7.5%
Energy Transfer LP made $37.1B in Q3 2026 (+86% Y/Y): Refined product sales $17.6B, Crude sales $8.6B, NGL sales $5.7B. Operating margin 7.5%, net earnings $1.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $37.1B in Q3 2026, up 86% year over year and up 8% from the previous quarter. Refined product sales was the largest line at 47% of revenue. Refined product sales added $11.7B year over year (up 201%), 68% of the total change.
Operating profit was $2.8B, a 7.5% margin (down 3.3 points year over year). Of the extra revenue versus Q3 2025, 4% reached operating profit, below the 11% margin then. Total costs grew 93% against revenue growth of 86%. The fastest-growing cost line was Cost of revenue (+110%). Net earnings were $1.2B, up 18% year over year. The effective tax rate was 9.3%.
Operating cash flow was $4.0B (up 56% year over year), 222% of net income including minority interests. Non-cash charges added back $1.6B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.56B. Capital expenditures of $1.9B left free cash flow of $2.1B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $37.1B | +86% | 7.5% | $1.2B | $4.0B |
| Q2 2026 | 10-Q | Aug 6, 2026 | $34.3B | +78% | 10.4% | $2.1B | $4.3B |
| Q1 2026 | 10-Q | May 7, 2026 | $27.8B | +32% | 10.7% | $1.3B | $3.4B |
| Q4 2025 | 10-K | Feb 19, 2026 | $25.3B | +30% | 8.2% | $928M | $1.9B |
| Q3 2025 | 10-Q | Nov 6, 2025 | $20.0B | -4% | 10.8% | $1.0B | $2.6B |
| Q2 2025 | 10-Q | Aug 7, 2025 | $19.2B | -7% | 12.0% | $1.2B | $2.8B |
| Q1 2025 | 10-Q | May 8, 2025 | $21.0B | -3% | 11.9% | $1.3B | $2.9B |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- SPH — 30% of its revenue · Stated in 10-K (sentence) · source
- USAC · Stated in 10-K (named, share not stated) · source
Buys from
- HPK — 8% of the supplier’s revenue · Stated in 10-K (sentence) · source
- SUN · Stated in 10-K (named, share not stated) · source
About Energy Transfer LP
Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol “ET.” Unless the context requires otherwise, references to “we,” “us,” “our,” the “Partnership” and “Energy Transfer” mean Energy Transfer LP and its consolidated subsidiaries, which include SunocoCorp, Sunoco LP and USAC.
In its own words, from its 10-K, filed Feb 19, 2026.
Energy Transfer LP against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +86% against the peers' median +30%. Operating margin: 7.5% against the peers' median 24.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
| Boardwalk Pipeline Partners, LP | Q3 2026 | $614M | +13% | 24.1% |
Source: Energy Transfer LP 10-Q on SEC EDGAR · CIK 1276187 · Natural Gas Transmission
Guidance and outlook
13F: who owns ET and who is buying
More on ET
- How Energy Transfer LP makes money: revenue by segment
- Energy Transfer LP next earnings date and what analysts expect
- Energy Transfer LP stock forecast, price target and fair value
- Who owns Energy Transfer LP stock: holders, funds and Congress trades
- Energy Transfer LP guidance and outlook
- Is Energy Transfer LP a takeover target? LBO and rumors
- Energy Transfer LP recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Energy Transfer LP guidance history: guided vs reported
- Energy Transfer LP operating margin by quarter
- Energy Transfer LP net income by quarter
- Energy Transfer LP free cash flow by quarter
- Energy Transfer LP capital expenditures by quarter
- Energy Transfer LP Crude sales revenue by quarter
- Energy Transfer LP NGL sales revenue by quarter