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Energy Transfer LP cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.1B in Q3 2026 · $6.1B over twelve months

Operating cash flow$4.0B
Capital spending−$1.9B
Free cash flow+$2.1B
Cash / net income2.2×

Analysis

In Q3 2026, Energy Transfer LP generated $4.0B of operating cash flow and spent $1.9B on capital projects, leaving free cash flow of $2.1B. That is $863M more than in Q3 2025 ($1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was $13.6B; the largest uses were other financing ($36.5B), capital spending ($7.5B), other investing ($2.5B); besides operations, cash came from net borrowing (+) / repaid (−) ($32.3B); the cash balance fell by $2.6B.

Operating cash flow was $4.0B against net income of $1.8B — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.6B, accrued liabilities +$723M, inventory −$555M.

Free cash flow

Energy Transfer LP: free cash flow by quarterEnergy Transfer LP: free cash flow by quarter$1.1BQ4 2024$1.7BQ1 2025$1.1BQ2 2025$1.3BQ3 2025−$225MQ4 2025$1.5BQ1 2026$2.7BQ2 2026$2.1BQ3 2026
Operating cash flow less capital spending.
Energy Transfer LP: operating cash flow against capital spendingEnergy Transfer LP: operating cash flow against capital spendingOperating cash flowCapital spending$2.6B$1.5BQ4 2024$2.9B$1.2BQ1 2025$2.8B$1.7BQ2 2025$2.6B$1.3BQ3 2025$1.9B$2.1BQ4 2025$3.4B$1.9BQ1 2026$4.3B$1.6BQ2 2026$4.0B$1.9BQ3 2026
Latest (Q3 2026): Operating cash flow $4.0B, Capital spending $1.9B.

Capital allocation, year by year

Energy Transfer LP: where the cash came from (up) and went (down), by fiscal yearEnergy Transfer LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $11.2BFY2021: Net borrowing −$6.1BFY2021: Asset sales $45.0MFY2021: Capital spending −$2.8BFY2021: Acquisitions −$205MFY2021: Buybacks −$31.0M$11.2BFY2021FY2022: Operating cash flow $9.1BFY2022: Net borrowing −$843MFY2022: Asset sales $78.0MFY2022: Capital spending −$3.4BFY2022: Acquisitions −$1.1B$9.1BFY2022FY2023: Operating cash flow $9.6BFY2023: Net borrowing $714MFY2023: Asset sales $38.0MFY2023: Capital spending −$3.1BFY2023: Acquisitions −$111M$10.3BFY2023FY2024: Operating cash flow $11.5BFY2024: Net borrowing $4.7BFY2024: Capital spending −$4.2BFY2024: Acquisitions −$250M$16.2BFY2024FY2025: Operating cash flow $10.1BFY2025: Net borrowing $32.9BFY2025: Capital spending −$6.3B$43.0BFY2025
Over these 5 years operating cash flow totalled $51.4B; the largest uses were capital spending ($19.8B) and net borrowing ($6.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$926M
Debt$68.8B
Net debt$67.9B
Due within a year$3.5B

Energy Transfer LP funds itself: free cash flow was $6.1B over the last twelve months, and $926M of cash and investments stands against $68.8B of debt ($3.5B due within a year, 0.3× covered by cash).

Energy Transfer LP: debt maturities by year (FY2025)Energy Transfer LP: debt maturities by year (FY2025)$3.5BYear 1$5.3BYear 2$4.5BYear 3$11.6BYear 4$6.2BYear 5$37.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $926M of cash and investments now.

Where the cash came from and went

Energy Transfer LP: sources (+) and uses (−) of cash, Q3 2026Energy Transfer LP: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.0BOther financing−$2.1BCapital spending−$1.9BPartners−$580MNet borrowing (+) / repaid (−)$462MCash drawn (+) / kept (−)$94.0MOther investing$7.0M
Energy Transfer LP: sources (+) and uses (−) of cash, TTM to Q3 2026Energy Transfer LP: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$36.5BNet borrowing (+) / repaid (−)$32.3BOperating cash flow$13.6BCapital spending−$7.5BCash drawn (+) / kept (−)$2.6BOther investing−$2.5BPartners−$2.1B

From profit to cash

Energy Transfer LP: net income to operating cash flow, Q3 2026Energy Transfer LP: net income to operating cash flow, Q3 2026Net income$1.8BDepreciation & amortization$1.6BStock-based pay$49.0MDeferred taxes$21.0MImpairments$2.0MOther non-cash−$43.0MReceivables−$436MInventory−$555MPayables$389MAccrued liabilities$723MPrepaid and other assets−$97.0MOperating cash flow$4.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202546194718
Q2 202550185414
Q1 202546175013
Q4 202447185114

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$4.0B−$1.9B$462M$94.0M$2.1B
Q2 2026$4.3B−$1.6B−$831M−$69.0M$2.7B
Q1 2026$3.4B−$1.9B$600M$321M$1.5B
Q4 2025$1.9B−$2.1B$6.0B$2.3B−$225M
Q3 2025$2.6B−$1.3B$2.4B−$3.3B$1.3B
Q2 2025$2.8B−$1.7B$948M$211M$1.1B
Q1 2025$2.9B−$1.2B$72.0M−$141M$1.7B
Q4 2024$2.6B−$1.5B$503M−$13.0M$1.1B

Energy Transfer LP: income statement and cash flow

Energy Transfer LP, Q3 2026: revenue $37.1B (+86% year over year), operating margin 7.5%. The chart follows the revenue to costs, profit and cash.

Energy Transfer LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.