Filing Flows › Energy Transfer LP (ET) › Q1 2026
Energy Transfer LP (ET) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Energy Transfer LP (ET) reported revenue of $27.8B for the first quarter 2026 (Q1 2026), +32% from a year earlier and +10% from the quarter before. Operating margin was 10.7%, net earnings $1.3B (4.5% of revenue).
Energy Transfer LP, Q1 2026: revenue $27.8B (+32% year over year), operating margin 10.7%, net earnings $1.3B, operating cash flow $3.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $27.8B | +10% | +32% |
| Operating profit | $3.0B | +44% | +20% |
| Net earnings | $1.3B | +35% | -5% |
| Operating cash flow | $3.4B | +78% | +16% |
| Free cash flow | $1.5B | — | -14% |
What changed
Revenue was $27.8B in Q1 2026, up 32% year over year and up 10% from the previous quarter. Refined product sales was the largest line at 37% of revenue. Refined product sales added $5.3B year over year (up 107%), 79% of the total change. NGL sales declined 9%.
Operating profit was $3.0B, a 10.7% margin (down 1.1 points year over year). Of the extra revenue versus Q1 2025, 7% reached operating profit, below the 12% margin then. Total costs grew 34% against revenue growth of 32%. The fastest-growing cost line was Cost of revenue (+36%). Net earnings were $1.3B, down 5% year over year. The effective tax rate was 6.4%.
Operating cash flow was $3.4B (up 16% year over year), 171% of net income including minority interests. Non-cash charges added back $1.6B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.22B. Capital expenditures of $1.9B left free cash flow of $1.5B.
Questions
What was Energy Transfer LP's revenue in the first quarter 2026?
Energy Transfer LP (ET) reported revenue of $27.8B for the first quarter 2026 (Q1 2026), +32% from a year earlier and +10% from the quarter before.
Was Energy Transfer LP profitable in the first quarter 2026?
Operating profit was $3.0B (10.7% of revenue) and net earnings $1.3B.
Source: Energy Transfer LP 10-Q on SEC EDGAR.