Filing Flows › Energy Transfer LP (ET) › Q2 2026 › vs Q1 2026
Energy Transfer LP (ET) Q2 2026 vs Q1 2026 (quarter over quarter)
Energy Transfer LP's revenue rose $6.6B (+24%) from $27.8B in Q1 2026 to $34.3B in Q2 2026. Operating margin 10.4% against 10.7% (-0.3 pts).
Energy Transfer LP, Q2 2026: revenue $34.3B (+78% year over year), operating margin 10.4%, net earnings $2.1B, operating cash flow $4.3B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 10.4% | 10.7% | -0.3 pts |
| Net margin | 6.1% | 4.5% | +1.6 pts |
| Free cash flow margin | 7.9% | 5.3% | +2.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $34.3B | $27.8B | $6.6B | +24% |
| Operating profit | $3.6B | $3.0B | $591M | +20% |
| Costs & expenses | $30.8B | $24.8B | $6.0B | +24% |
| Pre-tax earnings | $2.7B | $2.1B | $613M | +29% |
| Other expense, net | $850M | $872M | −$22.0M | -3% |
| Cost of revenue | $26.9B | $21.1B | $5.8B | +27% |
| SG&A | $421M | $361M | $60.0M | +17% |
| Other operating costs | $3.4B | $3.3B | $125M | +4% |
| Net earnings | $2.1B | $1.3B | $834M | +67% |
| Minority interests | $442M | $722M | −$280M | -39% |
| Income tax | $194M | $135M | $59.0M | +44% |
| Depreciation & amortization | $1.6B | $1.6B | −$8.0M | -0.5% |
| Share-based compensation | $46.0M | $42.0M | $4.0M | +10% |
| Working capital & other | $562M | $499M | $63.0M | +13% |
| Operating cash flow | $4.3B | $3.4B | $893M | +26% |
| Free cash flow (OCF − capex) | $2.7B | $1.5B | $1.2B | +85% |
| Capital expenditures | $1.6B | $1.9B | −$352M | -18% |
Questions
How much did Energy Transfer LP's revenue grow quarter over quarter in Q2 2026?
Energy Transfer LP's revenue rose $6.6B (+24%) from $27.8B in Q1 2026 to $34.3B in Q2 2026. Operating margin 10.4% against 10.7% (-0.3 pts).