Filing Flows › Energy Transfer LP (ET) › Q2 2026 › vs Q2 2025
Energy Transfer LP (ET) Q2 2026 vs Q2 2025 (year over year)
Energy Transfer LP's revenue rose $15.1B (+78%) from $19.2B in Q2 2025 to $34.3B in Q2 2026. The biggest changes: Refined product sales +$8.7B (+167%); Crude sales +$5.3B (+105%); NGL sales +$1.2B (+28%). Operating margin 10.4% against 12.0% (-1.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.4% | 12.0% | -1.6 pts |
| Net margin | 6.1% | 6.0% | +0.0 pts |
| Free cash flow margin | 7.9% | 5.7% | +2.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Refined product sales | $13.8B | $5.2B | $8.7B | +167% |
| Crude sales | $10.3B | $5.0B | $5.3B | +105% |
| NGL sales | $5.7B | $4.5B | $1.2B | +28% |
| Gathering, transportation and other fees | $3.3B | $3.1B | $211M | +7% |
| Other | $759M | $405M | $354M | +87% |
| Natural gas sales | $400M | $1.1B | −$658M | -62% |
| Revenue | $34.3B | $19.2B | $15.1B | +78% |
| Operating profit | $3.6B | $2.3B | $1.3B | +55% |
| Costs & expenses | $30.8B | $16.9B | $13.8B | +82% |
| Pre-tax earnings | $2.7B | $1.5B | $1.2B | +77% |
| Other expense, net | $850M | $772M | $78.0M | +10% |
| Cost of revenue | $26.9B | $13.9B | $13.0B | +93% |
| SG&A | $421M | $257M | $164M | +64% |
| Other operating costs | $3.4B | $2.7B | $673M | +25% |
| Net earnings | $2.1B | $1.2B | $925M | +80% |
| Minority interests | $442M | $295M | $147M | +50% |
| Income tax | $194M | $79.0M | $115M | +146% |
| Depreciation & amortization | $1.6B | $1.4B | $191M | +14% |
| Share-based compensation | $46.0M | $33.0M | $13.0M | +39% |
| Working capital & other | $562M | $182M | $380M | +209% |
| Operating cash flow | $4.3B | $2.8B | $1.5B | +55% |
| Free cash flow (OCF − capex) | $2.7B | $1.1B | $1.6B | +145% |
| Capital expenditures | $1.6B | $1.7B | −$95.0M | -6% |
Questions
How much did Energy Transfer LP's revenue grow year over year in Q2 2026?
Energy Transfer LP's revenue rose $15.1B (+78%) from $19.2B in Q2 2025 to $34.3B in Q2 2026.
What drove Energy Transfer LP's revenue change in Q2 2026?
Refined product sales +$8.7B (+167%); Crude sales +$5.3B (+105%); NGL sales +$1.2B (+28%).