Filing Flows › Energy Transfer LP (ET) › Q3 2026 › vs Q2 2026
Energy Transfer LP (ET) Q3 2026 vs Q2 2026 (quarter over quarter)
Energy Transfer LP's revenue rose $2.8B (+8%) from $34.3B in Q2 2026 to $37.1B in Q3 2026. The biggest changes: Refined product sales +$3.7B (+27%); Crude sales −$1.7B (-16%); Natural gas sales +$751M (+188%). Operating margin 7.5% against 10.4% (-2.9 pts).
Energy Transfer LP, Q3 2026: revenue $37.1B (+86% year over year), operating margin 7.5%, net earnings $1.2B, operating cash flow $4.0B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 7.5% | 10.4% | -2.9 pts |
| Net margin | 3.3% | 6.1% | -2.8 pts |
| Free cash flow margin | 5.8% | 7.9% | -2.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Refined product sales | $17.6B | $13.8B | $3.7B | +27% |
| Crude sales | $8.6B | $10.3B | −$1.7B | -16% |
| NGL sales | $5.7B | $5.7B | −$9.0M | -0.2% |
| Gathering, transportation and other fees | $3.4B | $3.3B | $92.0M | +3% |
| Natural gas sales | $1.2B | $400M | $751M | +188% |
| Other | $635M | $759M | −$124M | -16% |
| Revenue | $37.1B | $34.3B | $2.8B | +8% |
| Operating profit | $2.8B | $3.6B | −$793M | -22% |
| Costs & expenses | $34.3B | $30.8B | $3.6B | +12% |
| Pre-tax earnings | $2.0B | $2.7B | −$723M | -27% |
| Other expense, net | $780M | $850M | −$70.0M | -8% |
| Cost of revenue | $30.5B | $26.9B | $3.6B | +13% |
| SG&A | $405M | $421M | −$16.0M | -4% |
| Other operating costs | $3.4B | $3.4B | −$17.0M | -0.5% |
| Net earnings | $1.2B | $2.1B | −$881M | -42% |
| Minority interests | $607M | $442M | $165M | +37% |
| Income tax | $187M | $194M | −$7.0M | -4% |
| Depreciation & amortization | $1.6B | $1.6B | $24.0M | +2% |
| Share-based compensation | $49.0M | $46.0M | $3.0M | +7% |
| Working capital & other | $1.2B | $562M | $605M | +108% |
| Operating cash flow | $4.0B | $4.3B | −$249M | -6% |
| Free cash flow (OCF − capex) | $2.1B | $2.7B | −$569M | -21% |
| Capital expenditures | $1.9B | $1.6B | $320M | +20% |
Questions
How much did Energy Transfer LP's revenue grow quarter over quarter in Q3 2026?
Energy Transfer LP's revenue rose $2.8B (+8%) from $34.3B in Q2 2026 to $37.1B in Q3 2026.
What drove Energy Transfer LP's revenue change in Q3 2026?
Refined product sales +$3.7B (+27%); Crude sales −$1.7B (-16%); Natural gas sales +$751M (+188%).