Filing Flows › Energy Transfer LP (ET) › Q3 2026 › vs Q3 2025
Energy Transfer LP (ET) Q3 2026 vs Q3 2025 (year over year)
Energy Transfer LP's revenue rose $17.1B (+86%) from $20.0B in Q3 2025 to $37.1B in Q3 2026. The biggest changes: Refined product sales +$11.7B (+201%); Crude sales +$3.3B (+63%); NGL sales +$1.4B (+34%). Operating margin 7.5% against 10.8% (-3.3 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.5% | 10.8% | -3.3 pts |
| Net margin | 3.3% | 5.1% | -1.9 pts |
| Free cash flow margin | 5.8% | 6.4% | -0.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Refined product sales | $17.6B | $5.8B | $11.7B | +201% |
| Crude sales | $8.6B | $5.3B | $3.3B | +63% |
| NGL sales | $5.7B | $4.3B | $1.4B | +34% |
| Gathering, transportation and other fees | $3.4B | $3.1B | $257M | +8% |
| Natural gas sales | $1.2B | $1.0B | $136M | +13% |
| Other | $635M | $383M | $252M | +66% |
| Revenue | $37.1B | $20.0B | $17.1B | +86% |
| Operating profit | $2.8B | $2.2B | $630M | +29% |
| Costs & expenses | $34.3B | $17.8B | $16.5B | +93% |
| Pre-tax earnings | $2.0B | $1.4B | $622M | +45% |
| Other expense, net | $780M | $772M | $8.0M | +1% |
| Cost of revenue | $30.5B | $14.6B | $16.0B | +110% |
| SG&A | $405M | $268M | $137M | +51% |
| Other operating costs | $3.4B | $3.0B | $413M | +14% |
| Net earnings | $1.2B | $1.0B | $188M | +18% |
| Minority interests | $607M | $273M | $334M | +122% |
| Income tax | $187M | $87.0M | $100M | +115% |
| Depreciation & amortization | $1.6B | $1.4B | $159M | +11% |
| Share-based compensation | $49.0M | $40.0M | $9.0M | +23% |
| Working capital & other | $1.2B | $73.0M | $1.1B | 16× |
| Operating cash flow | $4.0B | $2.6B | $1.4B | +56% |
| Free cash flow (OCF − capex) | $2.1B | $1.3B | $863M | +68% |
| Capital expenditures | $1.9B | $1.3B | $587M | +45% |
Questions
How much did Energy Transfer LP's revenue grow year over year in Q3 2026?
Energy Transfer LP's revenue rose $17.1B (+86%) from $20.0B in Q3 2025 to $37.1B in Q3 2026.
What drove Energy Transfer LP's revenue change in Q3 2026?
Refined product sales +$11.7B (+201%); Crude sales +$3.3B (+63%); NGL sales +$1.4B (+34%).