Filing Flows › Energy Transfer LP (ET) › Q3 2026
Energy Transfer LP (ET) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Energy Transfer LP (ET) reported revenue of $37.1B for the third quarter 2026 (Q3 2026), +86% from a year earlier and +8% from the quarter before. Operating margin was 7.5%, net earnings $1.2B (3.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.1B | +8% | +86% |
| Operating profit | $2.8B | -22% | +29% |
| Net earnings | $1.2B | -42% | +18% |
| Operating cash flow | $4.0B | -6% | +56% |
| Free cash flow | $2.1B | -21% | +68% |
What changed
Revenue was $37.1B in Q3 2026, up 86% year over year and up 8% from the previous quarter. Refined product sales was the largest line at 47% of revenue. Refined product sales added $11.7B year over year (up 201%), 68% of the total change.
Operating profit was $2.8B, a 7.5% margin (down 3.3 points year over year). Of the extra revenue versus Q3 2025, 4% reached operating profit, below the 11% margin then. Total costs grew 93% against revenue growth of 86%. The fastest-growing cost line was Cost of revenue (+110%). Net earnings were $1.2B, up 18% year over year. The effective tax rate was 9.3%.
Operating cash flow was $4.0B (up 56% year over year), 222% of net income including minority interests. Non-cash charges added back $1.6B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.56B. Capital expenditures of $1.9B left free cash flow of $2.1B.
Questions
What was Energy Transfer LP's revenue in the third quarter 2026?
Energy Transfer LP (ET) reported revenue of $37.1B for the third quarter 2026 (Q3 2026), +86% from a year earlier and +8% from the quarter before.
Was Energy Transfer LP profitable in the third quarter 2026?
Operating profit was $2.8B (7.5% of revenue) and net earnings $1.2B.
Source: Energy Transfer LP 10-Q on SEC EDGAR.