Filing Flows › Energy Transfer LP (ET) › How it makes money
How Energy Transfer LP (ET) makes money
Energy Transfer LP (ET) made $37.1B of revenue in the third quarter 2026 (Q3 2026), +86% from a year earlier. Refined product sales brought in $17.6B (47%); Crude sales brought in $8.6B (23%); NGL sales brought in $5.7B (15%). Of every dollar of revenue, 7¢ was left as operating profit, 3¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Refined product sales | $17.6B | 47.4% | +27% | +201% |
| Crude sales | $8.6B | 23.3% | -16% | +63% |
| NGL sales | $5.7B | 15.4% | -0.2% | +34% |
| Gathering, transportation and other fees | $3.4B | 9.1% | +3% | +8% |
| Natural gas sales | $1.2B | 3.1% | +188% | +13% |
| Other | $635M | 1.7% | -16% | +66% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $37.1B | 100.0% |
| Operating profit | $2.8B | 7.5% |
| Income tax | $187M | 0.5% |
| Net earnings | $1.2B | 3.3% |
| Operating cash flow | $4.0B | 10.8% |
| Free cash flow | $2.1B | 5.8% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $37.1B | +86% |
| Q2 2026 | $34.3B | +78% |
| Q1 2026 | $27.8B | +32% |
| Q4 2025 | $25.3B | +30% |
| Q3 2025 | $20.0B | -4% |
| Q2 2025 | $19.2B | -7% |
| Q1 2025 | $21.0B | -3% |
From Energy Transfer LP's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Energy Transfer LP make money?
Energy Transfer LP (ET) made $37.1B of revenue in the third quarter 2026 (Q3 2026), +86% from a year earlier. Refined product sales brought in $17.6B (47%); Crude sales brought in $8.6B (23%); NGL sales brought in $5.7B (15%). Of every dollar of revenue, 7¢ was left as operating profit, 3¢ was left as net earnings.
What is Energy Transfer LP's biggest business?
Refined product sales: $17.6B in the third quarter 2026, 47% of revenue, +201% from a year earlier.
What is Energy Transfer LP's profit margin?
Net earnings were $1.2B, 3.3% of revenue, in the third quarter 2026; the operating margin was 7.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.