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Energy Transfer LP vs National Grid: ET and NGG compared
Energy Transfer LP is the larger company: $37.1B of revenue in its latest quarter (Q3 2026) against $8.1B for National Grid (H1 FY27). Energy Transfer LP is growing faster (+86% against +15% a year earlier). National Grid is more profitable, with an operating margin of 29.0% against 7.5%.
Where the money goes: ET and NGG
Energy Transfer LP (ET) · Q3 2026
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.
National Grid (NGG) · H1 FY27
National Grid, H1 FY27: revenue $8.1B (+15% year over year), operating margin 29.0%, net earnings $1.3B, operating cash flow $4.1B. The chart follows the revenue to costs, profit and cash.
| Energy Transfer LP (ET) | National Grid (NGG) | |
|---|---|---|
| Latest quarter | Q3 2026 | H1 FY27 |
| Revenue | $37.1B | $8.1B |
| Revenue growth, Y/Y | +86% | +15% |
| Operating margin | 7.5% | 29.0% |
| Net earnings | $1.2B | $1.3B |
| Net margin | 3.3% | 16.5% |
| Operating cash flow | $4.0B | $4.1B |
| Free cash flow | $2.1B | — |
| Market value | $66.1B | — |
| P/E | 12.5× | — |
| Analysts’ mean target | $24.87 | — |
Where the revenue comes from
Energy Transfer LP
- Refined product sales: $17.6B (47%)
- Crude sales: $8.6B (23%)
- NGL sales: $5.7B (15%)
- Gathering, transportation and other fees: $3.4B (9%)
Questions
Which is bigger, Energy Transfer LP or National Grid?
Energy Transfer LP is the larger company: $37.1B of revenue in its latest quarter (Q3 2026) against $8.1B for National Grid (H1 FY27).
Is Energy Transfer LP or National Grid growing faster?
Energy Transfer LP is growing faster (+86% against +15% a year earlier).
Which is more profitable, Energy Transfer LP or National Grid?
National Grid is more profitable, with an operating margin of 29.0% against 7.5%.
More: Energy Transfer LP earnings · how Energy Transfer LP makes money · National Grid earnings · how National Grid makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 6-K filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.