Energy Transfer LP (ET) financial statements: income statement, balance sheet and cash flow
Energy Transfer LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Energy Transfer LP reported revenue of $85.5B (+3.5% year on year) and net income of $5.7B (-13.1% year on year).
Income statement
Energy Transfer LP income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$85.5B
$82.7B
$78.6B
$89.9B
Cost of products sold
$63.5B
$62.0B
$60.5B
$72.2B
Operating expenses
$5.9B
$5.2B
$4.4B
$4.3B
Depreciation, depletion and amortization
$5.7B
$5.2B
$4.4B
$4.2B
Selling, general and administrative
$1.2B
$1.2B
$985.0M
$1.0B
Impairment losses and other
$285.0M
$52.0M
$12.0M
$386.0M
Total costs and expenses
$76.5B
$73.5B
$70.3B
$82.1B
OPERATING INCOME
$9.0B
$9.1B
$8.3B
$7.7B
Interest expense, net of interest capitalized
($3.5B)
($3.1B)
($2.6B)
($2.3B)
Equity in earnings of unconsolidated affiliates
$419.0M
$379.0M
$383.0M
$257.0M
Gains (losses) on extinguishments of debt
($34.0M)
($12.0M)
$2.0M
$0
Gain (Loss) from Litigation Settlement
$0
$0
($627.0M)
—
Gain (Loss) on Disposition of Assets
$0
$586.0M
—
—
Other, net
$120.0M
$134.0M
$86.0M
$90.0M
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax, Total
$6.1B
$7.1B
$5.6B
$6.1B
Income tax expense
$350.0M
$541.0M
$303.0M
$204.0M
NET INCOME
$5.7B
$6.6B
$5.3B
$5.9B
Less: Net income attributable to noncontrolling interests
$1.2B
$1.7B
$1.3B
$1.1B
Less: Net income attributable to redeemable noncontrolling interests
$67.0M
$59.0M
$60.0M
$51.0M
NET INCOME ATTRIBUTABLE TO PARTNERS
$4.4B
$4.8B
$3.9B
$4.8B
Less: General Partner’s interest in net income
$4.0M
$4.0M
$3.0M
$4.0M
Less: Preferred Unitholders’ interest in net income
$248.0M
$362.0M
$463.0M
$422.0M
Preferred Stock Redemption Premium
$8.0M
$54.0M
—
—
Limited Partners’ interest in net income
$4.2B
$4.4B
$3.5B
$4.3B
Basic
$1.22
$1.29
$1.1
$1.4
Diluted
$1.21
$1.28
$1.09
$1.4
Energy Transfer LP income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$34.3B
$27.8B
$20.0B
$19.2B
Cost of products sold
$26.9B
$21.1B
$14.6B
$13.9B
Operating expenses
$1.8B
$1.7B
$1.5B
$1.3B
Depreciation, depletion and amortization
$1.6B
$1.6B
$1.4B
$1.4B
Selling, general and administrative
$421.0M
$361.0M
$268.0M
$257.0M
Impairment losses
$0
$0
$1.0M
$3.0M
Total costs and expenses
$30.8B
$24.8B
$17.8B
$16.9B
OPERATING INCOME
$3.6B
$3.0B
$2.2B
$2.3B
Interest expense, net of interest capitalized
($934.0M)
($947.0M)
($890.0M)
($865.0M)
Equity in earnings of unconsolidated affiliates
$108.0M
$110.0M
$116.0M
$105.0M
Losses on extinguishments of debt
$0
($7.0M)
($12.0M)
($17.0M)
Other, net
($24.0M)
($28.0M)
$14.0M
$5.0M
INCOME BEFORE INCOME TAX EXPENSE
$2.7B
$2.1B
$1.4B
$1.5B
Income tax expense
$194.0M
$135.0M
$87.0M
$79.0M
Net income
$2.5B
$2.0B
$1.3B
$1.5B
Less: Net income attributable to noncontrolling interests
$432.0M
$715.0M
$259.0M
$275.0M
Less: Net income attributable to redeemable noncontrolling interests
$10.0M
$7.0M
$14.0M
$20.0M
NET INCOME ATTRIBUTABLE TO PARTNERS
$2.1B
$1.3B
$1.0B
$1.2B
Less: General Partner’s interest in net income
$2.0M
$1.0M
$1.0M
$1.0M
Less: Preferred Unitholders’ interest in net income
$59.0M
$59.0M
$59.0M
$63.0M
Preferred Stock Redemption Premium
$0
—
$0
$8.0M
Common Unitholders’ interest in net income
$2.0B
$1.2B
$959.0M
$1.1B
Basic (in dollars per unit)
$0.59
$0.35
$0.28
$0.32
Diluted (in dollars per unit)
$0.59
$0.35
$0.28
$0.32
Balance sheet
Energy Transfer LP balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.3B
$312.0M
$161.0M
$257.0M
Accounts receivable, net
$11.3B
$10.2B
$9.0B
$8.5B
Accounts receivable from related companies
$119.0M
$87.0M
$101.0M
$93.0M
Inventories
$4.8B
$3.1B
$2.5B
$2.5B
Income taxes receivable
$57.0M
$56.0M
$67.0M
$68.0M
Derivative assets
$52.0M
$9.0M
$66.0M
$10.0M
Other current assets
$688.0M
$477.0M
$513.0M
$726.0M
Total current assets
$18.2B
$14.2B
$12.4B
$12.1B
Property, plant and equipment
$141.3B
$129.2B
$114.9B
$106.0B
Accumulated depreciation and depletion
($39.1B)
($34.0B)
($29.6B)
($25.7B)
Property, Plant and Equipment, Net
$102.1B
$95.2B
$85.4B
$80.3B
Investments in unconsolidated affiliates
$3.6B
$3.3B
$3.1B
$2.9B
Lease right-of-use assets, net
$1.8B
$809.0M
$826.0M
$819.0M
Other non-current assets, net
$2.6B
$2.0B
$1.7B
$1.6B
Intangible assets, net
$7.4B
$6.0B
$6.2B
$5.4B
Goodwill
$5.5B
$3.9B
$4.0B
$2.6B
Total assets
$141.3B
$125.4B
$113.7B
$105.6B
Accounts payable
$9.5B
$8.3B
$6.7B
$7.0B
Derivative liabilities
$10.0M
$15.0M
$8.0M
$23.0M
Operating lease current liabilities
$245.0M
$67.0M
$56.0M
$45.0M
Accrued and other current liabilities
$5.2B
$4.2B
$3.5B
$3.3B
Current maturities of long-term debt
$25.0M
$8.0M
$1.0B
$2.0M
Total current liabilities
$15.0B
$12.7B
$11.3B
$10.4B
Long-term debt, less current maturities
$68.3B
$59.8B
$51.4B
$48.3B
Non-current operating lease liabilities
$1.5B
$730.0M
$778.0M
$798.0M
Deferred Income Tax Liabilities, Net
$5.3B
—
—
—
Other non-current liabilities
$1.9B
$1.6B
$1.6B
$1.3B
Redeemable noncontrolling interests
$250.0M
$417.0M
$778.0M
$493.0M
Preferred Unitholders (44,398,959 and 44,898,959 units authorized, issued and outstanding as of December 31, 2025 and 2024, respectively)
$3.4B
$3.9B
$6.5B
$6.1B
Common Unitholders (3,439,986,779 and 3,431,088,022 units authorized, issued and outstanding as of December 31, 2025 and 2024, respectively)
$30.9B
$31.2B
$30.2B
$27.0B
General Partner
($2.0M)
($2.0M)
($2.0M)
($2.0M)
Accumulated other comprehensive income
$82.0M
$73.0M
$28.0M
$16.0M
Total partners’ capital
$34.4B
$35.1B
$36.7B
$33.0B
Noncontrolling interests
$14.6B
$10.9B
$7.3B
$7.6B
Total equity
$49.0B
$46.0B
$43.9B
$40.7B
Total liabilities and equity
$141.3B
$125.4B
$113.7B
$105.6B
Energy Transfer LP balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.0B
$951.0M
$3.6B
$242.0M
Accounts receivable, net
$16.8B
$15.7B
$9.9B
$9.9B
Accounts receivable from related companies
$223.0M
$166.0M
$148.0M
$190.0M
Inventories
$4.4B
$4.6B
$3.3B
$2.8B
Income taxes receivable
$28.0M
$38.0M
$6.0M
$54.0M
Derivative assets
$12.0M
$20.0M
$20.0M
$12.0M
Other current assets
$627.0M
$757.0M
$539.0M
$519.0M
Total current assets
$23.1B
$22.3B
$17.4B
$13.7B
Property, plant and equipment
$146.1B
$144.7B
$133.8B
$132.0B
Accumulated depreciation and depletion
($42.0B)
($40.6B)
($37.8B)
($36.5B)
Property, plant and equipment, net
$104.1B
$104.0B
$96.0B
$95.5B
Investments in unconsolidated affiliates
$3.6B
$3.6B
$3.3B
$3.2B
Lease right-of-use assets, net
$1.9B
$1.9B
$880.0M
$828.0M
Other non-current assets, net
$2.6B
$2.7B
$2.1B
$2.1B
Intangible assets, net
$7.2B
$7.3B
$5.7B
$5.8B
Goodwill
$5.6B
$5.6B
$3.9B
$3.9B
Total assets
$148.2B
$147.5B
$129.3B
$125.0B
Accounts payable
$13.8B
$13.2B
$7.3B
$7.5B
Derivative liabilities
$8.0M
$36.0M
$15.0M
$6.0M
Operating lease current liabilities
$215.0M
$201.0M
$67.0M
$67.0M
Accrued and other current liabilities
$5.9B
$5.6B
$5.0B
$4.2B
Current maturities of long-term debt
$12.0M
$19.0M
$8.0M
$6.0M
Total current liabilities
$19.9B
$19.0B
$12.4B
$11.8B
Long-term debt, less current maturities
$68.4B
$69.3B
$63.1B
$60.7B
Non-current operating lease liabilities
$1.6B
$1.6B
$803.0M
$754.0M
Deferred income taxes
$5.6B
$5.6B
$4.3B
$4.2B
Other non-current liabilities
$1.9B
$2.0B
$1.6B
$1.6B
Redeemable noncontrolling interests
$256.0M
$252.0M
$1.8B
$323.0M
Preferred Unitholders
$3.4B
$3.4B
$3.4B
$3.4B
Common Unitholders
$31.9B
$31.0B
$31.2B
$31.4B
General Partner
($1.0M)
($2.0M)
($2.0M)
($2.0M)
Accumulated other comprehensive income
$49.0M
$72.0M
$68.0M
$65.0M
Total partners’ capital
$35.3B
$34.5B
$34.7B
$34.8B
Noncontrolling interests
$15.2B
$15.3B
$10.7B
$10.8B
Total equity
$50.5B
$49.7B
$45.3B
$45.5B
Total liabilities and equity
$148.2B
$147.5B
$129.3B
$125.0B
Cash flow statement
Energy Transfer LP cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
NET INCOME
$5.7B
$6.6B
$5.3B
$5.9B
Depreciation, depletion and amortization
$5.7B
$5.2B
$4.4B
$4.2B
Deferred Income Tax Expense (Benefit)
$178.0M
$276.0M
$203.0M
$187.0M
Inventory valuation adjustments
$156.0M
$86.0M
$114.0M
($5.0M)
Non-cash compensation expense
$148.0M
$151.0M
$130.0M
$115.0M
Impairment losses and other
$285.0M
$52.0M
$12.0M
$386.0M
(Gains) losses on extinguishments of debt
$34.0M
$12.0M
($2.0M)
$0
Distributions on unvested awards
$52.0M
$59.0M
$68.0M
$73.0M
Proceeds from Equity Method Investment, Distribution
$382.0M
$356.0M
$353.0M
$232.0M
Income (Loss) from Equity Method Investments
($419.0M)
($379.0M)
($383.0M)
($257.0M)
Gain (Loss) on Disposition of Assets
$0
($586.0M)
—
—
Other Noncash Income (Expense)
($23.0M)
($63.0M)
$32.0M
$64.0M
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures
($2.0B)
($196.0M)
($451.0M)
($1.5B)
Net cash provided by operating activities
$10.1B
$11.5B
$9.6B
$9.1B
Cash paid for acquisitions, net of cash received
($2.3B)
($250.0M)
($111.0M)
($1.1B)
Cash Acquired from Acquisition
$0
$27.0M
—
—
Capital expenditures, excluding allowance for equity funds used during construction
($6.3B)
($4.2B)
($3.1B)
($3.4B)
Contributions in aid of construction costs
$100.0M
$73.0M
$40.0M
$56.0M
Contributions to unconsolidated affiliates
($10.0M)
($206.0M)
($6.0M)
$0
Distributions from unconsolidated affiliates in excess of cumulative earnings
$61.0M
$75.0M
$63.0M
$62.0M
Proceeds from sales of other assets
$30.0M
$1.0B
$38.0M
$78.0M
Other, net
$10.0M
$12.0M
$3.0M
$2.0M
Net cash used in investing activities
($8.4B)
($5.9B)
($4.3B)
($4.0B)
Proceeds from borrowings
$32.9B
$34.1B
$32.1B
$28.8B
Repayments of debt
($28.1B)
($29.4B)
($31.4B)
($29.7B)
Repayments of Senior Debt
$0
($749.0M)
—
—
Payments for Repurchase of Preferred Stock and Preference Stock
($500.0M)
($2.7B)
—
—
Preferred units issued for cash
$1.5B
—
$0
$0
Distributions to partners
($4.7B)
($4.6B)
($4.2B)
($3.0B)
Distributions to noncontrolling interests
($1.7B)
($1.8B)
($1.7B)
($1.5B)
Distributions to redeemable noncontrolling interests
$56.0M
$67.0M
$59.0M
$49.0M
Debt issuance costs
($119.0M)
($147.0M)
($45.0M)
($27.0M)
Capital contributions from noncontrolling interests
$0
$2.0M
$3.0M
$405.0M
Net cash used in financing activities
($816.0M)
($5.5B)
($5.3B)
($5.1B)
Increase (decrease) in cash and cash equivalents
$960.0M
$151.0M
($96.0M)
($79.0M)
Cash and cash equivalents, beginning of period
$312.0M
$161.0M
$257.0M
$336.0M
Cash and cash equivalents, end of period
$1.3B
$312.0M
$161.0M
$257.0M
Proceeds from Contributions from Affiliates
$27.0M
$638.0M
—
—
Energy Transfer LP cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$4.5B
$2.0B
$4.5B
$3.2B
Depreciation, depletion and amortization
$3.2B
$1.6B
$4.2B
$2.8B
Deferred income tax expense
$167.0M
$93.0M
$68.0M
$7.0M
Inventory valuation adjustments
($426.0M)
($444.0M)
($31.0M)
($21.0M)
Non-cash compensation expense
$88.0M
$42.0M
$110.0M
$70.0M
Impairment losses
$0
$0
$8.0M
$7.0M
Other non-cash
$40.0M
($11.0M)
$3.0M
$23.0M
Equity in earnings of unconsolidated affiliates
($218.0M)
($110.0M)
($313.0M)
($197.0M)
Losses on extinguishments of debt
$7.0M
$7.0M
$31.0M
$19.0M
Distributions from unconsolidated affiliates
$125.0M
$39.0M
$236.0M
$165.0M
Distributions on unvested awards
($26.0M)
($13.0M)
($39.0M)
($26.0M)
Net change in operating assets and liabilities, net of effects of acquisitions
$228.0M
$216.0M
($483.0M)
($297.0M)
Net cash provided by operating activities
$7.6B
$3.4B
$8.3B
$5.7B
Cash paid for acquisition, net of cash received
($786.0M)
($689.0M)
($365.0M)
($104.0M)
Capital expenditures, excluding allowance for equity funds used during construction
($3.5B)
($1.9B)
($4.2B)
($2.9B)
Contributions in aid of construction costs
$29.0M
$19.0M
$27.0M
$26.0M
Contributions to unconsolidated affiliates
($30.0M)
($22.0M)
($5.0M)
($4.0M)
Distributions from unconsolidated affiliates in excess of cumulative earnings
$79.0M
$39.0M
$77.0M
$56.0M
Proceeds from Sale of Other Assets, Investing Activities
$8.0M
—
—
—
Other, net
$46.0M
$35.0M
$19.0M
$10.0M
Net cash used in investing activities
($4.1B)
($2.5B)
($4.4B)
($2.9B)
Proceeds from borrowings
$24.1B
$12.2B
$26.9B
$16.1B
Repayments of debt
($24.3B)
($11.6B)
($23.5B)
($15.1B)
Capital contributions from noncontrolling interests
$1.0M
$1.0M
$27.0M
$5.0M
Capital contributions from redeemable noncontrolling interests
$6.0M
$2.0M
$0
$0
Distributions to partners
($2.4B)
($1.2B)
($3.5B)
($2.4B)
Distributions to noncontrolling interests
($1.1B)
($545.0M)
($1.3B)
($934.0M)
Distributions to redeemable noncontrolling interests
($17.0M)
($7.0M)
($45.0M)
($34.0M)
Debt issuance costs
($49.0M)
($48.0M)
($111.0M)
($53.0M)
Net cash used in financing activities
($3.8B)
($1.2B)
($562.0M)
($2.9B)
Net change in cash and cash equivalents
($252.0M)
($321.0M)
$3.3B
($70.0M)
Cash and cash equivalents, beginning of period
$1.3B
$1.3B
—
—
Cash and cash equivalents, end of period
$1.0B
$951.0M
$3.6B
$242.0M
Payments for Repurchase of Redeemable Preferred Stock