Energy Transfer ET reported third-quarter 2026 earnings of 33 cents per share, missing the Zacks Consensus Estimate of 41 cents by 19.5%. However, the bottom line increased 17.9% from 28 cents in the year-ago quarter.
Total Revenues of ET
Revenues totaled $37.1 billion, surpassing the consensus estimate of $35.6 billion by 4.2% and increasing 85.9% year over year. Stronger midstream activity, higher marketing margins and contributions from Sunoco LP supported the performance.
Energy Transfer LP Price, Consensus and EPS Surprise
Energy Transfer LP price-consensus-eps-surprise-chart | Energy Transfer LP Quote
Energy Transfer's Segment Details
NGL and refined products transportation and services revenues increased 30.4% to $7.63 billion. Segment adjusted EBITDA rose 16.1% to $1.22 billion, reflecting stronger marketing, terminal and fractionation margins.
NGL transportation volumes climbed 5.7% to 2.63 million barrels per day. Terminal volumes jumped to 1.81 million barrels per day. Fractionation volumes rose 5.4% to 1.18 million barrels per day. Higher Permian volumes and stronger exports aided throughput.
Midstream revenues improved 30.6% to $3.91 billion, while segment adjusted EBITDA rose 15% to $864 million. Gathered volumes increased 6.3% to a record 22.94 million BBtu per day, supported by higher dry-gas gathering and increased Permian processing activity.
Crude oil transportation and services revenues surged 55.8% to $9.41 billion. Segment adjusted EBITDA grew 16.8% to $871 million. Transportation volumes increased to 7.11 million barrels per day from 7.02 million barrels per day, supported by higher activity across the Texas, Bakken gathering and Mid-continent pipeline systems.
Intrastate transportation and storage revenues increased 24.4% to $1.08 billion, while segment adjusted EBITDA jumped 50.4% to $346 million. Higher natural gas marketing margins and transportation fees, primarily driven by early volumes and new contracts associated with the Hugh Brinson Pipeline, supported results. Transportation volumes rose 13.7% to a record 15,759 BBtu per day.
Interstate transportation and storage revenues improved 2.8% to $620 million, and segment adjusted EBITDA increased 16% to $500 million. Lower operating expenses, higher contracted transportation volumes and improved pipeline utilization aided the segment's performance.
Energy Transfer's Investments Drive Growth
Revenues from the investment in the Sunoco LP segment increased to $18.03 billion from $6.03 billion. Segment adjusted EBITDA more than doubled to $1.05 billion from $489 million, primarily reflecting contributions from recent acquisitions.
The investment in USA Compression Partners generated revenues of $358 million, up from $251 million. Segment adjusted EBITDA increased 23.8% to $198 million, supported by the J-W Power acquisition and growth in legacy operations.
ET's Operational Highlights
Total costs and expenses jumped to $34.32 billion from $17.80 billion, primarily reflecting higher product costs. Operating expenses rose to $1.79 billion from $1.53 billion, while depreciation, depletion and amortization increased to $1.6 billion from $1.44 billion.
Operating income advanced 29.3% to $2.78 billion. Interest expense, net of capitalized interest, increased 6.1% to $944 million. Net income attributable to partners rose 18.4% to $1.21 billion.
Energy Transfer's Financial Position
Current assets totaled $24.14 billion as of Sept. 30, 2026 compared with $18.23 billion at 2025-end. Long-term debt, excluding current maturities, stood at $68.84 billion compared with $68.31 billion.
Third-quarter growth capital expenditures were $1.30 billion, while maintenance capital expenditures totaled $284 million. The partnership had $4.41 billion of available borrowing capacity under its revolving credit facility.
Energy Transfer Raises Its 2026 Guidance
Energy Transfer raised its 2026 adjusted EBITDA guidance to $19.7-$19.9 billion from the previous range of $18.8-$19.1 billion.
The partnership now expects growth capital expenditures of $5.4-$5.6 billion in 2026 and nearly $7 billion in 2027.
ET’s Zacks Rank
Energy Transfer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Sector Releases
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