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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Energy Transfer
Energy Transfer (ET) investor relations material
Energy Transfer Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 2026 Adjusted EBITDA was $5.031B, up 31% YoY; adjusted DCF attributable to partners was $2.522B, up 33%.
Net income was $1.814B vs. $1.292B YoY; higher volumes, favorable spreads and acquisitions supported results.
Intrastate transportation, midstream gathering, NGL transportation, fractionation and NGL exports all grew YoY; intrastate and midstream volumes reached records.
Financial highlights
Q3 revenue was $37.103B vs. $19.954B; operating income was $2.781B vs. $2.151B, and common-unit EPS was $0.33 vs. $0.28.
Q3 Adjusted EBITDA was $5.031B vs. $3.838B; partner adjusted DCF was $2.522B vs. $1.9B.
9M revenue was $99.208B vs. $60.216B; net income was $6.320B vs. $4.470B and Adjusted EBITDA was $15.034B vs. $11.802B.
9M operating cash flow was $11.671B vs. $8.251B; growth and maintenance capital expenditures were $3.9B and $766M, excluding SUN and USAC.
Outlook and guidance
FY 2026 Adjusted EBITDA guidance rose to $19.7B–$19.9B, with the midpoint increased by $850M; guidance includes ~$285M from a disputed gas-purchase resolution expected in Q4.
FY 2026 growth capital guidance is $5.4B–$5.6B, excluding SUN and USAC; 2027 growth capital is expected at ~$7B, with formal guidance due next quarter.
South Mississippi Pipeline received positive FID: planned 215-mile, 1.2 Bcf/d capacity, ~$1.6B cost and 2030 service; ownership likely 51%, with final sizing subject to open season.
Desert Southwest is planned as a ~525-mile pipeline with capacity up to 2.3 Bcf/d, service by Q4 2029 and cost up to $5.6B; FERC certificate filing is expected in Q4 2026.
Growth capital is expected to exceed $5B annually for several years after 2027; 2027 is currently expected to be the high watermark, with long-term contracted projects targeting mid-teen returns.
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Latest events from Energy Transfer
- Gas and NGL expansions position earnings for rising power and export demand.ET
Investor presentation - Expanding pipeline and export capacity drives growth, yield, and diversification.ETInvestor presentation
- Q2 2026 saw record financials, raised guidance, and strong growth across all business segments.ETQ2 2026
- Diversified, fee-based growth and major infrastructure expansions drive robust cash flow and yield.ETInvestor presentation
- Diversified assets, major growth projects, and high fee-based earnings support strong 2026 outlook.ETInvestor presentation
- Record operational and financial growth, with major expansion in natural gas and NGL infrastructure.ETInvestor presentation
- Q2 2024 net income jumped 62% and guidance was raised on acquisitions and record volumes.ETQ2 2024
- Q1 2025 adjusted EBITDA up 6% to $4.10B; major projects and acquisitions drive outlook.ETQ1 2025
- 2024 Adjusted EBITDA hit $15.5B; 2025 guidance: $16.1–$16.5B and $5B in growth capex.ETQ4 2024
Next Energy Transfer earnings date
Q4 202616 Feb, 2027
Energy Transfer
Next Energy Transfer earnings date
Q4 202616 Feb, 2027
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Frequently asked questions
Transferring Energy
Energy Transfer is an American company that specializes in the transportation of propane, crude oil, and natural gas through a vast network of pipelines across the US. Besides the transportation side of its business, the company also provides storage for the aforementioned products. The company owns and operates pipelines and related infrastructure that stretches for more than 125,000 miles across North America, and Energy Transfer owns a controlling stake in SUNOCO. The company is headquartered in Dallas, Texas, and its shares are traded on the NYSE.
Starting With 200 Miles of Pipelines and 20 Employees
The company was formed in 1996 and initially operated as a small outfit operating out of eastern Texas. However, expansion was rapid, and initially focused solely on natural gas. Over the years, Energy Transfer expanded its portfolio to include extensive assets in pipelines, storage, and transportation, becoming a key figure in the midstream segment of the industry. A significant milestone in its history was the acquisition of Sunoco in 2012, which marked its entry into liquids transportation and retail marketing. Further diversification came with the acquisition of the Lake Charles LNG project in 2014.
SUNOCO
The acquisition of Sunoco in 2012 was a transformative move for Energy Transfer, significantly diversifying its asset portfolio and business operations. It not only provided access to Sunoco's extensive retail network and branded outlets but also enhanced Energy Transfer's logistics capabilities with additional crude oil and refined products pipelines.
The Operations
Energy Transfer operates extensively in the midstream sector of the energy industry, primarily focusing on the transport, storage, and processing of energy resources. The company's operations are diverse, encompassing a vast network of natural gas and crude oil pipelines, stretching across the United States. These pipelines facilitate the efficient and safe transportation of these resources from production sites to refineries, storage facilities, and end markets.
Additionally, Energy Transfer is involved in the storage of natural gas and liquid hydrocarbons, ensuring a stable supply and mitigating market fluctuations. The company also engages in the processing of natural gas, which involves separating valuable components like ethane and propane, used in various industrial and commercial applications. Some companies with a similar focus to Energy Transfer are Kinder Morgan, Plains All American, and The Williams Companies.