Energy Transfer (ET) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q2 2026 was $5.07 billion, up 31% year-over-year, with distributable cash flow at $2.59 billion, and net income of $2.53 billion, driven by all segments and record operational volumes in NGL transportation, exports, crude oil, and midstream.

• Revenue for Q2 2026 was $34.33 billion, up 78% year-over-year, with net income per common unit (basic) at $0.59.

• Major growth projects and acquisitions, including Hugh Brinson Pipeline, Mustang Draw I, TanQuid, Delta Petroleum, and J-W Power, were placed into service or completed ahead of schedule.

• Announced fully-subscribed export expansion at Nederland Terminal, increasing ethane and LPG export capacities under long-term agreements.

• Strategic growth included new pipeline projects, export expansions, and increased customer contracts for natural gas services.

Financial highlights

• Q2 2026 Adjusted EBITDA: $5.07 billion (up from $3.9 billion Q2 2025); DCF: $2.59 billion (up from $2.0 billion Q2 2025); revenue: $34.33 billion (up from $19.24 billion Q2 2025); net income: $2.53 billion (up from $1.46 billion Q2 2025).

• Operating income for Q2 2026 was $3.57 billion, up from $2.31 billion in Q2 2025.

• Quarterly cash distribution increased over 3% year-over-year to $0.34 per common unit, marking the nineteenth consecutive increase.

• Growth capital expenditures in Q2 2026 were $1.10 billion; maintenance capital expenditures were $307 million.

• Cash flow from operations for the first half of 2026 was $7.65 billion, up from $5.68 billion in 2025.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance raised to $18.8–$19.1 billion, up $0.5 billion at midpoint from prior guidance.

• Growth capital investment for 2026 expected between $5.6–$5.9 billion, with visibility to sustain $5B+ annually through 2029.

• Distribution growth targeted at 3–5% annually, with leverage targets of 4–4.5x EBITDA.

• Additional natural gas pipeline projects anticipated to be announced later in 2026.

• Sunoco LP and USAC expect combined maintenance and growth capex of up to $1.3 billion in 2026.