Energy Transfer (ET) Q3 2026 earnings summary

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.