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Energy Transfer LP (ET)
NYSE:ET
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.38Last Year’s EPS
0.36Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational records, a partnership record in adjusted EBITDA (+3% YoY), strong project execution (Hugh Brinson progress, DSW upsizing, Permian expansions), robust commercial wins (data centers, power plant contracts), and higher 2026 EBITDA guidance. Near-term challenges include a modest YoY DCF decline, several one-time Q4 accounting and operational impacts (timing of hedge recognition, fog-related loading delays), transaction costs, regional pricing volatility (Waha) and competitive pressures in NGL fractionation/transport. Management signaled disciplined capital allocation, substantial backlog of contracted projects, and clear execution milestones. Overall, positives (record results, project momentum, raised guidance, major commercial contracts) materially outweigh the transitory and sectoral headwinds discussed.Company Guidance
Record Full-Year Adjusted EBITDA
Full-year 2025 adjusted EBITDA was nearly $16.0 billion vs $15.5 billion in 2024, up ~3%, a partnership record.
Quarterly Adjusted EBITDA Growth
Q4 2025 adjusted EBITDA was ~ $4.2 billion vs ~$3.9 billion in Q4 2024, an increase of approximately 7.7% year-over-year.
Stable Quarterly DCF
Q4 2025 distributable cash flow (DCF) attributable to partners was approximately $2.0 billion, essentially flat vs Q4 2024.
Record Volumes and Export Milestones
Operational records in 2025: record volumes across interstate midstream, NGL and crude segments; record NGL exports from Nederland and Marcus Hook; Q4 record NGL fractionation throughput, LPG exports, Nederland terminal volumes and crude transportation throughput. Nederland exported first two ethylene cargoes in Dec 2025.
Strong Capital Deployment and 2026 Growth Guidance
Full-year 2025 organic growth capex ~ $4.5 billion. 2026 organic growth capital guidance of $5.0–$5.5 billion (ex-SUN and USA Compression) with ~2/3 to natural gas projects and ~1/4 to NGL/refined products; expansions contracted under long-term commitments and expected to generate mid‑teen returns.
Major Pipeline Project Progress — Hugh Brinson
Hugh Brinson pipeline: 100% of 42-inch pipe delivered, mainline ~75% complete; Phase 1 expected in service in Q4 2026 and Phase 2 in Q1 2027. Bidirectional capacity: ~2.2 Bcf/d west→east (fully contracted) and ~1.0 Bcf/d east→west with growing backhaul commitments.
Desert Southwest Project Upsized
Desert Southwest pipeline upsized from 42" to 48" to meet demand with capacity up to ~2.3 Bcf/d; estimated full buildout cost ~$5.6 billion and expected in service by Q4 2029.
Permian Processing and NGL Growth
Mustang Draw I & II processing expansions expected in-service 2Q and 4Q 2026; increased equity-owned NGL volumes (management said ~60% affiliate volumes vs 40% third-party) supporting intrastate transportation, fractionation and export growth.
Large Commercial Wins and Data Center Supply
Long-term agreements include Oracle (~900,000 Mcf/day to three U.S. data centers) with initial lateral flowing; Energy Transfer contracted over 6 Bcf/day of pipeline capacity with demand‑pull customers in the past year and added ~190 MMcf/day for new Oklahoma power plants (plus advanced talks for ~350 MMcf/day).
Expanded Storage and FGT Growth
Over 230 Bcf of storage; Bethel cavern expansion expected to double working gas to >12 Bcf by late 2028. Florida Gas Transmission expansions (Phase IX up to 550 MMcf/day) with ET share expected up to $535M and South Florida project up to $110M.
Raised 2026 Adjusted EBITDA Guidance
2026 adjusted EBITDA guidance raised to $17.45 billion–$17.85 billion from prior $17.3 billion–$17.7 billion; incremental change primarily attributable to USA Compression's acquisition of J‑W Power.
Financial Discipline and Long-Term Targets
Management reiterated long-term distribution growth target of 3%–5% annually and a leverage target of 4.0x–4.5x EBITDA while prioritizing capital discipline and high-return projects.
ET Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ET Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 17, 2026 | $18.75 | $18.61 | -0.75% |
Nov 05, 2025 | $16.27 | $16.23 | -0.24% |
Aug 06, 2025 | $16.86 | $16.64 | -1.34% |
May 06, 2025 | $14.65 | $15.65 | +6.83% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Energy Transfer LP (ET) report earnings?
Energy Transfer LP (ET) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Energy Transfer LP (ET) earnings time?
Energy Transfer LP (ET) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ET EPS forecast?
ET EPS forecast for the fiscal quarter 2026 (Q1) is 0.38.
