Energy Transfer Equity (ET)
NYSE:ET
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.37Last Year’s EPS
0.32Same Quarter Last Year
Strong Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: management reported strong Q1 operational results and raised full-year adjusted EBITDA guidance, supported by record volumes, successful project commissioning, long-term contracted growth projects, and increased capex to capture demand. Offsetting items include a modest decline in midstream EBITDA, reliance on one-time/optimization gains and weather-driven effects in Q1, expected Q2 hedge offsets, and execution/regulatory risks tied to a large project slate and geopolitical uncertainty. Overall the tone was upbeat with clear growth visibility but with acknowledged near-term volatility and execution risk.Company Guidance
Strong Q1 Adjusted EBITDA Growth
Adjusted EBITDA of approximately $4.9 billion in Q1 2026 versus approximately $4.1 billion in Q1 2025, an increase of ~$0.8 billion (~+19.5%). DCF attributable to partners was reported as approximately $2.7 billion for Q1 2026. (Note: the transcript shows Q1 2025 DCF as approximately $23 billion, which appears to be a likely transcription/typographical error.) Q1 organic growth capital spent was approximately $1.5 billion.
Raised Full-Year EBITDA Guidance
2026 adjusted EBITDA guidance increased to approximately $18.2 billion–$18.6 billion from prior $17.45 billion–$17.85 billion (midpoint increase of ~$750 million). Management captured ~ $500 million of upside in Q1 and achieved the full-year optimization target early.
NGL & Refined Products Outperformance
NGL & refined products adjusted EBITDA of approximately $1.2 billion versus ~$978 million in Q1 2025, an increase of approximately $222 million (~+22.7%). Drivers included higher Gulf Coast throughput, record Mont Belvieu fractionator performance, new chilling capacity (~$50 million benefit), record export volumes at Nederland, and favorable timing/gains on inventory hedges (~$65 million).
Crude Oil Segment Strength
Crude oil adjusted EBITDA of approximately $869 million versus ~$742 million in Q1 2025, up ~$127 million (~+17.1%). Contributing factors: growth across crude pipelines and gathering systems, ~$60 million favorable crude inventory valuation impact (expected to be largely offset by hedge losses in Q2), $43 million of previously reserved revenue recognized from recontracting, and a $43 million reduction in litigation-related accruals.
Gas Segments and Volume Growth
Intrastate adjusted EBITDA approximately $437 million vs $344 million in Q1 2025 (~+27%), driven largely by ~ $100 million from winter storm burn. Interstate adjusted EBITDA ~$519 million vs $512 million (~+1.4%) driven by higher contracted volumes and higher rates on several pipelines. Permian processing volumes up ~8% year-over-year due to new/upgraded plants.
Meaningful Project Progress and Capacity Additions
Progress on major growth projects: Desert Southwest prefiling initiated (expected in service by 2029); Springerville lateral (~120 miles, 30-inch, ~625 MMcf/d) backed by 20-year agreements, total growth capital ~ $600 million; Hugh Brinson Phase 1 on track for Q4 service (1.5 Bcf/d), with possible early flows in Q3; Mustang Draw 1 (275 MMcf/d) commissioning next month, Mustang Draw 2 expected in Q4; FGT Phase 9 (~525 MMcf/d) and South Florida (~230 MMcf/d) projects supported by long-term agreements; Mont Belvieu expansions and new ethane cavern (in service 2027).
Export & Contract Wins
Record NGL export volumes and extension of the vast majority of ethane export agreements at Nederland into 2041 (adding ~10 years). FlexPort NGL export project placed into service and ramping; ongoing contracted ship slots and some spot capacity available.
Capital Discipline and Long-Term Targets
2026 organic growth capital guidance raised to approximately $5.5 billion–$5.9 billion (from $5.0 billion–$5.5 billion) excluding Sun and USAC, reflecting new projects. Management reiterated long-term distribution growth target of 3%–5% and leverage target of 4.0x–4.5x EBITDA, and noted expected mid-teen returns on contracted growth 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 |
|---|---|---|---|
May 05, 2026 | $19.74 | $20.04 | +1.55% |
Feb 17, 2026 | $18.43 | $18.29 | -0.75% |
Nov 05, 2025 | $15.99 | $15.96 | -0.24% |
Aug 06, 2025 | $16.58 | $16.36 | -1.34% |
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 Equity (ET) report earnings?
Energy Transfer Equity (ET) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is Energy Transfer Equity (ET) earnings time?
Energy Transfer Equity (ET) earnings time is at Aug 05, 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 (Q2) is 0.37.
