At a glance
Energy Transfer LP is worth $70.28B. Revenue grew 3.5% to $85.54B in fiscal 2025, with 5.2% kept as profit; over 5 years it has grown 17.0% a year. It pays no dividend; it spent $31.0M buying back its shares over FY2021–FY2025. The stock returned +29.8% over the past year with dividends reinvested and +25.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.0% in the 2020 crash (S&P 500: 33.7%) and 22.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 2 months after the lows.
The business in plain English
Energy Transfer LP owns a large US network of pipelines, storage sites, processing plants and export terminals. It moves and stores natural gas, crude oil, natural gas liquids (NGLs, such as ethane and propane) and refined products. Its customers include utilities, power plants, factories, local gas distributors and other pipelines. It also owns stakes in two other partnerships, Sunoco LP and USAC.
It earns money in two ways. Its pipelines charge fees. These often include a fixed "demand fee" that customers pay to reserve space even if they ship nothing. It also purchases and markets energy products, and this brings in most of its revenue. In 2025, refined product sales were 28.3% of its $85.5 billion of revenue, crude oil sales 27.5% and NGL sales 22.3%. Gathering, transportation and other fees were 14.5%. Net income was $4.4 billion, a 5.2% margin.
By segment, crude oil transportation and services produced 31% of 2025 revenue, the Sunoco LP stake 29.5%, and NGL and refined products 29.1%. The network includes about 12,200 miles of in-state gas pipelines in Texas and Oklahoma. It also has about 20,090 miles of interstate gas pipelines regulated by the Federal Energy Regulatory Commission and about 5,750 miles of NGL pipelines. In December 2025 it suspended its Lake Charles liquefied natural gas (LNG) export project to focus on gas pipeline projects.
Price history
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ET +29.8% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Refined product sales | $24.21B | 28.3% |
| Crude sales | $23.49B | 27.5% |
| NGL sales | $19.04B | 22.3% |
| Gathering, transportation and other fees | $12.42B | 14.5% |
| Natural gas sales | $4.66B | 5.4% |
| Other | $1.72B | 2% |
By business segment
| Crude Oil Transportation and Services | $26.48B | 31% |
| Investment in Sunoco LP | $25.20B | 29.5% |
| NGL and Refined Products Transportation and Services | $24.85B | 29.1% |
| Intrastate Transportation and Storage | $4.00B | 4.7% |
| All Other | $3.91B | 4.6% |
| Investment in USAC | $998.0M | 1.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $34.33B, up 78.4% from a year earlier, and net income was $2.09B (+79.5%).
- For fiscal 2025, revenue was $85.54B (+3.5% year over year; +17.0% a year from FY2020 to FY2025) with a 5.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +17.0% good |
|---|---|
| Operating margin | 10.6% watch |
| Free cash flow margin | 4.5% watch |
| Return on equity (FY2025) | 9% watch |
| Return on assets (FY2025) | 3.1% watch |
| Net cash (cash minus debt) | $-67.39B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $38.95B | $-648.0M | $2.23B |
| FY2021 | $67.42B | $5.47B | $8.34B |
| FY2022 | $89.88B | $4.76B | $5.67B |
| FY2023 | $78.59B | $3.94B | $6.42B |
| FY2024 | $82.67B | $4.81B | $7.34B |
| FY2025 | $85.54B | $4.43B | $3.85B |
Valuation snapshot
| Market value | $70.28B |
|---|---|
| P/E ratio | — |
| Dividend yield | 6.61% |
Rank among 1514 US companies
Market value at each year end
Energy Transfer LP’s market value went from $34.57B at the end of 2018 to $70.28B on Oct 27, 2026, about 2.0 times as much; since the end of 2025 it is up 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $70.28B | +24.1% |
| 2025 | $56.62B | -15.6% |
| 2024 | $67.07B | +54.5% |
| 2023 | $43.40B | +18.4% |
| 2022 | $36.66B | +64.6% |
| 2021 | $22.27B | +33.6% |
| 2020 | $16.67B | -50.5% |
| 2019 | $33.70B | -2.5% |
| 2018 | $34.57B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ET price data to Oct 27, 2026 | +30.5% | +29.8% | +24.2% | +25.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +30.5% |
| 2025 | -9.3% |
| 2024 | +54.0% |
| 2023 | +27.9% |
| 2022 | +55.9% |
| 2021 | +42.8% |
| 2020 | -44.7% |
| 2019 | +6.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 62.2% over that stretch · deepest drop along the way 64%, back to its old high 14.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 39.6% over that stretch · deepest drop along the way 22.5%, back to its old high 1.6 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (15 read): 5 open-market purchases ($55.3M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 19, 2025 | Kelcy L Warren Director | buy | $16.9M |
| Nov 20, 2025 | Kelcy L Warren Director | buy | $16.8M |
| Aug 19, 2026 | Kelcy L Warren Director | buy | $13.8M |
| Aug 18, 2026 | Kelcy L Warren Director | buy | $7.5M |
| Aug 7, 2026 | James Richard Perry Director | buy | $250K |
Who owns it
ETFs with the most weight in ET
| MLPA Global X MLP ETF | 12.27% |
| AMLP Alerian MLP ETF | 11.96% |
| AMZA InfraCap MLP ETF | 11.91% |
| ENFR Alerian Energy Infrastructure ETF | 9.04% |
| MDST Westwood Salient Enhanced Midstream Income ETF | 8.98% |
| UMI USCF Midstream Energy Income Fund ETF | 8.59% |
| EMLP First Trust North American Energy Infrastructure Fund | 7.71% |
| EIPX FT Energy Income Partners Strategy ETF | 7.34% |
What could go wrong
- Cash comes from subsidiaries and partner stakes. Energy Transfer's cash flow depends mainly on payouts from its subsidiaries and its stakes in Sunoco LP and USAC. If they earn less, or their debt agreements limit payouts, less cash reaches ET unitholders.
- Dakota Access Pipeline legal challenges. The 10-K names legal and regulatory actions over the Dakota Access Pipeline as a risk. It warns they could interrupt current or future operations and hurt results.
- Heavy debt and little room to save. Total debt was $68.4 billion as of June 30, 2026. Higher interest rates or a credit downgrade could squeeze distributions. As a partnership, it has less freedom than other companies to build up cash.
- Reliance on key producers and customers. Its pipelines depend on gas from certain key producers and shipments by key customers. Wells produce less over time. If new drilling does not replace them, volumes and fees could fall.
- Commodity prices and price gaps. Demand for, and prices of, natural gas, crude oil and natural gas liquids are beyond its control. Some gathering, processing and storage profits also depend on price gaps between locations, which can shrink.
- Regulation and climate policy. Federal rules limit what its interstate gas pipelines can charge, so it may not recover all its costs. Stricter safety, emissions or fracking rules, or falling fossil fuel demand, could raise costs or cut volumes.
Recent events
- Listing notice from the exchange; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Executive or board change
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Investor presentation or announcement
For income and retirement investors
Energy Transfer is a partnership, so it pays quarterly "distributions" to unitholders instead of dividends. Its 10-K says it pays out the cash left after debt payments, capital spending and overhead. The yield was 6.61% as of October 27, 2026. Free cash flow (operating cash minus capital spending) fell to $3.8 billion in 2025 from $7.3 billion in 2024. Buybacks have been small: $31 million in 2021. Units outstanding rose 27.3% between October 29, 2021 and July 31, 2026, so payouts are shared among more units.
The price can swing sharply. In the 2020 COVID crash it fell 64% between February 19 and March 18, 2020. It took about 15 months to recover, by June 7, 2021. In the 2022 bear market it gained 39.6% from the market's January peak to its October low, and its worst drop, 22.5%, recovered within two months. A single stock or partnership carries more risk than a diversified fund.
Questions investors ask
How does Energy Transfer make money?
Energy Transfer makes money by moving, storing, processing and marketing energy. Its pipelines charge fees. These often include a fixed reservation fee that customers pay even if they ship nothing. It also purchases and markets energy products, and this brings in most of its revenue. In 2025, refined product sales were 28.3% of its $85.5 billion of revenue, crude oil sales 27.5% and natural gas liquids sales 22.3%. Gathering, transportation and other fees were 14.5%.
Does Energy Transfer pay a dividend?
Yes, but it calls the payments distributions because it is a partnership. Energy Transfer pays unitholders every quarter from the cash left after debt payments, capital spending and overhead. The yield was 6.61% as of October 27, 2026. The payments are not guaranteed. They depend on cash from its own businesses and from its stakes in Sunoco LP and USAC, and its debt agreements can limit them.
Is Energy Transfer a stock or a partnership?
It is a partnership. Energy Transfer LP is a Delaware limited partnership whose common units trade publicly. Investors own units rather than shares and are called unitholders. Publicly traded partnerships generally send investors a Schedule K-1 tax form instead of a Form 1099. Holding them in an IRA or other retirement account can raise extra tax issues, so the tax side is worth checking with a tax professional before investing.
How much debt does Energy Transfer have?
A lot. Total debt was $68.4 billion as of June 30, 2026. That compares with $1.02 billion of cash and investments and $148.2 billion of total assets. The 10-K warns that this debt, higher interest rates or a credit rating downgrade could limit distributions and financial flexibility. Because it pays out its available cash each quarter, it also has less room than other types of companies to build up cash to repay debt.
How has Energy Transfer stock performed?
It has risen sharply over five years, with big swings along the way. The price-based return was 212% over the five years to October 27, 2026, or about 25.6% a year. It was 30.5% year to date as of that date. The units lost 9.34% in 2025 and 44.73% in 2020. Their largest drop in 8 years of price history was 69.7%. Past returns do not predict future results.