Earnings Releases·Nov 3, 2026, 8:13 AM ET

Energy Transfer — Third Quarter 2026 Earnings Summary

Net income attributable to partners rose 19% year-over-year to $1.21 billion, while Adjusted EBITDA increased 31% to $5.03 billion and revenues surged to $37.103 billion from $19.954 billion in the prior year period.
Full-year 2026 Adjusted EBITDA guidance was raised to $19.7–$19.9 billion from the previous $18.8–$19.1 billion range, supported by record intrastate and midstream gathering volumes.
The partnership announced the acquisition of Vaquero Midstream LLC for approximately $2.6 billion, expected to close in Q4 2026, and declared a quarterly cash distribution of $0.3425 per unit, marking the 20th consecutive annual increase.
Future outlook includes $5.4–$5.6 billion in growth capital investment for 2026 and $7 billion for 2027, with key projects such as the Hugh Brinson Pipeline Phase II and Bear II plant scheduled for service in 2027.
Balance sheet strength is maintained with $4.41 billion in available borrowing capacity on the revolving credit facility, while $900 million of preferred units were redeemed in August 2026.