ET · Energy Transfer LP

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$19.40 -0.02 (-0.10%) At close · Nov 13

Rebalance outlook locked

Market Cap

$66.82B

3.44B

Volume · Nov 13 9.04M Avg daily vol (3M) 8.64M

Up next

Next earnings call

Feb 16, 2027 Est · unconfirmed · in 13 wks

Q3 2026 earnings call transcript

call held Nov 3, 2026

Play latest call

Latest documents

what the company just published, in one sentence each

2026

Nov 6

Current report 8-K Events of Nov 5

Entered into a material agreement, Other events

Nov 5

Quarterly report 10-Q FY2026 Q3, ended Sep 30

Vaquero acquisition set at $2.63 billion

Energy Transfer entered a definitive agreement to acquire Vaquero and related assets for approximately $2.63 billion, including $1.95 billion in cash and approximately 33.3 million newly issued common units; closing is expected in the fourth quarter of 2026.

Revenue $37.1B ▲ 85.9% Net income $1.21B ▲ 18.4%

Read from the MD&A section

3 source passages

On October 6, 2026, Energy Transfer entered into a definitive agreement to acquire all the equity interests of Vaquero and related assets for total consideration of approximately $2.63 billion. The transaction consideration will consist of $1.95 billion in cash and approximately 33.3 million newly issued Energy Transfer common units. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Open the document at this passage

Nov 3

Earnings call

Vaccaro Midstream acquisition planned as 2026 EBITDA guidance rises

Energy Transfer raised full-year 2026 adjusted EBITDA guidance to $19.7 billion–$19.9 billion, up approximately $850 million at the midpoint; the approximately $2.625 billion Vaccaro Midstream acquisition is expected to close in the fourth quarter.

4 source passages

Good morning, everyone, and welcome to the Energy Transfer Third Quarter 2026 earnings call. As a result, we expect our full year adjusted EBITDA to range between $19.7 billion and $19.9 billion, which is up approximately $850 million at the midpoint compared to our guidance range provided on our last quarter's earning call. We recently announced plans to acquire Vaccaro Midstream for approximately $2.625 billion in cash and ET common units. We expect the acquisition to close in the fourth quarter of this year, subject to regulatory approval and customary closing conditions. Open the document at this passage

Nov 3

Current report 8-K

Third-quarter EBITDA rises 31%, full-year outlook raised

Energy Transfer LP reported third-quarter net income attributable to partners of $1.21 billion and Adjusted EBITDA of $5.03 billion, up 31%, while raising 2026 Adjusted EBITDA guidance to $19.7 billion-$19.9 billion. It also announced the approximately $2.6 billion Vaquero Midstream LLC acquisition.

Financial results

4 source passages

Energy Transfer reported net income attributable to partners for the three months ended September 30, 2026 of $1.21 billion compared to $1.02 billion for the three months ended September 30, 2025. Adjusted EBITDA for the three months ended September 30, 2026 was $5.03 billion compared to $3.84 billion for the three months ended September 30, 2025, an increase of 31%. The Partnership now expects its Adjusted EBITDA for the full year of 2026 to range between $19.7 billion and $19.9 billion, compared to the previous range of between $18.8 billion and $19.1 billion. In October 2026, Energy Transfer announced the acquisition of Vaquero Midstream LLC in a bolt-on transaction for approximately $2.6 billion, including cash and equity consideration. Open the document at this passage

Sep 10

Current report 8-K Events of Sep 3

Delisting notice or listing transfer, Regulation FD disclosure AI summary on its way

All documents

Metrics snapshot

Useful current figures from the complete screener profile.

View all 125 metrics

Revenue (TTM)

$124.53B

Trailing 12 months

Net income (TTM)

$5.48B

Trailing 12 months

Revenue growth YoY

+85.9%

Year over year

Operating margin

9.2%

Trailing 12 months

P / E (TTM)

12.2

Trailing earnings · reciprocal yield 8.2%

FCF yield

9.1%

TTM · current market cap

Return on invested capital

—

Trailing 12 months

Net cash

−$67.92B

Latest balance sheet

Dividend yield

7.0%

Trailing 12 months

Shares change YoY

+0.3%

Year over year · more shares

Price change (1Y)

+16.7%

Trailing year

Short interest

0.7%

Latest settlement · 3.1 days to cover

View all 125 metrics

Quarterly results

Revenue Net income Net loss

▼4.8% $19.54B $1.08B '24 Q4* ▼2.8% $21.02B $1.32B '25 Q1 ▼7.2% $19.24B $1.16B '25 Q2 ▼3.9% $19.95B $1.02B '25 Q3 ▲29.6% $25.32B $928.00M '25 Q4* ▲32.1% $27.77B $1.25B '26 Q1 ▲78.4% $34.33B $2.09B '26 Q2 LATEST ▲85.9% $37.10B $1.21B '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q3 FY26 earnings call · Nov 3, 2026

Q3 FY26

TL;DR. Energy Transfer reported strong year-over-year growth in adjusted EBITDA and distributable cash flow, raised 2026 adjusted EBITDA guidance, increased its cash distribution, and set records for intrastate transportation and midstream gathering volumes. It announced the Vaquero acquisition, which remains subject to closing conditions, and reached positive FID on the long-term contracted South Mississippi pipeline, while expected derivative-loss offsets remain a negative consideration.

Bullish

+ Third-quarter adjusted EBITDA and distributable cash flow increased 31% and 33%, respectively, year over year.
+ Full-year 2026 adjusted EBITDA guidance was raised to $19.7 billion–$19.9 billion from $18.8 billion–$19.1 billion.
+ The quarterly cash distribution increased more than 3% year over year to $0.3425 per common unit.
+ Intrastate transportation and midstream gathering volumes set partnership records, rising 14% and 6%, respectively.
+ The announced Vaquero Midstream acquisition is expected to expand the gathering and processing network and add downstream volumes.
+ The South Mississippi pipeline reached positive FID with long-term demand-based agreements supporting a 1.2 Bcf/d pipeline.

Bearish

− Approximately $100 million of NGL marketing gains is expected to be offset by realized derivative losses over the next two quarters.
− Approximately $100 million of crude oil marketing gains is expected to be offset by realized derivative losses in the fourth quarter.
− The Vaquero Midstream acquisition remains subject to regulatory approval and customary closing conditions.
− Growth capital spending is expected to rise from $5.4 billion–$5.6 billion in 2026 to approximately $7 billion in 2027, a likely high-water mark for growth spending.

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Rating

blended score · not investment advice

Overall

Buy

SellHoldBuy

Technical Neutral Momentum Neutral Sentiment Bullish Fundamentals Strong Quant / Vol Very Low

Market backdrop VIX 19.3 · elevated Equity put/call 0.63

Technical

price trend

Neutral

50 / 200-day cross No cross

Price vs 200-day avg −2%

below

Price vs 50-day avg −5%

below

RSI (14) 41

neutral

MACD trend Negative

52-week position 58%

mid-range

Volume (OBV) Confirms

volume backs price

Momentum

relative strength

Neutral

1-month return −4%

trailing

6-month return −1%

trailing

YTD return +18%

this year

Relative strength −2%

vs S&P · 6-mo

Sentiment

smart money

Bullish

Trend (MA cross) No cross

50d $20 › 200d $20 — 50d above 200d

Institutional flow Distributing

1,193 of 1,318 funds reported for Sep 30 · net -1.1M sh shares · +60 new

Insider flow Accumulating

Net +$21.3M over 90 days · 0% sells

Short interest Falling

0.71% of shares out · ▼ -3.7% MoM · 3.1 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

1,318 holders — near 3-yr high, broad support

Squeeze score 37

low risk · 0–100

Fundamentals

Strong

Revenue growth +3%

Y/Y

Gross margin 9%

expanding

Buyback $880.0M

remaining

Balance sheet $67.1B

net debt

Quant / Vol

risk profile

Very Low

Volatility 18%

annualized · 1-yr

Max drawdown −13%

past year

ATR 2.3%

of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

what management promised — and delivered

Latest guidance · from the Earnings Call filed Aug 4, 2026

full year 2026

Adjusted EBITDA Non-GAAP Raised $18.8B – $19.1B

May 5, 2026 $18.2B – $18.6B Aug 4, 2026 $18.8B – $19.1B

all the way out through 2029

Growth CapEx at least $5B

Previous outlook earlier release · from the Earnings Call filed May 5, 2026

Still-open targets the latest release did not restate under the same label.

Distribution growth rate · long-term annual 3% – 5%

Leverage target · long-term 4% – 4.5%

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Neutral

1 · 6 · 0

50 / 200-day cross

No cross Neutral

Price vs 200-day avg

−2% Neutral

Price vs 50-day avg

−5% Neutral

RSI (14)

41 Neutral

MACD trend

Negative Bearish

52-week position

58% Neutral

Volume (OBV)

Confirms Neutral

Market signals — smart money & positioning

Bullish · 3 of 6

Trend (MA cross) No cross

50d $20 › 200d $20 — 50d above 200d

Institutional flow Distributing

1,193 of 1,318 funds reported for Sep 30 · net -1.1M sh shares · +60 new

Insider flow Accumulating

Net +$21.3M over 90 days · 0% sells

Short interest Falling

0.71% of shares out · ▼ -3.7% MoM · 3.1 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

1,318 holders — near 3-yr high, broad support

Price context

position in its 52-week range

Range low $16 Now $19 · 58% Range high $22

vs 200-day avg -2% vs 50-day avg -5%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings

Metric	Latest	Period	YoY
Natural gas sold	19	Three Months Ended June 30, 2026 filing	—
Adjusted EBITDA non-GAAP	5.07B	three months ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Net income 2.53B +1.58B Depreciation, depletion and amortization +934M Interest expense, net of interest capitalized +194M Income tax expense +0M Impairment losses +46M Non-cash compensation expense -396M Unrealized (gains) losses on commodity risk management activities +18M Inventory valuation adjustments (Sunoco LP) +0M Losses on extinguishments of debt +196M Adjusted EBITDA related to unconsolidated affiliates -108M Equity in earnings of unconsolidated affiliates +77M Other, net = Adjusted EBITDA (consolidated) 5.07B
Crude oil terminal volumes (MBbls/d)	4,911	Three Months Ended June 30, 2026	—
Crude oil transportation volumes	4%	second quarter of 2026 compared to second quarter of 2025	—
Crude oil transportation volumes (MBbls/d)	7,336	Three Months Ended June 30, 2026	—
Distributable Cash Flow (consolidated) non-GAAP	$3.47B	Three Months Ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Adjusted EBITDA (consolidated) 5.07B -196M Adjusted EBITDA related to unconsolidated affiliates +134M Distributable cash flow from unconsolidated affiliates -934M Interest expense, net of interest capitalized -89M Preferred unitholders' distributions -119M Current income tax expense -401M Maintenance capital expenditures +12M Other, net = Distributable Cash Flow (consolidated) 3.47B
Distributable Cash Flow attributable to partners, as adjusted non-GAAP	2.59B	three months ended June 30, 2026	—
Equity NGLs (MBbls/d)	72	Three Months Ended June 30, 2026	—
Gathered volumes (BBtu/d)	22,142	Three Months Ended June 30, 2026	—
Growth capital expenditures	1.1B	second quarter of 2026	—
Maintenance capital expenditures	307M	second quarter of 2026	—
Midstream gathered volumes	4%	second quarter of 2026 compared to second quarter of 2025	—
Natural gas transported (BBtu/d) - Interstate	17,988	Three Months Ended June 30, 2026	—
Natural gas transported (BBtu/d) - Intrastate	13,814	Three Months Ended June 30, 2026	—
NGL and refined products terminal volumes (MBbls/d)	1,864	Three Months Ended June 30, 2026	—
NGL exports	25%	second quarter of 2026 compared to second quarter of 2025	—
NGL fractionation volumes	3%	second quarter of 2026 compared to second quarter of 2025	—
NGL fractionation volumes (MBbls/d)	1,188	Three Months Ended June 30, 2026	—
NGL transportation volumes	13%	second quarter of 2026 compared to second quarter of 2025	—
NGL transportation volumes (MBbls/d)	2,641	Three Months Ended June 30, 2026	—
NGLs produced (MBbls/d)	1,243	Three Months Ended June 30, 2026	—
Refined products transportation volumes (MBbls/d)	574	Three Months Ended June 30, 2026	—
Revolving credit facility available borrowing capacity	3.76B	as of June 30, 2026	—
Segment Adjusted EBITDA - All other non-GAAP	$6M	Three Months Ended June 30, 2026	—
Segment Adjusted EBITDA - Crude oil transportation and services non-GAAP	$834M	Three Months Ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Segment margin 1.29B -181M Unrealized gains on commodity risk management activities -231M Operating expenses, excluding non-cash compensation expense -45M Selling, general and administrative expenses, excluding non-cash compensation expense +6M Adjusted EBITDA related to unconsolidated affiliates +0M Other = Segment Adjusted EBITDA - Crude oil transportation and services 834M
Segment Adjusted EBITDA - Interstate transportation and storage non-GAAP	$481M	Three Months Ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Segment margin 605M -230M Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses -34M Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses +130M Adjusted EBITDA related to unconsolidated affiliates +10M Other = Segment Adjusted EBITDA - Interstate transportation and storage 481M
Segment Adjusted EBITDA - Intrastate transportation and storage non-GAAP	$377M	Three Months Ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Segment margin 464M -6M Unrealized gains on commodity risk management activities -75M Operating expenses, excluding non-cash compensation expense -15M Selling, general and administrative expenses, excluding non-cash compensation expense +8M Adjusted EBITDA related to unconsolidated affiliates +1M Other = Segment Adjusted EBITDA - Intrastate transportation and storage 377M
Segment Adjusted EBITDA - Investment in Sunoco LP non-GAAP	$982M	Three Months Ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Segment margin 1.46B -6M Unrealized gains on commodity risk management activities -434M Operating expenses, excluding non-cash compensation expense -155M Selling, general and administrative expenses, excluding non-cash compensation expense +75M Adjusted EBITDA related to unconsolidated affiliates +18M Inventory fair value adjustments +20M Other, net = Segment Adjusted EBITDA - Investment in Sunoco LP 982M
Segment Adjusted EBITDA - Investment in USAC non-GAAP	$194M	Three Months Ended June 30, 2026	—
Segment Adjusted EBITDA - Midstream non-GAAP	$884M	Three Months Ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Segment margin 1.43B -513M Operating expenses, excluding non-cash compensation expense -52M Selling, general and administrative expenses, excluding non-cash compensation expense +5M Adjusted EBITDA related to unconsolidated affiliates +15M Other = Segment Adjusted EBITDA - Midstream 884M
Segment Adjusted EBITDA - NGL and refined products transportation and services non-GAAP	$1.31B	Three Months Ended June 30, 2026	—
GAAP → non-GAAP reconciliation GAAP Segment margin 1.79B -185M Unrealized gains on commodity risk management activities -284M Operating expenses, excluding non-cash compensation expense -48M Selling, general and administrative expenses, excluding non-cash compensation expense +31M Adjusted EBITDA related to unconsolidated affiliates +2M Other = Segment Adjusted EBITDA - NGL and refined products transportation and services 1.31B
Withdrawals from storage natural gas inventory (BBtu)	4,020	Three Months Ended June 30, 2026	—

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Oil & Gas Midstream — same industry group

Open screener →

Company	Mkt cap	YTD	Rev growth Y/Y	P/E	Short % shares
ET Energy Transfer LP this stock	$66.82B	+17.6%	+3.5%	—	0.7%
ENB Enbridge Inc	$106.25B	-0.3%	—	—	2.5%
WMB Williams Companies, Inc.	$84.51B	+14.9%	+13.8%	27.2	2.4%
EPD Enterprise Products Partners L.P.	$82.55B	+19.4%	-6.4%	12.7	0.8%
KMI Kinder Morgan, Inc.	$71.11B	+16.1%	+12.2%	19.7	1.9%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section

Ownership

Institutional Holders Reducing

Holders

1,329

% held: 33.0%
Reported: 1,193 of 1,318
Top holder: MORGAN STANLEY

Held Float

View

Held by Funds

Fund positions

184

View

Short & Settlement

Short Interest Falling

Shares short

24.3M

Days to cover: 3.1d
Change: -929.7K sh

View

Short Volume

Short vol %

39%

As of: Nov 13, 2026

Short Total

View

Fails to Deliver

FTD shares

12.4K

Value: $255.0K
As of: Oct 9, 2026

View

Off-Exchange

Off-exchange %

57.6%

Week of: Oct 5, 2026

Off-exch Lit

View

Smart Money

Insider Trades Net buying

Net (90d)

+$21.3M

Buyers / Sellers: 1 / 0

Buyers Sellers

View

Congressional Trades Sell

Member

Brian Babin

Amount: $1.0K–$15.0K
Traded: May 5, 2026

View

Financials

Revenue (FY)

$85.5B

Net income (FY): $4.4B

View

Buybacks

Authorized

$2.0B

Remaining: $880.0M

Spent Remaining

View

Filings

SEC Filings

Latest

8-K

Filed: Nov 6, 2026
This year: 16

View

Proposed Sales

Value

$60.1K

Shares: 3.1K
Filed: Jun 8, 2026

View

Earnings & Events

Webcasts

Last webcast

Nov 3, 2026

View

Investor Relations

Performance

	5D	20D	120D	MTD	YTD
ET	+2.5%	-4.2%	-1.0%	-7.2%	+17.7%
SPY	+2.6%	-1.2%	+0.5%	-0.2%	+10.6%
vs SPY	-0.1%	-3.1%	-1.5%	-7.0%	+7.0%

Capital returns

Latest dividend

$0.343 / share · ex Nov 6, 2026

Raised 0.9%

Paid (TTM)

$1.356 / share · 4 payouts

Dividend yield (TTM, derived)

6.99%

Full dividend history

Buyback program · as of Sep 30, 2026

Authorized

$2.00B

Spent (derived)

$1.12B

Remaining

$880.00M

Spent Remaining

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 1276187 CUSIP 29273V100 13F (30d) 1038 filings 952 filers Visit website Investor relations

ET · Energy Transfer LP

Price & Indicators

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AI Brief

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Guidance & track record

Technicals

Key metrics

Versus peers

At a glance

Performance

Capital returns