Key Highlights

  • Revenue of USD 37.10 billion beat the USD 32.43 billion consensus estimate; EPS of USD 0.33 trailed USD 0.41.
  • Adjusted EBITDA rose 31% to USD 5.03 billion, and distributable Cash Flow to partners rose 33% to USD 2.52 billion.
  • Full year adjusted EBITDA guidance moved to USD 19.7 to 19.9 billion from USD 18.8 to 19.1 billion previously.
  • Intrastate transportation volumes rose 14% and Midstream gathered volumes rose 6%, with both setting new Partnership records.

Energy Transfer LP (TXSE:ET) reported third quarter 2026 Revenue of USD 37.10 billion, up from USD 19.95 billion a year earlier and above a consensus estimate of USD 32.43 billion. Basic Net Income per common unit was USD 0.33 against USD 0.28 a year earlier and a consensus estimate of USD 0.41. Net income attributable to partners rose to USD 1.21 billion from USD 1.02 billion. Cost of products sold climbed to USD 30.53 billion from USD 14.56 billion, and the company booked USD 379 million of unrealized losses on Commodity risk management activities in the adjustment bridge to adjusted EBITDA.

Record Volumes and a Pipeline of Growth Projects

Adjusted EBITDA of USD 5.03 billion compared with USD 3.84 billion a year earlier. Intrastate transportation volumes rose 14% and midstream gathered volumes rose 6%, both partnership records, while NGL transportation rose 6%, NGL exports 9% and NGL fractionation 5%. Growth Capital spending was USD 1.30 billion and maintenance capital was USD 284 million. In October the partnership announced the Acquisition of Vaquero Midstream LLC for about USD 2.6 billion in cash and equity, targeted to close in the fourth quarter of 2026. Phase I of the Hugh Brinson Pipeline entered full service on September 1, ahead of schedule, and the partnership reached a positive final Investment decision on the 215-mile South Mississippi Pipeline Project at an estimated cost of about USD 1.6 billion, with service projected in 2030.

Higher Guidance and Distribution Increase

The partnership raised its 2026 adjusted EBITDA range to USD 19.7 to 19.9 billion from USD 18.8 to 19.1 billion. It projects growth capital of USD 5.4 to 5.6 billion for 2026 and about USD 7 billion for 2027. In October it declared a quarterly distribution of USD 0.3425 per common unit, or USD 1.37 annualized, more than 3% above the third quarter of 2025 and the twentieth consecutive increase. In August it redeemed USD 900 million of 6.500% Series H preferred units using proceeds from a junior subordinated notes offering.

Guidance Against Nine Month Actuals

Full year adjusted EBITDA guidance of USD 19.7 to 19.9 billion set against USD 15.03 billion through nine months leaves about USD 4.67 to 4.87 billion for the fourth quarter, compared with USD 5.03 billion in the third. Growth capital of USD 1.30 billion in the quarter compares with the USD 5.4 to 5.6 billion planned for the year and USD 7 billion for 2027. Distributable cash flow attributable to partners reached USD 7.81 billion over nine months against USD 6.16 billion a year earlier. Long Term Debt stood at USD 68.84 billion against USD 68.31 billion at year end 2025, and the revolving Credit Facility had USD 4.41 billion of available capacity.