Energy Transfer LPETEarnings & Financial Report
Energy Transfer LP is an American company engaged in the pipeline transportation, storage, and terminaling for natural gas, crude oil, natural gas liquids (NGLs), refined products and liquid natural gas, as well as NGL fractionation. It is a publicly traded limited partnership organized under Delaware state laws and headquartered in Dallas, Texas. It was founded in 1996 by Ray Davis and Kelcy Warren, who remains Executive Chairman.
Revenue
$21.0B
Gross Profit
$5.4B
Operating Profit
$2.5B
Net Profit
$1.3B
Gross Margin
25.9%
Operating Margin
11.9%
Net Margin
6.3%
YoY Growth
-2.8%
Energy Transfer LP Q1 FY2025 Financial Summary
Energy Transfer LP reported revenue of $21.0B (down 2.8% YoY) for Q1 FY2025, with a net profit of $1.3B (up 6.7% YoY) (6.3% margin). Cost of goods sold was $15.6B, operating expenses totaled $3.0B.
Key Financial Metrics
| Total Revenue | $21.0B |
|---|---|
| Net Profit | $1.3B |
| Gross Margin | 25.9% |
| Operating Margin | 11.9% |
| Report Period | Q1 FY2025 |
Revenue Breakdown
Energy Transfer LP Q1 FY2025 revenue of $21.0B breaks down across 10 segments, led by Crude Sales at $5.4B (25.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Crude Sales | $5.4B | 25.9% |
| Refined Product Sales | $5.0B | 23.6% |
| Midstream | $3.7B | 17.4% |
| Gathering Transportation And Other Fees | $3.0B | 14.3% |
| Natural Gas Sales | $1.6B | 7.5% |
| External Customers | $1.1B | 5.5% |
| Interstate Transportation And Storage | $621.0M | 3.0% |
| Other | $380.0M | 1.8% |
| Investment In USAC | $245.0M | 1.2% |
| Intersegment | $147.0M | 0.7% |
Energy Transfer LP Revenue by Segment — Quarterly Trend
Energy Transfer LP revenue by segment across the last 4 reported quarters, showing how each business line (such as Crude Sales and Refined Product Sales) has evolved quarter over quarter.
| Segment | Q4 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 |
|---|---|---|---|---|
| Midstream | — | — | $2.7B | $3.0B |
| Gathering Transportation And Other Fees | — | — | — | $3.1B |
| Natural Gas Sales | — | — | — | $1.0B |
Energy Transfer LP Annual Revenue by Year
Energy Transfer LP annual revenue history includes year-by-year totals (for example, 2025 revenue was $85.5B).
| Year | Annual Revenue |
|---|---|
| 2025 | $85.5B |
| 2024 | $82.7B |
| 2023 | $78.6B |
| 2022 | $89.9B |
Energy Transfer LP Quarterly Revenue & Net Profit History
Energy Transfer LP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2026 | $25.3B | +29.6% | $1.2B | 4.9% |
| Q1 FY2026 | $27.8B | +32.1% | $2.0B | 7.1% |
| Q4 FY2025 | $25.3B | +29.6% | $928.0M | 3.7% |
| Q3 FY2025 | $20.0B | -3.9% | $1.0B | 5.1% |
| Q2 FY2025 | $19.2B | -7.2% | $1.2B | 6.0% |
| Q1 FY2025 | $21.0B | -2.8% | $1.3B | 6.3% |
| Q4 FY2024 | $19.5B | -4.8% | $1.1B | 5.5% |
| Q3 FY2024 | $20.8B | +0.2% | $1.2B | 5.7% |
Income Statement
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.77B | $19.54B | $21.02B | $19.24B | $19.95B | $25.32B | $27.77B | $25.32B |
| YoY Growth | 0.2% | -4.8% | -2.8% | -7.2% | -3.9% | 29.6% | 32.1% | 29.6% |
Balance Sheet
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $124.43B | $125.38B | $126.42B | $125.02B | $129.33B | $141.29B | $147.48B | $141.29B |
| Liabilities | $78.25B | $79.36B | $80.26B | $79.49B | $83.99B | $92.28B | $97.75B | $92.28B |
| Equity | $46.18B | $46.02B | $46.16B | $45.53B | $45.34B | $49.01B | $49.74B | $49.01B |
Cash Flow
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|
| Operating CF | $2.87B | $2.59B | $2.92B | $2.76B | $2.57B | $1.90B |