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Side-by-side financial comparison of Energy Transfer LP (ET) and NGL Energy Partners LP (NGL). Click either name above to swap in a different company.
Energy Transfer LP is the larger business by last-quarter revenue ($25.3B vs $909.8M, roughly 27.8× NGL Energy Partners LP). NGL Energy Partners LP runs the higher net margin — 5.2% vs 3.7%, a 1.5% gap on every dollar of revenue. On growth, Energy Transfer LP posted the faster year-over-year revenue change (29.6% vs -41.3%). NGL Energy Partners LP produced more free cash flow last quarter ($45.7M vs $-225.0M). Over the past eight quarters, Energy Transfer LP's revenue compounded faster (8.2% CAGR vs -6.4%).
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.
NGL Energy Partners LP is a U.S.-based midstream energy services firm. It offers transportation, storage, and logistics solutions for crude oil, natural gas liquids, and renewable fuels, plus water management services for upstream energy producers, operating primarily across North American markets.
ET vs NGL — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $25.3B | $909.8M |
| Net Profit | $928.0M | $47.2M |
| Gross Margin | 23.3% | 29.0% |
| Operating Margin | 8.2% | 12.1% |
| Net Margin | 3.7% | 5.2% |
| Revenue YoY | 29.6% | -41.3% |
| Net Profit YoY | -13.8% | 249.3% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $25.3B | $909.8M | ||
| Q3 25 | $20.0B | $674.7M | ||
| Q2 25 | $19.2B | $622.2M | ||
| Q1 25 | $21.0B | $971.1M | ||
| Q4 24 | $19.5B | $982.4M | ||
| Q3 24 | $20.8B | $756.5M | ||
| Q2 24 | $20.7B | $759.2M | ||
| Q1 24 | $21.6B | $1.0B |
| Q4 25 | $928.0M | $47.2M | ||
| Q3 25 | $1.0B | $29.3M | ||
| Q2 25 | $1.2B | $68.9M | ||
| Q1 25 | $1.3B | $13.7M | ||
| Q4 24 | $1.1B | $13.5M | ||
| Q3 24 | $1.2B | $2.5M | ||
| Q2 24 | $1.3B | $9.7M | ||
| Q1 24 | $1.2B | $-236.8M |
| Q4 25 | 23.3% | 29.0% | ||
| Q3 25 | 27.0% | 37.6% | ||
| Q2 25 | 27.5% | 38.5% | ||
| Q1 25 | 25.9% | 26.9% | ||
| Q4 24 | 27.6% | 25.1% | ||
| Q3 24 | 24.8% | 30.9% | ||
| Q2 24 | 24.7% | 29.0% | ||
| Q1 24 | 23.3% | 21.8% |
| Q4 25 | 8.2% | 12.1% | ||
| Q3 25 | 10.8% | 14.0% | ||
| Q2 25 | 12.0% | 15.7% | ||
| Q1 25 | 11.9% | 8.4% | ||
| Q4 24 | 11.7% | 8.6% | ||
| Q3 24 | 10.5% | 10.8% | ||
| Q2 24 | 11.1% | 10.8% | ||
| Q1 24 | 11.0% | -9.4% |
| Q4 25 | 3.7% | 5.2% | ||
| Q3 25 | 5.1% | 4.3% | ||
| Q2 25 | 6.0% | 11.1% | ||
| Q1 25 | 6.3% | 1.4% | ||
| Q4 24 | 5.5% | 1.4% | ||
| Q3 24 | 5.7% | 0.3% | ||
| Q2 24 | 6.3% | 1.3% | ||
| Q1 24 | 5.7% | -22.8% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $6.5M |
| Total DebtLower is stronger | $68.3B | $2.9B |
| Stockholders' EquityBook value | $49.0B | — |
| Total Assets | $141.3B | $4.4B |
| Debt / EquityLower = less leverage | 1.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $6.5M | ||
| Q3 25 | $3.6B | $8.7M | ||
| Q2 25 | $242.0M | $5.4M | ||
| Q1 25 | — | $13.5M | ||
| Q4 24 | $312.0M | $5.7M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $5.3M | ||
| Q1 24 | — | $38.9M |
| Q4 25 | $68.3B | $2.9B | ||
| Q3 25 | $63.1B | $2.9B | ||
| Q2 25 | $60.8B | $2.9B | ||
| Q1 25 | $59.8B | $3.0B | ||
| Q4 24 | $59.8B | $3.1B | ||
| Q3 24 | $59.3B | $3.1B | ||
| Q2 24 | $57.6B | $3.0B | ||
| Q1 24 | $53.5B | $2.9B |
| Q4 25 | $49.0B | — | ||
| Q3 25 | $45.3B | — | ||
| Q2 25 | $45.5B | — | ||
| Q1 25 | $46.2B | — | ||
| Q4 24 | $46.0B | — | ||
| Q3 24 | $46.2B | — | ||
| Q2 24 | $45.5B | — | ||
| Q1 24 | $43.8B | — |
| Q4 25 | $141.3B | $4.4B | ||
| Q3 25 | $129.3B | $4.3B | ||
| Q2 25 | $125.0B | $4.2B | ||
| Q1 25 | $126.4B | $4.6B | ||
| Q4 24 | $125.4B | $4.8B | ||
| Q3 24 | $124.4B | $4.9B | ||
| Q2 24 | $121.3B | $4.8B | ||
| Q1 24 | $115.8B | $5.0B |
| Q4 25 | 1.39× | — | ||
| Q3 25 | 1.39× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.27× | — | ||
| Q1 24 | 1.22× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.9B | $182.3M |
| Free Cash FlowOCF − Capex | $-225.0M | $45.7M |
| FCF MarginFCF / Revenue | -0.9% | 5.0% |
| Capex IntensityCapex / Revenue | 8.4% | 15.0% |
| Cash ConversionOCF / Net Profit | 2.05× | 3.86× |
| TTM Free Cash FlowTrailing 4 quarters | $3.8B | $126.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $182.3M | ||
| Q3 25 | $2.6B | $40.5M | ||
| Q2 25 | $2.8B | $33.2M | ||
| Q1 25 | $2.9B | $155.0M | ||
| Q4 24 | $2.6B | $153.8M | ||
| Q3 24 | $2.9B | $6.7M | ||
| Q2 24 | $2.3B | $-18.1M | ||
| Q1 24 | $3.8B | $152.2M |
| Q4 25 | $-225.0M | $45.7M | ||
| Q3 25 | $1.3B | $9.5M | ||
| Q2 25 | $1.1B | $11.1M | ||
| Q1 25 | $1.7B | $60.4M | ||
| Q4 24 | $1.1B | $152.1M | ||
| Q3 24 | $1.8B | $-82.9M | ||
| Q2 24 | $1.5B | $-78.0M | ||
| Q1 24 | $3.0B | $119.8M |
| Q4 25 | -0.9% | 5.0% | ||
| Q3 25 | 6.4% | 1.4% | ||
| Q2 25 | 5.7% | 1.8% | ||
| Q1 25 | 8.1% | 6.2% | ||
| Q4 24 | 5.7% | 15.5% | ||
| Q3 24 | 8.6% | -11.0% | ||
| Q2 24 | 7.0% | -10.3% | ||
| Q1 24 | 13.8% | 11.5% |
| Q4 25 | 8.4% | 15.0% | ||
| Q3 25 | 6.5% | 4.6% | ||
| Q2 25 | 8.6% | 3.6% | ||
| Q1 25 | 5.8% | 9.7% | ||
| Q4 24 | 7.5% | 0.2% | ||
| Q3 24 | 5.2% | 11.8% | ||
| Q2 24 | 3.9% | 7.9% | ||
| Q1 24 | 3.7% | 3.1% |
| Q4 25 | 2.05× | 3.86× | ||
| Q3 25 | 2.52× | 1.38× | ||
| Q2 25 | 2.37× | 0.48× | ||
| Q1 25 | 2.20× | 11.29× | ||
| Q4 24 | 2.40× | 11.39× | ||
| Q3 24 | 2.43× | 2.74× | ||
| Q2 24 | 1.73× | -1.87× | ||
| Q1 24 | 3.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ET
| Investment In Sunoco LP | $8.6B | 34% |
| NG Landrefinedproductstransportationandservices | $6.2B | 24% |
| NG Lsales | $4.6B | 18% |
| Midstream | $2.7B | 11% |
| Other | $900.0M | 4% |
| External Customers | $805.0M | 3% |
| Interstate Transportation And Storage | $631.0M | 2% |
| Investment In USAC | $252.0M | 1% |
| Intersegment | $97.0M | 0% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
