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Side-by-side financial comparison of Energy Transfer LP (ET) and United Airlines Holdings (UAL). Click either name above to swap in a different company.
Energy Transfer LP is the larger business by last-quarter revenue ($25.3B vs $14.6B, roughly 1.7× United Airlines Holdings). United Airlines Holdings runs the higher net margin — 4.8% vs 3.7%, a 1.1% gap on every dollar of revenue. On growth, Energy Transfer LP posted the faster year-over-year revenue change (29.6% vs 10.6%). United Airlines Holdings produced more free cash flow last quarter ($2.0B vs $-225.0M). Over the past eight quarters, Energy Transfer LP's revenue compounded faster (8.2% CAGR vs -1.3%).
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.
United Airlines, Inc. is a major airline in the United States headquartered in Chicago, Illinois. It operates an extensive domestic and international route network across the United States and to destinations on six continents. Regional service is provided by independent carriers operating under the United Express brand, and the Star Alliance, of which United was one of the five founding airlines, extends its network throughout the world.
ET vs UAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $25.3B | $14.6B |
| Net Profit | $928.0M | $699.0M |
| Gross Margin | 23.3% | — |
| Operating Margin | 8.2% | 6.8% |
| Net Margin | 3.7% | 4.8% |
| Revenue YoY | 29.6% | 10.6% |
| Net Profit YoY | -13.8% | 80.6% |
| EPS (diluted) | — | $2.14 |
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.
| Q1 26 | — | $14.6B | ||
| Q4 25 | $25.3B | $15.4B | ||
| Q3 25 | $20.0B | $15.2B | ||
| Q2 25 | $19.2B | $15.2B | ||
| Q1 25 | $21.0B | $13.2B | ||
| Q4 24 | $19.5B | $14.7B | ||
| Q3 24 | $20.8B | $14.8B | ||
| Q2 24 | $20.7B | $15.0B |
| Q1 26 | — | $699.0M | ||
| Q4 25 | $928.0M | $1.0B | ||
| Q3 25 | $1.0B | $949.0M | ||
| Q2 25 | $1.2B | $973.0M | ||
| Q1 25 | $1.3B | $387.0M | ||
| Q4 24 | $1.1B | $985.0M | ||
| Q3 24 | $1.2B | $965.0M | ||
| Q2 24 | $1.3B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | 23.3% | — | ||
| Q3 25 | 27.0% | — | ||
| Q2 25 | 27.5% | — | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 27.6% | — | ||
| Q3 24 | 24.8% | — | ||
| Q2 24 | 24.7% | — |
| Q1 26 | — | 6.8% | ||
| Q4 25 | 8.2% | 9.0% | ||
| Q3 25 | 10.8% | 9.2% | ||
| Q2 25 | 12.0% | 8.7% | ||
| Q1 25 | 11.9% | 4.6% | ||
| Q4 24 | 11.7% | 10.2% | ||
| Q3 24 | 10.5% | 10.5% | ||
| Q2 24 | 11.1% | 12.9% |
| Q1 26 | — | 4.8% | ||
| Q4 25 | 3.7% | 6.8% | ||
| Q3 25 | 5.1% | 6.2% | ||
| Q2 25 | 6.0% | 6.4% | ||
| Q1 25 | 6.3% | 2.9% | ||
| Q4 24 | 5.5% | 6.7% | ||
| Q3 24 | 5.7% | 6.5% | ||
| Q2 24 | 6.3% | 8.8% |
| Q1 26 | — | $2.14 | ||
| Q4 25 | — | $3.17 | ||
| Q3 25 | — | $2.90 | ||
| Q2 25 | — | $2.97 | ||
| Q1 25 | — | $1.16 | ||
| Q4 24 | — | $2.97 | ||
| Q3 24 | — | $2.90 | ||
| Q2 24 | — | $3.96 |
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 | $14.2B |
| Total DebtLower is stronger | $68.3B | — |
| Stockholders' EquityBook value | $49.0B | $15.9B |
| Total Assets | $141.3B | $80.9B |
| Debt / EquityLower = less leverage | 1.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.2B | ||
| Q4 25 | $1.3B | $12.2B | ||
| Q3 25 | $3.6B | $13.3B | ||
| Q2 25 | $242.0M | $15.6B | ||
| Q1 25 | — | $15.3B | ||
| Q4 24 | $312.0M | $14.5B | ||
| Q3 24 | — | $14.2B | ||
| Q2 24 | — | $15.2B |
| Q1 26 | — | — | ||
| Q4 25 | $68.3B | $20.6B | ||
| Q3 25 | $63.1B | $20.8B | ||
| Q2 25 | $60.8B | $20.9B | ||
| Q1 25 | $59.8B | $24.4B | ||
| Q4 24 | $59.8B | $25.2B | ||
| Q3 24 | $59.3B | — | ||
| Q2 24 | $57.6B | — |
| Q1 26 | — | $15.9B | ||
| Q4 25 | $49.0B | $15.3B | ||
| Q3 25 | $45.3B | $14.3B | ||
| Q2 25 | $45.5B | $13.4B | ||
| Q1 25 | $46.2B | $12.6B | ||
| Q4 24 | $46.0B | $12.7B | ||
| Q3 24 | $46.2B | $11.4B | ||
| Q2 24 | $45.5B | $10.5B |
| Q1 26 | — | $80.9B | ||
| Q4 25 | $141.3B | $76.4B | ||
| Q3 25 | $129.3B | $76.3B | ||
| Q2 25 | $125.0B | $77.2B | ||
| Q1 25 | $126.4B | $76.1B | ||
| Q4 24 | $125.4B | $74.1B | ||
| Q3 24 | $124.4B | $72.6B | ||
| Q2 24 | $121.3B | $73.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.39× | 1.35× | ||
| Q3 25 | 1.39× | 1.45× | ||
| Q2 25 | 1.33× | 1.56× | ||
| Q1 25 | 1.30× | 1.93× | ||
| Q4 24 | 1.30× | 1.99× | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.27× | — |
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 | $4.8B |
| Free Cash FlowOCF − Capex | $-225.0M | $2.0B |
| FCF MarginFCF / Revenue | -0.9% | 13.9% |
| Capex IntensityCapex / Revenue | 8.4% | 13.9% |
| Cash ConversionOCF / Net Profit | 2.05× | 6.87× |
| TTM Free Cash FlowTrailing 4 quarters | $3.8B | $2.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.8B | ||
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $2.6B | $1.2B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.9B | $3.7B | ||
| Q4 24 | $2.6B | $2.2B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $2.3B | $2.9B |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-225.0M | $-604.0M | ||
| Q3 25 | $1.3B | $-246.0M | ||
| Q2 25 | $1.1B | $930.0M | ||
| Q1 25 | $1.7B | $2.5B | ||
| Q4 24 | $1.1B | $549.0M | ||
| Q3 24 | $1.8B | $88.0M | ||
| Q2 24 | $1.5B | $1.7B |
| Q1 26 | — | 13.9% | ||
| Q4 25 | -0.9% | -3.9% | ||
| Q3 25 | 6.4% | -1.6% | ||
| Q2 25 | 5.7% | 6.1% | ||
| Q1 25 | 8.1% | 18.7% | ||
| Q4 24 | 5.7% | 3.7% | ||
| Q3 24 | 8.6% | 0.6% | ||
| Q2 24 | 7.0% | 11.4% |
| Q1 26 | — | 13.9% | ||
| Q4 25 | 8.4% | 12.3% | ||
| Q3 25 | 6.5% | 9.6% | ||
| Q2 25 | 8.6% | 8.4% | ||
| Q1 25 | 5.8% | 9.3% | ||
| Q4 24 | 7.5% | 11.4% | ||
| Q3 24 | 5.2% | 9.5% | ||
| Q2 24 | 3.9% | 7.8% |
| Q1 26 | — | 6.87× | ||
| Q4 25 | 2.05× | 1.23× | ||
| Q3 25 | 2.52× | 1.28× | ||
| Q2 25 | 2.37× | 2.28× | ||
| Q1 25 | 2.20× | 9.59× | ||
| Q4 24 | 2.40× | 2.26× | ||
| Q3 24 | 2.43× | 1.55× | ||
| Q2 24 | 1.73× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
