Energy Transfer LP (ET) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — ET

Balance Sheet

(in billions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	0.95	3.57	0.24	0.45	0.30	0.65	1.95	0.51	0.33	0.33	0.33	0.35	1.11	0.31	0.28	0.36
Accounts Receivable	15.69	9.89	9.86	11.30	9.83	9.54	9.64	9.61	7.29	8.27	8.59	10.16	9.97	6.44	5.82	5.29
Inventory	4.64	3.27	2.80	2.79	2.50	2.62	2.27	2.59	2.27	2.05	2.49	2.22	1.98	1.81	1.66	1.81
Total Current Assets	22.26	17.44	13.67	15.24	13.34	13.41	15.02	13.42	10.60	11.37	12.16	15.43	15.70	9.05	8.21	7.82
Property, Plant & Equipment	104.04	96.03	95.53	95.24	95.01	91.89	85.17	80.87	81.15	80.00	80.26	79.87	80.04	74.27	74.55	74.80
Goodwill	5.61	3.90	3.90	3.90	3.91	3.91	3.89	2.56	2.56	2.57	2.55	2.55	2.53	2.40	2.39	2.39
Intangible Assets	7.29	5.66	5.77	5.89	6.10	6.20	6.11	5.20	5.30	5.32	5.51	5.61	5.61	5.47	5.56	5.66
Total Non-current Assets*	125.22	111.89	111.35	111.19	111.09	107.93	100.77	94.15	94.53	93.15	93.58	93.34	93.49	87.65	88.03	88.40
Total Assets	147.48	129.33	125.02	126.43	124.43	121.34	115.79	107.57	105.13	104.52	105.74	108.77	109.19	96.70	96.24	96.22
Accounts Payable	--	7.30	7.51	8.99	7.33	7.47	7.54	8.00	6.17	6.93	7.51	8.90	8.65	5.71	5.02	4.73
Total Current Liabilities	19.04	12.41	11.85	13.57	12.37	11.71	12.72	12.76	13.01	10.16	11.24	13.48	13.72	9.83	8.55	7.78
Long-term Debt	69.34	63.10	60.76	59.79	59.26	57.62	53.48	48.08	48.13	47.23	47.42	48.65	49.92	45.47	46.29	47.74

* Derived from reported values

Income Statement

(in billions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	27.77	25.32	19.95	19.24	21.02	19.54	20.77	20.73	21.63	20.53	20.74	18.32	19.00	20.50	22.94	25.95	20.49	18.66	16.66	15.10
Cost of Revenue	21.15	19.42	14.56	13.95	15.57	14.16	15.61	15.61	16.60	15.78	16.06	14.09	14.61	16.06	18.52	21.52	16.14	14.75	13.19	11.51
Gross Profit	6.62	5.90	5.39	5.30	5.45	5.38	5.16	5.12	5.03	4.75	4.68	4.23	4.39	4.44	4.42	4.43	4.35	3.90	3.48	3.60
Selling, General & Admin	0.36	0.37	0.27	0.26	0.29	0.29	0.30	0.33	0.26	0.28	0.23	0.23	0.24	0.22	0.36	0.21	0.23	0.24	0.20	0.18
Total Operating Expenses	3.64	3.83	3.24	2.99	2.96	3.11	2.98	2.82	2.65	2.59	2.45	2.39	2.32	2.63	2.45	2.32	2.51	2.21	2.04	2.00
Operating Income	2.98	2.08	2.15	2.31	2.49	2.28	2.18	2.30	2.38	2.17	2.23	1.84	2.06	1.81	1.97	2.11	1.85	1.69	1.44	1.60
Interest Expense	0.95	0.91	0.89	0.87	0.81	0.81	0.83	0.76	0.73	0.69	0.63	0.64	0.62	0.59	0.58	0.58	0.56	0.55	0.56	0.57
Pretax Income	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	1.48	1.18	0.98	0.99
Tax Provision	0.14	0.14	0.09	0.08	0.04	0.14	0.09	0.23	0.09	0.05	0.08	0.11	0.07	0.05	0.08	0.09	(0.01)	(0.05)	0.08	0.08
Net Income	1.25	0.93	1.02	1.16	1.32	1.08	1.18	1.31	1.24	1.33	0.58	0.91	1.11	1.16	1.01	1.33	1.27	0.92	0.64	0.63

Cash Flow Statement

(in billions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	3.38	1.90	2.57	2.76	2.92	2.59	2.87	2.27	3.77	1.30	2.37	2.54	3.35	1.34	2.99	2.35	2.37	1.74	2.26	2.01
Capital Expenditures	1.92	2.12	1.30	1.66	1.22	1.47	1.09	0.81	0.80	0.70	0.70	0.88	0.85	0.89	1.03	0.71	0.75	0.78	0.62	0.73
Free Cash Flow*	1.46	(0.22)	1.27	1.10	1.69	1.12	1.79	1.46	2.98	0.59	1.67	1.66	2.50	0.45	1.95	1.65	1.62	0.96	1.65	1.27
Investing Cash Flow	(2.53)	(3.95)	(1.53)	(1.70)	(1.20)	(1.47)	(3.28)	0.05	(1.20)	(0.96)	(0.67)	(1.89)	(0.80)	(0.94)	(1.12)	(0.68)	(1.27)	(0.87)	(0.58)	(0.69)
Financing Cash Flow	(1.16)	(0.25)	2.29	(1.27)	(1.58)	(1.11)	0.06	(3.61)	(0.79)	(0.68)	(1.52)	(0.65)	(2.47)	(0.46)	(1.89)	(2.43)	(0.32)	(0.85)	(1.65)	(1.38)

* Derived from reported values