Energy Transfer ET Foreign — Operating Loss Carryforwards
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Where this comes from
Reported directly by Energy Transfer in its filing.
Tagged under the XBRL concept us-gaap:OperatingLossCarryforwards.
The source filing: Energy Transfer’s 10-K, filed February 19, 2026.
- Filed
- Feb 19, 2026, 4:40 PM EST
- Fiscal year
- FY2025
- Accession
- 0001276187-26-000013
As of December 31, 2025, ETP Holdco had federal net operating loss (NOL) carryforwards of $325 million, which are limited under IRC §382 and may be carried forward indefinitely. Although these federal NOLs are expected to be fully utilized, the amount utilized in a particular year may be limited. Sunoco Retail, LLC had federal NOL carryforwards of $287 million, that may be carried forward indefinitely. Of this amount, $206 million is subject to limitations under IRC §382 (ownership-change limitation) and $35 million is limited under Separate Return Limitation Year (SRLY) rules. Although these federal NOLs are expected to be fully utilized, the amount utilized in a particular year may be limited. SunocoCorp, LLC had federal NOL carryforwards of $9 million that may be carried forward indefinitely. Sunoco Retail, LLC's foreign subsidiaries had NOL carryforwards of $425 million, of which, $279 million expire between 2026 and 2045. Evergreen Capital Holdings, LLC had federal NOL carryforwards of $30 million that may be carried forward indefinitely. Our corporate subsidiaries have state NOL carryforward benefits of $69 million, net of federal tax, with some expiring between 2026 and 2044 and others carried forward indefinitely. Our corporate subsidiaries have cumulative excess business interest expense carryforwards of $181 million available for indefinite carryforward, of which, $159 million is limited under IRC §382. Although the excess business interest expense carryforwards are expected to be fully utilized, the amount utilized in a particular year may be limited. For the year ended December 31, 2025, the net change in the total valuation allowances was an increase of $64 million, and for the year ended December 31, 2024, there was no net change. Valuation allowances totaling $52 million and $12 million are attributable to foreign and federal NOLs, respectively.
ITEM 16. FORM 10-K SUMMARY
FAQ
- What is Energy Transfer's foreign — operating loss carryforwards?
- Energy Transfer (ET) reported foreign — operating loss carryforwards of $425M in Q4 2025.
- What does foreign — operating loss carryforwards mean?
- This represents the accumulated net operating losses incurred by foreign subsidiaries that can be applied against future taxable income in those specific jurisdictions. It serves as a potential tax asset that may reduce future cash tax outflows for international operations. Investors monitor this to assess the tax efficiency and potential future tax savings of the company's global footprint.
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