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Energy Transfer ET Midstream — Adjusted EBITDA (consolidated)

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Other financials

Income statement

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Revenue$27.8B+32.1%
Gross profit$6.6B+21.5%
Operating income$3.0B+19.8%
Net income$1.3B-5.2%
EPS (diluted)$0.35-2.8%

Balance sheet

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Cash & equivalents$951.0M+110%
Total debt$71.1B+17.3%
Total assets$147.48B+16.7%

Cash flow

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Operating cash flow$3.4B+15.8%
CapEx$1.9B+56.5%
Free cash flow$1.5B-13.6%

Valuation

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Market cap$66B+7.7%
Enterprise value$136.16B+12.1%
P/E15.1×+2.6×
P/S0.7×0.0×

Profitability

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Gross margin25.2%-0.6pp
Operating margin10.3%-1.0pp
Net margin4.7%-1.2pp
FCF margin4.2%-3.2pp

Returns & leverage

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Current ratio1.2×0.0×

Where this comes from

Reported directly by Energy Transfer in its filing.

Tagged under the XBRL concept et:SegmentAdjustedEBITDA.

The official record: Energy Transfer’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Energy Transfer's midstream — adjusted EBITDA (consolidated)?
Energy Transfer (ET) reported midstream — adjusted EBITDA (consolidated) of $887M in Q1 2026.
How has Energy Transfer's midstream — adjusted EBITDA (consolidated) changed year-over-year?
Energy Transfer's midstream — adjusted EBITDA (consolidated) decreased by 4.1% year-over-year, from $925M to $887M.
What is the long-term trend for Energy Transfer's midstream — adjusted EBITDA (consolidated)?
Over 4 years (2021 to 2025), Energy Transfer's midstream — adjusted EBITDA (consolidated) has grown at a 14.1% compound annual growth rate (CAGR), from $1.87B to $3.16B.
What does midstream — adjusted EBITDA (consolidated) mean?
This is a non-GAAP financial measure representing the midstream segment's earnings before interest, taxes, depreciation, and amortization, adjusted for non-cash items and other non-recurring expenses. It is the primary metric used by management and investors to evaluate the segment's operational cash-generating performance.