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Energy Transfer ET Midstream — Cost of products sold

Other segment segments

Investment in Sunoco LP
$9B+98.9%
Crude oil transportation and services
$6.79B+30.3%
NGL and refined products transportation and services
$5.48B-2.8%
Corporate Segment and Other Operating Segment
$3.82B+124%
All other
$994M-0.1%
Intrastate transportation and storage
$710M-26.3%
Investment In USAC
$29M-23.7%
Interstate transportation and storage
$3M+50.0%

Similar metrics at other companies

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PSXMidstream — Purchased crude oil and products
$4.11B+0.5%
Occidental Petroleum logo
OXYMidstream and marketing — Purchased commodities and midstream cost of sales
$200M-22.7%
HF Sinclair logo
DINOMidstream — Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization
$59M+28.3%
Phillips 66 logo
PSXMidstream — Cost And Expenses
$5.06B+3.4%
MTD
MTDRMidstream — Other expenses
$67.18M+25.7%
Marathon Petroleum logo
MPCMidstream — Segment expenses
$1.43B+2.4%

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 us-gaap:CostOfGoodsAndServicesSold.

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 — cost of products sold?
Energy Transfer (ET) reported midstream — cost of products sold of $1.67B in Q1 2026.
How has Energy Transfer's midstream — cost of products sold changed year-over-year?
Energy Transfer's midstream — cost of products sold decreased by 25.9% year-over-year, from $2.26B to $1.67B.
What is the long-term trend for Energy Transfer's midstream — cost of products sold?
Over 4 years (2021 to 2025), Energy Transfer's midstream — cost of products sold has grown at a -3.6% compound annual growth rate (CAGR), from $8.57B to $7.39B.
What does midstream — cost of products sold mean?
This represents the direct costs associated with the purchase of commodities, such as natural gas and natural gas liquids, that are processed or marketed within the midstream segment. It excludes operating expenses and reflects the commodity-linked cost structure of the business.