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Energy Transfer ET Midstream — Equity in earnings of unconsolidated affiliates

Other segment segments

Interstate transportation and storage
$75M+19.0%
NGL and refined products transportation and services
$19M+11.8%
Crude oil transportation and services
$6M+50.0%
All other
$5M
Intrastate transportation and storage
$3M-40.0%
Investment in Sunoco LP
$2M

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KNTKMidstream Logistics — Equity in earnings of unconsolidated affiliates
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MPCMidstream — Income (Loss) from Equity Method Investments
$207M-1.0%
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MPCMidstream — Equity Method Investments
$5.54B+4.6%
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OXYMidstream and marketing — Income from equity investments and other
$138M+21.1%
MTD
MTDRMidstream — Net income attributable to non-controlling interest in subsidiaries
$20.1M-9.5%

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:IncomeLossFromEquityMethodInvestments.

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 — equity in earnings of unconsolidated affiliates?
Energy Transfer (ET) reported midstream — equity in earnings of unconsolidated affiliates of $2M in Q1 2026.
How has Energy Transfer's midstream — equity in earnings of unconsolidated affiliates changed year-over-year?
Energy Transfer's midstream — equity in earnings of unconsolidated affiliates decreased by 33.3% year-over-year, from $3M to $2M.
What is the long-term trend for Energy Transfer's midstream — equity in earnings of unconsolidated affiliates?
Over 4 years (2021 to 2025), Energy Transfer's midstream — equity in earnings of unconsolidated affiliates has grown at a -11.1% compound annual growth rate (CAGR), from $24M to $15M.
What does midstream — equity in earnings of unconsolidated affiliates mean?
This represents the company's proportional share of net income from joint ventures and partnerships that are not consolidated in the financial statements. It highlights the profitability of the company's minority-interest investments in midstream infrastructure.