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Energy Transfer ET Midstream — Equity in earnings of unconsolidated affiliates

Other segment segments

Interstate transportation and storage
$71M-1.4%
NGL and refined products transportation and services
$18M-10.0%
Intrastate transportation and storage
$7M+133%
Crude oil transportation and services
$6M+20.0%
All other
$3M+50.0%
Investment in Sunoco LP
$2M

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CWENRenewables & Storage — Equity in earnings of unconsolidated affiliates
$3M-40.0%
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CWENFlexible Generation — Equity in earnings of unconsolidated affiliates
$2M

Other financials

Income statement

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Revenue$34.3B+78.4%
Gross profit$7.4B+39.7%
Operating income$3.6B+54.8%
Net income$2.1B+79.5%
EPS (diluted)$0.59+84.4%

Balance sheet

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Cash & equivalents$1.0B+321%
Total debt$70.2B+14.1%
Total assets$148.17B+18.5%

Cash flow

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Operating cash flow$4.3B+54.6%
CapEx$1.6B-5.7%
Free cash flow$2.7B+145%

Valuation

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Market cap$69.31B+17.7%
Enterprise value$138.53B+15.2%
P/E13.1×+0.7×
P/S0.7×-0.1×

Profitability

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Gross margin23.6%-2.8pp
Operating margin10%-1.4pp
Net margin4.9%-1.0pp
FCF margin5.1%-2.0pp

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 source filing: Energy Transfer’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 4:46 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001276187-26-000038
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Equity in earnings of unconsolidated affiliates (1) :
Intrastate transportation and storage$7$3$10$8
Interstate transportation and storage7172146135
Midstream3356
NGL and refined products transportation and services18203737
Crude oil transportation and services65129
All other3282
Total$108$105$218$197

Item 1. FINANCIAL STATEMENTS (unaudited)

FAQ

What is Energy Transfer's midstream — equity in earnings of unconsolidated affiliates?
Energy Transfer (ET) reported midstream — equity in earnings of unconsolidated affiliates of $3M in Q2 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 0.0% year-over-year, from $3M to $3M.
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.

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