Income StatementBalance SheetCash FlowSegments
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Energy Transfer Business Segments

Business, geographic, and product segment breakdowns

Energy Transfer generates $92.3B in annual revenue across 4 key segments: Crude sales ($7.0B), Gathering, transportation and other fees ($3.3B), Natural gas sales ($4.6B), and NGL sales ($18.5B). The company-wide operating margin is 10.31%. Based on the Q1 2026 filing.

Crude sales$7.0BGathering, transportation and other fees$3.3BNatural gas sales (TTM)$4.6BNGL sales (TTM)$18.5BRefined product sales$10.3B
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$69.1B
P/E Ratio15.83

Products & Services

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined product sales—$5.0B$5.2B$5.8B—$10.3B
Crude sales—$5.4B$5.0B$5.3B—$7.0B
NGL sales$4.8B$5.6B$4.5B$4.3B$4.6B$5.1B
Gathering, transportation and other fees—$3.0B$3.1B$3.1B—$3.3B
Natural gas sales$917.0M$1.6B$1.1B$1.0B$1.0B$1.5B

Geographic

Inventories

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Caribbean————$88.0M$165.0M

Inventory, LIFO Reserve

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Caribbean————$88.0M—

Tax Credit Carryforward, Valuation Allowance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Federeal————$12.0M—
Foreign————$52.0M—

Operating Loss Carryforwards

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign————$425.0M—

Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-US$1.3M$47.3M$47.3M$47.3M$47.3M—

Income Taxes Paid, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other domestic$7.3M$3.0M$3.0M$3.0M$3.0M—
Other Foreign$0.0$750.0K$750.0K$750.0K$750.0K—

Business Segments

Adjusted EBITDA (consolidated)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NGL and refined products transportation and services$1.1B$978.0M$1.0B$1.1B$1.1B$1.2B
Midstream$705.0M$925.0M$768.0M$751.0M$720.0M$887.0M
Crude oil transportation and services$760.0M$742.0M$732.0M$746.0M$722.0M$869.0M
Investment in Sunoco LP$439.0M$458.0M$454.0M$489.0M$646.0M$858.0M
Interstate transportation and storage$493.0M$512.0M$470.0M$431.0M$523.0M$519.0M
Intrastate transportation and storage$263.0M$344.0M$284.0M$230.0M$355.0M$437.0M
Investment In USAC$155.0M$150.0M$149.0M$160.0M$155.0M$188.0M
All other—-$11.0M-$24.0M-$23.0M—$16.0M

Cost of products sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment in Sunoco LP$4.6B$4.5B$4.8B$5.4B$7.7B$9.0B
Crude oil transportation and services$5.2B$5.2B$4.7B$5.0B$7.5B$6.8B
NGL and refined products transportation and services$5.0B$5.6B$4.6B$4.5B$4.7B$5.5B
Midstream$1.9B$2.3B$1.9B$1.7B$1.5B$1.7B
All other—$995.0M$909.0M$895.0M—$994.0M
Intrastate transportation and storage$426.0M$964.0M$561.0M$546.0M$454.0M$710.0M
Investment In USAC$36.0M$38.0M$40.0M$34.0M$36.0M$29.0M
Interstate transportation and storage$3.0M$2.0M$3.0M$3.0M$1.0M$3.0M
Corporate Segment and Other Operating Segment$427.3M$955.3M$955.3M$955.3M$955.3M—

Depreciation, depletion and amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$467.0M$448.0M$459.0M$457.0M$462.0M$469.0M
Investment in Sunoco LP$152.0M$156.0M$154.0M$159.0M$219.0M$286.0M
Crude oil transportation and services$227.0M$237.0M$244.0M$294.0M$239.0M$268.0M
NGL and refined products transportation and services$247.0M$248.0M$248.0M$249.0M$284.0M$260.0M
Interstate transportation and storage$144.0M$142.0M$141.0M$144.0M$145.0M$145.0M
Investment In USAC$69.0M$70.0M$71.0M$71.0M$73.0M$87.0M
Intrastate transportation and storage$55.0M$51.0M$51.0M$52.0M$51.0M$52.0M
All other—$15.0M$16.0M$14.0M—$16.0M
All Other$7.8M$15.8M$15.8M$15.8M$15.8M—

Equity in earnings of unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interstate transportation and storage$61.0M$63.0M$72.0M$73.0M$72.0M$75.0M
NGL and refined products transportation and services$22.0M$17.0M$20.0M$22.0M$18.0M$19.0M
Crude oil transportation and services$3.0M$4.0M$5.0M$8.0M$6.0M$6.0M
All other—$0.0$2.0M$1.0M—$5.0M
Intrastate transportation and storage$3.0M$5.0M$3.0M$4.0M$6.0M$3.0M
Midstream$3.0M$3.0M$3.0M$8.0M$1.0M$2.0M
Investment in Sunoco LP$0.0$500.0K$500.0K$500.0K$500.0K—
All Other$1.3M$1.0M$1.0M$1.0M$1.0M—

Goodwill, Acquired During Period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All Other$0.0$0.0$0.0$0.0$0.0—
Crude Oil Transportation and Services$0.0$0.0$0.0$0.0$0.0—
Investment in Sunoco LP$4.0M$382.5M$382.5M$382.5M$382.5M—
Midstream$0.0$0.0$0.0$0.0$0.0—
NGL and Refined Products Transportation and Services$0.0$0.0$0.0$0.0$0.0—

Investments in unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interstate transportation and storage$2.4B$2.4B$2.3B$2.4B$2.4B$2.4B
NGL and refined products transportation and services$383.0M$378.0M$371.0M$367.0M$362.0M$379.0M
Investment in Sunoco LP$0.0———$342.0M$345.0M
Crude oil transportation and services$193.0M$191.0M$188.0M$191.0M$190.0M$189.0M
Intrastate transportation and storage$150.0M$150.0M$151.0M$151.0M$151.0M$152.0M
Midstream$132.0M$130.0M$129.0M$133.0M$130.0M$132.0M
All other$58.0M$59.0M$60.0M$60.0M$61.0M$61.0M

Property, Plant and Equipment, Additions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All Other$85.5M$61.0M$61.0M$61.0M$61.0M—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment in USAC$607.0M$995.0M$936.0M$923.0M$1.1B$1.1B

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment in Sunoco LP$50.0M$36.0M$47.0M$47.0M$153.0M$151.0M
Midstream$55.0M$56.0M$47.0M$48.0M$42.0M$54.0M
NGL and refined products transportation and services$42.0M$48.0M$41.0M$41.0M$42.0M$48.0M
Investment In USAC$12.0M$14.0M$14.0M$14.0M$14.0M$33.0M
Interstate transportation and storage$30.0M$37.0M$26.0M$29.0M$29.0M$30.0M
Intrastate transportation and storage$13.0M$14.0M$10.0M$12.0M$10.0M$13.0M
All other—$13.0M$13.0M$11.0M—$4.0M
Crude oil transportation and services$38.0M$44.0M$38.0M$36.0M$34.0M$1.0M

Total additions to property, plant and equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Intrastate transportation and storage$68.0M$226.0M$273.0M$431.0M$642.0M$586.0M
Midstream$498.0M$349.0M$384.0M$416.0M$467.0M$394.0M
NGL and refined products transportation and services$495.0M$363.0M$385.0M$328.0M$647.0M$317.0M
Interstate transportation and storage$100.0M$46.0M$79.0M$110.0M$124.0M$253.0M
Investment in Sunoco LP$132.0M$101.0M$160.0M$157.0M$233.0M$199.0M
Crude oil transportation and services$140.0M$107.0M$50.0M$115.0M—$85.0M
All other—$29.0M$125.0M$34.0M—$66.0M
Investment In USAC$46.0M$33.0M$30.0M$47.0M$47.0M$35.0M

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$495.0M$421.0M$416.0M$459.0M$488.0M$446.0M
Investment in Sunoco LP$188.0M$158.0M$162.0M$180.0M$373.0M$381.0M
NGL and refined products transportation and services$254.0M$247.0M$230.0M$294.0M$295.0M$298.0M
Crude oil transportation and services$217.0M$213.0M$237.0M$243.0M$234.0M$223.0M
Interstate transportation and storage$191.0M$189.0M$221.0M$271.0M$206.0M$215.0M
Investment In USAC$41.0M$43.0M$47.0M$43.0M$47.0M$89.0M
Intrastate transportation and storage$66.0M$57.0M$61.0M$72.0M$67.0M$65.0M
All other—$1.0M$0.0$17.0M—$7.0M

Total other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NGL and refined products transportation and services$96.0M$5.0M-$2.0M$29.0M$1.0M$320.0M
Investment in Sunoco LP$52.0M-$1.0M$94.0M$70.0M$248.0M-$299.0M
Interstate transportation and storage$117.0M$119.0M$130.0M$131.0M$128.0M$133.0M
Crude oil transportation and services$2.0M$5.0M-$16.0M$29.0M—$127.0M
Intrastate transportation and storage-$52.0M$85.0M-$15.0M-$9.0M—$69.0M
Midstream$5.0M$6.0M$7.0M$12.0M$4.0M$17.0M
Investment In USAC-$1.0M$0.0$0.0$0.0$0.0$8.0M
All other—$26.0M-$13.0M-$8.0M—$6.0M

Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate Segment and Other Operating Segment$5.0M$8.0M$8.0M$8.0M$8.0M—

Other Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate Segment and Other Operating Segment$8.8M-$750.0K-$750.0K-$750.0K-$750.0K—

Segment Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate Segment and Other Operating Segment-$2.5M-$18.8M-$18.8M-$18.8M-$18.8M—

Selling, General and Administrative Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate Segment and Other Operating Segment$15.5M$13.3M$13.3M$13.3M$13.3M—

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment in Sunoco LP$5.3B$5.2B$5.4B$6.0B$8.6B$10.7B
Crude oil transportation and services$6.2B$6.2B$5.7B$6.0B$8.5B$7.8B
NGL and refined products transportation and services$6.4B$6.9B$5.9B$5.9B$6.2B$6.7B
Midstream$3.2B$3.7B$3.1B$3.0B$2.7B$3.0B
Intrastate transportation and storage$820.0M$1.3B$931.0M$869.0M$902.0M$1.2B
Interstate transportation and storage$600.0M$621.0M$590.0M$603.0M$631.0M$634.0M
Investment In USAC$245.0M$245.0M$250.0M$251.0M$252.0M$331.0M

Advances to and investments in unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All Other$58.0M———$61.0M—