Energy Transfer ET Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total revenues by Business | ||||||
| Crude oil transportation and services | $7.76B+25.0% | $8.48B+36.3% | $6.04B-17.3% | $5.75B-22.0% | $6.21B-18.7% | |
| Interstate transportation and storage | $634M+2.1% | $631M+5.2% | $603M+4.9% | $590M+13.7% | $621M+3.2% | |
| Intrastate transportation and storage | $1.16B-10.7% | $902M+10.0% | $869M+28.2% | $931M+46.2% | $1.29B+41.0% | |
| Investment in Sunoco LP | $10.69B+106% | $8.6B+63.2% | $6.03B+4.9% | $5.39B-12.7% | $5.18B-5.8% | |
| Investment In USAC | $331M+35.1% | $252M+2.9% | $251M+4.6% | $250M+5.9% | $245M+7.0% | |
| Midstream | $3.04B-16.7% | $2.72B-13.9% | $2.99B+8.5% | $3.14B+25.0% | $3.66B+31.8% | |
| NGL and refined products transportation and services | $6.67B-3.4% | $6.15B-3.2% | $5.85B0.0% | $5.94B+2.5% | $6.91B+5.9% | |
| Total other income by Business | ||||||
| All other | $6M-76.9% | —— | -$8M-300% | -$13M-333% | $26M0.0% | |
| Crude oil transportation and services | $127M+2,440% | —— | $29M+11.5% | -$16M-60.0% | $5M-82.1% | |
| Interstate transportation and storage | $133M+11.8% | $128M+9.4% | $131M+4.8% | $130M+11.1% | $119M+0.8% | |
| Intrastate transportation and storage | $69M-18.8% | —— | -$9M-80.0% | -$15M+37.5% | $85M+18.1% | |
| Investment in Sunoco LP | -$299M-29,800% | $248M+377% | $70M-72.2% | $94M+154% | -$1M+99.0% | |
| Investment In USAC | $8M— | $0+100% | $0— | $0-100% | $0— | |
| Midstream | $17M+183% | $4M-20.0% | $12M-84.4% | $7M0.0% | $6M-25.0% | |
| NGL and refined products transportation and services | $320M+6,300% | $1M-99.0% | $29M+200% | -$2M-104% | $5M-90.4% | |
| Cost of products sold by Business | ||||||
| All other | $994M-0.1% | —— | $895M+143% | $909M+217% | $995M+121% | |
| Crude oil transportation and services | $6.79B+30.3% | $7.48B+43.6% | $5.05B-19.9% | $4.73B-25.1% | $5.21B-20.9% | |
| Interstate transportation and storage | $3M+50.0% | $1M-66.7% | $3M0.0% | $3M+50.0% | $2M+100% | |
| Intrastate transportation and storage | $710M-26.3% | $454M+6.6% | $546M+101% | $561M+174% | $964M+97.9% | |
| Investment in Sunoco LP | $9B+98.9% | $7.68B+65.3% | $5.39B+1.1% | $4.82B-14.0% | $4.53B-9.8% | |
| Investment In USAC | $29M-23.7% | $36M0.0% | $34M-10.5% | $40M+11.1% | $38M+5.6% | |
| Midstream | $1.67B-25.9% | $1.47B-22.8% | $1.75B+12.6% | $1.91B+31.2% | $2.26B+31.5% | |
| NGL and refined products transportation and services | $5.48B-2.8% | $4.74B-6.2% | $4.49B-0.8% | $4.64B+2.7% | $5.64B+6.1% | |
| Adjusted EBITDA (consolidated) by Business | ||||||
| All other | $16M+245% | —— | -$23M+17.9% | -$24M-300% | -$11M-124% | |
| Crude oil transportation and services | $869M+17.1% | $722M-5.0% | $746M-2.9% | $732M-8.6% | $742M-12.5% | |
| Interstate transportation and storage | $519M+1.4% | $523M+6.1% | $431M-6.3% | $470M+19.9% | $512M+6.0% | |
| Intrastate transportation and storage | $437M+27.0% | $355M+35.0% | $230M-30.1% | $284M-13.4% | $344M-21.5% | |
| Investment in Sunoco LP | $858M+87.3% | $646M+47.2% | $489M+7.2% | $454M+41.9% | $458M+89.3% | |
| Investment In USAC | $188M+25.3% | $155M0.0% | $160M+9.6% | $149M+3.5% | $150M+7.9% | |
| Midstream | $887M-4.1% | $720M+2.1% | $751M-8.0% | $768M+10.8% | $925M+32.9% | |
| NGL and refined products transportation and services | $1.16B+18.9% | $1.08B-2.7% | $1.05B+4.2% | $1.03B-3.5% | $978M-1.1% | |
| Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses by Business | ||||||
| All other | $7M+600% | —— | $17M-15.0% | $0-100% | $1M-83.3% | |
| Crude oil transportation and services | $223M+4.7% | $234M+7.8% | $243M+5.2% | $237M+9.7% | $213M+13.3% | |
| Interstate transportation and storage | $215M+13.8% | $206M+7.9% | $271M+33.5% | $221M+5.2% | $189M-6.9% | |
| Intrastate transportation and storage | $65M+14.0% | $67M+1.5% | $72M+18.0% | $61M-7.6% | $57M+7.5% | |
| Investment in Sunoco LP | $381M+141% | $373M+98.4% | $180M+7.1% | $162M+8.7% | $158M+50.5% | |
| Investment In USAC | $89M+107% | $47M+14.6% | $43M0.0% | $47M+9.3% | $43M+10.3% | |
| Midstream | $446M+5.9% | $488M-1.4% | $459M+11.7% | $416M+29.6% | $421M+30.3% | |
| NGL and refined products transportation and services | $298M+20.6% | $295M+16.1% | $294M+21.0% | $230M-0.9% | $247M+8.3% | |
| Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses by Business | ||||||
| All other | $4M-69.2% | —— | $11M-52.2% | $13M+62.5% | $13M+8.3% | |
| Crude oil transportation and services | $1M-97.7% | $34M-10.5% | $36M-7.7% | $38M+5.6% | $44M+22.2% | |
| Interstate transportation and storage | $30M-18.9% | $29M-3.3% | $29M-14.7% | $26M-18.8% | $37M+12.1% | |
| Intrastate transportation and storage | $13M-7.1% | $10M-23.1% | $12M+9.1% | $10M-28.6% | $14M+16.7% | |
| Investment in Sunoco LP | $151M+319% | $153M+206% | $47M-9.6% | $47M-64.4% | $36M+12.5% | |
| Investment In USAC | $33M+136% | $14M+16.7% | $14M+7.7% | $14M0.0% | $14M-6.7% | |
| Midstream | $54M-3.6% | $42M-23.6% | $48M-15.8% | $47M+9.3% | $56M+27.3% | |
| NGL and refined products transportation and services | $48M0.0% | $42M0.0% | $41M-2.4% | $41M+20.6% | $48M+14.3% | |
| Depreciation, depletion and amortization by Business | ||||||
| All other | $16M+6.7% | —— | $14M-6.7% | $16M+207% | $15M-16.7% | |
| Crude oil transportation and services | $268M+13.1% | $239M+5.3% | $294M+16.7% | $244M+2.1% | $237M-4.0% | |
| Interstate transportation and storage | $145M+2.1% | $145M+0.7% | $144M-0.7% | $141M-2.1% | $142M0.0% | |
| Intrastate transportation and storage | $52M+2.0% | $51M-7.3% | $52M-3.7% | $51M-3.8% | $51M-5.6% | |
| Investment in Sunoco LP | $286M+83.3% | $219M+44.1% | $159M+67.4% | $154M+97.4% | $156M+263% | |
| Investment In USAC | $87M+24.3% | $73M+5.8% | $71M+6.0% | $71M+7.6% | $70M+11.1% | |
| Midstream | $469M+4.7% | $462M-1.1% | $457M+6.5% | $459M+16.5% | $448M+4.4% | |
| NGL and refined products transportation and services | $260M+4.8% | $284M+15.0% | $249M-6.7% | $248M-2.4% | $248M-3.9% | |
| Equity in earnings of unconsolidated affiliates by Business | ||||||
| All other | $5M— | —— | $1M0.0% | $2M+100% | $0-100% | |
| Crude oil transportation and services | $6M+50.0% | $6M+100% | $8M+60.0% | $5M-16.7% | $4M-42.9% | |
| Interstate transportation and storage | $75M+19.0% | $72M+18.0% | $73M+9.0% | $72M+41.2% | $63M+1.6% | |
| Intrastate transportation and storage | $3M-40.0% | $6M+100% | $4M-20.0% | $3M0.0% | $5M0.0% | |
| Midstream | $2M-33.3% | $1M-66.7% | $8M+300% | $3M-25.0% | $3M-25.0% | |
| NGL and refined products transportation and services | $19M+11.8% | $18M-18.2% | $22M0.0% | $20M0.0% | $17M-10.5% | |
| Total additions to property, plant and equipment by Business | ||||||
| All other | $66M+128% | —— | $34M-19.0% | $125M+184% | $29M+11.5% | |
| Crude oil transportation and services | $85M-20.6% | —— | $115M+11.7% | $50M-45.1% | $107M+20.2% | |
| Interstate transportation and storage | $253M+450% | $124M+24.0% | $110M-4.3% | $79M+16.2% | $46M-6.1% | |
| Intrastate transportation and storage | $586M+159% | $642M+844% | $431M+10,675% | $273M+753% | $226M+1,514% | |
| Investment in Sunoco LP | $199M+97.0% | $233M+76.5% | $157M+68.8% | $160M+105% | $101M+146% | |
| Investment In USAC | $35M+6.1% | $47M+2.2% | $47M+9.3% | $30M-60.5% | $33M-70.3% | |
| Midstream | $394M+12.9% | $467M-6.2% | $416M-6.3% | $384M+89.2% | $349M+96.1% | |
| NGL and refined products transportation and services | $317M-12.7% | $647M+30.7% | $328M-12.5% | $385M+15.3% | $363M+65.0% | |
| Investments in unconsolidated affiliates by Business | ||||||
| All other | $61M+3.4% | $61M+5.2% | $60M— | $60M— | $59M— | |
| Crude oil transportation and services | $189M-1.0% | $190M-1.6% | $191M— | $188M— | $191M— | |
| Interstate transportation and storage | $2.39B+1.5% | $2.35B+0.1% | $2.37B— | $2.34B— | $2.35B— | |
| Intrastate transportation and storage | $152M+1.3% | $151M+0.7% | $151M— | $151M— | $150M— | |
| Investment in Sunoco LP | $345M— | $342M— | —— | —— | —— | |
| Midstream | $132M+1.5% | $130M-1.5% | $133M— | $129M— | $130M— | |
| NGL and refined products transportation and services | $379M+0.3% | $362M-5.5% | $367M— | $371M— | $378M— | |
| Total revenues by Product | ||||||
| Crude sales | $6.99B+28.4% | —— | $5.3B-18.2% | $5.02B-23.3% | $5.45B-20.4% | |
| Gathering, transportation and other fees | $3.26B+8.5% | —— | $3.13B+0.7% | $3.08B+1.8% | $3.01B+3.6% | |
| Natural gas sales | $1.48B-6.5% | $1B+9.2% | $1.02B+101% | $1.06B+130% | $1.58B+84.9% | |
| NGL sales | $5.13B-9.1% | $4.61B-3.3% | $4.29B-9.0% | $4.5B+2.8% | $5.64B+7.4% | |
| Refined product sales | $10.27B+107% | —— | $5.85B+5.1% | $5.18B-13.6% | $4.96B-10.0% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Energy Transfer break its business down?
- Energy Transfer (ET) reports total revenues by business across 7 parts — Crude oil transportation and services, Interstate transportation and storage, Intrastate transportation and storage, Investment in Sunoco LP and Investment In USAC. Each is extracted from the segment footnotes and tracked over time.
- Where does Energy Transfer's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Energy Transfer's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
