AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Energy Transfer's Q2 FY2026 revenue nearly doubled to $34.3B (+78% YoY), powered by Sunoco LP's acquisition-driven growth and higher crude oil prices/volumes, lifting net income 74% to $2.53B.
Biggest Revenue Drivers
Crude oil transportation and services$11.0B+92% YoY
Favorable market conditions, higher crude oil prices and higher volumes.
NGL and refined products transportation and services$6.4B+27% YoY
Higher premiums from NGL export/domestic sales and higher refined product spreads and prices.
Biggest Revenue Drivers
Total revenue: $34.3B+78% YoY
Crude oil transportation and services$11.0B+92% YoY
Favorable market conditions, higher crude oil prices and higher volumes.
NGL and refined products transportation and services$6.4B+27% YoY
Higher premiums from NGL export/domestic sales and higher refined product spreads and prices.
Midstream$842M-2% YoY
External revenue roughly flat, but margin rose on higher gathered/processed volumes and NGL/gas prices.
Interstate transportation and storage$599M+3% YoY
Higher contracted volumes and utilization across interstate pipeline systems.
Largest Expense Items
Cost of products sold$26.9B+93% YoY
Rose with higher commodity sales volumes and prices, particularly from Sunoco LP's expanded, acquisition-driven fuel distribution business.
Operating expenses$1.8B+36% YoY
Increased mainly from recently acquired businesses (Sunoco LP, USAC's J-W Power) and higher environmental reserves in midstream.
Depreciation, depletion and amortization$1.6B+14% YoY
Additional depreciation and amortization from assets recently placed in service and recent acquisitions.
Selling, general and administrative$421M+64% YoY
Increased costs from recently acquired businesses plus one-time transaction-related expenses.
Margins: Net income rose ~74% YoY to $2.53B on higher segment margin across all segments, led by NGL/refined products, crude oil, and Sunoco LP, partially offset by higher operating expenses, SG&A, D&A and interest expense tied to recent acquisitions.
Watch Items from the Filing
Rover pipeline could owe up to $345 million in additional Ohio ad valorem taxes for 2020-2025 if pending assessments are upheld.
ETMT paid the full $124 million Cline class-action judgment in May 2026 while its Supreme Court certiorari petition remains pending.
Unrecorded contingent gains from favorable verdicts against Greenpeace International and CPS Energy total approximately $786 million in aggregate.
Rover faces separate FERC proposed civil penalties of $20 million (Stoneman House) and $40 million (Tuscarawas), both still pending or stayed.
Investment in Sunoco LP is now the largest segment ($14.2B, 41% of total revenue), reflecting heavy reliance on recent acquisitions (TanQuid, Delta, pending $600M deal) for growth.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Anderson Steven R.Reporting ownerGrant or award · Jan 2, 2026
Mcreynolds John WReporting ownerGrant or award · Jan 2, 2026
Grimm Michael KReporting ownerGrant or award · Jan 2, 2026
Ramsey Matthew S.Reporting ownerGrant or award · Jan 2, 2026
Mccrea Marshall S IIICo-CEOGrant or award · Dec 5, 2025
Wright James M.EVP, GC & CCOGrant or award · Dec 5, 2025
Bramhall DylanEVP & Group CFOGrant or award · Dec 5, 2025
Sturrock TroySVP & ControllerGrant or award · Dec 5, 2025
Congress trading in ET
50 transactions in ET reported by 6 members of Congress under the STOCK Act, most recent trade May 5, 2026. Reported transactions, not recommendations.
About Energy Transfer LP (ET): stock profile, AI score and financials
Energy Transfer LP (ET) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores ET at 64.1/100 on a composite quality score built from its SEC filings, placing it at rank #535 of 2,896 stocks — the top 25% of the AI-ranked universe. ET scores in the top quartile across revenue scale (98.8). Based on the latest XBRL financial filings (Q2 2026), Energy Transfer LP reports quarterly revenue of $34.3B, net income of $2.1B, an operating margin of 10.4%. ET trades on the TXSE exchange and files with the SEC under CIK 1276187. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ET daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Energy Transfer LP directly from SEC EDGAR.