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%. Top institutional holders of ET by reported 13-F value include ALPS ADVISORS, MORGAN STANLEY, JPMORGAN CHASE, based on the most recent SEC filings. 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.