Energy Transfer (ET) Q1 2026 earnings summary

Executive summary

• Achieved record operational performance and volumes in Q1 2026 across NGL, refined products, crude oil transportation, and midstream segments, with strong growth supported by major infrastructure projects and strategic agreements for data center and power generation demand.

• Adjusted EBITDA rose 20% year-over-year to $4.94 billion, with distributable cash flow attributable to partners at $2.7 billion, and net income for Q1 2026 at $1.25 billion.

• Revenue for Q1 2026 was $27.77 billion, up 32% year-over-year, and quarterly distribution increased to $0.3375 per unit.

• Major projects placed into service or underway include Gateway NGL Pipeline debottlenecking, Mustang Draw I processing plant, new ethane storage cavern, and multiple pipeline expansions.

• Significant acquisitions included Sunoco LP's purchase of TanQuid and USAC's acquisition of J-W Power Company, expanding international and compression operations.

Financial highlights

• Q1 2026 Adjusted EBITDA: $4.94 billion (vs. $4.1 billion Q1 2025); DCF attributable to partners: $2.7 billion (vs. $2.3 billion Q1 2025).

• Revenue for Q1 2026 was $27.77 billion, up from $21.02 billion in Q1 2025; operating income reached $2.98 billion, up from $2.49 billion.

• Growth capital expenditures for Q1 2026 were $1.53 billion; maintenance capital expenditures were $175 million.

• Increased quarterly cash distribution to $0.3375 per unit, up over 3% year-over-year.

• Favorable LIFO inventory adjustments at Sunoco LP increased net income by $444 million.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance raised to $18.2–$18.6 billion from prior $17.45–$17.85 billion.

• Growth capital expenditures for 2026 expected at $5.5–$5.9 billion; Q1 growth capex was $1.53 billion.

• Sunoco LP projects $400–$450 million in maintenance and at least $600 million in growth capital for 2026; USAC plans $60–$70 million in maintenance and $230–$250 million in expansion capital.

• Expectation to achieve or exceed high end of guidance if current market conditions persist.

• Long-term annual distribution growth targeted at 3–5%; leverage target maintained at 4–4.5x EBITDA.