Energy Transfer LP (ET) financial statements
Energy Transfer LP reported revenue of $85.5B in fiscal 2025, up 11.6% a year over 9 years.
Net income was $4.4B and the operating margin 10.6%, against 5.8% in 2016.
Free cash flow was $3.8B.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Energy Transfer LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.8B | $40.5B | $54.1B | $54.2B | $39.0B | $67.4B | $89.9B | $78.6B | $82.7B | $85.5B |
| Cost of revenue | $23.7B | $31.0B | $41.6B | $39.8B | $25.5B | $50.4B | $72.2B | $60.5B | $62.0B | $63.5B |
| Gross profit | $8.1B | $9.6B | $12.5B | $14.4B | $13.5B | $17.0B | $17.6B | $18.0B | $20.7B | $22.0B |
| Selling, general and admin | $656M | $599M | $702M | $694M | $711M | $818M | $1.0B | $985M | $1.2B | $1.2B |
| Operating income | $1.9B | $2.7B | $5.4B | $7.2B | $3.0B | $8.8B | $7.7B | $8.3B | $9.1B | $9.0B |
| Interest expense | $1.8B | $1.9B | $2.1B | $2.3B | $2.3B | $2.3B | $2.3B | $2.6B | $3.1B | $3.5B |
| Pre-tax income | $204M | $710M | $3.7B | $5.0B | $377M | $6.9B | — | — | — | — |
| Income tax | -$258M | -$1.8B | $4M | $195M | $237M | $184M | $204M | $303M | $541M | $350M |
| Net income | $995M | $954M | $1.7B | $3.5B | -$648M | $5.5B | $4.8B | $3.9B | $4.8B | $4.4B |
| Gross margin | 25.5% | 23.6% | 23.1% | 26.6% | 34.6% | 25.2% | 19.6% | 23.0% | 25.0% | 25.8% |
| Operating margin | 5.8% | 6.7% | 10.0% | 13.3% | 7.7% | 13.0% | 8.6% | 10.6% | 11.1% | 10.6% |
| Net margin | 3.1% | 2.4% | 3.2% | 6.5% | -1.7% | 8.1% | 5.3% | 5.0% | 5.8% | 5.2% |
Balance sheet
Fiscal years, from Energy Transfer LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $467M | $336M | $419M | $291M | $367M | $336M | $257M | $161M | $312M | $1.3B |
| Receivables | $3.6B | $4.5B | $4.0B | $5.0B | $3.9B | $7.7B | $8.5B | $9.0B | $10.2B | $11.3B |
| Inventory | $2.1B | $2.0B | $1.4B | $1.5B | $1.7B | $2.0B | $2.5B | $2.5B | $3.1B | $4.8B |
| Total current assets | $6.9B | $10.7B | $6.4B | $7.5B | $6.3B | $10.5B | $12.1B | $12.4B | $14.2B | $18.2B |
| Property, plant and equipment | $53.6B | $61.1B | $67.0B | $74.2B | $75.1B | $81.6B | $80.3B | $85.4B | $95.2B | $102.1B |
| Goodwill | $5.7B | $4.8B | $4.9B | $5.2B | $2.4B | $2.5B | $2.6B | $4.0B | $3.9B | $5.5B |
| Total assets | $78.9B | $86.2B | $88.4B | $99.0B | $95.1B | $106.0B | $105.6B | $113.7B | $125.4B | $141.3B |
| Total current liabilities | $7.3B | $7.9B | $9.3B | $7.7B | $5.9B | $10.8B | $10.4B | $11.3B | $12.7B | $15.0B |
| Long-term debt | $42.6B | $43.7B | $43.4B | $51.0B | $51.4B | $49.0B | $48.3B | $51.4B | $59.8B | $68.3B |
| Total liabilities | $56.5B | $56.2B | $57.2B | $65.0B | $63.8B | $66.6B | $65.0B | $69.8B | $79.4B | $92.3B |
| Shareholders' equity | $22.4B | $30.1B | $31.0B | $33.9B | $31.4B | $39.3B | $40.7B | $43.9B | $46.0B | $49.0B |
| Net debt | $43.3B | $43.7B | $45.6B | $50.8B | $51.1B | $49.4B | $48.0B | $52.2B | $59.4B | $67.1B |
Cash flow
Fiscal years, from Energy Transfer LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $4.4B | $7.5B | $8.1B | $7.4B | $11.2B | $9.1B | $9.6B | $11.5B | $10.1B |
| Capital spending | $7.8B | $8.4B | $7.4B | $6.0B | $5.1B | $2.8B | $3.4B | $3.1B | $4.2B | $6.3B |
| Free cash flow | -$4.4B | -$4.0B | $99M | $2.1B | $2.2B | $8.3B | $5.7B | $6.4B | $7.3B | $3.8B |
| Stock-based compensation | $70M | $99M | $105M | $113M | $121M | $111M | $115M | $130M | $151M | $148M |
| Share buybacks (net) | $0 | $0 | $0 | -$25M | $0 | -$31M | $0 | $0 | — | — |
| Net borrowing | $6.7B | $340M | $53M | $2.5B | $307M | -$6.1B | -$843M | $714M | $4.7B | $32.9B |
| Free cash flow margin | -14.0% | -9.9% | 0.2% | 3.9% | 5.7% | 12.4% | 6.3% | 8.2% | 8.9% | 4.5% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ET.
Open ET in InvestinglyQuestions
What was Energy Transfer LP's revenue in 2025?
$85.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Energy Transfer LP generate?
$3.8B in fiscal 2025 (operating cash flow minus capital spending).
From Energy Transfer LP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.