Energy Transfer
Connects U.S. production basins to processing, storage, terminals, and export outlets.
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Profile
Moves and processes natural gas, NGLs, crude oil, and refined products through an integrated U.S. midstream network. Operations span gathering, processing, transportation, storage, fractionation, and terminals, while controlled interests in Sunoco LP and USA Compression Partners add fuel distribution and gas compression.
Moves natural gas from gathering and processing sites through intrastate and interstate transportation and storage. The network also handles NGL and refined products transportation and services, crude oil transportation and services, fractionation, and terminals across major U.S. production basins and Gulf Coast outlets.
Combines directly operated infrastructure with controlled interests in Sunoco LP and USA Compression Partners, adding fuel distribution, terminals, and natural-gas compression. Repeated acquisitions have connected producing basins, processing plants, long-haul pipelines, storage, fractionators, and export facilities across most of the United States.
Operating continuity depends on pipeline permits, environmental compliance, safe construction, and government approvals. Dakota Access remains shaped by federal easement conditions, while prior Mariner East and Revolution Pipeline cases show the compliance demands attached to building and operating the network.
Company facts
Categories
Key statistics
Year to date +28.5% · Average volume (30d) 9.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 6, 2026 | Raymond James | Downgrade | Strong Buy | Underperform | ||
| Jul 6, 2026 | HSBC | Upgrade | Buy | |||
| May 26, 2026 | Jefferies | Target | $17 | $23 | ||
| Dec 18, 2025 | Morgan Stanley | Downgrade | Overweight | Equal Weight | $15 | $19 |
| Oct 28, 2025 | Jefferies | Target | $17 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.38 | $0.59 | +55.4% | $27.71B | $34.33B | +23.9% | +0.25% |
| May 5, 2026Q1 FY26 | $0.40 | $0.35 | −12.5% | $25.78B | $27.77B | +7.7% | −2.55% |
| Feb 17, 2026Q4 FY25 | $0.37 | $0.25 | −32.9% | $24.01B | $25.32B | +5.4% | +1.34% |
| Nov 5, 2025Q3 FY25 | $0.33 | $0.28 | −16.0% | $21.92B | $19.95B | −9.0% | −0.24% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $21.02B | $19.24B | $19.95B | $22.41B | $27.77B | $34.33B | |
| Gross profit | $4.15B | $2.69B | $5.39B | $5.78B | $6.62B | $7.40B | |
| Operating income | $2.49B | $2.43B | $2.15B | $2.37B | $2.98B | $3.57B | |
| Net income | $1.32B | $1.10B | $1.02B | $1.46B | $1.25B | $2.09B | |
| Diluted EPS | $0.36 | $0.32 | $0.27 | $0.40 | $0.35 | $0.59 | |
| Gross margin | 19.7% | 14.0% | 27.0% | 25.8% | 23.8% | 21.5% | |
| Operating margin | 11.9% | 12.6% | 10.8% | 10.6% | 10.7% | 10.4% |
Fiscal years (4-quarter sums)FY21 $67.42B · FY22 $89.88B · FY23 $78.59B · FY24 $82.67B · FY25 $82.63B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.02B · Total debt $70.24B · Total assets $148.17B · Shareholders' equity $35.33B
Dividends
Raised for 4 straight years — most recently to $0.34 from $0.3375 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 7, 2026 | Aug 7 | Aug 19 | $0.34 | raised from $0.3375 |
| May 8, 2026 | May 8 | May 20 | $0.3375 | raised from $0.335 |
| Feb 6, 2026 | Feb 6 | Feb 19 | $0.335 | raised from $0.3325 |
| Nov 7, 2025 | Nov 7 | Nov 19 | $0.3325 | raised from $0.33 |
| Aug 8, 2025 | Aug 8 | Aug 19 | $0.33 | raised from $0.3275 |
| May 9, 2025 | May 9 | May 20 | $0.3275 | raised from $0.325 |
| Feb 7, 2025 | Feb 7 | Feb 19 | $0.325 | raised from $0.3225 |
| Nov 8, 2024 | Nov 8 | Nov 19 | $0.3225 | raised from $0.32 |
Ownership
Shares outstanding 3.44B · Float 3.09B · 89.9% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Kelcy L. Warren | 302.40M | 8.80% | 13D/A | Sep 17, 2024 |
| Alps Advisors Inc | 86.90M | 2.53% | 13F | Jul 29, 2026 |
| Morgan Stanley | 85.61M | 2.49% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 81.08M | 2.36% | 13F | Aug 12, 2026 |
| Goldman Sachs Group Inc | 62.82M | 1.83% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Kelcy L. Warren | director | +647,968 | $21.26 |
| Aug 18, 2026 | Kelcy L. Warren | director | +352,032 | $21.27 |
| Aug 7, 2026 | James Richard Perry | director | +12,359 | $20.23 |
| Nov 19, 2025 | Kelcy L. Warren | director | +1,000,000 | $16.95 |
| Nov 20, 2025 | Kelcy L. Warren | director | +1,000,000 | $16.81 |
Peers
- Enterprise Products Partners
Integrated rival across gas, NGL, crude and refined-product chains
- ONEOK
Integrated U.S. midstream operator spanning gas, NGLs, crude and products
- Kinder Morgan
North American gas-pipeline, products-pipeline and terminal operator
- MPLX
Diversified U.S. midstream operator across gas, NGL, crude and products
- Targa Resources
Permian-led operator focused on gas processing and NGL logistics
- Williams
U.S. gas-pipeline, storage, gathering and processing operator
- Plains All American Pipeline
Crude-focused midstream network with retained U.S. NGL operations
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Plains All American Pipeline | $25.54 | +0.22% | $17.98B | 7.1 | 15.6 | 0.3 | +66.3% |
| Median | 16.3 | 15.6 | 3.7 | +10.8% |