FY2025 · ended Dec 31, 2025 · Revenue $85.54B, +3.5% YoY · Filed Feb 19, 2026
Energy Transfer LP (ET) files with the SEC under industry code 4922, Natural Gas Transmission. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $85.5 billion and net income of $4.4 billion. Free cash flow was $3.8 billion. As of Jun 30, 2026 it held $1.0 billion in cash and investments and $70.2 billion in total debt.
Revenue (TTM)
$107.38B
+33.3% vs year-ago TTM
Net income (TTM)
$5.29B
+11.4% vs year-ago TTM
Operating cash flow (TTM)
$12.12B
+8.8% vs year-ago TTM
Free cash flow (TTM)
$5.22B
-8.5% vs year-ago TTM
EPS
—
Dividend per share
None
Shares outstanding
3.44B
+0.3% vs prior year
Net cash
$-69.23B
as of Jun 30, 2026
Operating margin
10.0%
FY 2026
Company profile
- Industry
- Natural Gas Transmission (SIC 4922)
- Listed as
- ET (TXSE), ET-PI (TXSE)
- Fiscal year ends
- December 31
- Incorporated in
- OK
- Headquarters
- Dallas, TX
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1276187
- Former names
- Energy Transfer Equity, L.P. (until Sep 18, 2018); LAGRANGE ENERGY LP (until Jun 24, 2005)
Other Natural Gas Transmission companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $85.5B | $82.7B | $78.6B | $89.9B | $67.4B |
| Operating income | $9.0B | $9.1B | $8.3B | $7.7B | $8.8B |
| Net income | $4.4B | $4.8B | $3.9B | $4.8B | $5.5B |
| Operating cash flow | $10.1B | $11.5B | $9.6B | $9.1B | $11.2B |
| Free cash flow | $3.8B | $7.3B | $6.4B | $5.7B | $8.3B |
| Total assets | $141.3B | $125.4B | $113.7B | $105.6B | $106.0B |
| Stockholders' equity | $49.0B | $46.0B | $43.9B | $40.7B | $39.3B |
| Cash and investments | $1.3B | $312.0M | $161.0M | $257.0M | $336.0M |
| Total debt | $70.2B | $60.6B | $53.2B | $49.1B | $50.6B |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Results of operations
|
Nov 3, 2026 | Nov 3, 2026 |
| 8-K |
Current report
Listing notice, Regulation FD disclosure
|
Sep 10, 2026 | Sep 3, 2026 |
| 10-Q | Quarterly report | Aug 6, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Aug 4, 2026 | Aug 4, 2026 |
| 8-K |
Current report
Material agreement, New debt
|
Jul 21, 2026 | Jul 20, 2026 |
| 8-K |
Current report
Material agreement, Other events
|
Jul 8, 2026 | Jul 6, 2026 |
All 1002 Energy Transfer LP SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.