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Energy Transfer LP (ET)
Energy · Oil & Gas Midstream · NYSE
Energy Transfer LP revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.79B | $40.52B | $54.09B | $54.21B | $38.95B | $67.42B | $89.88B | $78.59B | $82.67B | $85.54B |
| Gross profit | $8.10B | $9.56B | $12.48B | $14.41B | $13.47B | $17.02B | $13.48B | $13.66B | $15.53B | $16.36B |
| Net income | $995.00M | $954.00M | $1.75B | $3.52B | $-648.00M | $5.47B | $4.76B | $3.94B | $4.81B | $4.43B |
| Net margin | 3.1% | 2.4% | 3.2% | 6.5% | -1.7% | 8.1% | 5.3% | 5.0% | 5.8% | 5.2% |
Source: Energy Transfer LP SEC filings (10-K). 18 years of history available in the interactive view.
What growth is priced into ET stock?
At today's market cap of $65.86B, Energy Transfer LP is priced for free-cash-flow growth of about 5.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $3.85B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 11.5%/yr over the last five fiscal years and revenue 17%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Energy Transfer LP financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeEnergy Transfer LP financial history by metric
About Energy Transfer LP
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States. It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; Investment in USA Compression Partners, LP (USAC); and All Other segments. The company owns and operates natural gas transportation pipelines and storage facilities; and approximately 12,200 miles of intrastate natural gas transportation pipelines and 20,090 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. In addition, the company owns and operates natural gas gathering pipelines, processing plants, and treating and conditioning facilities; and natural gas gathering, compression, treating, dehydration and processing, oil pipeline facilities. Further, it owns 5,700 miles of NGL pipelines; NGL fractionation and storage facilities; and other NGL storage assets and terminals. Additionally, the company provides crude oil transportation, terminalling, trucking, acquisition, and marketing activities; owns and operates approximately 18,000 miles of crude oil trunk and gathering pipelines; and sells and distributes motor fuels and other petroleum products under the Sunoco and EcoMaxx brands. It also offers natural gas compression; wholesale power trading; and carbon dioxide and hydrogen sulfide removal services, as well as management of coal and natural resources properties; sells standing timber; leases coal-related infrastructure facilities; and collects oil and gas royalties. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. Energy Transfer LP was founded in 1996 and is headquartered in Dallas, Texas.
Energy Transfer LP — frequently asked questions
What is Energy Transfer LP's revenue?
Energy Transfer LP (ET) reported revenue of $85.54B for fiscal year 2025, up 3.5% from the prior year, according to its SEC filings.
Is Energy Transfer LP profitable?
Yes. ET earned net income of $4.43B in fiscal 2025, a net margin of 5.2%.
What is ET's P/E ratio?
Energy Transfer LP trades at a price-to-earnings ratio of about 15.9 based on the latest data in our nightly-refreshed cache.
How fast is Energy Transfer LP growing?
ET's revenue grew at roughly 17.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Energy Transfer LP have?
As of fiscal year 2025, ET carried roughly $68.33B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Energy Transfer LP's gross margin?
ET's gross margin was 19.1% in fiscal 2025 — gross profit of $16.36B on revenue of $85.54B.
What is Energy Transfer LP's market cap?
Energy Transfer LP (ET) has a market capitalization of about $65.86B, based on the latest data in our nightly-refreshed cache.
When does Energy Transfer LP's fiscal year end?
ET's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ET stock?
At today's market cap of $65.86B, Energy Transfer LP is priced for free-cash-flow growth of about 5.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $3.85B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 11.5%/yr over the last five fiscal years and revenue 17%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Energy Transfer LP's official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.