Energy Transfer (ET) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q1 2026 was $4.94 billion, up 20% year-over-year, driven by record volumes in NGL, refined products, crude oil, and midstream segments.

• Net income attributable to partners for Q1 2026 was $1.25 billion, with revenue of $27.77 billion, up 32% year-over-year.

• Distributed cash flow attributable to partners was $2.70 billion, up from $2.31 billion year-over-year.

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

• Multiple new growth projects, contract extensions, and infrastructure expansions underpin long-term optimism and support data center and power generation demand.

Financial highlights

• Q1 2026 Adjusted EBITDA: $4.94B; distributable cash flow attributable to partners: $2.70B.

• 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 year-over-year.

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

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

Outlook and guidance

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

• 2026 organic growth capital guidance increased to $5.5–$5.9 billion, reflecting new projects.

• 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.

• Sunoco LP and USAC provided separate capital guidance for 2026.