InsiderClue
Stocks · Energy · Natural Gas Transmission

Energy Transfer LP

ET Clue Score47
United States Fiscal year ends December CIK 0001276187
$20.41 -1.02% Close, 9 Oct 2026
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Price $20.41 +105.54% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue31.79Operating income1.85Net income1.00Fiscal year 2017Revenue40.52 +27.5%Operating income2.72Net income0.95 −4.1%Fiscal year 2018Revenue54.09 +33.5%Operating income5.40Net income1.75 +83.3%Fiscal year 2019Revenue54.21 +0.2%Operating income7.20Net income3.52 +101.1%Fiscal year 2020Revenue38.95 −28.1%Operating income2.98Net income−0.65 −118.4%Fiscal year 2021Revenue67.42 +73.1%Operating income8.79Net income5.47Fiscal year 2022Revenue89.88 +33.3%Operating income7.74Net income4.76 −13.1%Fiscal year 2023Revenue78.59 −12.6%Operating income8.30Net income3.94 −17.3%Fiscal year 2024Revenue82.67 +5.2%Operating income9.14Net income4.81 +22.3%Fiscal year 2025Revenue85.54 +3.5%Operating income9.03Net income4.43 −7.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 31.79 40.52 54.09 54.21 38.95 67.42 89.88 78.59 82.67 85.54
Growth +27.5% +33.5% +0.2% −28.1% +73.1% +33.3% −12.6% +5.2% +3.5%
Operating income 1.85 2.72 5.40 7.20 2.98 8.79 7.74 8.30 9.14 9.03
Net income 1.00 0.95 1.75 3.52 −0.65 5.47 4.76 3.94 4.81 4.43
Growth −4.1% +83.3% +101.1% −118.4% −13.1% −17.3% +22.3% −7.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin5.8%Net margin3.1%Free cash flow margin−14.0%Fiscal year 2017Operating margin6.7%Net margin2.4%Free cash flow margin−9.9%Fiscal year 2018Operating margin10.0%Net margin3.2%Free cash flow margin0.2%Fiscal year 2019Operating margin13.3%Net margin6.5%Free cash flow margin3.9%Fiscal year 2020Operating margin7.7%Net margin−1.7%Free cash flow margin5.7%Fiscal year 2021Operating margin13.0%Net margin8.1%Free cash flow margin12.4%Fiscal year 2022Operating margin8.6%Net margin5.3%Free cash flow margin6.3%Fiscal year 2023Operating margin10.6%Net margin5.0%Free cash flow margin8.2%Fiscal year 2024Operating margin11.1%Net margin5.8%Free cash flow margin8.9%Fiscal year 2025Operating margin10.6%Net margin5.2%Free cash flow margin4.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin −14.0% −9.9% 0.2% 3.9% 5.7% 12.4% 6.3% 8.2% 8.9% 4.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow3.32Capital expenditure−7.77Free cash flow−4.45Buybacks0.00Fiscal year 2017Operating cash flow4.43Capital expenditure−8.44Free cash flow−4.02Buybacks0.00Fiscal year 2018Operating cash flow7.51Capital expenditure−7.41Free cash flow0.10Buybacks0.00Fiscal year 2019Operating cash flow8.06Capital expenditure−5.96Free cash flow2.10 +2,017.2%Buybacks−0.03Fiscal year 2020Operating cash flow7.36Capital expenditure−5.13Free cash flow2.23 +6.4%Buybacks0.00Fiscal year 2021Operating cash flow11.16Capital expenditure−2.82Free cash flow8.34 +273.8%Buybacks−0.03Fiscal year 2022Operating cash flow9.05Capital expenditure−3.38Free cash flow5.67 −32.0%Buybacks0.00Fiscal year 2023Operating cash flow9.56Capital expenditure−3.13Free cash flow6.42 +13.2%Buybacks0.00Fiscal year 2024Operating cash flow11.51Capital expenditure−4.16Free cash flow7.34 +14.3%Fiscal year 2025Operating cash flow10.15Capital expenditure−6.30Free cash flow3.85 −47.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.32 4.43 7.51 8.06 7.36 11.16 9.05 9.56 11.51 10.15
Capital expenditure −7.77 −8.44 −7.41 −5.96 −5.13 −2.82 −3.38 −3.13 −4.16 −6.30
Free cash flow −4.45 −4.02 0.10 2.10 2.23 8.34 5.67 6.42 7.34 3.85
Growth +2,017.2% +6.4% +273.8% −32.0% +13.2% +14.3% −47.6%
Buybacks 0.00 0.00 0.00 −0.03 0.00 −0.03 0.00 0.00 n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.47Total debt43.80Net cash (debt)−43.34Shareholders’ equity22.43Debt to equity1.95Fiscal year 2017Cash0.34Total debt44.08Net cash (debt)−43.75Shareholders’ equity30.09Debt to equity1.46Fiscal year 2018Cash0.42Total debt46.03Net cash (debt)−45.61Shareholders’ equity31.02Debt to equity1.48Fiscal year 2019Cash0.29Total debt51.05Net cash (debt)−50.76Shareholders’ equity33.94Debt to equity1.50Fiscal year 2020Cash0.37Total debt51.44Net cash (debt)−51.07Shareholders’ equity31.39Debt to equity1.64Fiscal year 2021Cash0.34Total debt49.70Net cash (debt)−49.37Shareholders’ equity39.35Debt to equity1.26Fiscal year 2022Cash0.26Total debt48.26Net cash (debt)−48.01Shareholders’ equity40.66Debt to equity1.19Fiscal year 2023Cash0.16Total debt52.39Net cash (debt)−52.23Shareholders’ equity43.94Debt to equity1.19Fiscal year 2024Cash0.31Total debt59.76Net cash (debt)−59.45Shareholders’ equity46.02Debt to equity1.30Fiscal year 2025Cash1.27Total debt68.33Net cash (debt)−67.06Shareholders’ equity49.01Debt to equity1.39
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.47 0.34 0.42 0.29 0.37 0.34 0.26 0.16 0.31 1.27
Total debt 43.80 44.08 46.03 51.05 51.44 49.70 48.26 52.39 59.76 68.33
Net cash (debt) −43.34 −43.75 −45.61 −50.76 −51.07 −49.37 −48.01 −52.23 −59.45 −67.06
Shareholders’ equity 22.43 30.09 31.02 33.94 31.39 39.35 40.66 43.94 46.02 49.01
Debt to equity 1.95 1.46 1.48 1.50 1.64 1.26 1.19 1.19 1.30 1.39

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
5.8% 6.7% 10.0% 13.3% 7.7% 13.0% 8.6% 10.6% 11.1% 10.6%
0.6% 1.8% 6.8% 9.3% 1.0% 10.2% n/a n/a n/a n/a
3.1% 2.4% 3.2% 6.5% −1.7% 8.1% 5.3% 5.0% 5.8% 5.2%
−14.0% −9.9% 0.2% 3.9% 5.7% 12.4% 6.3% 8.2% 8.9% 4.5%
Spending
2.1% 1.5% 1.3% 1.3% 1.8% 1.2% 1.1% 1.3% 1.4% 1.4%
24.4% 20.8% 13.7% 11.0% 13.2% 4.2% 3.8% 4.0% 5.0% 7.4%
−126.5% −258.2% 0.1% 3.9% 62.9% 2.7% n/a n/a n/a n/a
Returns
4.4% 3.2% 5.6% 10.4% −2.1% 13.9% 11.7% 9.0% 10.5% 9.0%
1.3% 1.1% 2.0% 3.6% −0.7% 5.2% 4.5% 3.5% 3.8% 3.1%
Balance and payout
1.95 1.46 1.48 1.50 1.64 1.26 1.19 1.19 1.30 1.39
n/a n/a 0.0% 1.2% 0.0% 0.4% 0.0% 0.0% n/a n/a