ET (Energy Transfer LP) Stock Financials & Earnings | Market Cap Arena

ET (Energy Transfer LP) Stock Financials & Earnings | Market Cap Arena

ETEnergy Transfer LP

Mkt Cap$64B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Revenue (TTM)$82.6B

Net Income (TTM)$4.9B

EPS (TTM)$1.35

Free Cash Flow (TTM)$3.8B

Gross Margin21.8%

Op. Margin11.4%

Net Margin5.9%

FCF Margin4.7%

P/S Ratio (TTM)0.8x

P/E Ratio (TTM)13.1x

YoY Rev Growth-0.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$19.0B	$3.4B	$2.1B
Q2 23	$18.3B	$3.1B	$1.8B
Q3 23	$20.7B	$3.6B	$2.2B
Q4 23	$20.5B	$3.7B	$2.2B
Q1 24	$21.6B	$3.9B	$2.4B
Q2 24	$20.7B	$3.9B	$2.3B
Q3 24	$20.8B	$3.8B	$2.2B
Q4 24	$19.5B	$4.1B	$2.3B
Q1 25	$21.0B	$4.2B	$2.5B
Q2 25	$19.2B	$2.7B	$2.4B
Q3 25	$20.0B	$5.4B	$2.2B
Q4 25	$22.4B	$5.8B	$2.4B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	0.7x	13.9x
Q2 23	0.8x	15.3x
Q3 23	0.8x	17.0x
Q4 23	0.8x	16.3x
Q1 24	0.8x	15.8x
Q2 24	0.8x	14.4x
Q3 24	0.8x	12.7x
Q4 24	0.8x	13.3x
Q1 25	0.8x	13.1x
Q2 25	0.8x	13.7x
Q3 25	0.8x	14.2x
Q4 25	0.8x	13.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$3.4B	$2.5B
Q2 23	$2.5B	$1.7B
Q3 23	$2.4B	$1.7B
Q4 23	$1.3B	$592M
Q1 24	$3.8B	$3.0B
Q2 24	$2.3B	$1.5B
Q3 24	$2.9B	$1.8B
Q4 24	$2.6B	$1.1B
Q1 25	$2.9B	$1.7B
Q2 25	$2.8B	$1.1B
Q3 25	$2.6B	$1.3B
Q4 25	$1.9B	-$225M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$853M
Q2 23	$876M
Q3 23	$701M
Q4 23	$704M
Q1 24	$795M
Q2 24	$811M
Q3 24	$1.1B
Q4 24	$1.5B
Q1 25	$1.2B
Q2 25	$1.7B
Q3 25	$1.3B
Q4 25	$2.1B

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-7.3%	-9.2%
Q2 23	-29.4%	-30.8%
Q3 23	-9.6%	-11.7%
Q4 23	+0.2%	-1.8%
Q1 24	+13.9%	+13.7%
Q2 24	+13.1%	+11.8%
Q3 24	+0.2%	+0.5%
Q4 24	-4.8%	-6.0%
Q1 25	-2.8%	-3.7%
Q2 25	-7.2%	-8.8%
Q3 25	-3.9%	-4.2%
Q4 25	+14.7%	+16.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$37M	0.2%
Q2 23	$27M	0.1%
Q3 23	$35M	0.2%
Q4 23	$31M	0.2%
Q1 24	$46M	0.2%
Q2 24	$30M	0.1%
Q3 24	$37M	0.2%
Q4 24	$38M	0.2%
Q1 25	$37M	0.2%
Q2 25	$33M	0.2%
Q3 25	$40M	0.2%
Q4 25	$38M	0.2%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 23	—	$238M
Q2 23	—	$228M
Q3 23	—	$234M
Q4 23	—	$409M
Q1 24	—	$260M
Q2 24	—	$332M
Q3 24	—	$297M
Q4 24	—	$448M
Q1 25	—	$288M
Q2 25	—	$257M
Q3 25	—	$268M
Q4 25	$205M	—

Revenue Segments

Quarter	NGL sales	Natural Gas, Midstream	Natural gas sales	Oil and Gas	Oil and Gas, Refining and Marketing	Product and Service, Other	Crude sales	Gathering, transportation and other fees	Refined Products	Refined product sales
Q1 23	$4.2B	$2.8B	$899M	$5.5B	$5.5B	$227M	—	—	—	—
Q2 23	$3.5B	—	$685M	—	—	$268M	$5.2B	$2.8B	$5.8B	—
Q3 23	$3.8B	—	$878M	—	—	$287M	$6.6B	$2.8B	$6.4B	—
Q1 24	$5.3B	—	$855M	—	—	$265M	$6.8B	$2.9B	$5.5B	—
Q2 24	$4.4B	—	$460M	—	—	$327M	$6.6B	$3.0B	$6.0B	—
Q3 24	$4.7B	—	$505M	—	—	$413M	$6.5B	$3.1B	$5.6B	—
Q1 25	$5.6B	—	$1.6B	—	—	$380M	$5.4B	$3.0B	—	$5.0B
Q2 25	$4.5B	—	$1.1B	—	—	$405M	$5.0B	$3.1B	—	$5.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$330M	$6M	$336M
Q2 23	$330M	$15M	$345M
Q3 23	$514M	$14M	$528M
Q4 23	$161M	$66M	$227M
Q1 24	$1.9B	$27M	$2.0B
Q2 24	$650M	$28M	$678M
Q3 24	$299M	$26M	$325M
Q4 24	$312M	$9M	$321M
Q1 25	$453M	$6M	$459M
Q2 25	$242M	$12M	$254M
Q3 25	$3.6B	$20M	$3.6B
Q4 25	$1.3B	$52M	$1.3B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	3.12B	+0.4%
Q2 23	3.15B	+1.1%
Q3 23	3.17B	+0.6%
Q4 23	3.30B	+4.0%
Q1 24	3.39B	+2.9%
Q2 24	3.39B	+0.1%
Q3 24	3.44B	+1.4%
Q4 24	3.45B	+0.3%
Q1 25	3.45B	+0.1%
Q2 25	3.45B	+0.0%
Q3 25	3.64B	+5.4%
Q4 25	3.65B	+0.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$2M	28K
FY 15	$1M	30K
FY 16	$1M	31K
FY 17	$1M	29K
FY 18	$5M	12K
FY 19	$4M	13K
FY 20	$3M	11K
FY 21	$5M	13K
FY 22	$7M	13K
FY 23	$6M	14K
FY 24	$5M	16K
FY 25	$5M	16K