The strong Q2 beat and raised guidance signal accelerating cash flow generation from record volumes and new infrastructure projects. The 19th consecutive distribution increase reinforces the partnership's ability to grow distributions. Watch for further project announcements and potential upside to guidance if NGL export demand continues. The stock should react positively given the magnitude of the beat and guidance raise.
Price Chart
Executive Summary
Energy Transfer LP reported Q2 2026 results that significantly exceeded consensus, with EPS of $0.59 (beat by 60%), revenue of $34.3B (beat by 19%), and Adjusted EBITDA of $5.07B (up 31% YoY). The partnership raised its full-year 2026 Adjusted EBITDA guidance to $18.8B-$19.1B, announced its 19th consecutive quarterly distribution increase, and highlighted record volumes across NGL, crude, and midstream segments.
Key Financial Metrics
Key Facts
- Net income per common unit (basic) of $0.59 vs $0.32 in Q2 2025, a 84% increase
- Adjusted EBITDA of $5.07B, up 31% YoY from $3.87B
- Distributable Cash Flow attributable to partners, as adjusted, of $2.59B, up 32% YoY
- Full-year 2026 Adjusted EBITDA guidance raised to $18.8B-$19.1B from prior $18.2B-$18.6B
- Quarterly cash distribution increased to $0.3400 per common unit ($1.36 annualized), the 19th consecutive increase
- NGL exports up 25% and NGL transportation volumes up 13%, both setting new records
- Crude oil transportation volumes up 4% and midstream gathered volumes up 4%, both setting new records
- Growth capital expenditures of $1.10B in Q2; maintenance capex of $307M
- Issued $1.75B in junior subordinated notes in July 2026
Financial Impact
EPS beat consensus by 60%, revenue beat by 19%, Adjusted EBITDA up 31% YoY, full-year guidance raised by ~$0.6B at midpoint
Risk Factors
- Commodity price sensitivity could impact segment margins if NGL and crude prices decline
- Interest rate exposure from $68.4B in long-term debt and recent $1.75B note issuance
- Execution risk on large capital projects including Nederland export expansion and Desert Southwest pipeline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001276187-26-000033 |
| Document: et-20260804.htm | 0001276187-26-000033 |
| Document: 0001276187-26-000033-index-headers.html | 0001276187-26-000033 |
| Document: 0001276187-26-000033-index.html | 0001276187-26-000033 |
| Document: 0001276187-26-000033.txt | 0001276187-26-000033 |
| 8-K Data (Synthetic) | 0001276187-26-000033 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $20.33 $21.42 | ▲ +5.36% | ▲ +6.60% | $20.31 (−0.10%) |
Jul 8, 2026 12w ago | 8-K | $19.86 $20.34 | ▲ +2.42% | ▼ −0.86% | $20.31 (+2.27%) |
Jun 3, 2026 17w ago | 8-K | $11.50 $11.47 | ▼ −0.29% | ▲ +1.08% | $20.31 (+76.55%) |
May 5, 2026 21w ago | 8-K | $11.95 $11.49 | ▼ −3.85% | ▼ −8.80% | $20.31 (+69.96%) |
US Market Status
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