The raised 2026 Adjusted EBITDA guidance to $18.2-$18.6B (+$0.75B at midpoint vs prior) and record operational volumes signal accelerating cash flow generation. The AI/data center gas supply agreements (Oracle, Nexus) and $600M Springerville Lateral project provide visible long-term growth. Monitor the Q2 2026 earnings call for updates on FERC certification for Desert Southwest and FGT projects, and any further guidance raises.
Price Chart
Executive Summary
Energy Transfer LP reported Q1 2026 results with revenue of $27.771B (above $27.30B consensus) and GAAP EPS of $0.35. Net income attributable to partners declined 5% YoY to $1.254B, but Adjusted EBITDA surged 20% to $4.937B and the partnership raised full-year 2026 Adjusted EBITDA guidance to $18.2-$18.6B (from $17.45-$17.85B), driven by record volumes across NGL, crude, and midstream segments and new AI/data center gas supply agreements.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $27.771B vs $21.020B YoY (+32%), above $27.30B consensus
- GAAP net income per common unit (basic) $0.35 vs $0.37 YoY
- Net income attributable to partners $1.254B vs $1.323B YoY (-5%)
- Adjusted EBITDA $4.937B vs $4.098B YoY (+20%)
- Distributable Cash Flow attributable to partners, as adjusted, $2.704B vs $2.307B YoY (+17%)
- Full-year 2026 Adjusted EBITDA guidance raised to $18.2-$18.6B from $17.45-$17.85B
- Growth capital expenditure guidance raised to $5.5-$5.9B from $5.0-$5.5B
- Record NGL terminal volumes (+19%), NGL exports (+19%), NGL fractionation (+11%), crude oil transportation (+8%), midstream gathered volumes (+6%)
- Quarterly distribution raised to $0.3375/unit ($1.35 annualized), +3% YoY
- New long-term gas supply agreements for AI data centers (Oracle, Nexus Hubbard Campus) and $600M Springerville Lateral Pipeline approved
- Operating income $2.983B vs $2.491B YoY (+20%)
- Long-term debt $69.317B, up from $68.308B at year-end 2025
- Revolving credit facility had $3.45B available as of March 31, 2026
Financial Impact
Significant positive — Adjusted EBITDA +20% YoY, guidance raised by $0.75B at midpoint, record volumes across multiple segments, and multi-billion-dollar growth capex pipeline for AI/data center gas demand
Risk Factors
- Net income attributable to partners declined 5% YoY despite revenue growth, driven by higher noncontrolling interest income ($715M vs $384M) from Sunoco LP acquisitions
- Long-term debt increased to $69.3B from $68.3B at year-end 2025; interest expense rose to $947M from $809M YoY
- Unrealized losses on commodity risk management activities of $536M (vs $69M loss YoY) add volatility to reported earnings
- Midstream segment Adjusted EBITDA declined 4% YoY due to non-recurrence of Winter Storm Uri benefits and lower NGL prices
- Growth capex guidance raised to $5.5-$5.9B increases execution risk on large pipeline projects
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001276187-26-000021 |
| Document: et-20260505.htm | 0001276187-26-000021 |
| Document: 0001276187-26-000021-index-headers.html | 0001276187-26-000021 |
| Document: 0001276187-26-000021-index.html | 0001276187-26-000021 |
| Document: 0001276187-26-000021.txt | 0001276187-26-000021 |
| 8-K Data (Synthetic) | 0001276187-26-000021 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access