The raised guidance and record operational volumes signal strong underlying momentum. Watch for Q4 2026 closing of the Vaquero Midstream acquisition and further updates on the South Mississippi Pipeline and Frac X projects, which represent multi-year growth visibility.
How the stock moved after the report
BULLISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 3 $20.16entry
- T+1 · yesterday −3.47%α −5.12% · $19.46
- T+2 · todayOpen
- T+5 · in 5d Pending
- T+20 · in 27d Pending
- T+60 · in 3mo Pending
Price Chart
How similar events traded
Executive Summary
Energy Transfer reported Q3 2026 results with Adjusted EBITDA of $5.03B (+31% YoY) and raised full-year 2026 Adjusted EBITDA guidance to $19.7B-$19.9B from $18.8B-$19.1B. GAAP net income attributable to partners was $1.21B ($0.33 per common unit) vs $1.02B a year ago. The company also announced the $2.6B acquisition of Vaquero Midstream and several new growth projects.
Key Financial Metrics
Key Facts
- Adjusted EBITDA Q3 2026: $5.03B vs $3.84B YoY (+31%)
- Distributable Cash Flow to partners as adjusted: $2.52B vs $1.90B YoY (+33%)
- Full-year 2026 Adjusted EBITDA guidance raised to $19.7B-$19.9B from $18.8B-$19.1B
- Growth capital 2026 expected $5.4B-$5.6B; 2027 expected ~$7B
- Acquisition of Vaquero Midstream announced for ~$2.6B, expected to close Q4 2026
- Quarterly distribution increased to $0.3425/unit ($1.37 annualized), 20th consecutive increase
- GAAP net income attributable to partners: $1.21B ($0.33/unit basic) vs $1.02B ($0.28/unit) YoY
- Revenue Q3 2026: $37.1B vs $20.0B YoY (driven by commodity price and Sunoco LP consolidation)
- Operating income: $2.78B vs $2.15B YoY
- Revolving credit facility had $4.41B available at quarter end
Financial Impact
Adjusted EBITDA guidance raised by $0.6B-$0.8B at the midpoint; $2.6B bolt-on acquisition announced
Segment Breakdown
| Segment |
|---|
| Intrastate transportation and storage |
| Interstate transportation and storage |
| Midstream |
| NGL and refined products transportation and services |
| Crude oil transportation and services |
| Investment in Sunoco LP |
| Investment in USAC |
Risk Factors
- Commodity price sensitivity: $100M in anticipated realized derivative losses in future periods from favorable market conditions
- Integration risk from the $2.6B Vaquero Midstream acquisition
- Elevated growth capex ($5.4B-$5.6B in 2026, ~$7B in 2027) could pressure free cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001276187-26-000066 |
| Document: et-20261103.htm | 0001276187-26-000066 |
| Document: 0001276187-26-000066-index-headers.html | 0001276187-26-000066 |
| Document: 0001276187-26-000066-index.html | 0001276187-26-000066 |
| Document: 0001276187-26-000066.txt | 0001276187-26-000066 |
| 8-K Data (Synthetic) | 0001276187-26-000066 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 5, 2026 today | 424B5 | $20.00 | awaiting T+1 | awaiting T+1 | $19.40 (−3.02%) |
Nov 3, 2026 2d ago | 8-K | $20.16 $19.46 | ▼ −3.47% | ▼ −5.12% | $19.40 (−3.79%) |
Aug 4, 2026 13w ago | 8-K | $20.33 $20.34 | ▲ +0.05% | ▲ +0.25% | $19.40 (−4.59%) |
Jul 8, 2026 17w ago | 8-K | $19.86 $19.79 | ▼ −0.35% | ▼ −1.20% | $19.40 (−2.34%) |
Jun 3, 2026 22w ago | 8-K | $11.50 $11.50 | ▼ −0.03% | ▲ +2.57% | $19.40 (+68.61%) |
May 5, 2026 26w ago | 8-K | $11.95 $11.85 | ▼ −0.84% | ▼ −2.22% | $19.40 (+62.31%) |
US Market Status
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