The full income statement, balance sheet, and cash-flow statement for Energy Transfer LP Common Units (ET), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 85.5B+3.5% | 82.7B+5.2% | 78.6B-12.6% | 89.9B+33.3% | 67.4B+73.1% | |
| 22.0B+6.5% | 20.7B+14.7% | 18.0B+2.3% | 17.6B+3.7% | 17.0B+26.4% | ||
| Cost of revenue | 63.5B+2.5% | 62.0B+2.4% | 60.5B-16.2% | 72.2B+43.3% | 50.4B+97.7% | |
| Selling, general & administrative | 1.18B+0.3% | 1.18B+19.5% | 985M-3.2% | 1.02B+24.4% | 818M+15.0% | |
| Amortization of intangibles | 479M+3.2% | 464M+16.3% | 399M+2.3% | 390M+10.8% | 352M-12.7% | |
| Operating income | 9.03B-1.2% | 9.14B+10.2% | 8.29B+7.2% | 7.74B-12.0% | 8.79B+195.0% | |
| Interest expense | 3.47B+11.2% | 3.13B+21.2% | 2.58B+11.8% | 2.31B+1.7% | 2.27B-2.6% | |
| Other non-operating income | 120M-14.3% | 140M+14.8% | 122M+35.6% | 90.0M+16.9% | 77.0M+541.7% | |
| Equity-method income | 419M+10.6% | 379M-1.0% | 383M+49.0% | 257M+4.5% | 246M+106.7% | |
| Pre-tax income | — | — | — | — | 6.87B+1722.5% | |
| Income tax | 350M-35.3% | 541M+78.5% | 303M+48.5% | 204M+10.9% | 184M-22.4% | |
| 4.43B-7.9% | 4.81B+22.3% | 3.94B-17.3% | 4.76B-13.1% | 5.47B+944.1% | ||
| Net income to non-controlling interest | 1.27B-27.2% | 1.75B+28.8% | 1.36B+22.2% | 1.11B-8.6% | 1.22B+54.4% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 18.2B+28.4% | 14.2B+14.2% | 12.4B+2.9% | 12.1B+14.7% | 10.5B+66.8% | ||
| Cash & equivalents | 1.27B+307.7% | 312M+93.8% | 161M-37.4% | 257M-23.5% | 336M-8.4% | |
| Accounts receivable | 11.3B+10.6% | 10.2B+12.6% | 9.05B+6.9% | 8.47B+10.6% | 7.65B+97.5% | |
| Inventory | 4.77B+55.4% | 3.07B+23.9% | 2.48B+0.7% | 2.46B+22.2% | 2.01B+15.8% | |
| Other current assets | 688M+44.2% | 477M-7.0% | 513M-29.3% | 726M+66.1% | 437M+105.2% | |
| 141B+12.7% | 125B+10.3% | 114B+7.6% | 106B-0.3% | 106B+11.4% | ||
| Property, plant & equipment | 102B+7.3% | 95.2B+11.6% | 85.4B+6.3% | 80.3B-1.6% | 81.6B+8.7% | |
| Goodwill | 5.45B+39.7% | 3.90B-2.9% | 4.02B+56.6% | 2.57B+1.3% | 2.53B+5.9% | |
| Intangible assets | 7.44B+24.6% | 5.97B-4.3% | 6.24B+15.2% | 5.42B-7.5% | 5.86B+1.9% | |
| Other non-current assets | 2.59B+28.5% | 2.02B+16.4% | 1.73B+11.2% | 1.56B-5.3% | 1.65B-0.7% | |
| 15.0B+18.2% | 12.7B+12.2% | 11.3B+8.8% | 10.4B-4.3% | 10.8B+82.9% | ||
| Accounts payable | — | 8.31B+24.7% | 6.66B-4.2% | 6.95B+1.7% | 6.83B+143.3% | |
| Deferred revenue | 343M-4.7% | 360M | — | — | — | |
| Short-term & current debt | 25.0M+212.5% | 8.00M-99.2% | 1.01B+50300.0% | 2.00M-99.7% | 680M+3138.1% | |
| Current lease liability | 245M+265.7% | 67.0M+19.6% | 56.0M+24.4% | 45.0M-4.3% | 47.0M-11.3% | |
| Other current liabilities | 5.17B+21.8% | 4.24B+20.4% | 3.52B+5.8% | 3.33B+8.4% | 3.07B+10.7% | |
| — | 78.9B+14.4% | 69.0B+7.0% | 64.5B-2.0% | 65.8B+4.5% | ||
| Long-term debt | 68.3B+14.3% | 59.8B+16.3% | 51.4B+6.5% | 48.3B-1.6% | 49.0B-4.7% | |
| Non-current lease liability | 1.51B+107.5% | 730M-6.2% | 778M-2.5% | 798M-2.0% | 814M-2.7% | |
| Operating lease liability (total) | 1.76B+120.8% | 797M-4.4% | 834M-1.1% | 843M | — | |
| Finance lease liability (total) | 108M+83.1% | 59.0M+118.5% | 27.0M+107.7% | 13.0M | — | |
| Deferred tax liabilities | 5.31B+26.7% | 4.19B | — | — | — | |
| Other non-current liabilities | 1.94B+20.0% | 1.62B+0.4% | 1.61B+20.1% | 1.34B+1.4% | 1.32B+14.8% | |
| 49.0B+39.6% | 35.1B-4.3% | 36.7B+11.1% | 33.0B+5.5% | 31.3B+68.9% | ||
| Accumulated other comprehensive income | 82.0M+12.3% | 73.0M+160.7% | 28.0M+75.0% | 16.0M-30.4% | 23.0M+283.3% | |
| Non-controlling interest | 14.6B+34.4% | 10.9B+50.2% | 7.26B-4.9% | 7.63B-5.1% | 8.04B-37.4% | |
| Total equity incl. non-controlling | 49.0B+6.5% | 46.0B+4.7% | 43.9B+8.1% | 40.7B+3.3% | 39.3B+25.4% | |
| Total liabilities & equity | 141B+12.7% | 125B+10.3% | 114B+7.6% | 106B-0.3% | 106B+11.4% | |
| Shares outstanding (cover) | 3.44B+0.3% | 3.43B+1.9% | 3.37B+8.8% | 3.09B+0.4% | 3.08B+14.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 10.1B-11.8% | 11.5B+20.4% | 9.55B+5.6% | 9.05B-18.9% | 11.2B+51.6% | ||
| Depreciation & amortization | 5.68B+10.0% | 5.17B+17.8% | 4.38B+5.3% | 4.16B+9.1% | 3.82B+3.8% | |
| Intangible amortization | 479M+3.2% | 464M+16.3% | 399M+2.3% | 390M+10.8% | 352M-12.7% | |
| Share-based compensation | 148M-2.0% | 151M+16.2% | 130M+13.0% | 115M+3.6% | 111M-8.3% | |
| Deferred income taxes | 178M-35.5% | 276M+36.0% | 203M+8.6% | 187M+32.6% | 141M-32.9% | |
| Change in receivables | 77.0M-90.1% | 775M+353.2% | 171M-80.2% | 863M-74.3% | 3.36B+388.6% | |
| Change in inventory | 717M-2.4% | 735M+2200.0% | -35.0M-109.7% | 361M+1800.0% | 19.0M-93.0% | |
| Change in payables | -322M-124.5% | 1.31B+362.5% | -501M-2104.0% | 25.0M-99.3% | 3.83B+388.9% | |
| -8.37B-41.8% | -5.90B-36.5% | -4.33B-7.5% | -4.02B-44.9% | -2.77B+43.3% | ||
| Capital expenditure | 6.30B+51.4% | 4.16B+32.9% | 3.13B-7.3% | 3.38B+19.8% | 2.82B-45.0% | |
| Free cash flow | 3.85B-47.6% | 7.34B+14.3% | 6.42B+13.2% | 5.67B-32.0% | 8.34B+273.8% | |
| Acquisitions | 0.00-100.0% | 250M+125.2% | 111M-90.3% | 1.14B+456.6% | 205M | |
| Other investing activities | -10.0M+16.7% | -12.0M-300.0% | -3.00M-50.0% | -2.00M-100.0% | -1.00M-133.3% | |
| -816M+85.0% | -5.45B-2.3% | -5.33B-4.3% | -5.11B+39.3% | -8.42B-252.7% | ||
| Long-term debt issued | 32.9B-3.7% | 34.1B+6.3% | 32.1B+11.4% | 28.8B+35.6% | 21.3B-13.0% | |
| Long-term debt repaid | — | 29.4B-6.4% | 31.4B+5.8% | 29.7B+8.6% | 27.3B+13.2% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 31.0M | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other financing activities | — | — | 0.00 | 0.00+100.0% | -3.00M-104.6% | |
| Net change in cash | 960M+535.8% | 151M+257.3% | -96.0M-21.5% | -79.0M-154.8% | -31.0M-140.8% | |
| Interest paid | 3.14B+8.7% | 2.88B+25.5% | 2.30B+6.0% | 2.17B-1.0% | 2.19B+4.6% | |
| Income taxes paid | 103M-50.0% | 206M+100.0% | 103M+90.7% | 54.0M+31.7% | 41.0M+164.1% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 56.7B-15.6% | 67.2B+54.9% | 43.4B+18.4% | 36.7B+44.5% | 25.4B+51.9% | |
| P/E | 12.8×-8.3% | 14.0×+21.1% | 11.5×+42.3% | 8.1×+74.8% | 4.6× | |
| P/S | 0.7×-18.4% | 0.8×+47.2% | 0.6×+32.7% | 0.4×+10.7% | 0.4×-12.2% | |
| P/B | 1.2×-39.5% | 1.9×+78.9% | 1.1×+18.4% | 0.9×+11.5% | 0.8×-10.1% | |
| P/FCF | 14.8×+61.1% | 9.2×+32.4% | 6.9×+16.6% | 5.9×+94.9% | 3.0×-59.4% | |
| Earnings yield | 7.8%+9.1% | 7.2%-17.4% | 8.7%-29.7% | 12.3%-42.8% | 21.6% | |
| FCF yield | 6.8%-37.9% | 10.9%-24.5% | 14.5%-14.2% | 16.9%-48.7% | 32.9%+146.1% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: ET’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ET filings on SEC EDGAR → Not investment advice.
