ET financial statements

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.

Shares outstanding (point-in-time)

2024-03 3.37B2024-06 3.42B2024-09 3.42B2024-12 3.43B2025-03 3.43B2025-06 3.43B2025-09 3.43B2025-12 3.44B2026-03 3.44B+2.1% over 8 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+3.5%	82.7B YoY+5.2%	78.6B YoY-12.6%	89.9B YoY+33.3%	67.4B YoY+73.1%
Cost of revenue	63.5B YoY+2.5%	62.0B YoY+2.4%	60.5B YoY-16.2%	72.2B YoY+43.3%	50.4B YoY+97.7%
Selling, general & administrative	1.18B YoY+0.3%	1.18B YoY+19.5%	985M YoY-3.2%	1.02B YoY+24.4%	818M YoY+15.0%
Amortization of intangibles	479M YoY+3.2%	464M YoY+16.3%	399M YoY+2.3%	390M YoY+10.8%	352M YoY-12.7%
Operating income	9.03B YoY-1.2%	9.14B YoY+10.2%	8.29B YoY+7.2%	7.74B YoY-12.0%	8.79B YoY+195.0%
Interest expense	3.47B YoY+11.2%	3.13B YoY+21.2%	2.58B YoY+11.8%	2.31B YoY+1.7%	2.27B YoY-2.6%
Other non-operating income	120M YoY-14.3%	140M YoY+14.8%	122M YoY+35.6%	90.0M YoY+16.9%	77.0M YoY+541.7%
Equity-method income	419M YoY+10.6%	379M YoY-1.0%	383M YoY+49.0%	257M YoY+4.5%	246M YoY+106.7%
Pre-tax income	—	—	—	—	6.87B YoY+1722.5%
Income tax	350M YoY-35.3%	541M YoY+78.5%	303M YoY+48.5%	204M YoY+10.9%	184M YoY-22.4%
	4.43B YoY-7.9%	4.81B YoY+22.3%	3.94B YoY-17.3%	4.76B YoY-13.1%	5.47B YoY+944.1%
Net income to non-controlling interest	—	1.69B YoY+30.3%	1.30B YoY+22.4%	1.06B YoY-9.1%	1.17B YoY+57.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	18.2B YoY+28.4%	14.2B YoY+14.2%	12.4B YoY+2.9%	12.1B YoY+14.7%	10.5B YoY+66.8%
Cash & equivalents	1.27B YoY+307.7%	312M YoY+93.8%	161M YoY-37.4%	257M YoY-23.5%	336M YoY-8.4%
Accounts receivable	11.3B YoY+10.6%	10.2B YoY+12.6%	9.05B YoY+6.9%	8.47B YoY+10.6%	7.65B YoY+97.5%
Inventory	4.77B YoY+55.4%	3.07B YoY+23.9%	2.48B YoY+0.7%	2.46B YoY+22.2%	2.01B YoY+15.8%
Other current assets	688M YoY+44.2%	477M YoY-7.0%	513M YoY-29.3%	726M YoY+66.1%	437M YoY+105.2%
	141B YoY+12.7%	125B YoY+10.3%	114B YoY+7.6%	106B YoY-0.3%	106B YoY+11.4%
Property, plant & equipment	102B YoY+7.3%	95.2B YoY+11.6%	85.4B YoY+6.3%	80.3B YoY-1.6%	81.6B YoY+8.7%
Goodwill	5.45B YoY+39.7%	3.90B YoY-2.9%	4.02B YoY+56.6%	2.57B YoY+1.3%	2.53B YoY+5.9%
Intangible assets	7.44B YoY+24.6%	5.97B YoY-4.3%	6.24B YoY+15.2%	5.42B YoY-7.5%	5.86B YoY+1.9%
Other non-current assets	2.59B YoY+28.5%	2.02B YoY+16.4%	1.73B YoY+11.2%	1.56B YoY-5.3%	1.65B YoY-0.7%
	15.0B YoY+18.2%	12.7B YoY+12.2%	11.3B YoY+8.8%	10.4B YoY-4.3%	10.8B YoY+82.9%
Accounts payable	—	8.31B YoY+24.7%	6.66B YoY-4.2%	6.95B YoY+1.7%	6.83B YoY+143.3%
Deferred revenue	343M YoY-4.7%	360M	—	—	—
Short-term & current debt	25.0M YoY+212.5%	8.00M YoY-99.2%	1.01B YoY+50300.0%	2.00M YoY-99.7%	680M YoY+3138.1%
Current lease liability	245M YoY+265.7%	67.0M YoY+19.6%	56.0M YoY+24.4%	45.0M YoY-4.3%	47.0M YoY-11.3%
Other current liabilities	5.17B YoY+21.8%	4.24B YoY+20.4%	3.52B YoY+5.8%	3.33B YoY+8.4%	3.07B YoY+10.7%
Long-term debt	68.3B YoY+14.3%	59.8B YoY+16.3%	51.4B YoY+6.5%	48.3B YoY-1.6%	49.0B YoY-4.7%
Non-current lease liability	1.51B YoY+107.5%	730M YoY-6.2%	778M YoY-2.5%	798M YoY-2.0%	814M YoY-2.7%
Operating lease liability (total)	1.76B YoY+120.8%	797M YoY-4.4%	834M YoY-1.1%	843M	—
Finance lease liability (total)	108M YoY+83.1%	59.0M YoY+118.5%	27.0M YoY+107.7%	13.0M	—
Deferred tax liabilities	5.31B YoY+26.7%	4.19B	—	—	—
Other non-current liabilities	1.94B YoY+20.0%	1.62B YoY+0.4%	1.61B YoY+20.1%	1.34B YoY+1.4%	1.32B YoY+14.8%
	49.0B YoY+6.5%	46.0B YoY+4.7%	43.9B YoY+8.1%	40.7B YoY+3.3%	39.3B YoY+25.4%
Accumulated other comprehensive income	82.0M YoY+12.3%	73.0M YoY+160.7%	28.0M YoY+75.0%	16.0M YoY-30.4%	23.0M YoY+283.3%
Non-controlling interest	14.6B YoY+34.4%	10.9B YoY+50.2%	7.26B YoY-4.9%	7.63B YoY-5.1%	8.04B YoY-37.4%
Total equity incl. non-controlling	49.0B YoY+6.5%	46.0B YoY+4.7%	43.9B YoY+8.1%	40.7B YoY+3.3%	39.3B YoY+25.4%
Total liabilities & equity	141B YoY+12.7%	125B YoY+10.3%	114B YoY+7.6%	106B YoY-0.3%	106B YoY+11.4%
	3.44B YoY+0.3%	3.43B YoY+1.9%	3.37B YoY+8.8%	3.09B YoY+0.4%	3.08B YoY+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 YoY-11.8%	11.5B YoY+20.4%	9.55B YoY+5.6%	9.05B YoY-18.9%	11.2B YoY+51.6%
Depreciation & amortization	5.68B YoY+10.0%	5.17B YoY+17.8%	4.38B YoY+5.3%	4.16B YoY+9.1%	3.82B YoY+3.8%
Intangible amortization	479M YoY+3.2%	464M YoY+16.3%	399M YoY+2.3%	390M YoY+10.8%	352M YoY-12.7%
Share-based compensation	148M YoY-2.0%	151M YoY+16.2%	130M YoY+13.0%	115M YoY+3.6%	111M YoY-8.3%
Deferred income taxes	178M YoY-35.5%	276M YoY+36.0%	203M YoY+8.6%	187M YoY+32.6%	141M YoY-32.9%
Change in receivables	77.0M YoY-90.1%	775M YoY+353.2%	171M YoY-80.2%	863M YoY-74.3%	3.36B YoY+388.6%
Change in inventory	717M YoY-2.4%	735M YoY+2200.0%	-35.0M YoY-109.7%	361M YoY+1800.0%	19.0M YoY-93.0%
Change in payables	-322M YoY-124.5%	1.31B YoY+362.5%	-501M YoY-2104.0%	25.0M YoY-99.3%	3.83B YoY+388.9%
	-8.37B YoY-41.8%	-5.90B YoY-36.5%	-4.33B YoY-7.5%	-4.02B YoY-44.9%	-2.77B YoY+43.3%
Capital expenditure	6.30B YoY+51.4%	4.16B YoY+32.9%	3.13B YoY-7.3%	3.38B YoY+19.8%	2.82B YoY-45.0%
Free cash flow	3.85B YoY-47.6%	7.34B YoY+14.3%	6.42B YoY+13.2%	5.67B YoY-32.0%	8.34B YoY+273.8%
Acquisitions	0.00 YoY-100.0%	250M YoY+125.2%	111M YoY-90.3%	1.14B YoY+456.6%	205M
Other investing activities	-10.0M YoY+16.7%	-12.0M YoY-300.0%	-3.00M YoY-50.0%	-2.00M YoY-100.0%	-1.00M YoY-133.3%
	-816M YoY+85.0%	-5.45B YoY-2.3%	-5.33B YoY-4.3%	-5.11B YoY+39.3%	-8.42B YoY-252.7%
Long-term debt issued	32.9B YoY-3.7%	34.1B YoY+6.3%	32.1B YoY+11.4%	28.8B YoY+35.6%	21.3B YoY-13.0%
Long-term debt repaid	0.00 YoY-100.0%	29.4B YoY-6.4%	31.4B YoY+5.8%	29.7B YoY+8.6%	27.3B YoY+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 YoY-100.0%	31.0M
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	—	—	0.00	0.00 YoY+100.0%	-3.00M YoY-104.6%
Net change in cash	960M YoY+535.8%	151M YoY+257.3%	-96.0M YoY-21.5%	-79.0M YoY-154.8%	-31.0M YoY-140.8%
Interest paid	3.14B YoY+8.7%	2.88B YoY+25.5%	2.30B YoY+6.0%	2.17B YoY-1.0%	2.19B YoY+4.6%
Income taxes paid	103M YoY-50.0%	206M YoY+100.0%	103M YoY+90.7%	54.0M YoY+31.7%	41.0M YoY+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 YoY-15.6%	67.2B YoY+54.9%	43.4B YoY+18.4%	36.7B YoY+44.5%	25.4B YoY+51.9%
P/E	12.8× YoY-8.3%	14.0× YoY+21.1%	11.5× YoY+42.3%	8.1× YoY+74.8%	4.6×
P/S	0.7× YoY-18.4%	0.8× YoY+47.2%	0.6× YoY+32.7%	0.4× YoY+10.7%	0.4× YoY-12.2%
P/B	1.2× YoY-20.8%	1.5× YoY+36.5%	1.1× YoY+18.4%	0.9× YoY+40.1%	0.6× YoY+21.2%
P/FCF	14.8× YoY+61.1%	9.2× YoY+32.4%	6.9× YoY+16.6%	5.9× YoY+94.9%	3.0× YoY-59.4%
	7.8% YoY+9.1%	7.2% YoY-17.4%	8.7% YoY-29.7%	12.3% YoY-42.8%	21.6%
	6.8% YoY-37.9%	10.9% YoY-24.5%	14.5% YoY-14.2%	16.9% YoY-48.7%	32.9% YoY+146.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

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.