How Energy Transfer makes money

Period

FY2025

How does Energy Transfer make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Energy Transfer LP Common Units · FY2025 · year ended 2025-12-31

Revenue$85.5BGross profit$22.0B · 26%Cost of revenue$63.5B · 74%Operating income$9.0B · 11%Operating expenses$13.0B · 15%SG&A$1.2B · 1%Other opex$11.8B · 14%Pre-tax income$4.8B · 6%Other expense$4.2B · 5%Net income$4.4B · 5%Income tax$350M · 0%Oil & Gas Refining & Marketing$24.2B · 28%Oil & Gas$23.5B · 27%NG Lsales$19.0B · 22%Natural Gas Midstream$12.4B · 15%Naturalgassales$4.7B · 5%Product & Service Other$1.7B · 2%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.