$ET · Energy Transfer LP
Energy Transfer LP reported Q3 2026 results with net income attributable to partners of $1.21B ($0.33 per common unit) versus $1.02B ($0.28) a year ago. Adjusted EBITDA hit $5.03B, up 31% YoY, and Distributable Cash Flow reached $2.52B, up 33%. The Partnership raised full-year 2026 Adjusted EBITDA guidance to $19.7B–$19.9B and announced the $2.6B Vaquero Midstream acquisition.
- Adjusted EBITDA of $5.03B for Q3 2026, up 31% from $3.84B in Q3 2025
- Distributable Cash Flow attributable to partners, as adjusted, rose 33% YoY to $2.52B
- Full-year 2026 Adjusted EBITDA guidance raised to $19.7B–$19.9B from prior $18.8B–$19.1B
- Announced $2.6B acquisition of Vaquero Midstream LLC, expected to close Q4 2026
- Quarterly distribution raised to $0.3425/unit, the 20th consecutive quarterly increase
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
A 31% Adjusted EBITDA surge, raised guidance, a $2.6B bolt-on acquisition, and the 20th consecutive distribution hike make this one of the strongest midstream prints of the quarter.
Energy Transfer's volume records across intrastate transport (+14%), midstream gathering (+6%), and NGL exports (+9%) reflect the broader midstream super-cycle driven by Permian Basin production growth and Gulf Coast export demand. The $7B 2027 capex plan signals continued infrastructure buildout.
Revenue nearly doubled YoY ($37.1B vs $19.95B) but cost of products sold also doubled ($30.5B vs $14.6B), reflecting pass-through commodity price exposure that can compress margins if energy prices decline. The $2.6B Vaquero acquisition remains subject to regulatory approval.