ET Energy Transfer LP

Overview and Growth

Fiscal 2025 results for Energy Transfer LP combined $85.54B of revenue with net income of $4.43B and an operating cash inflow of $10.15B. At $85.54B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $82.67B in fiscal 2024, revenue recorded a 3.5% year-over-year increase. Total assets stood at $141.29B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.61x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $22.04B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 25.8% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $9.03B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 10.6% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $4.43B, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 5.2%, meaning that this portion of revenue remained as net income after all recognized expenses. The company recognized $350.00M of income tax for the period, completing the transition from pretax income to net income. Return on period-end equity was 9.0%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 3.1%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

The company held $141.29B of assets against $92.03B of liabilities and $49.01B of equity, revealing how the asset base was financed. Current assets were $18.23B against $14.96B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 1.22x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $1.27B, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 8.5% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $68.33B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 1.39x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 48.4% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 65.1%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 0.9%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 12.7% from $125.38B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 6.5% from $46.02B in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $10.15B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 2.29x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $6.30B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 62.1% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $3.85B, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 4.5%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 2.7%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.