How does Energy Transfer LP (ET) make money?

Energy Transfer LP (ET) generates revenue primarily from Refined product sales, which accounted for 32.9% of total revenue in TTM through Q1 2026. The company reported $89.4B in revenue and converted 5.4% of it into net profit, equivalent to roughly $4.83B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Energy Transfer LP (ET)?

Energy Transfer LP (ET) reported a gross profit margin of 22.9% in TTM through Q1 2026, equivalent to $20.5B in gross profit on $89.4B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Energy Transfer LP (ET)?

Energy Transfer LP (ET) reported an operating profit margin of 11.1% in TTM through Q1 2026, equivalent to $9.93B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Energy Transfer LP (ET)?

Energy Transfer LP (ET) reported a net profit margin of 5.4% in TTM through Q1 2026, equivalent to $4.83B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Energy Transfer LP (ET) profitable?

Yes. Energy Transfer LP (ET) reported $4.83B in net income for TTM through Q1 2026, with a net profit margin of 5.4%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Energy Transfer LP (ET) spend on capital expenditures?

Energy Transfer LP (ET) spent $7B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 7.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Energy Transfer LP (ET) generate?

Energy Transfer LP (ET) generated $3.65B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 4.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Energy Transfer LP (ET)?

Energy Transfer LP (ET) had an effective tax rate of 4.8% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Energy Transfer LP (ET)?

Energy Transfer LP (ET) reports revenue across 6 reportable product segments, led by Refined product sales at 32.9% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Energy Transfer LP Makes Money: 2026 Visual Revenue Map

Energy Transfer LP (ET) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 7, 2026).

Energy Transfer LP discloses geographic revenue only in annual filings. to view the full breakdown.

Energy Transfer LP (ET) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Energy Transfer LP (ET), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Refined product sales	$29.4B	32.9%
Crude sales	$22.8B	25.6%
NGL sales	$18.3B	20.5%
Gathering, transportation and other fees	$12.1B	13.5%
Natural gas sales	$4.82B	5.4%
Product and Service, Other	$1.98B	2.2%
Total	$89.4B	100%

Refined product sales$29.4B
Crude sales$22.8B
NGL sales$18.3B
Gathering, transportation and other fees$12.1B
Natural gas sales$4.82B
Product and Service, Other$1.98B
Total$89.4B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Energy Transfer LP (ET) reports revenue across 6 reportable product segments; the largest segment was Refined product sales at 32.9%, followed by Crude sales (25.6%) and NGL sales (20.5%).

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