Energy Transfer LP Q3 2026 Earnings Recap

Energy Transfer’s shares fell 0.9%, a broadly flat reaction to higher third-quarter earnings and an $850 million increase in 2026 adjusted EBITDA guidance at the midpoint. The outlook includes market-driven gains and a previously disputed customer payment, while about $200 million of favorable segment marketing gains are expected to reverse through derivative losses over the next two quarters.

Key Takeaways

• Third-quarter adjusted EBITDA was approximately $5.0 billion, versus $3.8 billion a year earlier; adjusted DCF was approximately $2.5 billion, versus $1.9 billion.
• 2026 adjusted EBITDA guidance is now $19.7 billion–$19.9 billion, up $850 million at the midpoint from the prior range. The increase reflects James business outperformance and approximately $285 million from previously disputed natural gas purchases, expected to be recognized in the fourth quarter.
• NGL and refined products results included a $177 million increase in marketing margin from favorable market conditions; approximately $100 million is expected to be offset over the next two quarters. Crude oil results included a separate favorable-market gain of which approximately $100 million is expected to reverse in the fourth quarter.
• Intrastate natural gas adjusted EBITDA rose to approximately $346 million from $230 million, including an $82 million gross-margin contribution from Hugh Brinson Phase I ramp-up. Phase I is in service at 1.5 Bcf per day; Phase II is expected in the first quarter of 2027, lifting expected capacity to more than 2.3 Bcf per day.
• Management expects 2027 organic growth capital of approximately $7 billion, versus 2026 guidance of $5.4 billion–$5.6 billion. Vaquero, expected to close in the fourth quarter, is not included in 2026 guidance.