EarningsQ1 2026 Earnings Report
MX:ET Q1 2026 EPS Results
Actual EPS$5.96
Consensus EPS$6.81
Beat/MissMissed by -$0.85
One Year Ago EPS$6.13
MX:ET Q1 2026 Revenue Results
Actual Revenue$473.07B
Expected Revenue$435.77B
Beat/MissBeat by +$37.30B
YoY Revenue Growth+32.12%
Earnings Announcement Details
QuarterQ1 2026
Date05/05/2026
TimeBefore Open
Conference CallTuesday, May 5, 2026
MX:ET Upcoming Earnings
Energy Transfer's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q1 2026 Earnings Call Audio
MX:ET Q1 2026 Earnings Call
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Q1 2026 Earnings Slide Deck
Q1 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: management reported strong Q1 operational results and raised full-year adjusted EBITDA guidance, supported by record volumes, successful project commissioning, long-term contracted growth projects, and increased capex to capture demand. Offsetting items include a modest decline in midstream EBITDA, reliance on one-time/optimization gains and weather-driven effects in Q1, expected Q2 hedge offsets, and execution/regulatory risks tied to a large project slate and geopolitical uncertainty. Overall the tone was upbeat with clear growth visibility but with acknowledged near-term volatility and execution risk.Company Guidance
Strong Q1 Adjusted EBITDA Growth
Adjusted EBITDA of approximately $4.9 billion in Q1 2026 versus approximately $4.1 billion in Q1 2025, an increase of ~$0.8 billion (~+19.5%). DCF attributable to partners was reported as approximately $2.7 billion for Q1 2026. (Note: the transcript shows Q1 2025 DCF as approximately $23 billion, which appears to be a likely transcription/typographical error.) Q1 organic growth capital spent was approximately $1.5 billion.
Raised Full-Year EBITDA Guidance
2026 adjusted EBITDA guidance increased to approximately $18.2 billion–$18.6 billion from prior $17.45 billion–$17.85 billion (midpoint increase of ~$750 million). Management captured ~ $500 million of upside in Q1 and achieved the full-year optimization target early.
NGL & Refined Products Outperformance
NGL & refined products adjusted EBITDA of approximately $1.2 billion versus ~$978 million in Q1 2025, an increase of approximately $222 million (~+22.7%). Drivers included higher Gulf Coast throughput, record Mont Belvieu fractionator performance, new chilling capacity (~$50 million benefit), record export volumes at Nederland, and favorable timing/gains on inventory hedges (~$65 million).
Crude Oil Segment Strength
Crude oil adjusted EBITDA of approximately $869 million versus ~$742 million in Q1 2025, up ~$127 million (~+17.1%). Contributing factors: growth across crude pipelines and gathering systems, ~$60 million favorable crude inventory valuation impact (expected to be largely offset by hedge losses in Q2), $43 million of previously reserved revenue recognized from recontracting, and a $43 million reduction in litigation-related accruals.
Gas Segments and Volume Growth
Intrastate adjusted EBITDA approximately $437 million vs $344 million in Q1 2025 (~+27%), driven largely by ~ $100 million from winter storm burn. Interstate adjusted EBITDA ~$519 million vs $512 million (~+1.4%) driven by higher contracted volumes and higher rates on several pipelines. Permian processing volumes up ~8% year-over-year due to new/upgraded plants.
Meaningful Project Progress and Capacity Additions
Progress on major growth projects: Desert Southwest prefiling initiated (expected in service by 2029); Springerville lateral (~120 miles, 30-inch, ~625 MMcf/d) backed by 20-year agreements, total growth capital ~ $600 million; Hugh Brinson Phase 1 on track for Q4 service (1.5 Bcf/d), with possible early flows in Q3; Mustang Draw 1 (275 MMcf/d) commissioning next month, Mustang Draw 2 expected in Q4; FGT Phase 9 (~525 MMcf/d) and South Florida (~230 MMcf/d) projects supported by long-term agreements; Mont Belvieu expansions and new ethane cavern (in service 2027).
Export & Contract Wins
Record NGL export volumes and extension of the vast majority of ethane export agreements at Nederland into 2041 (adding ~10 years). FlexPort NGL export project placed into service and ramping; ongoing contracted ship slots and some spot capacity available.
Capital Discipline and Long-Term Targets
2026 organic growth capital guidance raised to approximately $5.5 billion–$5.9 billion (from $5.0 billion–$5.5 billion) excluding Sun and USAC, reflecting new projects. Management reiterated long-term distribution growth target of 3%–5% and leverage target of 4.0x–4.5x EBITDA, and noted expected mid-teen returns on contracted growth projects.
MX:ET Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed