Energy Transfer to Report Third-Quarter Results on Nov. 3 After Adjusted Earnings of $5.07 Billion
Key Facts
Energy Transfer had not reported its third-quarter 2026 results as of Oct. 28, contrary to an earlier draft that cited record earnings and a further guidance increase. The company set Nov. 3 as the release date, before the market opens, with an earnings call at 8:00 a.m. Central Time. Investors are now focused on the coming report, while second-quarter performance remains the latest reported baseline for the year. The company raised its 2026 financial guidance in August, alongside its second-quarter results. Available information does not establish that the company’s units rose more than 2% on Oct. 28 or that they were in an uptrend during that session.
Adjusted earnings before interest, taxes, depreciation and amortization were $5.07 billion in the three months ended June 30, 2026, compared with $3.87 billion in the same period of 2025, a 31% year-over-year increase, according to the company’s filing. Net income attributable to partners was $2.09 billion, versus $1.16 billion a year earlier. Adjusted earnings per common unit reached $0.59 in the second quarter. These figures offer a view of performance before the third-quarter results and do not represent the period the company will report in November. They make second-quarter earnings and cash flow growth among the indicators investors will use to compare with the next report.
Adjusted distributable cash flow was $2.59 billion in the second quarter, up from $1.96 billion in the corresponding period of 2025, a 32% year-over-year increase, according to the earnings release. The metric measures cash available for distribution to partners after the company’s adjustments. Alongside net income and adjusted earnings, the figure provides a view of the company’s reported cash flows during the period. This comparison covers the second quarter alone and does not mean the company has reported comparable third-quarter figures. Results scheduled for release on Nov. 3 will provide an update on performance since then.
In guidance issued in August, Energy Transfer raised its 2026 adjusted earnings before interest, taxes, depreciation and amortization forecast to $18.8–$19.1 billion, from the previous range of $18.2–$18.6 billion, according to its filing. That was the latest documented guidance increase in the available materials, and it came with second-quarter results, not after the announcement of third-quarter results. The guidance concerns adjusted earnings, not revenue forecasts. Accordingly, there is no evidence of a further guidance increase on Oct. 28. The November results will be important in tracking the company’s progress toward the range announced in August, but that does not mean a new revision was issued before the filing.
The company attributed part of its second-quarter performance to growth in its natural gas liquids business: transportation volumes rose 13% year over year, setting a new partnership record, according to its filing. Natural gas liquids export volumes also increased 25% from the second quarter of 2025, another partnership record. These figures reflect transportation and export activity during the period ended in June and do not describe third-quarter volumes. Energy Transfer operates about 140,000 miles of pipelines and related infrastructure, with a network spanning 44 U.S. states, according to the company. This operating footprint places transportation and export volumes within the scope of its stated business, while an update to the figures depends on the third-quarter report.
The company forecast investing $5.6 to $5.9 billion in growth capital during 2026, while growth capital expenditures totaled $1.10 billion in the second quarter, according to the earnings release. It also said the Hugh Brinson pipeline entered commercial service, with the full capacity of its first phase expected to reach 1.5 billion cubic feet per day by Sept. 1, 2026. The reported spending and the pipeline’s status provide context on the growth projects the company was tracking in its August filing. The third-quarter announcement, scheduled for Nov. 3 before the market opens, will be followed by an investor call at 8:00 a.m. Central Time. Until that report is released, second-quarter results and August guidance remain the latest specific financial information presented here.