Energy Transfer reported second-quarter 2026 revenue of $34.3 billion, up from $19.2 billion a year earlier. Net income attributable to partners was $2.09 billion, compared with $1.16 billion in the second quarter of 2025.
Operating income rose to $3.57 billion from $2.31 billion. Total net income, including amounts attributable to noncontrolling interests, was $2.53 billion versus $1.46 billion a year earlier.
| Metric | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | $34.33 billion | $19.24 billion |
| Operating income | $3.57 billion | $2.31 billion |
| Net income | $2.53 billion | $1.46 billion |
| Net income attributable to partners | $2.09 billion | $1.16 billion |
Distribution and financing
Energy Transfer announced a quarterly cash distribution of $0.3400 per common unit, or $1.36 annualized, for the quarter ended June 30, 2026. That is an increase of more than 3% from the second quarter of 2025 and the partnership's nineteenth consecutive quarterly distribution increase.
In July 2026 the partnership issued $650 million in Series 2026A junior subordinated notes due 2057, carrying an initial annual interest rate of 6.550%, and $1.10 billion in Series 2026B junior subordinated notes due 2057, at an initial annual rate of 6.700%. As of June 30, 2026, its revolving credit facility had $3.76 billion of available borrowing capacity.
Volumes set records
NGL transportation volumes rose 13% from a year earlier, a new partnership record. NGL exports rose 25%, also a record. Crude oil transportation volumes rose 4% and midstream gathered volumes rose 4%, both records as well. NGL fractionation volumes rose 3%.
Natural gas pipeline growth
The Hugh Brinson Pipeline entered commercial service and is expected to reach its full Phase I capacity of 1.5 Bcf/d, or billion cubic feet a day, by September 1, 2026. Energy Transfer also completed a 14-mile lateral off the pipeline in Abilene, Texas, during the quarter, now ready for service.
The company's Desert Southwest expansion project moved forward as FERC completed scoping meetings along the route. In May 2026, Energy Transfer announced the Springerville Lateral on its Transwestern Pipeline to support the conversion of two coal-fired power plants to natural gas. Two customers also added a combined 100 MMcf/d, or million cubic feet a day, to existing contracts for gas service to power plant and data center sites in Texas. Energy Transfer said it expects to announce additional natural gas pipeline projects later this year.
NGL export capacity expands
In June 2026, Energy Transfer announced a fully subscribed export expansion at its Nederland facility, adding 240,000 barrels per day of ethane export capacity and 55,000 barrels per day of additional LPG capacity. The company will also expand its Mont Belvieu to Nederland NGL export pipeline and build two more NGL ship docks to serve the added capacity.
During the quarter, Energy Transfer completed upgrades to its Lone Star Express pipeline, adding more than 90,000 barrels a day of incremental Permian NGL takeaway capacity. It also signed long-term transportation and fractionation agreements for about 300,000 barrels a day of y-grade product, an unfractionated mix of natural gas liquids, extending into the 2030s. In June 2026, the company placed its 275 MMcf/d Mustang Draw I processing plant into service in the Midland Basin, and in June and July it brought the third and fourth of eight planned 10-megawatt natural gas-fired generation units online in West Texas to power its own operations.
