Energy Transfer LP

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

ET$19.09+0.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Operations

(Dollars in millions, except per unit data)

	Years Ended December 31,
	2025	2024	2023
REVENUES:
Refined product sales	$24,211	$22,051	$23,389
Crude sales	23,487	25,368	23,492
NGL sales	19,038	19,105	15,957
Gathering, transportation and other fees	12,423	12,027	11,428
Natural gas sales	4,655	2,737	3,259
Other	1,722	1,383	1,061
Total revenues	85,536	82,671	78,586
COSTS AND EXPENSES:
Cost of products sold	63,495	61,975	60,541
Operating expenses	5,867	5,164	4,368
Depreciation, depletion and amortization	5,682	5,165	4,385
Selling, general and administrative	1,180	1,177	985
Impairment losses and other	285	52	12
Total costs and expenses	76,509	73,533	70,291
OPERATING INCOME	9,027	9,138	8,295
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized	(3,474)	(3,125)	(2,578)
Equity in earnings of unconsolidated affiliates	419	379	383
Gains (losses) on extinguishments of debt	(34)	(12)	2
Non-operating litigation-related loss	—	—	(627)
Gain on sale of Sunoco LP West Texas assets	—	586	—
Other, net	120	140	122
INCOME BEFORE INCOME TAX EXPENSE	6,058	7,106	5,597
Income tax expense	350	541	303
NET INCOME	5,708	6,565	5,294
Less: Net income attributable to noncontrolling interests	1,208	1,692	1,299
Less: Net income attributable to redeemable noncontrolling interests	67	59	60
NET INCOME ATTRIBUTABLE TO PARTNERS	4,433	4,814	3,935
Less: General Partner’s interest in net income	4	4	3
Less: Preferred Unitholders’ interest in net income	248	362	463
Less: Loss on redemption of preferred units	8	54	—
NET INCOME ATTRIBUTABLE TO COMMON UNITS	$4,173	$4,394	$3,469
NET INCOME PER COMMON UNIT:
Basic	$1.22	$1.29	$1.10
Diluted	$1.21	$1.28	$1.09

F - 6

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.