Energy Transfer LP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
ET$19.43+1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| OPERATING ACTIVITIES: | |||
| Net income | $5,708 | $6,565 | $5,294 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 5,682 | 5,165 | 4,385 |
| Deferred income taxes | 178 | 276 | 203 |
| Inventory valuation adjustments | 156 | 86 | 114 |
| Non-cash compensation expense | 148 | 151 | 130 |
| Impairment losses | 285 | 52 | 12 |
| Other non-cash | 23 | 63 | (32) |
| Equity in earnings of unconsolidated affiliates | (419) | (379) | (383) |
| Gain on sale of Sunoco LP West Texas assets | — | (586) | — |
| (Gains) losses on extinguishments of debt | 34 | 12 | (2) |
| Distributions from unconsolidated affiliates | 382 | 356 | 353 |
| Distributions on unvested awards | (52) | (59) | (68) |
| Net change in operating assets and liabilities, net of effects of acquisitions and divestitures | (1,976) | (196) | (451) |
| Net cash provided by operating activities | 10,149 | 11,506 | 9,555 |
| INVESTING ACTIVITIES: | |||
| Cash paid by Sunoco LP for Parkland acquisition, net of cash received | (2,004) | — | — |
| Cash paid for WTG Midstream acquisition, net of cash received | — | (2,174) | — |
| Cash paid for Edwards Lime Gathering, LLC noncontrolling interest | — | (84) | — |
| Cash received by Sunoco LP from NuStar acquisition | — | 27 | — |
| Cash paid for Lotus Midstream acquisition, net of cash received | — | — | (930) |
| Cash paid for Crestwood acquisition, net of cash received | — | — | (288) |
| Cash paid by Sunoco LP for acquisitions of terminals and other assets, net of cash received | (253) | (224) | — |
| Cash paid for other acquisitions, net of cash received | (4) | (250) | (111) |
| Capital expenditures, excluding allowance for equity funds used during construction | (6,303) | (4,164) | (3,134) |
| Contributions in aid of construction costs | 100 | 73 | 40 |
| Contributions to unconsolidated affiliates | (10) | (206) | (6) |
| Distributions from unconsolidated affiliates in excess of cumulative earnings | 61 | 75 | 63 |
| Proceeds from sale of Sunoco LP West Texas assets | — | 987 | — |
| Proceeds from sales of other assets | 30 | 24 | 38 |
| Other, net | 10 | 12 | 3 |
| Net cash used in investing activities | $(8,373) | $(5,904) | $(4,325) |
F - 9
| ENERGY TRANSFER LP AND SUBSIDIARIES | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | |||
| (Dollars in millions) | |||
| Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| FINANCING ACTIVITIES: | |||
| Proceeds from borrowings | $32,870 | $34,150 | $32,130 |
| Repayments of debt | (28,052) | (29,409) | (31,416) |
| USAC investments in government securities in connection with the legal defeasance of senior notes | — | (749) | — |
| Sunoco LP Series A preferred units issuance | 1,473 | — | — |
| Redemption of Preferred Units | (500) | (2,645) | — |
| Sunoco LP redemption of NuStar preferred units | — | (784) | — |
| Redemption of Crestwood Niobrara LLC preferred units | — | (37) | — |
| Capital contributions from noncontrolling interests | 27 | 638 | 3 |
| Capital contributions from redeemable noncontrolling interests | — | 2 | — |
| Distributions to partners | (4,725) | (4,623) | (4,248) |
| Distributions to noncontrolling interests | (1,734) | (1,780) | (1,691) |
| Distributions to redeemable noncontrolling interests | (56) | (67) | (59) |
| Debt issuance costs | (119) | (147) | (45) |
| Net cash used in financing activities | (816) | (5,451) | (5,326) |
| Increase (decrease) in cash and cash equivalents | 960 | 151 | (96) |
| Cash and cash equivalents, beginning of period | 312 | 161 | 257 |
| Cash and cash equivalents, end of period | $1,272 | $312 | $161 |
F - 10
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