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USD millions

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

Revenue

85,536

82,671

78,586

89,876

67,417

38,954

54,213

54,087

40,523

31,792

36,096

55,691

Net income

4,433

4,814

3,935

4,756

5,470

(648)

3,518

1,749

954

995

1,189

633

Operating cash flow

10,149

11,506

9,555

9,051

11,162

7,361

8,056

7,506

4,429

3,322

2,979

3,175

Capital expenditures

6,303

4,164

3,134

3,381

2,822

5,130

5,960

7,407

8,444

7,771

9,073

5,381

Free cash flow

3,846

7,342

6,421

5,670

8,340

2,231

2,096

(4,015)

(4,449)

(6,094)

(2,206)

Cash & equivalents

1,272

312

161

257

336

367

291

419

336

467

606

847

Total assets

141,286

125,380

113,698

105,643

105,963

95,144

98,973

88,246

86,246

78,925

71,189

64,279

Shareholders' equity

49,010

46,017

43,939

40,659

39,345

31,388

33,938

30,850

29,980

22,431

23,598

22,314

ENERGY TRANSFER LP

ETCIK 000127618718 fiscal years

RevenueFY2025

$85.54B3.5%

Net incomeFY2025

$4.43B7.9%

Free cash flowFY2025

$3.85B47.6%

Trends

FY2008–FY2025 · hover a year for its filing

Revenue & net incomeRevenueNet income

revenue 9.2× since FY2008 · net margin 4.0% → 5.2%

MarginsNet marginFCF margin

FY2025: net 5.2% · free cash flow 4.5% of revenue

Cash flowOperating cash flowFree cash flow

FY2025: $10.15B operating cash − $6.30B capex = $3.85B free cash flow

Returns on capitalReturn on equityReturn on assets

return on equity 14% (FY2009) → 9% (FY2025) · on assets 3.1%

Financial statements

Annual Quarterly

USD millions, except per-share values; share counts in millions. Hover a value for its XBRL tag and filing accession.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Revenue	85,536	82,671	78,586	89,876	67,417	38,954	54,213	54,087	40,523	31,792	36,096	55,691
Net income	4,433	4,814	3,935	4,756	5,470	(648)	3,518	1,749	954	995	1,189	633
Operating cash flow	10,149	11,506	9,555	9,051	11,162	7,361	8,056	7,506	4,429	3,322	2,979	3,175
Capital expenditures	6,303	4,164	3,134	3,381	2,822	5,130	5,960	7,407	8,444	7,771	9,073	5,381
Free cash flow	3,846	7,342	6,421	5,670	8,340	2,231	2,096	99	(4,015)	(4,449)	(6,094)	(2,206)
Cash & equivalents	1,272	312	161	257	336	367	291	419	336	467	606	847
Total assets	141,286	125,380	113,698	105,643	105,963	95,144	98,973	88,246	86,246	78,925	71,189	64,279
Shareholders' equity	49,010	46,017	43,939	40,659	39,345	31,388	33,938	30,850	29,980	22,431	23,598	22,314

As reported in SEC filings; a missing tag shows “—”, never zero. Free cash flow is operating cash flow − capex. Methodology